"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 right information for Auto Insurance Midlothian VA so that they may make the best decision for their needs.
As part of our Auto Insurance Midlothian 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.
Most consumers do not understand what limits of liability mean and may not be aware of how much liability auto insurance they need to carry for their vehicles. Determining the best protection for you and your family requires a variety of considerations.
1. Follow the Law
Most states require their residents to carry minimum levels of auto insurance, that include liability insurance requirements. Although state minimum is acceptable by law, drivers should consider increase in coverages to better manage the liability risks.
2. Know How Much You Can Afford to Pay for Damages
IFS insurance agents recommend that you choose high levels of liability coverage. The higher your coverage levels, the lower your financial risk in case of an accident. With higher coverage levels, you will likely have to pay less out of pocket.
3. Understand Your Known Risks
If you have a history of insurance claims, this may increase your insurance rates because the insurance carrier may consider you a high risk to insure. Remember to keep the car itself in mind. If you drive an older model or previously wrecked car, you might pose a higher risk to others on the road.
4. Protect Your Assets
The most common reason to have auto insurance is to cover the replacement of an expensive asset; whether it is yours or another party involved with a claim. Automobiles can be quite expensive and if it gets damaged you want to be able to repair or replace it. But there is more to auto insurance than just covering the car itself.
Virginia Auto Insurance Liability Insurance protects you, the insured AKA 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.
Property damage liability (PD) insurance covers you when you damage someone else’s property. For example, your property damage will pay out when you are at fault for an accident that causes damage to someone else’s car.
Comprehensive insurance covers you in case your vehicle is damaged by an other than collision incident. The covered perils include hail, fire, theft, flood, earthquake, explosion, falling objects, and encounters with wildlife, such as deer 0r a Turkey and all glass breakage. Comprehensive is optional coverage and you may choose your deductible amount.
Collision insurance pays for damage to your car if you run into another object. This coverage is not required by law, although your bank may require it, if you have a lien on your car.
Medical insurance coverage (Med Pay/MPC) acts as primary coverage for medical expenses you and your passengers incur if injured in a motor vehicle accident, regardless who’s at fault. Med pay can help you pay your bills as soon as they are incurred.
Uninsured/Underinsured motorist (UM/UIM) insurance covers your expenses when you are hit by a driver who does not carry adequate or does not have auto insurance. Our agents always recommend carrying uninsured/underinsured motorist insurance, so that you are not left with a financial loss because of someone else’s negligence to carry auto insurance.
Auto Insurance Policy Deductible 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 may offer you a lower premium. Insurance & Financial Services can help you make an informed decision on how to choose your deductible. Everyone’s situation is different and we understand some may be able to afford a larger deductible, others may not.
IFS works with a variety of carriers who each provide their own discount programs. Below are just a few!
Home and Car – Discount on auto insurance if you insure both your auto and home.
Auto Financial – Discount in certain instances if you own an Annuity, Life or Health policy.
New Homeownership – Discount applies for the first year you own a home.
Accident-Free – Car insurance discount when you maintain an accident-free driving record.
Affinity – Discount if you are a member of a qualifying organization such as a college or bank.
Prior Carrier – Discount depending on continuous coverage with select prior carriers.
Good Student – Discount if you are a full-time student between 16 and 24 and meet a specific grade point.
New Vehicle – Discount for newer vehicles that are 2 years old or less.
Multi-Car – Virginia auto insurance discount if you insure two or more autos.
Passive Occupant Restraint – Discount for vehicles equipped with front air bags.
Accident Prevention – Discount if you are 55 or older and have completed a defensive driving course approved by the Virginia Division of Motor Vehicles.
Advance Quote – Discount if you receive a quote in advance (typically 8 days or more) before the effective date of your policy.
Virginia law requires motorists to have liability auto insurance – at least state minimum. This means that you must have a policy with at least the following:
* Proof of auto insurance shall be carried in the insured motor vehicle at all times. *
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.
Many of our carriers also provide resources for our clients. Click here for a link to Nationwide’s Auto Insurance Glossary.