We have all seen the billboards promising big dollar payouts for your accident, especially if the accident involved a big rig.
Even though passenger vehicles are responsible for 90% of the accidents in which big rigs are involved, these Billboard Barristers are quick to file lawsuits against truck drivers and motor carriers.
This tactic hurts everyone. A recent study by the US Chamber of Commerce found that for every $1M in tort costs, the gross domestic product actually reduces by $2M. The report also found food prices are especially susceptible to increases due to tort costs and estimates 15% long-term increases in food prices due to the these costs.
Florida is a model for what can be done. The state passed tort reform in early 2023, and, today, Floridians are seeing rate decreases and rebates. Insurance companies are even re-entering their market, which increases competition and, thereby, improves services and lowers costs.