HD4 - Uninsured Motorists
Executive Summary: The current insurance monitoring processes are more effective and efficient than the program prior to July, 1986. To illustrate the continued effectiveness of this program, the following information is provided which compares FY86-87 to FY87-88. • In FY87-88, there were 4,933,151 registered vehicles in the State of Virginia. This is a slight increase over the 4,864,962 vehicles registered in FY86-87. • The number of motorists who voluntarily paid the uninsured motorist fee at registration has increased from 4,434 in FY86-87 to 5,605 in FY87-88. • The number of motorists who paid the penalty fee only following detection by DMV as being uninsured has increased from 17,756 in FY86-87 to 21,173 in FY87-88. • Net revenue collections have increased from $5,688,997 in FY86-87 to $7,050,705 in FY87-88. • DMV administrative appropriation has remained $1,800,500 from FY86-87 to FY87-88. • The net monies available for transfer to the State Corporation Commission for distribution to insurance companies has increased from $3,888,497 in FY86-87 to $5,250,205 in FY87-88. • The results of the insurance monitoring programs are: FY86-87 Volume of 1st Notices: 330,993 Resulting Net Orders of Suspension: 24,791 Detection Rate: 7.49% FY87-88 Volume of 1st Notices: 376,828 Resulting Net Orders of Suspension: 29,329 Detection Rate: 7.78% • DMV's operational costs for insurance monitoring and associated programs have only increased slightly to $2,492,707 in FY87-88 from $2,486,436 in FY86-87. • A statewide survey was done by the Survey Research Laboratory at VCU in July and August of 1988. The results of the survey indicated that the majority of citizens were informed of Virginia's requirements for automobile insurance coverage. This illustrates how effective the public education efforts provided by DMV have been. |
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