This bill amends the Code of West Virginia to redefine "proof of financial responsibility" in relation to motor vehicle insurance coverage. The proposed changes increase the mandatory insurance coverage limits for bodily injury and property damage. Specifically, the bill raises the minimum coverage for bodily injury to one person from $20,000 to $25,000, for two or more persons from $40,000 to $50,000, and for property damage from $10,000 to $25,000. Additionally, starting January 1, 2026, the coverage limits will further increase to $50,000 for one person, $100,000 for two or more persons, and $50,000 for property damage.
The bill also includes a provision that allows insurance policies in effect on December 31, 2025, which meet the previous minimum coverage requirements, to continue to satisfy the proof of financial responsibility until they expire or are renewed. This transition period ensures that existing policies remain valid while the new coverage limits are implemented. Overall, the bill aims to enhance financial protection for individuals involved in motor vehicle accidents by increasing the required insurance coverage limits.
Statutes affected: Introduced Version: 17D-4-2