According to the Insurance and Financial Advisor, The Pennsylvania General Assembly is thinking about implementing a bill that would see the minimum auto insurance coverage requirements double for the state’s policyholders.
The bill was introduced in early September and it would mean that all auto insurance holders in the state of Pennsylvania would have to carry a minimum of $30,000 coverage in case one person is injured in an accident. The coverage would have to be doubled to $60,000 if two or more people suffer an injury due to one accident and there would have to be $10,000 coverage in case there’s any property damage done in an accident. At the moment, the auto insurance requirements in the state for are half of what has been proposed, as they are $15,000, $30,000 and $5,000.
Over the past several years, Maryland, Wisconsin, and a few other American states have passed bills that have seen the minimum auto insurance requirements rise. In Wisconsin, the coverage rates are now set at $50,000, $100,000, and $15,000.
Ohio has the lowest requirements at the moment when it comes to the minimum amount of coverage needed for bodily injury due to an auto accident. However, there is a bill on the books to increase it but it hasn’t been resolved yet.
The National Association of Insurance Commissioners (NAIC) has released a consumer guide to auto insurance and it reports that the minimum auto insurance coverage levels that are set by the states are generally on the low side. It also said the amount of coverage can typically be set at higher levels without much financial affect on policyholders.
The bill was introduced in early September and it would mean that all auto insurance holders in the state of Pennsylvania would have to carry a minimum of $30,000 coverage in case one person is injured in an accident. The coverage would have to be doubled to $60,000 if two or more people suffer an injury due to one accident and there would have to be $10,000 coverage in case there’s any property damage done in an accident. At the moment, the auto insurance requirements in the state for are half of what has been proposed, as they are $15,000, $30,000 and $5,000.
Over the past several years, Maryland, Wisconsin, and a few other American states have passed bills that have seen the minimum auto insurance requirements rise. In Wisconsin, the coverage rates are now set at $50,000, $100,000, and $15,000.
Ohio has the lowest requirements at the moment when it comes to the minimum amount of coverage needed for bodily injury due to an auto accident. However, there is a bill on the books to increase it but it hasn’t been resolved yet.
The National Association of Insurance Commissioners (NAIC) has released a consumer guide to auto insurance and it reports that the minimum auto insurance coverage levels that are set by the states are generally on the low side. It also said the amount of coverage can typically be set at higher levels without much financial affect on policyholders.
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