Motor Vehicle Liability Policies; uninsured motorist coverage; increase the minimum
Impact
If enacted, SB380 would significantly modify existing insurance requirements and is positioned to impact the financial liabilities of drivers in Georgia. By mandating higher minimum coverage, the bill could provide greater financial security for victims of accidents involving uninsured motorists. Proponents argue that this increase is necessary in light of rising healthcare costs and the growing number of uninsured drivers. It could lead to a more comprehensive safety net for individuals, particularly those who may not have adequate coverage in the event of an accident.
Summary
Senate Bill 380 seeks to amend the current regulations regarding uninsured motorist coverage in the state of Georgia. Specifically, the bill proposes increasing the minimum uninsured motorist coverage required under motor vehicle liability policies. The current requirement of $25,000 for bodily injury to one person would be raised to $50,000, while the coverage for bodily injury to two or more persons would be increased from $50,000 to $100,000. Additionally, the property damage coverage minimum would rise from $25,000 to $50,000. These adjustments aim to enhance financial protection for individuals involved in accidents with uninsured motorist drivers.
Contention
However, the bill may face opposition due to the potential implications for insurance premiums. Critics may argue that increasing the minimum coverage could lead insurers to raise rates across the board, making vehicle insurance less affordable for many residents. Some stakeholders in the insurance industry are likely to express concerns that the changes could disproportionately affect lower-income drivers who may already struggle to meet existing insurance costs. Ultimately, while the intent of SB380 is to enhance safety and protection, its economic repercussions could become a focal point of contention in legislative discussions.
Uninsured Motorist Coverage; minimum required under motor vehicle liability policies for a individual convicted of driving under the influence or reckless driving; increase