Virginia requires all motor vehicles registered in the state to have minimum amounts of liability insurance. Alternatively, your company can choose to pay the required uninsured motor vehicle fee and forgo commercial auto insurance coverage.
Commercial auto insurance policies must include the following coverage to comply with Virginia laws:
Bodily injury liability insurance may help pay for third-party accident-related injuries up to the policy’s limits.
Property injury liability insurance may help pay for third-party accident-related property damage claims up to the policy’s limits.
Your company may be held liable for damages resulting from at-fault accidents that exceed your liability coverage limits. Virginia’s minimum liability limits may not provide appropriate financial protection for your company.
If your company leases or finances vehicles, the lienholder typically requires full coverage insurance, which may include the following:
Collision insurance may help pay for damages to the covered vehicle after colliding with another object or vehicle.
Comprehensive insurance may help cover non-accident-related damages, including fire, vandalism, theft or weather damage
Guaranteed asset protection (Gap) insurance may help pay off your vehicle if it is a total loss after a covered accident or incident.