"Proof of financial responsibility" means proof of ability to respond in damages for each motor vehicle registered by a person for liability that arises out of the ownership, maintenance, or use of the motor vehicle in the following amounts:

1. (1) Twenty-five thousand dollars ($25,000) because of bodily injury to or death of any one (1) person.
2. (2) Subject to the limit in subdivision (1), fifty thousand dollars ($50,000) because of bodily injury to or death of two (2) or more persons in any one (1) accident.

3. (3) Before July 1, 2018, ten thousand dollars ($10,000) because of injury to or destruction of property in any one (1) accident. Beginning July 1, 2018, twenty-five thousand dollars ($25,000) because of injury to or destruction of property in any one (1) accident.

   [Pre-1991 Recodification Citation: 9-2-1-6(b) part.]

As added by P.L.2-1991, SEC.13. Amended by P.L.124-2016, SEC.1; P.L.24-2017, SEC.1.