Virginia requires that all drivers carry liability insurance. Your policy may include additional types of coverage, but the liability insurance is what comes into play after an accident. You should understand what your policy covers and how that will translate to payments after an accident.
Forbes explains the first thing to understand is that liability insurance does not offer you any compensation after an accident. It only pays for damage and injury to others. The liability portion of your insurance policy will include bodily injury and property damage.
Every insurance policy has maximum limits that the carrier will pay out for an accident. Liability insurance has limits per person and per accident. This means if you cause an auto accident, your insurance will pay up to a certain amount for the injuries or damage to one person with a total maximum for the whole accident.
The cost of vehicle repairs or replacement and medical expenses are high, so it is not uncommon for damage to exceed maximum coverage limits of an insurance policy. This is especially true if you only get the minimum coverage required by law.
The minimum requirement in Virginia is $25,000 per person with $50,000 per accident for bodily injury. The state also requires $20,000 in property damage. The state does not require any other coverage to legally operate a vehicle in the state, but you may want additional coverage.
You may need to increase your liability coverage to ensure that it will fully cover you if you cause an accident. However, you will need to get collision coverage if you want to have protection for your own vehicle. You may also want coverage for uninsured or underinsured motorists to protect you when someone else causes an accident and does not have enough insurance to pay all your expenses.