Texas Auto Insurer Sees Rate Increase: What Does it Mean For You?
Auto insurance rates are increasing in Texas. Many drivers are concerned that this could price them out of their current policies or even force them to drop auto coverage completely. The Texas Department of Insurance approved the rate increases, which become effective on March 1, 2020, back in November. The rate increases will affect commercial and private insurance policies within the Texas Automobile Insurance Plan Association. Concerned about being compensated after a car accident? The premier Texas auto accident attorneys from Thomas J. Henry Law explain the rate increase in today’s post.
Explaining the Proposed Rate Increases
The filing for rate increases that were approved by the Texas Department of Insurance calls for a 4.9 percent rate increase for private vehicles and a 4.8 percent rate increase for commercial vehicles. The rate increases affect both new policies and renewal policies. The rate increases for private vehicles are as follows:
- Bodily injury liability increase of 5 percent
- Property damage liability increase of 4.9 percent
- Personal injury protection increase of 4 percent
- Uninsured/underinsured motorist bodily injury liability increase of 4.3 percent
- Uninsured/underinsured motorist property damage liability increase of 1.7 percent
The rate increases for commercial vehicles are as follows:
- Bodily injury liability increase of 4.8 percent
- Property damage liability increase of 5 percent
- Personal injury protection increase of 1.3 percent
- Uninsured/underinsured motorist bodily injury liability increase of 3.6 percent
- Uninsured/underinsured motorist property damage liability increase of 3.2 percent
The rates offered by the Texas Automobile Insurance Plan Association are for motorists who cannot find auto coverage with any other company in Texas. They are known as a last resort coverage company. Authorized drivers in Texas who have been denied coverage by two authorized insurers can apply for coverage with this organization.
What Does This Mean for Me?
So, what does this mean for me? A Texas auto accident attorney understands that these rate increases can impact your safety and security on the roads of Texas. The rate increases could lead to more drivers on the roads who are either uninsured or underinsured. Being involved in an accident with one of these drivers can cost you thousands of dollars. You should have your auto insurance policy reviewed not only by your broker but also by an experienced personal injury attorney. This will help you have an understanding of the coverage you have and whether or not it will be enough to protect you in an accident.
Injured in a Car Accident? Call Thomas J. Henry Law Today
If you or a loved one has been injured in a car or truck accident, it is in your best interest to speak with an experienced Texas car accident attorney immediately. Call the office of Thomas J. Henry Law at 866-517-5659 or complete our online contact form online today to schedule a consultation with a member of our team. Speak with our firm about your accident and how you can be compensated for your injuries even if you are injured by an underinsured or uninsured motorist in the state of Texas.