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1997 SESSION

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HB 775 Motor vehicle insurance; underinsured motorist coverage.

Introduced by: A. Donald McEachin | all patrons    ...    notes | add to my profiles

SUMMARY:

Motor vehicle insurance; underinsured motorist coverage. Amends statutory language outlining the formula for calculating underinsurance coverage. The statute's current language provides that a motor vehicle is underinsured when, and to the extent that, the total amount of bodily injury and property damage coverage applicable to the operation or use of the motor vehicle and available for payment for such bodily injury or property damage, including all bonds or deposits of money or securities made pursuant to Article 15 (§ 46.2-435 et seq.) of Chapter 3 of Title 46.2, is less than the total amount of uninsured motorist coverage afforded any person injured as a result of the operation or use of the vehicle. The bill provides that the "total amount of uninsured motorist coverage" may include all uninsured motorist coverage applicable to the operation or use of a motor vehicle occupied by an injured person who is not the vehicle's operator at the time of the accident causing his injuries. However, the insurer providing the coverage on the vehicle is not liable for payment of uninsured or underinsured motorist coverage on behalf of the operator if it has exhausted its liability coverage on his behalf. The bill further declares that its provisions are declarative of existing law.


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