"Your Full Service Insurance Solution"
"Your Full Service Insurance Solution"
Insurance & Financial Services is not only an insurance agency, our licensed agents care about our clients’ well-being. We provide the tools and resources necessary for consumers to receive the proper Auto Insurance Chesterfield VA Education. Helping you understand your policy is our duty as a Trusted Choice Agent.
As part of our Auto Insurance Chesterfield VA Education, we have included the basic information about your auto insurance policy. We encourage you to schedule a free review of your individual policy for specific details on coverages, terms, limits, conditions, and exclusions.
An insurance policy is a contract between a policy holder and an insurance company. All policies are unilateral in that the policy holder pays the insurance company a premium.
The purpose of an auto insurance policy is to make one whole, or return the policy holder back to their original condition prior to a covered financial loss. For example: you own a 2015 vehicle with actual cash value of $50,000 and the car was totaled by a covered peril. The recovery amount is limited to the amount of the actual loss incurred, and not the actual cash value – or replacement cost less depreciation.
Virginia law requires motorists to have auto insurance. No owner of a motor vehicle registered in Virginia may operate, register, or maintain registration of a motor vehicle, or permit another person to operate the vehicle, unless the owner maintains the required liability coverage.
Virginia law requires all drivers to carry some types of coverage – at least state minimum. This means that you must have a policy with at least the following limits:
$25,000 of coverage for bodily injury liability per person
$50,000 of coverage for bodily injury liability per incident
$20,000 of coverage for property damage liability per incident
$25,000 of uninsured/underinsured motorist bodily injury coverage per person
$50,000 of uninsured/underinsured motorist bodily injury coverage per incident
$20,000 of uninsured/underinsured property damage coverage per incident
The Virginia DMV monitors insurance coverage through their Insurance Verification Program. If a vehicle is found to have become uninsured at any point, the license and registration of the driver will be suspended until the driver:
* Pays a $500 statutory fee
* Maintains proof of financial responsibility, Form SR-22, for three years
* Pays a reinstatement fee, if applicable
Virginia’s Implied Consent law requires that any driver submit to testing to determine the alcohol or drug content of their blood or breath when arrested by law enforcement for suspicion of driving under the influence (DUI). Refuse the test and you’ll face the following penalties in addition to the penalties for a DUI:
First Offense: 1 year driver’s license suspension
Second Offense: 3 year driver’s license suspension (if prior refusal occurred within 10 years)
Third Offense: 3 year driver’s license suspension (if prior refusal occurred within 10 years)
There are 6 primary components to your Auto Insurance policy and our licensed agents can help you determine the best coverages you need for your situation with a price that meets your budget. For example: if you have 2 teenage drivers on your policy and own a $500,000 home – we would recommend enough coverage for a loss up to $500,000 so that your mortgage is covered in case of loss. Virginia Auto Insurance Liability Insurance protects you, the insured/policy holder, against a claim made by another party, and covers the insured’s legal responsibility to body and property damage. Bodily injury liability (BI) insurance covers you if you cause an accident in which someone else is injured. Your policy is designed to pay claims for each person injured in an accident, and limits the total paid per occurrence.
Insurance premiums are determined by the statistics of a large group of people who share the same risk. Many factors can affect your premium, and they all help determine how likely you are to have an accident. Click here for more information from the Insurance Information Institute. Some of the factors that will be used to determine the cost of insurance can include your driving record, how much you drive, your age, the type of car you drive, etc.
Insurance companies obtain the ratio of exposure by analyzing industry activities and driver statistics. For example: if you live in an area where the average age of drivers is 45 years and they have decent driving records; the risk is slim, therefore calculating a lower premium. It’s not that simple, but you get the idea.
Auto Insurance Policy Deductibles. A deductible on an auto insurance policy is the amount of money you agree to pay for damages before the insurance company provides payment towards the damage/loss. Choosing a higher deductible means there is less risk of a payout for the insurance company, and so you may pay smaller premiums. Insurance & Financial Services can help you make an informed decision on how to choose your deductible.
Located in Midlothian Virginia, we’ve proudly insured our neighbors with quality strategies for nearly three decades. Whether you’re in the market for an auto insurance policy for the family car, an individual health insurance plan because you’ve started your own freelance business, or you’re interested in a fixed annuity to help supplement your eventual retirement income, at Insurance and Financial Services, we have the resources to provide the solutions you seek.
Insurance and Financial Services is growing! We are dedicated to strengthening our foundation as an insurance and financial services provider through continual growth and development. In 2017, we added joined the Smart Choice Agents Network to provide many new carriers and markets. This Smart Choice partnership has allowed us to broaden our service markets.
Insurance and Financial Services provides Chesterfield Auto Insurance to distinct communities within Chesterfield County Virginia including:
Bel Bridge, Bel Crest, Belmont, Bermuda Hundred, Bexley, Bon Air, Brandermill, Brandermill, Charter Colony, Chesdin Landing, Chester, Chesterfield, Collington, Colonial Heights, Courthouse, Deer Run, Enon, Ettrick, Fort Lee, Founders Bridge, Fox Creek, Genito, Gordon, Hampton Farms, Harrowgate, Hening, Highlands, Hopewell, Jefferson Davis North, Magnolia Green, Manchester, Matoaca, Meadowbrook, Midlothian, Moseley, Petersburg, Prince George, Reeds Landing, Richmond, Robious, Rockwood, Salisbury, South Rockwood, Spring Run, Summer Lake, Summerford, Winterpock, Woodlake, and Woodland Pond.
In addition to Chesterfield Virginia, Insurance & Finanical Services provides Insurance Services & Insurance Products to residents and businesses in Amelia, Chester, Colonial Heights, Fort Lee, Prince George, Hanover, Henrico, Hopewell, Machanicsville, Manchester, Petersburg, Powhatan, Richmond, and surrounding areas.
National Association of Insurance Commissioners provides a glossary of insurance terms and definitions that are commonly used in the insurance business.
The definitions in this glossary are developed by the NAIC Research and Actuarial Department staff based on various insurance references. Some words and/or phrases may be defined differently by other entities, or used in a context such that the definition shown may not be applicable.