Financial responsibility and the minimum levels outlined in 387.9 (property carriers), 387.303, or 387.33 (passenger carriers) are based on four factors:
- Are you a private or for-hire carrier?
- What kind of commodity do you haul?
- Where do you operate (interstate or intrastate)?
- What is the GVWR of your vehicle?
A combination of these factors determines whether a carrier must have financial responsibility, and the amount of coverage required.