Arizona lawmakers aim to raise the insurance requirements for the states drivers
The minimum level of auto insurance coverage is about to rise in Arizona. A new legislation has been introduced that would require drivers to purchase additional coverage and pay higher rates. The legislation seeks to mitigate the risks that exist in the state. The minimum auto insurance level has not been changed for the past 42 years and lawmakers suggest that the current insurance requirements are no longer adequately protecting the state’s residents from accidents and other issues.
Legislation seeks to raise minimum levels of coverage through the state
If the legislation is approved and signed into law, the minimum level of insurance coverage will rise from $15,000 for any individual injured in an accident to $25,000 for any individual injured in an accident. Coverage for multiple injuries will rise to $50,000 and the required minimum for property damage will grow from $10,000 to $20,000. Lawmakers have noted that raising the minimum requirements of auto insurance coverage will also mean that drivers must pay more for the coverage that they make use of.
Cost of medical care is causing a need for more insurance protection
Medical care becoming more expensive is one of the contributing factors to the formation of the legislation. Lawmakers note that $15,000 worth of injury coverage was enough to cover medical costs several decades ago, but this level of coverage can no longer account for what medical costs are today. Some lawmakers suggest that $80,000 worth of injury coverage would not be enough to cover the costs associated with serious car accidents, but legislators are unwilling to raise the minimum requirements due to the financial strain they might introduce to drivers.
Some drivers may find it difficult to pay for higher levels of coverage
Higher insurance rates are not likely to be welcomed by Arizona drivers that are already finding it difficult to manage the costs of the insurance coverage they already have. The legislation is expected to increase rates by an average of $80 per year, but drivers will need to purchase new insurance policies if the legislation is successful.
