Increase in Minimum Financial Responsibility Limits
 
By Michelle Ellis
WORTH CASUALTY COMPANY

The Texas Department of Insurance issued a bulletin Nov. 15 reminding insurers that minimum financial responsibility limits for all personal and commercial automobile bodily injury liability coverage will be increasing Jan. 1.

The minimum coverage amounts for all automobile liability insurance will change from $25,000 to $30,000 for bodily injury to or death of one person in one accident and from $50,000 to $60,000 for bodily injury to or death of two or more persons in one accident.

The minimum coverage amount for automobile property damage liability insurance will remain at $25,000 for damage to or destruction of property of others in one accident. The Department is aware that many insureds have current policies issued in 2010 with terms continuing into 2011. The department considers the rates filed and currently applied to the policies in effect to be the appropriate rates to use for these policies. As for policies not yet issued or renewed, the department wishes to remind insureds of the change.

Any questions, comments or concerns should be addressed with your current insurance carrier, or by contacting the Texas Department of Insurance at www.tdi.state.tx.us.

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