Have you been considering FR44 insurance in Virginia? Have you been wondering if this form of financial responsibility insurance is worth the money? You’re not alone. Many people find themselves searching for the right answers and guidance when it comes FR44 insurance in the state. We’re here to provide you with the answers you need to make an informed decision.
Do you need FR44 Insurance in Virginia?
Absolutely. FR44 insurance is a form of financial responsibility insurance that is also often references as Proof of Financial Responsibility. In Virginia, this is required for all drivers that have been convicted of certain types of DUI offenses, or driving without insurance. This type of insurance provides the Virginia DMV with proof your vehicle is fully insured.
What does FR44 Insurance Provide?
Primarily, FR44 insurance provides additional liability coverage over and above state minimum requirements and helps protect you financially if you are ever in a serious accident. It also guarantees that you are in compliance with Virginias state law for financial responsibility. It will also satisfy the requirement of the Virginia DMV so that you retain your drivers license.
What are the Costs Associated with FR44 Insurance?
Its true that FR44 insurance policies tend to be more expensive than normal policies. The exact premium for each policy depends totally on your driving history, the coverage levels, and more, but the minimum requirement is for $50,000 liability for injury or death, and $25,000 liability for property damage. Of course, as the coverage levels increase, the more costly the insurance policy would become.
How Long Do I Need to Carry FR44 Insurance?
If you have been convicted of a DUI or driving without insurance in Virginia, you will need to maintain your FR44 policy for a minimum of three years. Every full year is measured from the date of conviction. This means that if you do not drop the policy or any of the individual items within it during these years, you will have fulfilled your financial responsibility as required by Virginia law.
Can My FR44 Policy be Dropped?
Just like any other insurance policy, a FR44 insurance policy can be dropped if you fail to make your monthly payments or if you deviate from the terms of the policy. If that happened while you are in the three year period, the DMV would be notified that you were no longer compliant with the financial responsibility law and your drivers license could be suspended.
Beyond these five sections, which have answered some common questions regarding FR44 insurance in Virginia, here are some additional topics worth exploring that will help you feel more confident in your FR44 insurance decisions.
First, lets discuss the importance of having FR44 Insurance. When looking at FR44 insurance one must understand that the purpose is to provide liability coverage for drivers only. It does not provide any physical damage coverage for your vehicle, so if you get in an accident, you will not be able to make a claim to the insurance company for damages to your car. This means you must also have physical damage coverage such as comprehensive or collision coverage for your car in order to protect it from damage.
Second, understand that Virginia law requires an FR44 policy if you have been convicted of either a DUI or driving without insurance. Having an FR44 policy will ensure you are in compliance with the law, and will satisfy the Virginia DMV so that you can retain your drivers license.
Third, there are options available to you in terms of getting the lowest rate for your FR44 policy. Working with a qualified insurance agent can be a helpful first step to finding a policy with the coverage you need at the most competitive rate possible.
Fourth, understand that FR44 insurance policies must remain in place for three years. That means its important to take time before choosing the plan that is right for you, so that you know you can make the payments and maintain the policy for the full three years.
Fifth, part of finding the best FR44 insurance policy is to understand the costs associated with the policy. Shopping around, getting multiple quotes and understanding the coverage levels and inclusions can help to mitigate the potentially costly expense of an FR44 insurance policy.
Finally, be aware that dropping your FR44 Insurance policy without filing for a release can lead to your drivers license being suspended. Knowing this makes it all the more important to choose a policy that you know you can afford and obtain a release prior to dropping your policy.
In conclusion, its important to be aware that FR44 Insurance is mandatory for those convicted of DUI or driving without insurance in Virginia. While it may be a plus for some drivers as it provides extra liability coverage, its important to find the best policy for your particular needs and budget. Additionally, its important to remember to maintain your policy for the full three year requirement in order to remain in compliance with the law and keep your drivers license valid and up to date.