Financial Responsibility Requirements for Commercial Motor Vehicles

Minimum liability insurance levels and related requirements for motor carriers to demonstrate financial responsibility in case of damages from crashes were established in the 1980s by Congressional legislation. These levels have not been changed since then. The question is whether these levels should be raised, weighing the benefits of improved compensation of injured third parties, internalization of freight and passenger transportation costs, reduction of truck- and bus-involved crashes, costs imposed on commercial motor vehicle (CMV) operators, and other relevant considerations. Affected motor carriers are for-hire general freight and passenger carriers in interstate commerce and hazardous materials carriers.

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• Record URL:
  • https://rosap.ntl.bts.gov/view/dot/169
• Supplemental Notes:
  • Cover date: January 2013
• Corporate Authors:

  Volpe National Transportation Systems Center

  Cambridge, MA  United States  02142

  Federal Motor Carrier Safety Administration

  Office of Analysis, Research, and Technology
  1200 New Jersey Avenue, SE
  Washington, DC  United States  20590
• Authors:
  • Hymel, Kent
  • Lee, Douglass B
  • Pearlman, Jonathan
  • Pritchard, Robert
  • Rainville, Lydia
• Publication Date: 2012-11

Language

• English

Media Info

• Media Type: Digital/other
• Edition: Final Report
• Features: Appendices; Figures; References; Tables;
• Pagination: 120p

Subject/Index Terms

• TRT Terms: Commercial vehicles; Crash rates; Financial responsibility; For hire carriers; Insurance rates; Liability insurance; Motor vehicles
• Geographic Terms: United States
• Subject Areas: Finance; Motor Carriers; Public Transportation; I10: Economics and Administration;

Filing Info

• Accession Number: 01535750
• Record Type: Publication
• Report/Paper Numbers: FMCSA-RRA-12-045
• Files: NTL, TRIS, RITA, ATRI, USDOT
• Created Date: Aug 27 2014 10:50AM