The $500 Uninsured Motor Vehicle (UMV) fee, which is paid to the Department of Motor Vehicles (DMV), does not provide any insurance; it only allows you to drive an uninsured vehicle at your own risk. It expires with your registration and must be paid at renewal. If you are driving an uninsured vehicle and are involved in an accident, the other driver may notify DMV that your vehicle is uninsured as part of reporting the accident to DMV.

https://www.dmv.virginia.gov/vehicles/#insurance.asp

Any accident you got in would of had to be paid out of pocket, including at fault ones, which could cost you everything you own or work for until you die.