Motor Car Insurance (Third-Party Risks) and Public Carriage Amendment Act 2022

What this bill does

This bill increases the minimum amount of money that car insurance companies must pay out when someone is injured or killed in a car accident. It raises coverage limits for both regular cars and public transportation like buses and taxis, with some amounts tripling from $125,000 to $375,000.

If passed (voted YES)

• Insurance companies will have to pay up to $375,000 per person injured in an accident (up from $125,000)
• Maximum total payout per accident increases from $500,000 to $750,000 per vehicle involved
• Accident victims and their families could receive significantly more money to cover medical bills, lost income, and other damages

If rejected (voted NO)

• Insurance coverage limits stay at current levels: $125,000 per person and $500,000 total per accident
• Accident victims may not receive enough money to cover rising medical costs and expenses
• Bermuda's insurance requirements remain unchanged since they were last set decades ago

Who it affects

This affects all drivers, passengers, and pedestrians in Bermuda, as well as anyone who uses public transportation like buses and taxis. Insurance companies and accident victims would see the most direct impact from the changed payout amounts.