Virginia Auto Insurance

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Insurance coverage is one of the most important investments in your vehicle immediately after the actual purchase. The expense of property damage to a vehicle can be immense, but an even greater expense can be the personal injury costs. Hospital bills, collision costs, and other property damage costs can be astronomical and you will be held liable for the total cost of the accident out of your pocket.
While Virginia is one of the few states that does not require drivers to maintain an active insurance policy the aforementioned cost can wipe out savings and assets and leave an individual bankrupt and destitute. Virginia residents may opt out of traditional coverage if that can prove that they privately have assets to cover the minimum requirements of liability and also elect to pay a five-hundred dollar fee to the Virginia DMV every registration period. Most residents choose to employ traditional methods of liability through an insurance agent.
Minimum liability limits cover twenty-five-thousand dollars for the death or injury of another person, fifty-thousand dollars coverage for death or injury of two people, and twenty-thousand dollars coverage for property damage. The state minimum coverage also covers damages caused by uninsured and under-insured motorists as well as insuring against hit and runs.
State residents which fail to keep their insurance up to date and maintain their policy with the DMV face license suspension, registration suspension and up to a five-hundred dollar fine. After the fact DMV may require a reinstatement fee to reestablish driving privileges. Even with these fees the motorist will have to confirm their financial liability every year for the next three years by filing an SR-22 with the DMV.
Insurance is an investment for the insurance company. They hope that you will make your payments on time and not have to make a claim while you hope the premium is low. The insurance company will raise premiums based on your risk. With accidents or moving liabilities these premiums will increase as you present a larger risk for the insurance agent. Another way motorists are looked at as a higher risk investment is when their policies lapse. This will increase insurance rates as well. Virginia companies are allowed to impose a surcharge for the first thirty-six months until the policy holder has proven themselves reliable. Virginia law also protects motorists from rate hikes due to accidents in which the policy holder is not found at fault.
Maintaining an active insurance policy is not only a wise investment but it is the law. Driving uninsured has many penalties from monetary to loss of transportation, license, and even jail time with multiple offenses. Take care to find a policy that can cover your needs with a premium that will not break the bank. There are many choices and options to consider and an insurance agent will be able to guide you through the process.