230-RICR-20-05-1. Uninsured and Underinsured Motorist Insurance (version Periodic Refile, 12/19/2001 to 12/19/2012)

Page 1 of 3 Reg. # 10 State of Rhode Island and Providence Plantations DEPARTMENT OF BUSINESS REGULATION Division of Insurance 233 Richmond Street Providence, RI 02903 INSURANCE REGULATION 10 AUTOMOBILE LIABILITY INSURANCE: UNINSURED AND UNDERINSURED MOTORIST COVERAGE; RATES FOR PROPERTY DAMAGE CAUSED BY COLLISION Table of Contents Section 1 Authority Section 2 Purpose Section 3 Limits for Coverage Offered Section 4 Results of Selection of Coverage Section 5 Waiver of Statutory Deductible Section 6 Rates for Property Damage Liability Coverage Caused by Collision Section 7 Effective Date Section 1 Authority The following regulation is hereby promulgated in accordance with R.I. Gen. Laws §§ 42-35-3 and 27-7-2.1(a). Upon the effective date of this Regulation, existing Regulation X with respect to Automobile Liability Insurance; Uninsured Motorist Coverage shall be repealed in its entirety. Section 2 Purpose In accordance with the authority vested in the Insurance Commissioner by R.I. Gen. Laws §§ 27-7-2.1(A) and 42-35-3, no policy insuring against loss resulting from liability imposed by law for bodily injury arising out of the ownership, maintenance, or use of a motor vehicle shall be delivered or issued for delivery in this State with respect to any motor vehicle registered or principally garaged in this State unless Uninsured/Underinsured Motorist Coverage is provided therein or supplemental thereto, in limits for property damage, bodily injury or death in limits set forth in each policy but in no instance less than the limit set forth in R.I. Gen. Laws § 31-31-7 and as hereinafter amended. Section 3 Limits for Coverage Offered Coverage as delineated in Section 2, infra, shall be afforded in an amount equal to the insured's liability limits. If the insured elects to purchase coverage in an amount less than the liability limits or rejects Uninsured/Underinsured Motorist Property Damage Page 2 of 3 Reg. # 10 Coverage, such election and/or rejection must be in writing on a form and/or forms utilized for this purpose. In no event shall the Uninsured/Underinsured Motorist Bodily Injury limits be less than those for financial responsibility as required by statute. Section 4 Results of Selection of Coverage If an insured elects Uninsured/Underinsured Motorist limits which are less than the liability limits or rejects Uninsured/Underinsured Motorist Property Damage Liability coverage, these selections shall be followed and included in any renewal, supplementary, replacement or substitute policy, even if liability limits or insured vehicles are subsequently changed. However, where the insured elects Uninsured/Underinsured Motorist limits equal to the liability limits and the liability limits are later changed, the Uninsured/Underinsured Motorist limits will also change. In all instances, the insured may change any original or subsequent election by notifying the company in writing of his/her desire for such change. Section 5 Waiver of Statutory Deductible Property damage liability caused by collision shall have the statutory deductible waived: a) Where an automobile legally parked and unattended is involved in a motor vehicle accident with an uninsured/underinsured owner or operator; b) Where an automobile is struck as the result of the operation by an uninsured/underinsured motorist driving the wrong way on a one-way street; c) Where there is property damage caused by collision to a vehicle struck in the rear by a vehicle owned or operated by an uninsured/underinsured motorist; or d) Where there is property damage caused by collision when struck by a stolen vehicle. Section 6 Rates for Property Damage Liability Coverage Caused by Collision In accordance with R.I. Gen. Laws § 27-2-2.1(A), the twenty five thousand dollar ($25,000) rate for Property Damage Liability caused by collision is hereby established at the following levels for vehicles with a cost new valuation of eight thousand dollars ($8,000) or greater: Territory 1 $ 38 Territory 2 $ 33 Territory 3 $ 30 Territory 4 $ 28 Page 3 of 3 Reg. # 10 For vehicles with cost new valuations below eight thousand dollars ($8,000) or classified as symbol 1-7, the twenty five thousand dollar ($25,000) rate for this coverage is hereby established as follows: Territory 1 $ 20 Territory 2 $ 18 Territory 3 $ 17 Territory 4 $ 14 For limits of coverage other than twenty five thousand dollar ($25,000) as elected by the insured for property damage caused by collision, the rate shall be attained by multiplying the applicable valuation and territorial rate as set forth above by the applicable limit factor established below: $ 10,000 .95 $ 15,000 .96 $ 20,000 .97 $ 25,000 1.00 $ 50,000 1.13 $ 100,000 1.18 $ 150,000 1.23 $ 200,000 1.25 $ 250,000 1.27 $ 500,000 1.33 $ 700,000 1.38 $ 1,000,000 1.43 $ 2,000,000 1.53 $ 3,000,000 1.58 $ 4,000,000 1.62 $ 5,000,000 1.64 $ 10,000,000 1.69 Section 7 Effective date This Regulation shall become effective twenty (20) days after filing with the Secretary of State and shall apply prospectively to all applicable policies issued thereafter. EFFECTIVE DATE: January 1, 1963 AMENDED: August 29, 1978 December 30, 1983 November 19, 1986 REFILED: December 19, 2001