Bill > S548

This bill, concerning property damage thresholds for surchargeable incidents in motor vehicle insurance, amends Chapter 6C of the General Laws. Specifically, it redefines what constitutes a "major accident" and a "minor accident" for insurance purposes. A major accident is now defined as one where the claim payment, excluding any deductible, exceeds $5,000 under property damage liability, collision, limited collision, or, for accidents after January 1, 2006, bodily injury liability coverage if there's no surchargeable property damage or collision claim. Conversely, a minor accident is one where the claim payment, excluding the deductible, is between $1,000 and $5,000 under the same types of coverage. These changes are intended to facilitate the operation of safe driver insurance plans and merit rating plans by insurers, which are systems designed to adjust insurance premiums based on an individual's driving record.