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History
- Referred to rules
Full text
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Sponsor's memo
BILL NUMBER:S8489
Title of bill
An act to amend the insurance law, in relation to motorcycle insurance policies
Purpose of bill
To ensure that the owners of motorcycles are aware that automobile no fault Insurance law does not apply to motorcycles and that New York State underinsured motorist coverage is available.
Summary of provisions
Section 1 - Provides that insurance companies provide policy language advising motorcyclists that no fault insurance provisions for automo- biles do not apply to motorcycles and that, as an alternative, state underinsured motorist coverage is available; and requires that motorcy- clists who refuse state underinsured motorist coverage sign a statement confirming they were informed of the availability of that coverage. Section 2 - Sets the effective date.
Justification
Motorcyclists currently do not have coverage for actual damages and lost wages if they do not possess State underinsured motorist coverage which puts assets at risk and/or leaves judgments for damages unpaid.
This bill will encourage motorcyclists to obtain this insurance by ensuring that they are aware of the potential risk in not possessing State underinsured motorist coverage and also afford protection for individuals who seek damages which damages might otherwise not be collected.
Fiscal implications
None to the State.
Effective date
The 120th day after it shall have become law or on such date that any rules and regulations necessary to implement the provisions of this act are authorized to be promulgated and shall become effective.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.