When you apply for insurance through the VAIP, you must purchase the required by the Virginia Financial Responsibility Law. You can get higher limits, or optional coverage that is not required by law but will further protect your assets. These limits of coverage are shown in the tables below.
Virginia’s Bureau of Insurance recommends that you try several companies, because rates and coverages can vary widely. However, if you have no luck in the voluntary market, you can apply for assignment through VAIP as long as you:
Your designated insurer is required to insure you for a period of 3 years. Each year, you will have the option of renewing your policy with your insurer, which means you only have to remain insured through the VAIP until you’re able to buy auto insurance in the voluntary market. Before renewing your policy with your designated insurer through the VAIP, you should search and compare in the voluntary market. If you haven’t been in any new accidents or been convicted of violations, you should have a better chance of finding an insurer in the voluntary market.
After the three year period, your assigned company can either renew your policy voluntarily, or place you back in the “pool”, if you are still considered a high risk driver, and the VAIP will assign you to a new insurer for another 3 year term.
|VAIP||Voluntary Aluminum Industrial Partnership|
|VAIP||Vietnam Association for Information Processing|
|VAIP||Virginia Automobile Insurance Plan (Glen Allen, VA)|