NU Online News Service, Dec. 15, 3:36 p.m. EST
Texas drivers will need to purchase more automobile insurance at the start of 2011 to complete a two-year plan to update minimum liability coverage required.
Jerry Hagins, spokesman for the Texas Department of Insurance, said the increase is "long overdue" because of higher vehicle repair and medical costs. For those who carry the minimum amount of auto liability insurance now–about half the drivers in the state–the new rules would mean premiums would go up 2-3 percent.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.