Finance > Insurance > Virginia Auto Insurance - Stop Over Paying
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Virginia Auto insurance
Virginia auto insurance depends on specific laws and designates financial responsibilities on vehicle owners and drivers. If you drive in Virginia, you need to either have Virginia auto insurance with sufficient liability coverage or provide a solid proof to show you have adequate money to pay for all losses due to any accident. This is Financial Responsibility. This restricts drivers from speeding away on highways leading to accidents.
What are the available options of Financial Responsibility?
Three main options of Financial Responsibility of Virginia auto insurance are:
1. You need to register your vehicle with a licensed insurance company of Virginia with minimum liability insurance coverage.
2. Without such liability coverage, you should pay $500 Uninsured Motor Vehicle fee to Department of Motor Vehicles. This fee does not guarantee any insurance; it only allows you to drive your vehicle at your own risk. You however, need to renew your registration regularly.
3. Business vehicle owners need to secure surety or self-insurance bonds from Department of Motor Vehicles.
What will happen if I do not have any financial responsibility?
If you do not have any Virginia auto insurance or fulfill any options of financial responsibility, you can face suspension of your driving license. Further reinstatement of such license is possible only through payment of specific fees like statutory fee, reinstatement fee, etc. You also need to file certain documents with Department of Motor Vehicles for three years and get a proper insurance. Still, these do not help you pay for many valid claims against you and your assets in the event of any accident.
What should be my minimum coverage?
Minimum coverage should include bodily insurance of $25,000 per person each accident, $50,000 for all bodily injuries in an accident, and $20,000 for damages to property. Uninsured or Underinsured motorist coverage protects you from losses due to negligent driving of others. Auto insurance of Virginia pays only amount over and above what you receive as damages from other party in case of an accident. However, total reimbursement amount cannot exceed your uninsured or underinsured motorist coverage.
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