Virginia Auto Insurance Guide
Whether you’re commuting up the I-95 to Arlington, cruising the Colonial Parkway on your way to Jamestown
Settlement or serving as designated driver on a tour of the Bedford Wine Trail, car insurance
is crucial to being a responsible driver in Virginia.
Car Insurance Resources for VA State Residents
There are 5,045,857 licensed drivers and more than 7.5 million registered vehicles in the Old Dominion Commonwealth of Virginia in
2010. The Insurance Research Council estimates that around 8% of Virginia’s drivers are uninsured. Data from the Virginia State Police
indicates there were 116,744 car crashes in 2009, resulting in 694 fatalities and 6,256 injuries. 316 of the fatal crashes were
alcohol-related. Those are all good reasons to make certain you maintain adequate car insurance while living and driving in Virginia.
Virginia State Minimum Auto Insurance
Virginia state law requires you to carry a minimum amount of car insurance. You also have the option of paying a $500 Uninsured
Motorist Fee, which does not provide insurance, but allows you to drive an uninsured vehicle at your own risk. Failure to comply with
one of these requirements will result in penalties. Note that Virginia follows a traditional tort system. If you cause an accident, then
you can be sued. While Virginia does not require that you carry additional personal liability or Collision and Comprehensive coverage,
if you own property or other valuable assets, you would be wise to supplement the minimum requirements shown below:
- $25,000 bodily injury liability per person per accident
- $50,000 bodily injury liability for all persons per accident
- $20,000 property damage liability
- $25,000/$50,000 uninsured/underinsured motorist property damage
Virginia State Car Insurance Laws
Virginia requires that you carry proof of Virginia car insurance or financial responsibility and produce it if a law enforcement
officer asks to see it.
Failure to carry the required car insurance or proof of financial responsibility will result in suspension of your Virginia driver’s
license. You will have to pay a $500 statutory fee and a $30 reinstatement fee to get it back. You will also have to file an SR-22 form
with the Virginia DMV for 3 years certifying that you have insurance. If an FR-44 form is required, your minimum coverage will climb to
50/100/50.
Your insurance company must provide the Virginia DMV with electronic updates when they write a new policy for a vehicle registered
in Virginia and when a policy is canceled.
Virginia law also required that your insurance company offer you a reduced premium if you are 55 or older and have successfully
completed an approved accident prevention course. Your premium reduction remains in effect for 3 years thereafter.
Regulating Agency and References
Virginia State Corporation Commission Bureau of Insurance
This agency is responsible for regulating vehicle insurance policies sold in the Old Dominion Commonwealth. For more information,
visit their website at www.scc.virginia.gov/
Virginia Department of Motor Vehicles
This agency is responsible for licensing drivers and registering vehicles. You can learn more about Virginia auto insurance
requirements, penalties and related information at www.dmv.state.va.us
National Association of Insurance Commissioners (NAIC)
This is an organization of insurance regulators from the 50 states, District of Columbia and the five U.S. territories. NAIC
provides a forum for the development of uniform policies when appropriate. NAIC members are elected or appointed state government
officials who regulate the conduct of insurance companies and agents in their respective states or territories.
Visit NAIC at www.naic.org/
Insurance Information Institute (III)
This organization’s mission is to improve public understanding of insurance – what it is and how it works. Visit III at
www.iii.org/
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