Figuring out the right auto insurance can be a frustrating endeavor, especially when you are constantly inundated with television and print advertising for insurance providers claiming lower rates. But if you know your state’s requirements and you know your own financial needs, figuring out the right kind of auto insurance can be as easy as checking your bank balance.
In the state of Virginia, the required minimum liability coverage for your car is:
- $25,000 for injuries per person per accident
- $50,000 for total injuries per accident
- $20,000 for property damage per accident
If you are unable to meet these requirements, Virginia requires that you pay an Uninsured Motor Vehicle fee to the DMV. However, paying this fee does not mean you have insurance coverage it just means you will not be in trouble for driving uninsured.
Like any insurance, auto insurance provides you financial protection in the event of an accident.
Car Insurance Coverage Options
While the minimum car insurance coverage is all you need to drive legally in Virginia, you may opt to purchase additional coverage above and beyond the minimum. Common auto insurance options include:
- Collision – Covers expenses related to the damage or destruction of your vehicle that’s been in an accident.
- Auto Liability – Helps cover expenses from damaging a vehicle or property, or when another person is injured in an accident.
- Medical Expenses – If you and/or your passengers are hurt in an accident, this can cover your medical or funeral expenses.
- Uninsured Motorist Insurance – Helps protect you and your vehicle from uninsured drivers and hit-and-run accidents.
- Underinsured Motorist Insurance – Protects you from drivers who do not have enough insurance to cover the costs of an accident.
- Roadside Assistance – This optional auto insurance coverage can help you if you need a tow, run out of gas or get a flat.
To learn more about additional auto insurance options visit WBR Insurances’ Auto Insurance Page.
Six Factors to Consider When Deciding on Coverage
When you decide how much car insurance coverage to get, consider your assets. If, for example, you cause an accident and your liability limits are too low to cover the cost of damages you caused, the other party may come after your other assets in court. Homeowners especially might want to go with higher limits to protect themselves in this scenario.
- Lender Requirements
Your car lender may require you to get certain coverage as well—they may make you add comprehensive or collision coverage to your policy. These coverages are limited to the value of your car, so the only choice you’ll have in this situation is how high to make your deductible.
- Desired Premiums
A higher deductible may mean a lower premium, but you might have to pay more out of pocket if you’re in an accident.
- Your Driving Skills
Take a good hard look in the mirror and consider your abilities as a driver. Look at your driving record as well—is it pockmarked with accidents and tickets? If that’s the case, you might want to consider higher limits on your coverage as a way to add extra protection. On the other hand, if you’re a cautious driver with few or no moving violations or accidents, you may opt for a higher deductible in order to pay a lower premium. But, again, this requires honest assessment of your own abilities.
- The Age of Your Car
If you have a new ride, you would generally benefit from collision coverage that would cover damage to your own car and comprehensive coverage that would protect you from possible theft. But older cars wouldn’t benefit from these coverages as much because repairs may not even exceed the deductible, meaning you would be liable for most of the costs anyway.
- The Age of the Driver
Teen car insurance rates are calculated to be a higher risk the first few years they’re driving. Through WBR Insurance’s line of products, you may be able to reduce the expense of insuring your teen driver with our good student discounts.
Our WBR Insurance team can help you determine which car insurance coverage is right for your needs and budget, and we’ll also work with you to find any discounts for which you are eligible. Not only are we here to assist you in selecting your policy, we’re also here if you should ever have an accident. WBR Insurance’s claims service is available 24 hours a day, 365 days a year. For more information, give us a call at 757-340-0028 or visit our website www.WBRInsurance.com.