Raised all the way up to $25,000? What a joke. The majority of the cars on the road cost more than that. Why not at least create an incentive for people to buy adequate insurance to cover the damage they cause by limiting the amount of property damage they can recover from others to the amount that others can recover from them.
$25,000 is a step in the right direction. You cannot all of a sudden raise it to $50,000 or $100,000, so $25,000 is a good figure to start with.
“The majority of the cars on the road cost more than that”
The ACV of most vehicles on the road is below $25,000. The average new car may cost more than $25,000, but in 99% of cases insurance companies pay the ACV of the vehicle, not the cost new. Once you drive it off the car lot…It isn’t new anymore, it’s used.
Educate yourself before you wreck yourself…
They need to raise the minimum liability to $25,000.
It should be $25/$50/$25. The majority of the people that carry these low limits only buy Insurance after they get caught and need it to show in court.
The new law goes into effect in March, however there is a nine month grace period that ends Dec. 22. It will be interesting to see how auto insurance companies will respond as far as complying the higher limits earlier of later.
We have updated our privacy policy to be more clear and meet the new requirements of the GDPR. By continuing to use our site, you accept our revised Privacy Policy.
About time but probably should be higher.
Raised all the way up to $25,000? What a joke. The majority of the cars on the road cost more than that. Why not at least create an incentive for people to buy adequate insurance to cover the damage they cause by limiting the amount of property damage they can recover from others to the amount that others can recover from them.
$25,000 is a step in the right direction. You cannot all of a sudden raise it to $50,000 or $100,000, so $25,000 is a good figure to start with.
“The majority of the cars on the road cost more than that”
The ACV of most vehicles on the road is below $25,000. The average new car may cost more than $25,000, but in 99% of cases insurance companies pay the ACV of the vehicle, not the cost new. Once you drive it off the car lot…It isn’t new anymore, it’s used.
Educate yourself before you wreck yourself…
They need to raise the minimum liability to $25,000.
It should be $25/$50/$25. The majority of the people that carry these low limits only buy Insurance after they get caught and need it to show in court.
The new law goes into effect in March, however there is a nine month grace period that ends Dec. 22. It will be interesting to see how auto insurance companies will respond as far as complying the higher limits earlier of later.