This bill proposes amendments to the Code of West Virginia regarding the definition of "proof of financial responsibility" in relation to auto insurance. The current minimums for auto insurance coverage are set at $20,000 for bodily injury or death of one person, $40,000 for two or more persons, and $10,000 for property damage. These amounts will be increased to $25,000, $50,000, and $25,000 respectively, starting January 1, 2016. Additionally, beginning January 1, 2026, the minimums will further increase to $50,000 for bodily injury or death of one person, $100,000 for two or more persons, and $50,000 for property damage.

The bill also includes provisions that allow insurance policies in effect on December 31, 2015, and December 31, 2025, to continue providing adequate proof of financial responsibility at the previous minimum amounts until the policies expire or are renewed. This ensures a gradual transition to the new minimums without immediate disruption for policyholders. Overall, the bill aims to enhance the financial responsibility requirements for auto insurance in West Virginia.

Statutes affected:
Introduced Version: 17D-4-2