Auto insurance in Virginia covers a vast variety of circumstances to provide the driver with the mental peace. In addition to this, the auto insurance law of Virginia also compels a person to have insurance. Different requirements are set for different people. If you are liable to carry insurance, then it is better to be aware of the circumstances in which it will be effective; so that you can convert your legal obligation to a personal asset.
If you observe most of the policy coverage that are generally available these days, it is observed that there are six basic types of auto insurance coverage. There are planned on the basis of the most common types of road accidents. In addition to these, there might be some extraordinary circumstances in which you can get covered in your policy. It depends on you whether you choose minimum coverage or an extensive package. You can check whether you have gotten the right policy and rates by comparing it with the other auto insurance quotes in Virginia.
One needs to have the basic knowledge about the coverage so that they do not get “over-insured”. This might result in payment of higher premium; even though the probability of utilizing that clause of the policy in reality. Here are the general concepts reVArding the basic types of coverage of auto insurance in Virginia.
1. Liability coverage: every driver in Virginia is liable to get liability coverage of minimum 60,000 . This does not cover any damage done to you or your vehicle or any property under your name. If you ever have been in an accident in which you were found guilty of being at fault, then this covers the damage caused to the other person and his property. Most of the time, the minimum liability coverage is insufficient to completely compensate the other person’s damage. This provides the coverage whether you are driving your own car or somebody else’s car.
2. Property damage liability: this is the extension to the liability coverage clause. This covers the damage done to the property of the third party in an automobile accident, in which you were found guilty of being responsible for it. The minimum state limit set by Virginia authorities for property damage is $25,000. You get insurance for a higher amount. A deductible might be a part of this. This protects you from any future damage that you might be sued for.
3. Comprehensive coverage: this covers different type’s circumstances that might result in your car getting damaged; other than normal circumstances in which the damage occurs due to collision with another car. These might include hurricanes to other natural disasters. This would also come into action if the vehicle gets stolen or have a collision with animals.
4. Collision coverage: the name is self-explanatory. This covers the damage incurred by you in collision with some other vehicle or stationary object. Some policies also provide coverage for damages after moving over some hole or turn upside down due to any reason. Their primary action is to pay for any repair cost incurred in bringing the vehicle in proper working condition. If the vehicle cannot be repaired, then the insurance providers provide the amount equal to the current value of your vehicle.
5. Gap insurance: it is observed that when a new car is bought it loses its value quickly. This insurance covers any damage incurred by the car during this period of rapid depreciation. This is also called lease insurance. This is important since the normal coverage only reimburses the amount equal to the current value of the car.
6. Rental insurance: this is a rare occurrence, since numerous policies would not cover you if you become a part of an accident while driving a rental car. Such policy covers clause relating to different types. This might provide personal as well as liability coverage. Although it does not cover provision of a rental vehicle when you car gets damaged.
7. Physical damage coverage: this includes comprehensive, collision and theft coverage. Virginia requires every person to carry a minimum amount of damage. This is effective when your car is under the process of repair but allows you to be prepared for future fatalities and auto issues, in general.
8. Uninsured driver coverage: if you get in an accident in which the other party is at fault but it does not have any insurance coverage to protect you; then covers the cost of any medical damage incurred by you or the people travelling with you.
9. Fire and theft coverage: In 2010, 68,220 stolen vehicles were reported in Virginia; with the value of $635,570,078. That is why it is smart to get theft and fire coverage in Virginia. The cause of fire might be varied, even if the fire occurred due to collision.
10. Bodily injury liability: If an accident caused by you results in any other person injured, then you can use this to compensate any damages that you might be sued for. This does not give any benefits to you or any other driver mentioned in your policy. This might include the injured person’s medical bill, rehabilitation and nay other therapies required. The minimum liability of Virginia authorities is $30,000.
11. Personal injury protection: It is also called medical payment insurance. It provides similar coverage like bodily injury liability. The main difference lies in the fact that it covers medical and health costs for you, in case of an accident. This can work in hand with your medical insurance. You might be lawfully liable to get this insurance. This is a great way to ensure extra protection.
Now that you have acquired the basic knowledge about the different types of coverage at your expense, it is time to find out that are you smartly insured or are being taken advantage of by your insurance provider. Just add your ZIP code in the box above, and within 3 minutes you would get all the information from different policy providers with regards to their cost.
