Commercial Truck Insurance Requirements in NJ
Commercial truck accidents are some of the most damaging and catastrophic collisions reported in New Jersey. If you become a victim of a truck accident, it is important to know what insurance is available to cover your medical bills and property repairs. All commercial trucks operating within the state are required to maintain minimum amounts of coverage. Make sure to contact a truck accident attorney in New Jersey for legal guidance if you were involved in an accident.
Federal Minimum Requirements for Commercial Motor Vehicles
Since commercial trucks cross state lines, they are subject to federal common carrier laws. This includes federal requirements for commercial motor vehicle insurance. Section 387.7 of the Code of Federal Regulations states: “No motor carrier shall operate a motor vehicle until the motor carrier has obtained and has in effect the minimum levels of financial responsibility.”
These limits are $750,000 in coverage for commercial motor vehicles (CMVs) weighing over 10,001 pounds and $300,000 for those weighing under 10,001 pounds. If the truck is hauling hazardous material, additional coverage is required. CMVs hauling oil must be covered by at least $1 million in insurance, while other hazardous materials require $5 million in coverage.
State Requirements in New Jersey Are Higher Than Federal
As of July 1, 2024, the State of New Jersey increased the coverage requirements for all commercial motor vehicles. It is now double the federal requirement. For CMVs that weigh more than 26,000 pounds, the new limit in New Jersey is a minimum of $1.5 million. For CMVs weighing between 10,001 and 26,001 pounds, the minimum is $300,000. The enhanced state requirements aim to enhance the protection of truck accident victims.
New Jersey statutes do not dictate the precise types of coverage that must be carried, but the coverage must insure against bodily injury, death and property damage. As long as the minimum amounts are satisfied, a CMV policy can consist of liability insurance, umbrella insurance, fleet insurance or a combination of types.
Trucking companies based in New Jersey are also required to carry workers’ compensation insurance to provide their employees with coverage in the event of a work-related injury or death. However, this coverage does not extend to independent contractors, which includes most truck drivers.
What Does Truck Insurance Pay for in New Jersey?
If you get injured in a collision involving an 18-wheeler or semi-truck in New Jersey, you may have the right to seek financial compensation from someone else’s insurance company. Although New Jersey abides by a no-fault insurance law,crashes involving significant injuries are an exception. Most commercial truck accidents involve serious to catastrophic injuries.
Filing a claim against a trucking company could result in payment for various damages and losses. This may include:
- Medical bills (past, present and future)
- Lost wages and ability to earn a living
- Temporary or permanent disability
- Repairs or replacements of damaged vehicles and property
- Out-of-pocket expenses
If an individual is killed in a fatal truck accident, truck insurance can also pay for reasonable funeral and burial costs, loss of the individual’s inheritance, and loss of consortium. A wrongful death attorney in New Jersey is here to get the compensation your family deserves. To ensure that you receive maximum financial compensation for your truck accident in New Jersey, hire a truck accident lawyer to take over negotiations and litigation for you.
Truck accident cases can be complex, especially when the victim has life-altering injuries. For a free consultation about your situation, contact The Law Offices of Jeffrey S. Hasson, P.C.