Vermont Auto Insurance Requirements
It is mandatory that all drivers in the state of Vermont carry auto insurance. In order to register a vehicle with the Vermont Department of Motor Vehicles, it is mandatory that you provide proof of minimum liability insurance coverage. Minimum auto insurance liability limits required in Vermont are $25,000 for one and $50,000 for two or more persons injured or killed and $10,000 for property damages resulting from an accident. Additionally, Vermont drivers have the option for “self insurance” which requires an approved application with the Vermont Commissioner of Motor Vehicles along with a surety bond or cash deposit of at least $115,000 to be in compliance with the mandatory financial responsibility limits.
Vermont Auto Insurance Laws
It is illegal in the state of Vermont for vehicle owners and drivers to knowingly operate a motor vehicle without a valid auto insurance policy in effect. Vehicle owners who permit the use of an uninsured vehicle are equally liable and subject to applicable penalties under the law. If you are involved in an accident, driving recklessly, fleeing an accident or driving while intoxicated and you don’t have insurance, your license could be revoked.
In addition to the mandatory minimum liability auto insurance law, all Vermont drivers are required to carry proof of that insurance coverage with them at all times. Failure to provide proof of insurance could result in fines up to $100, up to two points on your driving record and tickets. The Vermont Department of Motor Vehicles will also require that you file proof of financial responsibility.
Vermont Auto Insurance Coverage
Maintaining the minimum level of liability coverage will fulfill your obligation for financial responsibility in Vermont, but may not be sufficient to protect drivers and their assets when an accident results in serious injuries or excessive property damage. Insurance companies will pay claims for damages up to the policy limits, which leaves the at-fault driver responsible for the balance of all medical bills and property damage claims incurred in excess of the policy limits.
While many states operate under a “no-fault” system for insurance liability, Vermont goes by a tort system. A tort system is based on assigning fault to the person who is responsible for causing the accident, and they are responsible for all the damages. Since there is no shared responsibility or calculated degrees of liability similar to the no-fault states, Vermont insurance companies generally recommend that drivers carry coverage higher than the state minimums. Additionally, Vermont does not require drivers to carry uninsured/underinsured coverage making higher policy limits advisable. Determining the right coverage limits to ensure the best protection can be tricky, and it is recommended to seek the advice of an experienced insurance professional before making coverage decisions.
Cheap Vermont Auto Insurance Quotes
The best way to get the cheapest auto insurance rate available is to shop around. Every auto insurance company will offer a free rate quote, which you can get online, in person or over the phone and it just takes a few minutes. If you have ever wondered how insurance rates can vary between companies when they all use your same basic information, you’re not alone. Vermont auto insurance companies rely on major categories of personal information like years of driving experience, driving record, age along with the type of vehicle to be insured, estimated number of miles it will be driven monthly and where it’s kept. No two insurance companies are exactly the same and chances are offer additional discounts that are company specific. One company may offer a special discount for members of certain groups, alumni associations or professions, while another may offer better discounts but to fewer groups. They won’t advertise these additional discounts as a rule, which makes getting several quotes the sensible way to find the cheapest auto insurance in Vermont.
Vermont Auto Insurance Ratings
Finding the most coverage at the lowest price doesn’t necessarily mean that you have found the best auto insurance in Vermont. Just like every other service provider, auto insurance providers earn industry ratings that rank them in customer service categories as well as financial strength and stability. You can determine the true value of the cost of your premiums by measuring them against the insurers’ reputation for overall customer satisfaction, policy offerings and customer contact as well as the financial strength, credit rating, and debt rating. Low cost auto insurance may end up costing you much more in the long run if they aren’t financially stable.
Vermont Auto Insurance Rates
No two Vermont drivers can expect identical rates because of several risk factors that underwriters use. The age of a driver, whether the vehicle is parked on the street or in a garage, whether you live in a city or suburb, driving habits and frequency, even your credit score has a bearing on the rate you get. It is worth the time it takes to gather several car insurance quotes to get the best rate. The quotes are free and searching online will let you compare a few companies side by side. This is a great way to see how much importance is given to certain risk factors by each car insurance company as well as discover some discounts that may reduce your rate.
Vermont Auto Insurance Companies
Finding the right car insurance company in Vermont may seem overwhelming because there are several to choose from. Once you have a few rate quotes, take a look to see which company offers the business features that you need like twenty four hour customer service, online billing or just an office with an agent that you can meet with.