I sold my car and removed it from my ins. I have no other car. Do I still need to have insurance? Insurance carrier stated that I still needed to keep lowest amount of insurance to keep my policy from showing a lapse. Is this common in Virginia? I'm confused.
You are not required by law to get insurance if you do not own any vehicles. What your agent is doing is protecting you from a lapse in coverage. Insurance companies prefer to see clients who have a long history of insurance. To them, they're less risky. After 30 days of not having any insurance, it is usually considered a lapse in insurance. If you're planning on buying another vehicle soon, I would recommend staying insured. If you're going to take a more lengthy break from car ownership, you can cancel your policy altogether.