This law outlines the minimum financial responsibility requirements for motor carriers operating within Virginia, including passenger limits and liability insurance amounts. It specifies different coverage levels for intrastate and interstate operations and details documentation requirements. The law also mandates maintaining proof of insurance or bonds on file with the Department for a specified period.
For vehicles transporting 1-6 passengers, the minimum is $350,000; for 7-15 passengers, $1.5 million; and for 16 or more passengers, $5 million. Taxicabs require at least $125,000 in liability insurance.
Yes, motor carriers that meet federal minimum financial responsibility requirements can use proof of federal limits for both interstate and intrastate operations, provided both are insured.
Motor carriers must keep proof of insurance policies or bonds on file, which must remain for six months after cancellation of the vehicle's registration, permit, or license.
Yes, federal, state, or municipal bonds deposited with the State Treasurer are accepted as proof of financial responsibility and must remain until six months after cancellation unless otherwise directed.