Posts Tagged ‘Virginia car insurance’

Are Oklahoma and Virginia Auto Insurance Coverage Limits Similar?

Saturday, September 24th, 2011

Oklahoma and Virginia car insurance buyers are required to have similar coverage levels in place to comply with their respective states’ financial responsibility laws. Each state operates under a tort system for car insurance purposes, which means that the driver who is deemed to be at fault for an accident is responsible for paying for the damages caused. Accident victims retain the right to sue the at-fault driver to get money for their injuries and economic losses incurred as a result of the accident.

In Oklahoma, all registered vehicles must carry at least $25,000 to compensate one person for personal injury claims following an at-fault accident and $50,000 to pay for all injuries and damages resulting from the same event. A minimum of $25,000 in property damage liability insurance to pay for repairs to the other driver’s vehicle and any other property damaged or destroyed in the accident must also be put in place.

Virginia auto insurance buyers are required to have a minimum of $25,000 to pay for injury claims made by one person injured in an accident and $50,000 to compensate all people injured in the same accident. The minimum level of property damage coverage required under state law is $20,000. This part of the policy is used to pay for damages to the other driver’s vehicle, as well as items such as fences, guard rails, sheds, buildings, sign posts and light stands.

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Posted in Oklahoma, USA, Virginia |

Virginia Auto Insurance Coverage and Policy Lapse

Friday, August 19th, 2011

Virginia auto insurance coverage is required under state law. The exception to the rule is when the driver has paid a $500 fee to the Department of Motor Vehicles (DMV) for the right to operate the vehicle on the road without insurance coverage. This is not the wisest choice, since a driver who does so will be responsible for paying for any damages he or she causes in an accident personally.

If a lapse in coverage occurs, either due to the policy being canceled for non-payment or not renewed by the insurance company, the insurance company will notify the DMV of the status change. Insurance providers are required by law to forward this information to the state electronically through its Insurance Verification Program. The vehicle owner has three options at that point:

  • Buy a new car insurance policy immediately
  • Pay the $500 uninsured motor vehicle fee
  • Surrender the car’s plates to the DMV

A car insurance buyer who has had a lapse in coverage may find it challenging to find a company willing to write a policy. This type of event may result in the driver being considered a higher for insurance purposes, and not all companies are prepared to write a policy for drivers in these circumstances. If the policy has lapsed due to non-payment, the insurance company may be wiling to reinstate the coverage if the driver contacts the insurer immediately and makes arrangements to bring the payments up to date.

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Posted in USA, Virginia |

Vermont and Virginia Auto Insurance Coverage Comparison

Monday, August 8th, 2011

Vermont and Virginia are both tort states for car insurance purposes. A person who has been injured in a car accident has the right to sue to collect damages from the at-fault driver in the accident. Each state sets the minimum level of third party liability insurance that policyholders must have in place, but drivers always have the option of buying a policy with a higher limit if they wish. Choosing a policy with a higher limit provides more protection if the policyholder is involved in an at-fault accident. If the level of damages caused is higher than the amount of coverage available, the at-fault driver must pay this amount personally.

The minimum level of bodily injury liability coverage required by law in Vermont and Virginia is $25,000 to pay for the injuries or death of one person and $50,000 to pay for the injuries or death of two or more accident victims.

Property damage liability protection is also a legal requirement in both states, but the minimum level of coverage that drivers must have in place to stay legal varies. In Vermont, at least $10,000 in coverage must be purchased and the minimum in Virginia is $20,000. This coverage is used to pay for the cost of repairs to the other driver’s vehicle. It also pays for the cost to repair or replace public property damaged or destroyed in the accident, including sidewalks, fences, buildings, sign posts and mailboxes.

 

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Posted in USA, Vermont, Virginia |

Penalties for Driving Without Virginia Auto Insurance Coverage

Saturday, August 6th, 2011

What happens if you get caught driving without Virginia auto insurance coverage in place? If you are unable to produce proof of coverage during a traffic stop or following an accident, your license and vehicle registration will be revoked.

To have your driving privileges reinstated, you will have to pay a $500 statutory fee. In addition, you will have to have your new auto insurance company file a Financial Responsibility Insurance Certificate (SR-22) with the Department of Motor Vehicles for a three-year period. A reinstatement fee may also be required.

A driver who has had a lapse in coverage may find it challenging to find an insurance company willing to provide coverage. You may be classified as a high risk for insurance purposes, and an insurance company willing to write a policy will charge you higher rates than if you had kept your coverage constant.

During the three-year period where you are required to have an SR-22 in place, your insurance company will be required to notify the Department of Motor Vehicles if your policy is canceled or not renewed for any reason.

Rather than run the risk of being caught driving without insurance coverage, a much better choice is to make sure that at least the minimum level of coverage required by state law is in place at all times. A driver can buy a basic policy to keep his or her car insurance costs down.

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Posted in USA, Virginia |

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