§431:10C-315  Statute of limitations.  (a)  No suit shall be brought on any contract providing motor vehicle insurance benefits or any contract providing optional additional coverage more than the later of:

     (1)  Two years from the date of the motor vehicle accident upon which the claim is based;

     (2)  Two years after the last payment of motor vehicle insurance benefits;

     (3)  Two years after the entry of a final order in arbitration;

     (4)  Two years after the entry of a final judgment in, or dismissal with prejudice of, a tort action arising out of a motor vehicle accident, where a cause of action for insurer bad faith arises out of the tort action; or

     (5)  Two years after payment of liability coverage, for underinsured motorist claims.

     (b)  No suit arising out of a motor vehicle accident shall be brought in tort more than the later of:

     (1)  Two years after the date of the motor vehicle accident upon which the claim is based;

     (2)  Two years after the date of the last payment of motor vehicle insurance or optional additional benefits; or

     (3)  Two years after the date of the last payment of workers’ compensation or public assistance benefits arising from the motor vehicle accident.