Insurance West Virginia: A Guide to Auto & Home Coverage
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A major investment such as buying a car or home in West Virginia comes with a few extra expenditures. One cost that's central to both homes and autos is insurance. An insurance policy protects your assets should something happen to them. It can reimburse you for repairs or issue a payout to someone harmed in an accident you're partially responsible for.
But who needs insurance, and how much coverage should you buy? Read on for help navigating the ins and outs of West Virginia insurance.
Understanding West Virginia's Auto Insurance Requirements
Every state sets its own compulsory auto insurance coverages. In West Virginia, drivers must carry a minimum of:
- $25,000 in bodily injury coverage per person
- $50,000 in bodily injury coverage per accident
- $25,000 in property damage coverage
You'll also need uninsured driver coverage with a 25/50/25 minimum. Your uninsured motorist policy pays out if you're hit by someone driving without insurance (an unfortunate situation that occurs more frequently than you might expect).
Review the insurance requirements of your state:
Why Home Insurance Is Essential in West Virginia
West Virginia doesn't require property owners to buy homeowners insurance, but your mortgage lender probably includes it as part of the terms of your loan. You can find out by reviewing your mortgage documents. It's likely the lender won't sign off on the loan until you get a policy that meets their minimum coverages.
A home is one of the biggest purchases most people make. If something happens beyond your control — such as a fire, a flood, or some other type of natural disaster — you don't want to lose the money you've put into paying off your mortgage. Homeowners insurance in West Virginia acts as protection against unexpected losses. The right policy will reimburse you for repairs so you're not left with a set of keys for an unlivable property.
Exploring Additional Coverage Options for Auto Insurance
West Virginia doesn't require you to carry more than the minimum auto insurance, but opting for a more comprehensive policy has its benefits. That's because liability car insurance only pays for damage you cause to others in an at-fault accident. It won't cover repairs to your vehicle.
There are three types of optional coverages to consider:
- Comprehensive coverage: Pays to repair or replace your vehicle if it's damaged by fire, theft, or other events outside your control.
- Collision coverage: Reimburses you for car repairs if you're responsible for an accident.
- Underinsured driver insurance: Picks up the difference if an at-fault driver doesn't have enough insurance to pay for all your losses in an accident.
If you have an auto loan or lease, your lender probably requires you to carry comprehensive and collision coverage. Check your loan contract to confirm what West Virginia car insurance you need to buy to keep compliant with the agreement.
How to Compare Auto Insurance Policies in West Virginia
Now that you know the state's minimum insurance laws, and you're clear on what your lender expects if you don't own your car outright, how do you find an auto insurance policy that fits your needs? One option is working with a West Virginia insurance agency. Keep in mind, however, that most agencies work on commission, so you'll probably pay a fee in return for the service.
Another alternative is to shop around yourself. But if you go that route, be wary of signing up with the first company you request a quote from. Insurance rates vary widely from one carrier to another, and your location, vehicle type, and driving history all play a role in the quote you receive. Another factor is discounts. You may qualify for special savings based on where you work, your age, or how often you drive your vehicle.
To make the most of your time (and potentially cut costs), shop around with multiple auto insurance companies before signing on the dotted line.
Finding Affordable Coverage for Your Home and Auto
In the world of insurance, the more coverage you have, the bigger your bill. But that doesn't mean you have to opt for the cheapest liability car insurance policy on the market. You can find additional reasonably priced coverage options if you're willing to consider multiple providers.
That's true for home insurance, too. If you need both types of policies, consider requesting a quote from providers that offer bundling discounts. This can save you money, and you'll only have one bill to deal with.
Navigating West Virginia's Insurance Regulations
The laws concerning auto insurance coverage requirements in West Virginia are straightforward. If you live and drive in the state, you'll need a policy that includes bodily injury liability and property damage coverage, plus extra for uninsured motorist damage.
There isn't any legislation requiring you to buy homeowners or renters insurance, but your loan or lease probably requires it. You can stay up to date with changes in West Virginia's insurance laws through the Offices of the Insurance Commissioner website.
Get the Best Car Insurance for Your Needs in West Virginia
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