Lawmakers push to increase trucker minimum insurance requirements from $750K to a whopping $5 million

Congressional lawmakers are once again pushing to send trucker minimum insurance requirements skyrocketing.

H.R.6884, or the Fair Compensation for Truck Crash Victims Act was introduced in the House on December 22, 2023, by Congressmen Jesús “Chuy” García and Hank Johnson.

The legislation would dramatically increase the minimum insurance requirement for interstate motor carriers from $750,000 to $5,000,000. The bill would also tie the minimum insurance requirement for interstate motor carriers to inflation to help “[keep] pace with the rising cost of healthcare and other expenses.”

Similar legislation was introduced by García as “The INSURANCE Act” in 2019 and 2021, but neither bill advanced.

“For too long, truck crash victims and their families have been burdened by tremendous emotional and financial consequences, facing a mountain of medical debt and shattered lives,” said García. “The Fair Compensation for Truck Crash Victims Act is about justice, responsibility, and protecting our communities. It’s time to ensure that trucking companies have adequate insurance to cover the true cost of their actions and prevent families from being financially destroyed by crashes they had no control over.”

Co-sponsors for the bill include Representatives Jared Huffman, John Garamendi, Steve Cohen, and Adriano Espaillat.

Trucking trade group Owner-Operator Independent Drivers Association (OOIDA) argued in 2021 against the INSURANCE Act, stating that it  “would be devastating for small-business truckers” and “would line the pockets of trial lawyers at the expense of hard-working truckers, and it would do nothing to improve highway safety.”