MN SF4300

Increases the automobile theft prevention surcharge from 50 cents to $1 per vehicle for every six months of comprehensive automobile insurance coverage.

Surcharge applies to passenger automobiles, pickup trucks, vans (excluding commuter vans), and motorcycles with gross vehicle weight not exceeding 10,000 pounds.

Surcharge is not considered premium for purposes of premium tax or agents' commissions and must be separately stated on billing or policy declarations.

Insurers remit surcharge revenue to the commissioner of revenue for the automobile theft prevention program under section 65B.84.

Effective date is July 1, 2024.