Virginia Auto Insurance

In the Commonwealth of Virginia insurance companies can use your credit history to set insurance rates and determine what insurance products they will offer you..  They may also use your credit score to set your premiums, set an insurance risk factor and decide how frequently you will be required to pay your premiums.  Other factors which are used to determine your rates such as the age of the drivers on the policy, the car you drive, driving record, where you live and your marital status.  Since Virginia is a Torte state, any individual who is found to be at fault in an accident can be sued for pain, suffering, lost wages, and medical expenses.  For this reason, insurance companies advise policy holders to buy more than the minimum liability auto insurance.  The average insurance premium in Virginia as of 2006 is approximately $685.00 and the state is ranked as the 33rd most expensive for insurance premiums in the nation.

The Commonwealth of Virginia does not require all insurance companies to offer uninsured and underinsured motorist insurance to all their policy holders.  Uninsured and underinsured coverage provides protections against drivers who do not carry the mandatory liability auto insurance demanded by the state.  Underinsured and uninsured coverage is not mandatory in the state of Virginia but it is recommended.  If you decide to forego this option, the insurance company may request that you sign a declaration page stating that you chose not to take the underinsured and uninsured coverage.

You or your insurance company may exclude members of your household from coverage on your insurance policy.  If the individual is not listed on your policy, the insurance company does not have to provide coverage for that person.  It is legal for either you or your insurance company to make the exclusions based on legal reasons.  Any exclusions will be listed in the exclusion section of your policy along with all of the other circumstances which will allow the company to refuse a claim.  If your policy lapses or cancels you must reinsure the vehicle immediately, pay the uninsured motor vehicle fee of $500.00 or surrender the license plates to the DMV.  The DMV of Virginia tracks insurance coverage through an Insurance Verification Program and they will know when you no longer have coverage on your vehicles.  The insurance companies keep the state informed of all canceled policies and all new policies electronically along with the description of the vehicle in question. 

There are 50 officially accepted insurance companies listed in the Commonwealth of Virginia.  They include AIG National Insurance Company, Alfa Alliance Insurance Corporation, Alfa Vision Insurance Corporation, Allmerica Financial Alliance Insurance, Allstate Fire and Casualty, Allstate Indemnity Company, Allstate Insurance Company, Allstate Property and Casualty, American Service Insurance Company, Amica Mutual Insurance Company, Charter Oak Insurance Company, Cincinnati Insurance Company, Erie Insurance Exchange, Esurance, Farmers Insurance Exchange, First Liberty Insurance Corporation, GEICO, GEICO General, GEICO Indemnity, Hartford Insurance Company of the Midwest, Integon, Liberty Mutual Fire Insurance Company, Mercury Casualty, Metropolitan Casualty, Metropolitan Direct Property & Casualty, Mid-Century, Nationwide Assurance Company, Nationwide General Insurance Company, Nationwide Mutual Insurance Company, NGM Insurance Company, Progressive Gulf, Progressive Specialty, Progressive Universal, Property & Casualty Insurance Company of Hartford, Rockingham Casualty Company, State Farm Mutual Auto Insurance Company, State Farm Fire and Casualty, Travelers Home and Marine, Travelers Property Casualty of America, Travelers Property Casualty Company, Unitrin Direct Property & Casualty, USAA, USAA General Indemnity, VA Farm Bureau Mutual, VA Farm Bureau Town & Country, and Victoria Fire and Casualty.

One of the methods you can use to reduce the cost of your auto insurance premiums is to purchase more than one type of insurance policy with the same company.  You will also get discounts for a clean driving record and possibly for renewing you policy with the same company repeatedly.  Making sure you insurance never lapses will sometimes reduce your premiums as well as belonging to a particular professional group such as engineers, teachers, or doctors.  Younger drivers can get discounts for maintaining good grades, and completing a driver safety course approved by the state.  Insuring multiple vehicles will also reduce your premiums.  Anti theft devices and safety mechanisms such as airbags and seat belts will contribute to the reduction of your auto insurance premiums.  It may also be useful to know which cars are frequently targeted by thieves.  The list of the 2008 top ten most often stolen cars in the Commonwealth of Virginia are listed below.

1. 1996 Honda Accord
2. 1995 Honda Civic
3. 1990 Toyota Camry
4. 1994 Dodge Caravan
5. 1996 Jeep Cherokee/Grand Cherokee
6. 1997 Ford Taurus
7. 1994 Plymouth Voyager
8. 1997 Ford Explorer
9. 2004 Chevrolet Cavalier
10. 2004 Ford F150