§ 46.2-419 When judgment satisfied
A. For all policies effective on or after January 1, 2022, but prior to January 1, 2025, every judgment for damages in any motor vehicle accident referred to in this chapter shall, for the purpose of this chapter, be satisfied:
1. When paid in full or when $30,000 has been credited upon any judgment or judgments rendered in excess of that amount because of bodily injury to or death of one person as the result of any one accident;
2. When, subject to the limit of $30,000 because of bodily injury to or death of one person, the judgment has been paid in full or when the sum of $60,000 has been credited upon any judgment or judgments rendered in excess of that amount because of bodily injury to or death of two or more persons as the result of any one accident;
3. When the judgment has been paid in full or when $20,000 has been credited upon any judgment or judgments rendered in excess of that amount because of injury to or destruction of property of others as a result of any one accident; or
B. For all policies effective on or after January 1, 2025, every judgment for damages in any motor vehicle accident referred to in this chapter shall, for the purposes of this chapter, be satisfied:
1. When paid in full or when $50,000 has been credited upon any judgment or judgments rendered in excess of that amount because of bodily injury to or death of one person as the result of any one accident;
2. When, subject to the limit of $50,000 because of bodily injury to or death of one person, the judgment has been paid in full or when the sum of $100,000 has been credited upon any judgment or judgments rendered in excess of that amount because of bodily injury to or death of two or more persons as the result of any one accident;
3. When the judgment has been paid in full or when $25,000 has been credited upon any judgment or judgments rendered in excess of that amount because of injury to or destruction of property of others as a result of any one accident; or
C. Payments made in settlement of any claims because of bodily injury, death or property damage arising from a motor vehicle accident shall be credited in reduction of the amount provided in this section.
History
The record of this law’s original creation isn’t available online. It has been modified 8 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1954, chapter 378; in 1958, chapters 501 and 541; in 1968, chapter 685; in 1970, chapter 272; in 1972, chapters 47 and 433; in 1975, chapter 382; in 1978, chapter 550; in 1989, chapters 621 and 727.
Code 1950, § 46-431; 1954, c. 378; 1958, cc. 501, 541, § 46.1-444; 1968, c. 685; 1970, c. 272; 1972, cc. 47, 433; 1975, c. 382; 1978, c. 550; 1989, cc. 621, 727; 2021, Sp. Sess. I, c. 273.