Your question requires an answer by a Virginia attorney. This sounds like a law or regulation that is unique to Va.
You might send in the insurance you currently have and maybe they will not notice the date or else give you a break since you have current insurance. If you are allowed to have an administrative hearing, then definitely ask for one. However, you would want an attorney to handle it for you.
Be aware of the possibility of even more trouble coming. For instance if you get a license suspension, then not only will you have to pay a fine, but you will then probably have a reinstatement fee, plus other administrative penalties. Further it could cause the cost of your insurance to increase.
All the above are reasons you need to get an attorney involved.
If your vehicle is not operable, then you can turn your plates in to DMV. There is no requirement to insure a vehicle which is not registered and not issued license plates.I question the need for insurance if the vehicle is not operable. If you have insurance and provided proof to of such to DMV, you have complied with the law and DMV will not suspend license. If you do not provide proof of insurance of a registered vehicle, DMV can suspend your operator's license, registration cards and license plates pending the furnishing of proof as required.