In Virginia it is also important to understand the car insurance system. The state has add-on no fault coverage, which means that there is a no-fault option added on to the already existing tort system. There are optional first party benefits available under this system but there are no restrictions on lawsuits.
Best Vehicle Insurance Rates in Virginia: Mandatory Coverage
Virginia has some very hefty amounts of mandatory car insurance coverage. Liability, uninsured motorist and underinsured motorist coverage are all required. The state of Virginia requires all drivers to carry no less than $25,000 bodily injury liability per person; $50,000 bodily injury liability per accident; and $20,000 property damage liability per accident.
UM or uninsured motorist is also mandatory in order to protect you in case of an accident with a driver who is uninsured. However, if you do not purchase Uninsured Motorist coverage in Virginia, you may pay the DMV an Uninsured Motorist Vehicle fee. More than 10% of drivers in the state are uninsured, so the coverage is wise to choose.
Uninsured motorist is the other required coverage in Virginia. It protects you in case the at-fault party in an accident is underinsured. That is very often the case, as many people choose to carry only the state minimums of coverage, despite the fact that most industry professionals will counsel you to carry at least $100,000 bodily injury liability per person; $300,000 bodily injury liability per accident; and $100,000 property damage liability per accident.
Best Vehicle Insurance Rates in Virginia: Suggested Coverage
In addition to the mandatory coverage, you should also consider other forms of coverage such as personal injury protection which will provide you with covered medical expenses in the case of an accident, regardless of who is at fault. Towing and labor and rental car coverage are other forms of coverage worth considering, as they are very handy when you are in any type of accident.
The other most important form of coverage is personal property protection, which is made up of comprehensive and collision coverage. Comprehensive takes care of losses from non-moving incidents like fire and theft. Collision takes care of losses from moving accidents that are the fault of a driver on your policy. These forms of coverage are required for those with financed vehicles but not for those who own their own vehicles. However, depending on the value of the car, it is highly recommended.
