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For the first time in 22 years Texans will now need to evaluate their [link widoczny dla zalogowanych] auto insurance policies to be sure their limits of liability will meet or exceed the [link widoczny dla zalogowanych] state required minimum auto liability insurance requirements.
Texas liability insurance requirements have just been changed. Effective today, April 1, 2008, the minimum amount of automobile liability insurance for Texas drivers will increase from the current $20,000/$40,000/$15,000 (20/40/15) coverage to a new 25/50/25 coverage requirement.
The state of Texas will be checking on policyholders with a new Texas Financial Responsibility Verification Program this spring that allows police officers and [link widoczny dla zalogowanych] highway patrol to immediately verify whether a driver has car insurance.
There is no getting around the new Texas liability insurance requirements, and every city and county will be affected by this rate increase.
The new Texas liability insurance requirements are: $25,000 per person minimum for bodily injury liability damages [link widoczny dla zalogowanych] with a 50,000 minimum per occurrence for bodily injury. The required property damage minimum has now been increased to 25,000.
What does this mean in layman's terms?
1. 25,000 per person means, your carrier may pay up to 25,000 for each individual you cause bodily injury to by way of and automobile accident.
2. 50,000 per occurrence, refers to more than one person suffering bodily injury due to you being negligent or liable in this single automobile accident.
3. 25,000 for property damage, points to the amount your carrier may pay for property damage you cause [link widoczny dla zalogowanych] due to your negligence in a single automobile accident.
Why did this change come about?
In 2007, the 80th Texas legislature amended the law that stipulates Texas automobile liability insurance requirements. The change was made in response to growing concerns that limits to date were insufficient to reach the rising costs of medical treatment and vehicle repair and replacement. The new minimum limits on Texas liability insurance requirements are intended to safeguard the interests of citizens involved in accidents on both sides of the collision.
While the increase may seem [link widoczny dla zalogowanych] exorbitant at face value, it really isn't that [link widoczny dla zalogowanych] much of a hit to Texas pocketbooks.
The average person can expect to pay only a marginal additional amount on his or her monthly premiums, and most insurance [link widoczny dla zalogowanych] agencies are already factoring in the necessary rates to make the adjustment a smooth transition for their clients.
However, refusing to honor the new Texas minimum liability requirements can result in financial penalties far more costly than an extra ten dollars or so per month.
According to the state's new financial responsibility law, a first conviction for refusal to upgrade minimum auto liability insurance will result in a fine no less than $175.00 and no more than $350.00.
For some policyholders, this fine would be more than the 3 times the rate increase for the entire year!
Subsequent violations can carry penalties ranging from $350.00 to $1000.00, suspension of your license, and the towing and impounding of your vehicle. This will in turn create the necessity of the dreaded SR-22 filing and even higher rates on your auto insurance.
It is also important to consider that while this mandatory adjustment may be an inconvenience to [link widoczny dla zalogowanych] some, it can be a critical awakening to others. There are many Texans who unfortunately have not reviewed the [link widoczny dla zalogowanych] liability limits of their automobile insurance since their policy was initially purchased. Because of this, many of their assets [link widoczny dla zalogowanych] are dangerously at risk should they be found liable in an automobile accident.
Higher liability insurance requirements protects these assets [link widoczny dla zalogowanych] which may have increased over the years and are vulnerable to loss if a person is ruled at fault.
Please contact your current agency or Texas Auto Home Insurance immediately for a free evaluation of your current policy to ensure you meet with minimum liability insurance requirements and have the best rates possible for your particular vehicle and lifestyle.
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