Virginia’s State law requires that each drive must have a some sort of insurance coverage to pay off the financial responsibilities. This would mean, that if you drive around VA, you need to have at least a minimum liability coverage or certain proof that you will be able to settle expenses should you involve yourself in an mishap. This law further restricts drivers to caution from over speeding and other untoward behaviors that could ultimately lead to an accident.
The financial responsibility extends to three main options.
It is obligatory that your vehicle must be registered to an authorized insurance company serving the VA area and must have at least the minimum liability coverage.
The second option would be to pay off $500 to the Virginia Department of Motor Vehicle for the Uninsured Motor Vehicle fee. In short, you are legally allowed to drive in VA at your own risk and paying all the expenses should you find at fault during an accident.
Third, if you are a business owner, you are advised to obtain self-insurance bonds from the Department of Motor Vehicle in Virginia.
Failure to possess or even pay for the insured motor vehicle fee could mean a suspension for your vehicle license that will be initiated by the Department of Motor Vehicles. If this happens, you could be paying additional penalties, reinstatement and statutory fees for that.
In Virginia, the minimum liability coverage is $25,000 for the bodily injury for each person, $50,000 for everyone in the accident and $20,000 for the property damage caused by the accident. It could be the other party’s car itself, house, fence and others.
There are numerous car insurance companies operating in Virginia and each of them offers varying rates from the other. If you are into ways of curbing down your insurance expenses, what you can do now is to shop around, compare and contrast the quotes. The conventional way of talking to an agent and asking for quotes is outdated. What you can do today, is to look for websites where you can simply logon to the site, fill out some online form and hit enter.
The process is fast and easy, though you need to provide some basic information as to the type and make of your vehicle to name a few. Those are needed to generate the closest possible and accurate quotes that will suit to needs. Once you have the quotes with you, weigh things down as with the rates and coverage offered by those companies. The best insurance company would be the one that offers the best coverage for your money.
To help you out, here are few things that can consider doing.
To lower down your VA insurance cost, why not drop unnecessary policies such as the comprehensive and collision coverage. You do not need those especially if your vehicle is already old.
Also, when you raise your deductible it should significantly lower down the cost of your insurance. Bear in mind though, that you will be the one to shoulder any additional expenses that will not be covered by your insurance. In short, the higher your deductible the lower your premium becomes.
Without you knowing, you could be eligible for some discounts, so ask for it. Many insurance companies are just waiting for you to ask for it and there is no harm in asking.
