Loading chat...
IN SB0040
Bill
AI Summary
-
Increases property damage liability requirement from $10,000 to $25,000 for injury to or destruction of property in any one accident under IC 9-25-2-3, IC 9-25-4-5, and IC 9-25-6-5.
-
Increases cash or securities deposit requirement from $40,000 to $50,000 for proof of financial responsibility under IC 9-25-4-10.
-
Increases trust fund market value requirement from $40,000 to $50,000 for proof of financial responsibility under IC 9-25-4-10.
-
Maintains bodily injury liability limits at $25,000 per person and $50,000 per accident for two or more persons.
-
All amendments become effective July 1, 2017, with the operative provisions taking effect on that date rather than the bill's original July 1, 2016 signing date.
Legislative Description
Motor vehicle financial responsibility. Increases the financial responsibility requirements that apply to a motor vehicle registration for property damage liability arising out of the ownership, maintenance, or use of the motor vehicle.
Last Action
Public Law 124
3/23/2016