New Vicarious Liability Limits for Rental Vehicle Owners
The vicarious liability limits for owners of rented motor vehicles was increased again per Minn. Stat. 65B.49, subd 5a, (i) (3). For accidents occurring after January 1, 2005, the vicarious liability limits are $120,000/$370,000/$60,000. This change will remain in effect until January 1, 2007. For further information on rental vehicle issues please contact the Rental Group at Arthur Chapman.
The following table summarizes the dollar amount of the rental vehicle cap from 1995 through the end of 2006.
|
|
Bodily Injury to any one person in any one accident. |
Bodily Injury to two or more persons in any one accident. |
Damage to property of others in any one accident. |
|
Most recent adjustment: |
$120,000 |
$370,000 |
$60,000 |
|
January 1, 2003 |
$115,000 |
$350,000 |
$55,000 |
|
January 1, 2001 |
$110,000 |
$335,000 |
$55,000 |
|
January 1, 1999 |
$105,000 |
$320,000 |
$50,000 |
|
January 1, 1997 |
$100,000 |
$305,000 |
$50,000 |
|
Inception: |
$100,000 |
$300,000 |
$50,000 |
This table is available through the Minnesota Department of Commerce web site.