If you live in the state of Virginia, you're one of the chosen lucky people. Car insurance rates in Virginia are lower than country rates. But that doesn't mean you can't reduce it anymore. What are state laws and how you can get cheap car insurance in VA, we have investigated in detail for you.
Virginia Car Insurance Laws
The state of Virginia is unique among all other states when it comes to auto insurance requirements because it is possible to avoid having to buy and maintain a liability policy for price. Considered a bribe to the state by many, a UMV (Uninsured Motor Vehicle) fee of $500 may be paid to the state on a yearly basis which provides no coverage, but allows you to drive on the highways and roads at your risk. Not exactly a wise move in the current lawsuit-happy society that is USA, for those who wish to get real financial protection for themselves, the state also mandates minimum levels of liability insurance requirement that you can get Virginia insurance quotes for as well.
- $25,000 - for bodily injury or death to any one person you are involved in an accident with.
- $50,000 - for bodily injury or death to two or more persons you are involved in an accident with.
- $20,000 - for repairs of damage to anything you are involved in an accident with.
Car Insurance Policy Options For High Risk Drivers in VA
All owners and drivers of car are required to buy car insurance in the Commonwealth of Virginia. If you are a bad risk driver and are unable to find an insurance company that will insure you, you can get an assigned risk policy in Virginia. You will have to apply through a licensed agent to the Department of Motor Vehicles who will then assign you to an insurance company under the Virginia Automobile Insurance Plan.
Some reasons why you are in the high-risk drivers' category :
- DUI or DWI or any serious moving violation
- At-fault accidents while driving without insurance
- Repeat traffic offenses have whacked your license
- Too many tickets and points in a short time
- Driver’s license suspension or revoked
Penalties for Noncompliance
If you drive in Virginia without the minimum level of insurance required or without paying the UMV fee, your license is subject to being suspended, and your car registration revoked as well. To get reinstated, you will have to file an SR-22 (proof of a policy) which will cost you money, pay a $500 fee to the local government, and possibly other fees as well for reinstatement. Hardly worth all the expense when you can get pricing estimates quickly and easily right here and now.
Another penalty for driving without the right levels of protection not mentioned commonly is the threat of legal action should you cause an accident and not be able to pay damages. This thing begins (with an accident) every day in this country - oftentimes on those who were carrying the minimum level of protection but did not possessed enough coverage to pay for the medical damage done to the occupant(s) of the other vehicle. You want to make sure, especially if you have assets like a house, that you have sufficient coverage for most situations.
Virginia Car Insurance Rates
Virginia car insurance rates average minimum prices are :
|Virginia Minimum Car Insurance Coverage||$403 - $605|
|Virginia Minimum Full Coverage Car Insurance||$948 - $1,167|
|Virginia Minimum Car Insurance Coverage for Young Drivers||$1,123 - $1,348|
|Virginia Minimum Full Coverage Car Insurance for Young Drivers||$1,668 - $1,883|
|Average monthly car insurance in Virginia||$33 - $156|
These rates are calculated for a middle-aged person using an average car. Many factors can cause rates to change. It also varies according to the types of protection to get. Of course, there are many ways to obtain affordable car insurance.
Virginia Car Insurance Company
The types of Virginia Car Insurance Companies differ but their certification, licensing and regulation is done by the Virginia Bureau of Insurance which is a division of the Virginia State Corporate Commission. The regulatory mission of the Bureau of Insurance is to ensure that the citizens of the Commonwealth of Virginia are provided with access to reliable insurance protection.
They ensure that Insurance companies licensed by them are financially sound to protect the premiums of car owners and claims made by accident victims. A list of Insurance companies that insure cars can be found by a visiting website of the Bureau. The financial data and premium profile of insurance companies can be obtained giving details of premiums written and premiums earned.
There Are Many Car Insurance Companies That Offer Coverage In Virginia
Most of the well known insurance companies that have a nationwide presence have establishments in the Commonwealth of Virginia. The best known insurance companies that feature highly on the customer service and claims compensation scale are AIG, Allstate, Allianz, AXA, GEICO, and Progressive.
Virginia Mutual Car Insurance Companies
All the best rated Mutual Insurance companies like Liberty Mutual, State Farm Mutual and Nationwide Mutual Insurance Companies have offices in Virginia. These companies pay a portion of the premium back to the policy holder as dividend.
Bureau of Insurance lists Mutual Assessment, Property and Casualty Insurance companies. These are described by the Bureau as non stock companies that write only mutual assessment insurance on property located in Virginia and protects against losses, members who are residents of Virginia.
Each member agrees to pay a share of all losses and damages sustained expenses of operation and maintenance of an adequate surplus. The classes of insurance that may be written by a mutual assessment property and casualty insurer depend upon it minimum surplus to policyholders.
Examples of this Insurance Company are the Commonwealth Mutual, Virginia surety which has been given a high rating by A.M Best and Company. Some of these companies like the Virginia Farm Bureau Company give a good student and good teenage driver rewards. They also offer a teenage driver savings bond.
Virginia Car Insurance Companies And The Principle Of Assigned Risk
In the Commonwealth of Virginia, the principle of assigned risk is followed. This means after approaching all insurance companies, if you find that no insurance company will insure you, you can still get your car, and your injuries insured.
You will have to apply through a licensed agent to the department of motor vehicles to be assigned to an insurance company. The application will then be processed and assigned to an Insurance company through the Virginia Automobile Insurance Plan. You will require this assigned insurance coverage when you have a proven track record of risky driving.
Finding the Cheapest Quotes for Car Insurance in Virginia
Looking for cheap car insurance in Virginia should be carefully reviewed. Buying an car is expensive and you will be tempted to compensate the expense with cheap insurance. Cheap car insurance will result in being cost effective at the time of accident. You should buy inexpensive car insurance that gives you the compulsory minimum cover requisite in the Commonwealth of Virginia, the important covers to take care of your major expenses during an accident, and eliminates minor covers that may saddle you with a hefty premium payment. This will give you the satisfaction of driving a car with the support of adequate car insurance.
1) Select adequate coverage
Doing so makes it simpler to have some control over the premiums you pay. For instance, you might notice that 50 percent of your motors insurance online price provides protection against financial liability if an accident, and this is associated with the ways in which you're planning to utilize your automobile -- for example, for driving long distances to get to the workplace -- together with your driver's profile.
When you've earned an unblemished driving profile, you can reckon on paying lower charges on insurance, compared to what the amount you'd remit when you had a speeding ticket on your record. You can have some control over the remaining 50% of your car assurance costs, which covers the loss of or any material damage to your automobile -- comprehensive coverage (that pays for damage to or loss of the vehicle from causes other than accidents involving another vehicle) , collision coverage (insurance of a vehicle against loss or damage caused by a collision) and full coverage (combination of many types of protection).
2) Search (and research) available insurance offers
In the majority of states in the U.S., there are numerous insurers vying for business, and that should indicate that there's every chance for you to make cash savings amounting to hundreds of dollars by obtaining price estimates from sundry online car ins organizations. You could work with your vehicle insurance company to obtain more that just one quotation. It pays you to see the various plans on offer, particularly if you believe you needn't be spending as much as you have been.
3) Try finding discounted insurance rates
Quite a few insurance establishments will offer you discounted rates should you purchase two or more forms of insurance (i.e., multi-line policies) from the same provider, such as car coverage online plus homeowners insurance. Ask about discounts for airbags (or what is known as a 'Supplemental Inflatable Restraint System'), anti-lock brakes, daytime running lights (DRL), as well as anti-theft gadgets that will deter car thieves.
4) Consider going for a raised deductible
You can reduce your online car ins costs by bumping up the deductible, only make sure you will have the wherewithal to shell out the larger amount of deductible if you file claim.
5) Check out 'stacking' coverages in case you submit an instant online insure claim
'Stacking' (that is, combining) UM (uninsured) or UIM (underinsured) motorist coverage means you can collect from more than one of your cars ins online agreements. In greater part, states in the US ban this strategy, yet there are around 19 states which either allow stacking or that don't address the issue either by way of state laws or legal sanctions. Make sure that you carefully read through your instant online insurance contract to find out if stacking is legal (or not addressed in the legislation). You should keep in mind that you'll probably have to remit a steeper cars insure fee in case you have stacked coverage. Your premium could be 10 % - 30 % steeper, depending on the legally complicated nature of the state where you`re located.
6) Check with your insurance provider AHEAD OF buying a new vehicle
Your insurance charge partially depends on the automobile's sticker price, what its spare parts and labor costs are, its safety record, and the chances of theft. Remember to check out other features, not just price, when you're looking at insurance. You'd do best with an insurance agent, and an establishment with the know-how to answer your questions and who will handle claims fairly and efficiently.
7) Send a formal notification to your internet vehicle insurance firm the very day you change companies
Make sure that you terminate your old insurance contract. Cancel it the same day, but do not terminate your old insurance contract until you're sure you've got a new contract. This safeguard is vital, because certain U.S. states will penalize you with a fine on the basis of the length of time you have no instant online insure. In addition, the majority of car insurance companies emphasize in their contract that you can cancel your insurance agreement any time you want by sending a notification to your company, in writing, informing them as to the date you wish that your coverage be terminated, or you have the option to do that by making call.
8) Choose the payment option that is most suited to your financial circumstances
The majority of companies will provide you with the option to submit your payments over a longer duration, but that will cost you a little extra. Your payment could get higher by a specific number of dollars whenever you pay by an installment. Insurance firms can accept insurance fees each month, every four months, or every six months, whatever most expedient for you. Bear in mind, however, that the smaller the payments you opt for, the higher the total expense adds up.
Virginia Car Insurance FAQ
Some of the most asked questions about car insurance in the state of Virginia :
1. What are my rights as a consumer when I buy a Car Insurance policy in the Commonwealth of Virginia?
The Virginia Administrative Code enforced by the State Corporation Commission Bureau of Insurance mandates that all material and relevant information is given to you by the insurance Company.
2. What right do I have if all Insurance Companies find that I am too high a risk to insure?
In the commonwealth of Virginia, you will become an assigned risk, and the Government will step in to help you. You can apply through a licensed agent to the Virginia Department of Motor Vehicles and you will be assigned to an insurance company. Under the Virginia Automobile Insurance Plan. The premium will be much higher than premiums offered to low risk customers.
3. What is the time frame for an insurance company to settle my claim in the Commonwealth of Virginia?
The Insurance Companies should acknowledge the receipt of the claim within ten days of receipt. There is no specific time frame to settle the claim because each claim will be on different counts.
4. On what conditions do insurance companies consider motorists most insurable in the Commonwealth of Virginia?
Motorists who have an accident free driving history, who pay their premiums regularly and are credit worthy are considered more insurable than others.
5. What other qualifications will put me in the most insurable category in the Commonwealth of Virginia?
Good grades if you are a student, your profession, if the area where you live has few accidents and if you are 55 years and older with an accident free driving record.
6. What factors make my car most insurable in the Commonwealth of Virginia?
Car models rated as safe by the department of Motor Vehicles, cars fitted with driving safety equipment and anti theft equipment will be regarded as most insurable by insurance companies.
7. Why are quotes from different insurance companies different prices even when the coverage is the same?
Different insurance companies have different underwriting policies. Many insurance companies reduce premiums based on your lifestyle and vehicle use. The ideal car insurance premium should give you maximum cover when accident occurs without burning a hole in your pocket.
8. How do I know if a car insurance company is reliable?
The bureau of Insurance of the State Corporate Commission has a list of licensed Car Insurance Companies. Additionally, you will want to use an independent rating agency such as A.M. Best to check out your insurance company's financial strength ratings.