This bill proposes amendments to the Code of West Virginia, specifically 17D-4-2, to increase the state minimums for auto insurance. The current definition of "proof of financial responsibility" is being updated to reflect higher minimum coverage amounts. The existing law, which sets the minimums at $20,000 for bodily injury or death of one person, $40,000 for two or more persons, and $10,000 for property damage, will be replaced with new minimums of $25,000, $50,000, and $25,000, respectively, starting January 1, 2016.

Furthermore, beginning January 1, 2026, the minimums will increase again 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 ensuring that insurance policies in effect on December 31, 2015, and December 31, 2025, will continue to meet the financial responsibility requirements until they expire or are renewed. This legislative change aims to enhance the financial protection for individuals involved in motor vehicle accidents in West Virginia.

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