Motor Vehicles, Licenses, and Insurance–Maryland | 50 State Policy Project

Motor Vehicles, Licenses, and Insurance–Maryland

Summary:
A minimum form of insurance is required for a vehicle: either a vehicle liability insurance policy from an insurer authorized in the State, or another form of security that sufficiently provides the benefits required.  Self-insurers will be charged an annual fee not exceeding $750.  The required insurance must provide for at least claims up to $30,000 for one person and up to $60,000 for two people.  It must also provide for claims of damage or destruction up to $15,000.

Citation:
MD Code, Transportation, § 17-103

Section Name:
Form and amount of security required for vehicles

Law:
The form of security required is a vehicle liability insurance policy written by an insurer authorized to write these policies in this State.  The Administration may accept another form of security in place of a vehicle liability insurance policy if it finds that the other form of security adequately provides the benefits require.  The Administration shall, by regulation, assess each self-insurer an annual sum which may not exceed $750, and which shall be used for actuarial studies and audits to determine financial solvency.
The security required under this subtitle shall provide for at least: the payment of claims for bodily injury or death arising from an accident of up to $30,000 for any one person and up to $60,000 for any two or more persons, in addition to interest and costs; the payment of claims for property of others damaged or destroyed in an accident of up to $15,000, in addition to interest and costs; unless waived, the benefits  as to basic required primary coverage; the benefits required as to required additional coverage.

 

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Posted in Maryland