Virginia Car Insurance Guide
No matter where you live, auto insurance is likely to be a significant expense in your life. But did you know that where you live could dictate not only the cost of coverage, but also the types of coverage you're required to purchase? Auto insurance regulations vary from state to state and mandate factors such as minimum coverage amounts and liability. Depending on where you live, you may be obligated to get much more insurance than a driver in a neighboring state.
While it's vitally important to know and understand your state's auto insurance regulations, it's equally important to use your state's coverage guidelines as a starting point. Auto insurance experts strongly recommend securing coverage far beyond a state's minimum standard - remember that your insurance can only provide the protection outlined in your policy. If you're liable for $100,000 in property damage and your policy only covers $25,000, you will be required to come up with the remaining $75,000 on your own. This is why it's so important to get competitive quotes online, which will help you compare and contrast insurance programs from several different companies at once.
Virginia's auto insurance regulations
Drivers in Virginia are required to prove financial responsibility if they intend to register a vehicle in the state. Financial responsibility is best satisfied by getting auto insurance. But in theory, you could forego insurance and pay an "uninsured motor vehicle fee" of $500 each year to the state. But if you do so, you will be liable for all and any costs associated with an accident - meaning a simple fender bender could bankrupt you. Experts strongly recommend getting insurance for complete coverage and safety on the road.
By far, insurance is considered the best way to go in Virginia. All auto insurance policies in Virginia must meet the state's requirements, which include:
- Coverage of at least $25,000 for injury or death to one person
- Coverage of at least $50,000 for injury or death to more than one person
- Coverage of at least $20,000 for property damage
Again, remember that these are state minimums and it's recommended that you get far more insurance than just the minimum. You could be surprised at how affordable comprehensive coverage is. Be sure to discuss your options with your insurance agent.
The state of Virginia will track your insurance coverage. Like some other states, Virginia uses a database that will be notified if you cancel your coverage or let your coverage lapse. Your auto insurance company is obligated to notify the state if you cancel your policy. In the event that you fail to maintain proper insurance coverage, you could have your license, registration and vehicle plates suspended, be fined $500 and be subject to additional fines and penalties.
The easiest way to provide proof of insurance is to keep your insurance card in your vehicle at all times. This way, if you are in a minor accident or a traffic stop, you can easily provide proof that you are driving within state guidelines. Your insurance company should issue you an insurance card, which you can keep in your vehicle's glove box.