Financial Responsibility Requirements

Virginia Code 46.2-706 requires all Virginia registered motor vehicle owners to have motor vehicle liability insurance or enough money to pay for any losses that may result from an automobile accident.

The financial responsibility requirement can be met in one of three ways:

Note: If liability insurance coverage on a vehicle terminates or cancels during the registration period, the vehicle owner must either reinsure the vehicle, pay the uninsured motor vehicle fee or surrender the license plates to DMV.


Every person applying for registration of a motor vehicle and declaring it to be an insured vehicle faces stiff penalties if the motor vehicle is subsequently found to be uninsured.

DMV will suspend all driver's license and registration certificates and license plates issued to the owner of the motor vehicle. These items are suspended until the person pays a $500 statutory fee (collected by DMV and deposited into the Uninsured Motorist Fund), furnishes and maintains proof of financial responsibility (form SR-22) for three years and pays a reinstatement fee, if applicable.

Additional Information

DMV monitors insurance coverage through the Insurance Verification Program. You can view insurance companies licensed to conduct business in Virginia. The Virginia Auto Insurance Consumer Guide contains additional insurance information.