Do you need car insurance in va?
Virginia drivers are required to purchase a minimum amount of auto insurance coverage for all registered vehicles. You can legally drive without insurance in Virginia, but you have to pay an uninsured motor vehicle fee to avoid a penalty.
Why do you need insurance?
Insurance is a financial safety net, helping you and your loved ones recover after something bad happens — such as a fire, theft, lawsuit or car accident. When you purchase insurance, you'll receive an insurance policy, which is a legal contract between you and your insurance provider.
Can you drive in Virginia without car insurance?
Virginia requires all drivers to either carry a minimum amount of car insurance or pay a $500 uninsured motor vehicle fee. If you're caught driving without a form of financial responsibility, the penalties could be severe.
How long can you go without car insurance in va?
“Car insurance is legally optional in Virginia. If you choose to drive uninsured in VA, you must pay a $500 fee to the DMV. Drivers must pay this fee to register their vehicle or get their plates. This fee allows you to drive uninsured for 12 months without penalties.
What happens if you don’t have car insurance in va?
The state of Virginia may convict you of a Class 3 misdemeanor, charge you a $500 fine, and take your driver's license, vehicle registration and license plates. Your insurer will also need to file a form SR-22 on your behalf, which can result in a rate hike.
What vehicle insurance is required in Virginia?
Virginia Code § 46.2-706 requires all Virginia registered motor vehicle owners to have motor vehicle liability insurance or enough money to pay for any losses that may result from an automobile accident.
Why is it important to have insurance?
Insurance plans are beneficial to anyone looking to protect their family, assets/property and themselves from financial risk/losses: Insurance plans will help you pay for medical emergencies, hospitalisation, contraction of any illnesses and treatment, and medical care required in the future.
What are 4 reasons why it’s important to have insurance?
- Financially Security. …
- Transfer of Risk. …
- Complete Protection for You and Your Family. …
- No More Stress or Tension During Difficult Times. …
- Some Types of Insurances are Compulsory. …
- Peace of Mind.
What are the 10 benefits of insurance?
- Life Risk Cover.
- Death Benefits.
- Return on Investment.
- Tax Benefits.
- Loan Options.
- Life Stage Planning.
- Assured Income Benefits.