Insurance in Virginia: A Guide to Auto & Home Coverage
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You have various options to pick from and decisions to make regarding insurance in Virginia, so it can understandably be overwhelming. Below, we will explore the types of insurance available in Virginia, including auto, home, health, life, and business insurance. We’ll also review costs, factors influencing premiums, and minimum coverages to help you make an informed decision.
Types of Insurance Coverage Available in Virginia
You have a wide range of insurance products in Virginia that meet various needs. Common options include:
- Auto insurance
- Homeowners insurance
Let’s review these insurance options in more detail.
Auto Insurance in Virginia
Liability auto insurance is mandatory in Virginia, and the law will change on Jan. 1, 2025. The new law will require additional coverage minimums.
This liability auto insurance protects you from lawsuits by covering repairs and medical expenses if you're at fault for an accident and the other driver's insurance cannot cover the expenses.
Virginia used to permit you to register a vehicle without auto insurance with a $500 uninsured motor vehicle (UMV) fee. In July 2024, Virginia removed this law, requiring all registered vehicles to have at least the state minimum coverage. If you're caught driving without this coverage, you may be subject to:
- Suspension of your driver's license, license plate, and registration until you get adequate insurance
- A $145 reinstatement fee for your license, registration, and license plates
- A $600 noncompliance fee
- Having to carry an SR-22 insurance certificate for three years
Virginia insurance companies also have several optional auto insurance coverages, including:
- Collision coverage: This covers repairing your vehicle after a collision with another car or object, regardless of who was at fault.
- Comprehensive Coverage: This covers you for damage or loss due to non-collision-related events, such as falling objects, weather events, flooding, vandalism, and theft.
- Medical expense coverage: This pays for medical and funeral expenses for you or others injured or killed in an accident for which you’re at fault.
- Loss of income coverage: This coverage pays you, your family, or others who lost income due to an accident your vehicle was in. The coverage limits are up to $100 per week for up to 52 weeks.
- Transportation expense: With this coverage, your insurance company will reimburse rental car expenses if you cannot drive your vehicle for longer than 24 hours following an accident.
- Additional uninsured/underinsured motorist coverage: Many auto insurers offer this coverage option in case damages from an accident involving an uninsured driver or an underinsured driver exceeds the state minimum limits.
These insurance coverages are optional, but they add protection if you're in an accident not covered under the liability insurance policy, such as coverage from non-collision accidents or repairs to your vehicle after an accident in which you're at fault.
In some cases, you may have to carry optional coverages. For example, if you leased or financed your vehicle, your lender or finance company will likely require you to carry comprehensive and collision insurance. This protects the lender's interest in your vehicle as you pay down the loan. Without proper coverage, your finance company may place its own insurance coverage on the vehicle and add the premium to your monthly car payment.
Home Insurance in Virginia
Homeowners insurance protects your home and its contents against damage or theft. The typical Virginia homeowners insurance policy includes:
- Property damage coverage: This protects your home or belongings if covered events damage or destroy them.
- Liability coverage: This covers you if you injure another person or damage their property while on your property.
- Medical payments coverage: This covers medical treatment for someone injured in an accident in your home, regardless of fault.
- Additional living expense coverage: This pays your expenses to temporarily move into a motel or apartment and additional living expenses if a covered event damages your home to the point where you cannot occupy it.
Some areas in Virginia are subject to intense weather, such as hurricanes, flooding, and heavy snowfall. This can result in more required insurance coverage and higher premiums.
Average Cost of Insurance in Virginia
The average cost of a Virginia insurance policy can vary greatly depending on the type of insurance, risks, coverage levels, and more. However, we can look at some types of insurance and get the average costs so you know what to expect:
- Auto insurance: $702 annually for state minimum coverage and $2,098 annually for full coverage
- Homeowners insurance: $2,285 annually on a $300,000 dwelling
Factors Affecting Insurance Rates in Virginia
Virginia has a blend of weather-related issues that impact insurance rates. Parts of the state are on the Atlantic coastline, resulting in increased hurricane and flood risks, potentially increasing premiums.
Northern Virginia is more susceptible to severe winter storms and increased traffic density, which can lead to higher auto insurance rates.
Useful Virginia Insurance Resources
The State Corporation Commission provides various resources to help with your insurance needs. This site includes information on authorized insurance agents, insurance companies in Virginia, and more.
If you need a quote on auto insurance in Virginia, EverQuote can help. We allow you to compare multiple car insurance premiums so you can get cheap car insurance in Virginia.