Auto insurance premiums may price just a few Virginians extra as of Jan 1st – 13newsnow.com WVEC
From 2022, the minimum requirements for liability insurance for vehicles will be increased.
VIRGINIA BEACH, Virginia – If you are a driver in Virginia you should check with your insurance company.
Because from January 1st, the minimum requirements for liability insurance for vehicles will increase.
The minimum coverage for a person injured or killed in an accident increases from $ 25,000 to $ 30,000. For a wreck involving two or more people, the required coverage increases from $ 50,000 to $ 60,000.
"Don't worry, this is a really great opportunity to contact your insurance provider," said AAA Insurance Agent Kristen Hoes.
Hoes said that most of their customers have coverage above the minimum requirements, which means they are already paying more.
"I would expect ratings to go up a bit, but it's going to be a tiny increase," said Hoes. "I wouldn't think it's going to be a huge increase."
A 2018 study by the Virginia DMV found that a similar increase proposal could increase a driver's premium by an average of 11 percent. So if you're paying $ 100 a month now, you might be paying an extra $ 11 a month.
The exact amount depends on several factors, including the vehicle and its age. You need to have even more coverage by 2025.
Hoes said your insurance company should find out about the change soon.
"I know that we at AAA will inform our new and existing policyholders about the increase in the limits and about adjustments," said Hoes.
State Senator Scott Surovell of Northern Virginia endorsed the legislation. On his website, he said the increase was overdue and would offset higher medical costs and car prices.