The owning of a car is a privilege and comes with extra financial responsibility. Virginia has a law governing the minimum amount of insurance needed by a driver. If is intended to keep drivers off the road who are unable to cover the cost of damage or injuries if they are involved in an accident.
There are three main portions of liability that require distinct coverage minimums.
- $20,000 to cover property damage.
- $25,000 to cover injury or death of one person.
- $50,000 to cover injury or death of two or more people.
Also, remember that the insurance company you purchase your policy from must be licensed to do business in Virginia.
Should you decide to drive without insurance, you must pay a $500 Uninsured Motor Vehicle fee to the Department of Motor Vehicles. While you may be circumventing the paying of insurance, you are also placing your assets at great risk if you get into a car accident.
Some car owners are self-insured are have surety bonds. More information on those can be found by contacting your local DMV.
To learn even more about Virginia car insurance, check out The Ultimate Guide to Car Insurance in Virginia.
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