Plain English Breakdown
The official summary mentions an effective date and applicability but does not provide the actual dates in the provided text.
Insurance Discount for Cars with Antitheft Devices
This bill provides a premium discount on private passenger and commercial motor vehicle insurance policies that include comprehensive coverage if the vehicles have certain antitheft devices.
What This Bill Does
- Provides a premium discount for motor vehicles equipped with specific antitheft devices in both private passenger automobile and commercial motor vehicle insurance.
- Applies only to insurance policies that include comprehensive coverage.
- Establishes definitions needed to identify qualifying antitheft devices.
- Requires the Commissioner of Insurance to approve rate filings related to these discounts.
- Authorizes rules and regulations to manage how this law works.
Who It Names or Affects
- Owners of private passenger cars with comprehensive insurance coverage.
- Businesses that own commercial motor vehicles with comprehensive insurance coverage.
- Insurance companies selling auto policies in Georgia.
- The Commissioner of Insurance who oversees rate filings and rules.
Terms To Know
- Premium
- The amount paid to an insurance company for coverage, which this bill allows to be discounted under certain conditions.
- Comprehensive Coverage
- A type of car insurance required by the bill to qualify for the antitheft device discount; it covers damage from events other than collisions.
- Rate Filings
- Documents submitted by an insurance company showing their proposed prices, which must be approved by the Commissioner of Insurance under this law.
Limits and Unknowns
- The bill text does not list exactly which antitheft devices qualify for the discount.
- The specific amount or percentage of the premium discount is not stated in the provided summary.
- An effective date for when this law starts has not been listed in the provided information.