Is auto insurance in Virginia likely to be expensive?
Although most motorists can expect to pay a four-figured sum for auto insurance coverage, they are actually likely to find that a policy in Virginia is actually cheaper than those found in other US states. The average price of a policy fell by 5% in the first quarter of 2010 and the average premium now works out to be $1,367.
That sounds reasonable. Why is it so cheap?
Insurance companies factor risk into any potential policy purchase. Built-up areas with more traffic are likely to see more accidents than areas with a sparse geographical landscape. Also, major cities are likely to see more car crime and vandalism so insurance carriers factor in these risks as well.
If I’m driving in Virginia, what auto insurance cover do I need?
Although premiums are quite inexpensive, mandatory auto insurance requirements in The Old Dominion are actually quite extensive. All motorists have to carry a minimum of $25,000 worth of bodily injury liability per person and $50,000 worth of bodily injury liability per accident. Drivers are also obliged to purchase $20,000 worth of property damage cover.
Is there any other coverage I might need?
Yes. The state of Virginia also makes uninsured and underinsured motorist cover compulsory and drivers are expected to carry $25,000 worth of uninsured or underinsured protection per person and $50,000 worth of uninsured or underinsured protection per accident. It is also important to note that $20,000 of uninsured or underinsured motorist property damage is required by law before a policy is deemed to be legal.