Virginia Auto Insurance
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Virginia Auto Insurance Requirements
In Virginia, drivers must abide by the state’s financial responsibility law. The law is intended to keep off the road any drivers that are unable to pay for the losses they might cause in an accident. Any driver that cannot show proof of financial liability but chooses to drive anyway is driving illegally. The easiest and most common financial responsibility option Virginia drivers choose is Virginia auto insurance.
Virginia minimum liability limits
To comply with Virginia financial responsibility law, a driver must show proof that his/her auto insurance policy has minimum liability limits of:
- $25,000 to cover claims for losses associated with the death or injury of a single person.
- $50,000 to cover losses associated with the death or injury of multiple persons.
- $20,000 to cover claims for losses associated with property damaged in the accident.
Not buying auto insurance
Note that a driver of a vehicle registered in Virginia may choose not to purchase auto insurance. However to comply with the financial liability law, he/she must pay a $500 fee. The fee is not insurance. It only enables that person to legally operate the vehicle at his/her own risk.
The best coverage for the best protection
Virginia also requires drivers to have uninsured/underinsured motorist coverage. This coverage protects the driver against losses for bodily injury or death caused by a hit-and-run driver or an uninsured driver. Normally the driver would make a claim for losses against the at-fault driver’s auto insurer. But in these two situations, that wouldn’t be possible. If the at-fault driver does have insurance, but the amount is not enough to cover all losses, underinsured motorist insurance will pay the difference, up to certain limits. Virginia requires minimum uninsured/underinsured motorist coverage limits of 25/50/20.
Choosing optional Coverage
Beyond that, any coverage a driver chooses is optional. Note that none of the above coverage pays a driver’s repair costs when his/her vehicle is damaged. The types of insurance that cover this situation are Comprehensive and Collision. Comprehensive pays losses when a vehicle sustains damage because of reasons beyond a driver’s control; reasons including weather and theft. Collision pays losses when a vehicle sustains damage because of an at-fault accident.
Virginia Bureau of Insurance
Contact the Virginia Bureau of Insurance at 804-371-9741 for more auto insurance information or visit http://www.scc.virginia.gov/division/boi/index.htm.