West Virginia Code of State Rules
Agency 114 - Insurance Commission
Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER
Series 114-61 - Credit Personal Property
Section 114-61-3 - Amount, Term and Coverage of Credit Personal Property Insurance; Prohibited Practices

3.1. For credit personal property insurance sold in conjunction with a closed-end transaction, an insurer may not issue credit personal property insurance coverage unless the amount financed exceeds five hundred dollars.

3.2. For credit personal property insurance sold in conjunction with a closed-end transaction, an insurer may not issue credit personal property insurance in an amount that exceeds the replacement value of the collateral, up to the amount financed in the underlying credit transaction, or with a term that exceeds in duration the scheduled term of the underlying credit transaction: Provided, That the debtor may obtain from the insurer, at his or her option, greater coverages for longer periods of time if he or she so desires, as authorized by W. Va. Code § 46A-3-109(b)(1).

3.3. Credit personal property insurance coverage shall, at a minimum, include the coverages in the standard fire policy with coverage attachment, extended coverage endorsement, and replacement cost provision endorsement.

3.4. Credit personal property insurance shall cover a substantial risk of loss of or damage to the property related to the credit transaction.

3.5. An insurer may not require the bundling of other credit insurance coverages with the purchase of credit personal property insurance coverage. A debtor shall have the choice to purchase credit personal property insurance separate from other credit insurance coverage.

3.6. An insurer shall not use gross debt as an exposure base in determining credit personal property insurance premiums.