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If you’re a Virginia resident looking for car insurance, you have a lot of choices to make. There are dozens of providers and policies to choose from, and it’s difficult to figure out which one is right for you. If you’re not sure about how to choose Virginia car insurance, this article has you covered.
Read on to learn more about the correct way to select auto insurance policies in Virginia.
- Make Sure You’re Aware of the State’s Minimum Insurance Requirements
In Virginia, all drivers are required to carry liability insurance with limits of $25,000 per person for bodily injury, $50,000 per accident for bodily injury, and $20,000 per accident for property damage. If you don’t have car insurance that meets these requirements, and you’re caught driving, you could face serious penalties, including fines, license suspension, and even jail time.
- Compare Rates from Multiple Insurers
Auto insurance rates can vary quite a bit from one insurer to the next, so it pays to shop around and compare rates before you commit to a policy. Although it’s time-consuming to get quotes from numerous insurers, it’s worth it to make sure you’re getting the best deal possible. It’s also a good idea to read reviews on the insurance companies as well.
- Know What Coverage You Need
Before you start shopping for auto insurance, it’s important to have a good understanding of the different types of coverage available and what you actually need. For example, if you have an older car, you may not need collision or comprehensive coverage. Or, if you’re a good driver with a clean driving record, you may be able to get by with just liability coverage.
- Consider a High Deductible
If you’re looking to save money on your auto insurance, one option is to choose a policy with a high deductible. This means you’ll have to pay more out of pocket if you do have an accident, but your monthly premiums will be lower.
If you choose a higher deductible, make sure it’s the right decision for you. If you’re ever in an accident, you need to be able to pay the deductible, so make sure you have the financial resources available.
- Get Discounts
There are a number of auto insurance discounts available, so be sure to ask about them when you’re shopping for a policy. Some common discounts include those for good drivers, multi-policy holders, and those who have taken a defensive driving course.
- Pay Your Insurance in Full
If you can afford to do so, it’s always best to pay your auto insurance in full. This way, you won’t have to worry about a monthly bill, and you may even get a discount.
- Review Your Policy
When you enroll in a new policy, it’s important to review the coverage to make sure it’s what you need and expect. Once your policy is in place, be sure to review it periodically to ensure that it still meets your needs.
- Be Honest About Your Driving History
When you’re getting auto insurance quotes, be honest about your driving history. If you try to hide information, it could come back to bite you later. After your initial quote, your premium could go up if the insurer finds out about your history.
Why Is Auto Insurance in Virginia Expensive?
Car insurance rates in Virginia are some of the highest in the nation. There are a number of factors that contribute to this, including:
The Number of Auto Insurance Claims Filed in the State
There are numerous auto insurance claims filed in Virginia every year, which contributes to the high rates. When there are a lot of accidents, it drives up the cost of auto insurance for everyone.
The Cost of Auto Accidents in Virginia
Auto accidents can be expensive, and in Virginia, they tend to be more costly than average. This is due to a number of factors, including the cost of medical care and auto repairs.
The Number of Uninsured Drivers in Virginia
Unfortunately, there are a lot of drivers on the road in Virginia who don’t have auto insurance. When these drivers are involved in an accident, it often ends up costing the insured driver.
The Cost of Auto Insurance Fraud in Virginia
Sadly, auto insurance fraud is a big problem in Virginia. This costs the insurers a lot of money, which is then passed on to the policyholders in the form of higher rates.
The Cost of Medical Care in the State
The cost of medical care in Virginia is higher than average, which contributes to the high cost of auto accidents. This is one of the main reasons why auto insurance rates are so high in the state.
As you can see, there are a number of factors that contribute to the high cost of auto insurance in Virginia. Thankfully, there are several ways to save on your premium.
Is Virginia Auto Insurance Necessary?
Car insurance is required by law in Virginia. This means that if you want to drive on the state’s roads, you need to have auto insurance. There are a few different ways to meet the state’s auto insurance requirements, including:
Buying a Policy From an Auto Insurance Company
The first step is to get insurance from a reputable auto insurance company. Be sure to shop around and compare rates before you purchase a policy.
Minimum Liability
Have a minimum bodily injury liability limit of $25,000 per person and $50,000 per accident, and a minimum property damage liability limit of $20,000.
Also, you need a minimum uninsured motorist bodily injury limit of $25,000 per person and $50,000 per accident.
Optional Coverage
In addition to the state’s minimum auto insurance requirements, you may also want to purchase additional coverage. This is optional, but it can provide you with additional protection. Some of the optional coverages you may want to consider include:
Collision Coverage
This type of coverage will pay for the repairs to your vehicle if it’s damaged in an accident. It’s a good option for drivers who have a newer car or a car with a high value.
Comprehensive Coverage
Comprehensive coverage will pay for the repairs to your vehicle if it’s damaged by something other than an accident. This could include damage from a fire, theft, or vandalism.
Medical Payments Coverage
This type of coverage will pay for your medical bills if you’re injured in an accident. It’s a good option for drivers who don’t have health insurance.
Personal Injury Protection
This type of coverage will pay for your lost wages and other expenses if you’re injured in an accident. Personal injury protection is also good for drivers who don’t have health insurance.
Uninsured/Underinsured Motorist Coverage
Uninsured/Underinsured Motorist Coverage will pay for your damages if you’re involved in an accident with a driver who doesn’t have insurance. It’s smart to have this coverage because there are a lot of uninsured drivers on the road.
Factors That Determine Car Insurance Rates in Virginia
There are a number of factors that auto insurance companies take into account when determining rates. Some of the most important factors include:
Your Age and Gender
In general, auto insurance rates are lower for drivers who are over the age of 25 and for female drivers. That’s because insurance companies view these drivers as being less risky. Male drivers who are under the age of 25 are typically seen as careless, and as a result, they tend to pay more for auto insurance.
Your Driving Record
One of the most important factors auto insurance companies look at is your driving record. If you have a clean record, you’re likely to get an affordable car insurance rate over someone with accidents or traffic violations on their record. An insurance provider won’t trust an individual with a bad driving record to be a safe driver, so they’ll charge more for their policy.
The Type of Car You Drive
The type of car you drive also plays a role in determining your auto insurance rates. If you drive a high-end, luxury vehicle, you can expect to pay more for auto insurance than someone who drives a more modest car. That’s because luxury cars are more expensive to repair and replace, so they pose a greater risk to insurance companies.
Your Credit Score
Auto insurance companies also take into account your credit score when determining rates. If you have a good credit score, you’re seen as being more responsible and less likely to file a claim. As a result, you’ll get a better rate than someone with a poor credit score.
Your Coverage
The amount of coverage you need also affects your auto insurance rates. If you only want liability coverage, you’ll pay less than someone who needs comprehensive and collision coverage. That’s because liability coverage only pays for damages to the other driver.
On the other hand, comprehensive and collision coverage pays for damages to your own car.
Understanding Virginia Car Insurance
Hopefully, this content helped you understand a little bit more about Virginia car insurance. Just remember to shop around, understand your coverage needs, and be honest about your driving history to get the best rate possible!
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