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Maryland auto insurance hike approvedPosted On Fri, March 26, 2010
Car insurance payments are about to increase for Maryland drivers.
The Maryland House of Delegates is backing a bill to increase auto liability. They voted 97-36 on Tuesday to raise the minimum amount auto liability insurance needed by drivers.
The Associated Press reports drivers will now be required to have at $30,000 in automotive liability insurance for bodily harm to an individual, which is a rise from the current minimum of $20,000. Drivers would also need at least $60,000 in insurance that covers them for accidents where more than one person is hurt, compared to $40,000 now.
Maryland state coffers are expected to rise substantially because of the collection of insurance premium taxes.
The passage of the auto insurance legislation will take effect in January 2011 if it is approved by Maryland's Senate.
Maryland currently has the Maryland Automobile Insurance Fund which was created by the Maryland State Legislature in 1972 for the purpose of providing automobile liability insurance for those residents who are unable to obtain it elsewhere in the private insurance market.
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