Increased Auto Insurance Limits
Effective January 1, 2022, the limits on auto insurance have increased for new and renewing policies. Vehicle owners who are caught driving without insurance or who have not paid the uninsured motor vehicle fee will have their driving and vehicle registration privileges suspended, and they will be required to pay a non-compliance fee of $600 to reinstate their driving privileges. The minimum financial responsibility limit for bodily injury or death has been raised from $25,000 to $30,000 for one person in an accident and from $50,000 to $60,000 for two or more people. In the case of previous convictions for alcohol-related offenses, your minimums may be doubled. Here Are Two Ways This Increase Can Help
The at-fault driver will now have more coverage available to compensate the injured parties in a car crash, reducing their personal liability while having more money available for innocent victims.
If your accident involves another driver with less insurance than you have, you will be covered under “uninsured and underinsured” motorist, therefore giving you more coverage to compensate you and protect your family. The insurance limits in many other states are less than that in Virginia.
How Does This Affect Your Auto Policy?
One local insurance agent believes that the impact will be minimal. For those with the previous state minimum limits, the premium increase is just a few dollars a month at most. If you currently have lower limits, you should contact your agent, review your coverage, and ensure it is adequate to protect your assets.