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A BILL TO BE ENTITLED
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AN ACT
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relating to the inclusion of diminished value in the minimum motor |
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vehicle liability insurance coverage requirement. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 601.072(a-1), Transportation Code, is |
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amended to read as follows: |
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(a-1) Effective January 1, 2024 [2011], the minimum amounts |
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of motor vehicle liability insurance coverage required to establish |
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financial responsibility under this chapter are: |
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(1) $30,000 for bodily injury to or death of one person |
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in one accident; |
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(2) $60,000 for bodily injury to or death of two or |
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more persons in one accident, subject to the amount provided by |
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Subdivision (1) for bodily injury to or death of one of the persons; |
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and |
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(3) $25,000 for damage to or destruction of property |
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of others in one accident, including any diminution of value as a |
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result of the accident. |
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SECTION 2. Section 601.072(a-1), Transportation Code, as |
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amended by this Act, applies only to establishment of financial |
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responsibility under Chapter 601, Transportation Code, with an |
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insurance policy delivered, issued for delivery, or renewed on or |
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after January 1, 2024. Establishment of financial responsibility |
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with an insurance policy delivered, issued for delivery, or renewed |
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before January 1, 2024, is governed by the law as it existed |
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immediately before the effective date of this Act, and that law is |
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continued in effect for that purpose. |
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SECTION 3. This Act takes effect September 1, 2023. |