Immediately the Virginia Home of Delegates handed Senator Scott Surovell’s laws to boost Virginia’s auto insurance coverage minimal protection limits. SB 1182 has now handed out of the Senate and Home of Delegates. The laws awaits Governor Ralph Northam’s signature to change into regulation.
Virginia’s insurance coverage minimal protection limits haven’t modified since Surovell was 4 years previous in 1975. They represent the bottom degree of insurance coverage that’s required to drive a automotive.
“This replace to the present minimal limits is lengthy overdue given the rise in the price of well being care, wages, and the worth of vehicles during the last 45 years,” Surovell mentioned. “The state with the very best minimums, Maine, has the bottom variety of uninsured drivers in America. The state with the bottom minimums, Florida, has the very best variety of uninsured drivers. The information would have a tendency to point out that the upper minimal coverage you will have, the less folks go with out insurance coverage so it truly has a optimistic impact.”
The laws will enhance minimal automotive insurance coverage protection quantities from $25,000 to $30,000 in instances of bodily damage to or demise of 1 particular person, from $50,000 to $60,000 in instances of bodily damage to or demise of a couple of particular person in anybody accident, and from $20,000 to $25,000 for property injury protection. In 2024, the minimums will enhance to $50,000, $100,000, and $40,000 respectively.
Based on a research carried out by the Division of Motor Automobiles (DMV), this may value the typical Virginian who has this coverage about $5 extra per 30 days.
