How much is too much? This heading could apply to so many things. Toys, stuff, things you can't live without, heck some might even argue money? Though I don't subscribe to the later. Oh and the buffet at China Gardens....goes without saying. One thing I run into all the time is....."I've got plenty of insurance" or "I'm insurance poor". Do you? Are you?
The FMCSA requisitioned a report to look at the cost of an accident. The results, I think, bear out that you can't have enough. The report found that the estimated cost of a police-reported crash involving trucks over 10,000 lbs.(gross rating), was $91,112. Other notable findings were:
Crashes in which two or more trailers were involved the cost shot up to $289,549
Crashes with straight trucks (no trailer) had the lowest cost at $56,296 per crash
Average property damage was $15,114
Total costs per non-fatal injury $195,258
As expected the fatal crashes were the highest costs, with an average of $3,604,518
(Note: cost estimates exclude mental health care costs for victims, cargo delay, earnings lost by friends and family caring for the injured.)
Safety analysts use crash cost data for a variety of purposes, from analyzing the effectiveness of a particular roadway enhancement to measuring the impact of seat belt use and updating matrix and underwriting criteria. Crash costs can be used to compare efficiency of various countermeasures. These can also calculate and measure cost effectiveness of proposed safety regulations.
Modeling crash injury costs require estimates of victims as well as each persons' injuries and costs of those injuries. There is no data system that contains all these factors. The only modeling currently available that has insight on this data focuses on crashes involving automobiles, light trucks, and vans with less than gross weight of 10,000 lbs.(1)
So you can see, even though the FMSCA is putting together analytical data to help in ascertaining costs, we/they, are just finding out the true risk exposure.
At The Morgan Company we are dedicated to helping you limit those risks and your exposure to those risks. Let us review your current coverage and make sure you have a peace of mind.