VRSA insures more than 23,000 vehicles, including 8,795 trucks, 4,321 police vehicles, 3,200 passenger vehicles, 3,158 school buses, 2,256 trailers, 659 fire and emergency medical services apparatus, 595 transit buses, and 70 refuse trucks.
For more than 40 years, we have provided auto, property, liability, and workers’ compensation coverage to Virginia’s cities, counties, towns, schools, and authorities.
We provide automobile liability and automobile physical damage coverages on these vehicles, protecting our members from damages caused to others and from damage caused to their property.
Automobile Liability
Automobile liability coverage has two parts – both designed to protect members from damages caused to another party.
First, this coverage protects members from bodily injury liability. Should a member driver be involved in an incident and cause injury, this coverage pays for the injured driver’s medical expenses, loss of income, and pain and suffering. It will also pay to have an attorney to represent you and/or your employee should the injured person pursue litigation.
Secondly, this coverage protects members from property damage liability. Should a member vehicle damage another vehicle, this coverage pays for the costs associated with repairing the vehicle. If, however, the other vehicle is non-repairable, then we will pay what the vehicle was valued at the time of the accident.
It also pays when a member vehicle causes damages to additional types of property, such as fences, mailboxes, or other property.
Our automobile liability policy also carries uninsured/underinsured motorist coverage to protect against damage to our member’s vehicles when the at-fault party either does not have insurance (uninsured) or does not have enough insurance (underinsured).
Automobile Physical Damage
Our Automobile Physical Damage coverage protects entity-owned vehicles and includes comprehensive and collision repairs. A member may either have Collision-Only coverage or Collision and Comprehensive coverage on their vehicles.
Collision coverage is when a vehicle strikes or comes into contact with another object. Comprehensive coverage is when the damage to a vehicle is caused by means other than striking or coming into contact with another object. Comprehensive coverage includes damages caused by deer (animal) strikes, lightning, theft, or flying objects. Unlike other carriers, we offer options to replace a new member vehicle at current vehicle prices.
While others provide coverage on an Actual Cash Value (ACV) basis, we have provided replacement cost coverage as part of our standard offering for more than 25 years.
ACV takes depreciation into account and reimburses the vehicle owner for the current market value of the vehicle minus depreciation. Replacement cost reimburses the owner for the cost to replace a vehicle without deduction for depreciation.
Another highlight is that for vehicles less than five years old, we provide new vehicle replacement coverage. For members who have recently purchased a high-value vehicle, such as a fire apparatus or ambulance, a loss of that vehicle could be detrimental in balancing a budget. By offering this coverage on vehicles newer than five years old and valued over $100,000, we are striving to protect members’ budgets and ease their worries. Members have the option to increase or decrease this threshold based on their individual budgetary needs and the size and make-up of their fleet.
Another highlight is that newly owned vehicles are automatically covered at no additional charge during the policy year. We also offer No-Fault Damage as an optional coverage, which provides funding for damage to other property when authorized by the member.
Please contact your Coverage Specialist at 800-963-6800 for more information about our automobile coverages or any other coverages.