HB 5505
Relating to minimum limits for motor vehicle insurance coverage
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes to increase the minimum liability insurance coverage requirements for motor vehicles in West Virginia. Specifically, it raises the minimum amounts required to cover bodily injury to or death of one person in an accident to $25,000, and for two or more people to $50,000. It also increases the minimum amount for property damage to $25,000. The bill includes a provision regarding existing insurance policies in effect on December 31, 2015 and December 31, 2026.
Key provisions
- Increases minimum bodily injury coverage for one person to $25,000.
- Increases minimum bodily injury coverage for two or more persons to $50,000.
- Increases minimum property damage coverage to $25,000.
- Provides a transition period for existing insurance policies issued before December 31, 2026.
- Addresses proof of financial responsibility as defined in §17D-4-2.
- Specifies coverage amounts for accidents occurring after the effective date of the proof.
Who is affected
- Motor vehicle owners
- Motor vehicle drivers
- Insurance companies
- Vehicle repair businesses
- Individuals injured in motor vehicle accidents
Notable changes
- Increases minimum liability insurance limits.
- Establishes a specific timeline for the implementation of the increased limits.
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