An all-terrain vehicle safety training organization shall maintain bodily injury and property damage liability insurance on motor vehicles while being used in all-terrain vehicle safety instruction, insuring the liability of the organization, the instructors, and any person taking instruction in at least the following amounts:
(a) One hundred fifty thousand dollars ($150,000) for bodily injury to or death of one person in any one accident.
(b) Subject to the limit specified in paragraph (1) for one person, three hundred thousand dollars ($300,000) for bodily injury to or death of two or more persons in any one accident.
(c) Fifty thousand dollars ($50,000) for damage to property of others in any one accident.
This section shall become operative on July 1, 1988.