Sec. 3. "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) Twenty-five thousand dollars ($25,000) because of bodily injury to or death of any one (1) person.
(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) 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.