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Failure to maintain car insurance on your vehicle could result in your registration and plates being suspended until you either purchase insurance or pay a $500 fee to the Virginia DMV.
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Each state sets their own car insurance requirements. When you view car insurance requirements for Virginia, you’ll see that they require bodily injury and/or death of a single person, bodily injury and/or death of more than one person and property damage.
After those listings, you will see an amount in thousands of dollars. This amount represents the minimum amount of coverage you need to drive legally.
For example, if you see $25,000 listed after bodily injury and/or death of a single person, this means that your car insurance policy must have at least $25,000 of coverage for that category. If the policy lists a lesser amount, you are not legal to drive.
In order to determine if you have the right auto insurance policy for your needs, you need to understand the types of coverage available in Virginia and their definitions.
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Insurance policy requirements are often listed as a set of numbers. If you have the minimum insurance for Virginia, your policy would list 25/50/20. These numbers should be multiplied by 1,000 to get the dollar amounts of the specific coverages.
All drivers of the state of Virginia must maintain a specific amount of car insurance on their vehicles or pay a $500 fee to the DMV in order to drive legally.
The state of Virginia does allow drivers to operate their vehicles without car insurance. These drivers must pay the BMV $500, which is an uninsured motor vehicle fee.
This fee does not provide any car insurance, and if the driver gets into an accident, he or she would be responsible for paying the accident-related expenses from their own personal finances.
If the driver of a vehicle does not purchase insurance or pay the $500 fee to operate their vehicle without insurance, he or she can face heavy fines and other penalties.
The minimum insurance requirements in Virginia only ensure that you are legal to drive. They may not actually cover all of your accident-related expenses, and if more money is required to cover the remaining expenses, you could be held personally responsible for paying the rest of that money to the other driver.
For example, Virginia only requires $20,000 in property damage. The average cost of a new car is $32,086, which means if you hit a new car, you could be responsible for paying thousands of dollars, even after your insurance company pays a settlement.
If the accident results in someone’s death, it could result in an economic cost of more than one million dollars and a major disabling injury could cost nearly $80,000.
To ensure that you are properly covered in the event of an accident, you should purchase a car insurance policy that pays for the average expenses incurred in a car accident instead of the state minimums.
This may mean making sure you have $40,000 in personal property coverage instead of $20,000 and making sure your bodily injury and death coverage is at least $80,000.
To get the right amount of coverage for the state of Virginia for a price you can afford, you should use the services of a car insurance comparison tool.
These fast, free tools allow you to input your information and car insurance needs and get results for all of the available car insurance policies in your local area.
Once you have your results, you can quickly view the prices and the car insurance policy inclusions and exclusions to determine which policy would best benefit you. Don’t miss out on our free quote tool below! Just enter your ZIP to start comparing rates for free now!
Auto Insurance Laws