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How Much Do Trucking Companies Pay In Faulty Insurance Claims?

How Much Do Trucking Companies Pay In Faulty Insurance Claims?

According to 2020 statistics, there were 68,237 injuries caused by large trucks in the United States. In order to cover these costs, trucking companies will need to invest in enough insurance coverage so that they won’t have to pay substantial legal and medical fees. 

Because of the risks involved, truck insurance can be more expensive than insurance for smaller vehicles. However, it can be well worth it, since trucking companies will only need to pay for the deductibles listed on their insurance plans in the event of an insurance claim, in addition to costs that exceed the listed coverage. 

Since all trucking accidents have different levels of damage and severity, it is difficult to pinpoint an exact number for the average amount of insurance claims that trucking companies will have to pay out. Some typical fees include:

Cost of Medical Fees

If any individuals are injured in a trucking accident, your insurance plan will have to cover any fees such as the ambulance ride, cost of medication, X-rays, and other procedures that the injured party may need. If you exceed the coverage costs, you’ll need to pay out of pocket. 

Cost of Lost Wages 

For injured employees who need to take time off work to seek medical treatment or are physically disabled from working in the future, these fees will also need to be settled by your insurance plan. 

Sometimes, insurance won’t kick in if the truck driver is found to be at fault. For instance, if a truck driver is driving recklessly or driving drunk and determined to be the guilty party, your business may have to cover all of the medical and legal fees that result from the accident. This can also raise the cost of your premiums in the future. 

For maximum protection, it is best to obtain the highest level of trucking coverage you can afford, read the fine print and promote safe driving habits for your employees. 

Frequently Asked Questions:

What costs are typically covered by a trucking company's insurance in the event of an accident?

The insurance usually covers medical fees such as ambulance rides, medication, and procedures required for injured parties. It may also cover lost wages for injured employees.

What happens if a truck driver is found at fault for an accident?

If the driver is at fault due to reckless behavior or drunk driving, the company may need to cover all medical and legal fees arising from the accident, and future insurance premiums may increase.

How can a trucking company ensure maximum protection from insurance claims?

To ensure maximum protection, companies should obtain the highest level of trucking coverage they can afford, thoroughly understand their policies, and promote safe driving habits among employees.

If you want to learn more, check out how the type of truck you drive can impact insurance costs at Assured Standard. 

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