Virginia requires drivers to demonstrate that they are able to provide financial compensation for any damages or injuries that they are responsible for in an accident. One way to comply with the state’s financial responsibility requirement is by getting basic liability insurance. Virginia insurance consumer information is dispensed by government agencies to protect citizens and assist them if they have concerns or questions.
Prior to purchasing a policy, you should find out what each type of coverage means and how it will help you if you are in an accident. Sometimes people will only get the minimum coverage required by state law because it is the cheapest. Getting minimum coverage or basic liability may not be in your best interests. The Insurance Consumer Advocate Network is an impartial third party that can answer any questions you have regarding policy coverage and limits. It is beneficial to be informed of your options before making a decision.
The reason to buy coverage is to ensure that you will be financially protected if an accident occurs. If you have concerns regarding the solvency of an insurer, you can contact the State Corporation Commission. You can verify if an insurer is licensed to issue a policy in the state. You can also check the insurer’s financial data and credit rating.
It is important to know your rights while dealing with an insurer. Insurers are prohibited from refusing to issue a policy based on race, gender, age, marital status, and other forms of personal identification. If the insurer wants to terminate your policy, it must submit a written notice to you at least 45 days prior to the termination date. The written notice needs to also state why your policy is being terminated.
If you are experiencing difficulties with an insurer or agent, you have the option of filing a complaint with the Bureau of Insurance. The Bureau will investigate the complaint and seek a resolution. The Bureau’s services are free of charge to consumers. Keep a copy of all records and documents so that they can be forwarded to the Bureau, if necessary. Providing as much detailed information as possible will help the representatives at the Bureau develop an in-depth understanding of the pending issue.
Consumers are able to make the best decisions when they are well-informed of their options and rights. Buying a policy is a common practice that millions of drivers engage in within the state. Government agencies are available to protect your rights and assist you during the process.