Virginia law requires motor carriers to provide proof of financial responsibility before registering vehicles. Acceptable proof includes insurance policies, bonds, letters of credit, or statements from lessors. The law specifies the types and amounts of coverage needed for registration approval.
Virginia accepts insurance policies, bonds, letters of credit, or statements from lessors confirming coverage as proof of financial responsibility.
Yes, a bond issued by an authorized entity and deposited with the State Treasurer can serve as proof of financial responsibility for registration.
The letter of credit must be in effect as long as the motor carrier operates vehicles in Virginia.
Yes, the amounts must be approved by the Department of Motor Vehicles and are based on the liability coverage requirements for the motor carrier.