Bill Text: TX HB1235 | 2023-2024 | 88th Legislature | Introduced

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Bill Title: Relating to the inclusion of diminished value in the minimum motor vehicle liability insurance coverage requirement.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2023-03-03 - Referred to Insurance [HB1235 Detail]

Download: Texas-2023-HB1235-Introduced.html

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88R4717 JES-D
By: Thompson of Brazoria H.B. No. 1235

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