Texas SB1246 creates a public auto insurance option to ensure affordability and competition.

Texas SB1246 establishes the Texas Automobile Insurance Public Option, administered by the Texas Department of Insurance. This public option aims to provide affordable auto insurance, including mandatory liability coverage and optional comprehensive and collision coverage. The program will be funded through policyholder premiums and state grants, with a reserve fund for financial sustainability. It will operate alongside private insurers to foster competition and stabilize rates.

Texas SB1246 creates a public auto insurance option to ensure affordability and competition.

Texas SB1246 establishes the Texas Automobile Insurance Public Option, administered by the Texas Department of Insurance. This public option aims to provide affordable auto insurance, including mandatory liability coverage and optional comprehensive and collision coverage. The program will be funded through policyholder premiums and state grants, with a reserve fund for financial sustainability. It will operate alongside private insurers to foster competition and stabilize rates.