Fair Compensation for Truck Crash Victims Act
Rep. Garcia Introduces Bill to Raise Truck Insurance Minimums to $5 Million
This bill is currently in the early stages of the legislative process after being sent to the House Committee on Transportation and Infrastructure. It is actively moving through the system, but no future hearings or votes have been scheduled yet. There is no companion bill listed for this legislation at this time.
Legislative Progress
While the bill aims to help accident victims, it faces strong opposition from the trucking industry due to the high cost of new insurance premiums. Similar efforts have struggled to pass in previous years.
Key Points
Impact Analysis
Personal Impact
Life & Work
Small trucking companies and independent owner-operators would face dramatically higher insurance costs. The jump from $750,000 to $5 million in required coverage could multiply premiums several times over, potentially pushing some small carriers out of business if they cannot absorb the cost increases or pass them on to customers.
“in paragraph (2), by striking ``$750,000'' and inserting ``$5,000,000''”
Disabilities
Milestones
Referred to the House Committee on Transportation and Infrastructure.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
Related News
6 articles
Minimum liability insurance: The bill that won't go away
The Fair Compensation for Truck Crash Victims Act (H.R. 6884) seeks to increase the federal trucking insurance minimum from $750,000 to $5 million. The bill, introduced by Rep. Chuy García, also mandates that the Department of Transportation adjust this minimum every five years for inflation.
Lawmakers push to increase trucker minimum insurance requirements from $750K to a whopping $5 million
H.R. 6884 would dramatically increase the minimum insurance requirement for interstate motor carriers to $5,000,000. The legislation also ties the requirement to inflation to keep pace with rising healthcare costs, a move proponents say is necessary to protect families from financial ruin.
Rep. Garcia renews effort to increase minimum insurance to $5M
Rep. Jesus 'Chuy' Garcia introduced the Fair Compensation for Truck Crash Victims Act to raise the 1980-era insurance floor. The bill includes a provision for the Secretary of Transportation to consult with the Bureau of Labor Statistics to update the minimum every five years based on inflation.
Source Information
Document Type
Congressional Bill
Official Title
Fair Compensation for Truck Crash Victims Act
Data Sources
Sponsor
Cosponsors
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