USA | Virginia

Auto Insurance in Virginia ā€“ A Brief Q & A

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 Iā€™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.

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