Minnesota Senate Bill SF5348

Minnesota 2023-2024 Regular Session

• Introduced: 4/8/24
• Refer: 4/8/24

Caption

Motor vehicle insurance liability, uninsured and underinsured motorist coverage amounts modification; motorcycle insurance inclusion uninsured and underinsured coverage requirement

Impact

The proposed changes in SF5348 will reform existing insurance statutes, specifically Minnesota Statutes sections 65B.48 and 65B.49. By updating these statutes, the bill aims to ensure that all motor vehicle owners, including those with motorcycles, are required to include uninsured and underinsured motorist coverages in their insurance plans. This shift is expected to decrease the financial burden on injured parties who often find themselves underinsured in accidents involving negligent or uninsured drivers.

Summary

Senate File 5348 seeks to address motor vehicle and motorcycle insurance by modifying the requirements for liability and uninsured/underinsured motorist coverage in Minnesota. Notably, the bill proposes increases in the minimum liability coverage amounts, raising the levels of maximum coverage available for bodily injuries and property damage. This is intended to enhance protection for individuals involved in motor vehicle accidents, ensuring that victims can receive adequate financial support for their injuries and damages.

Contention

While supporters argue that SF5348 provides necessary protections for drivers and victims alike, there are concerns regarding its potential impact on insurance premiums. Increased minimum coverage requirements could lead to higher costs for consumers, which critics fear may disproportionately impact lower-income drivers. Additionally, there are apprehensions about the overall effectiveness of these changes in genuinely improving road safety and accident outcomes, which may lead to debate on whether such legislative measures are sufficient or merely cosmetic.