Getting the best car insurance in Virginia is easy if you know what exact steps to take.
While the cost of car insurance depends on many factors, where you live influences the price significantly.
To get the best available rate, you need to do some background research and take time for a decent amount of comparison shopping.
Securing a few offers from competing companies can help you get a great deal on good coverage.
With the assistance of this guide, you should be in a better position to answer the question, “How much is car insurance in Virginia?” and to find the best car insurance for your situation at the right price.
Average Cost of Car Insurance in Virginia
The average cost of a car insurance policy in Virginia is $842.67.
This rate has steadily grown over recent years, from $768.95 in 2011.
Car insurance in Virginia is generally cheaper than in its neighboring states, and it is slightly less than the national average cost of car insurance, which is $1,009.38.
|Average Cost of Car Insurance in Virginia||$842.67|
|Average Cost of Car Insurance in West Virginia||$1,025.78|
|Average Cost of Car Insurance in Maryland||$1,116.45|
|Average Cost of Car Insurance in the District of Columbia||$1,330.73|
|Average Cost of Car Insurance in North Carolina||$789.09|
|Average Cost of Car Insurance in Kentucky||$938.51|
|Average Cost of Car Insurance in Tennessee||$871.43|
|Countrywide Average Cost of Car Insurance||$1,009.38|
As you can see by the above chart, states vary significantly in their average costs. Several factors which are unique to each state, directly and indirectly influence prices, such as traffic conditions and population density.
Traffic Conditions in Virginia
Virginia is a densely populated state, and traffic conditions can vary considerably from one area to the next.
The 2017 report by the National Association of Insurance Commissioners states that Virginia has a traffic density of 1,081,222 (calculated as the number of vehicle miles traveled per highway mile).
This figure is significantly more than the national average of 724,348. The NAIC’s report also compares vehicle miles to registered vehicles in Virginia, reaching the figure of 11,628, just below the national average of 12,010.
Fatal accidents on the roads of Virginia occur at a rate of 0.10 per 1,000 registered vehicles, according to NAIC, which is slightly lower than the national average of 0.13 per 1,000 registered cars.
Insurance companies may feel that premium rates should be higher to take into account the higher traffic density figures, even though fatal accidents are lower than the national average.
Vehicle Theft Rates in Virginia
The FBI’s Crime in the United States report suggests that around 116 vehicles are stolen per 100,000 residents in Virginia.
According to the National Insurance Crime Bureau’s Hot Wheels report, the cars that are most likely to be taken in Virginia are the 2002 Honda Accord, 2016 Toyota Camry, 2004 Ford pickup, 1998 Honda Civic, and 2015 Nissan Altima.
Because of this, you may find it more expensive to insure these cars.
Population Density in Virginia
While the population density of Virginia may not directly affect the price of your insurance, it can impact the potential for accidents, as stated in the NAIC’s 2017 report.
Virginia is densely populated, with 210 people per square mile compared to the national average of 90 people per square mile.
With 85.8 percent of Virginians living in densely populated metropolitan areas, insurance may be more expensive if you live in a city.
Disposable Income in Virginia
Like population density, disposable income can affect insurance rates.
Higher-priced cars usually require more coverage, according to the 2017 NAIC report.
The per capita disposable income per person was around $43,904 in Virginia, marginally higher than the national average of $40,859.
Keep in mind the average salary in your area when you’re comparing insurance companies.
Companies with the Best Car Insurance in Virginia
Price is a deciding factor when you’re deciding on an insurance company.
However, you should never settle for the first quote you get, and many industry experts recommend that you get at least three price quotes.
One crucial factor that you may not have considered previously is the financial strength of the carrier.
You want to know that your insurance company is there for you when you have to file a claim. Several independent financial agencies regularly update the financial strength ratings of insurance companies, making it easy for you to compare.
Look for well-known insurance companies with lots of online reviews to get a better idea of the quality of service they provide.
A few companies to consider are:
- Progressive Car Insurance: In business since 1937, Progressive is one of the biggest and most trusted car insurance companies in the United States. With around 18 million drivers holding policies with Progressive, it should be easy to find online reviews for this company.
- Liberty Mutual Insurance: Liberty Mutual has a variety of coverage options, with something to suit most driver profiles. It offers incentives for sensible drivers, including discounts on premiums.
- QuoteWizard: QuoteWizard is an online insurance comparison marketplace. The company aims to help potential customers connect with insurance companies by directing them to the provider’s websites.
- Esurance: Esurance is firmly rooted in the modern era of insurance companies and uses a range of technology to make every aspect of customer interaction as comfortable as possible. Because of this tech-focused business model, Esurance claims to settle most vehicle damage claims within ten days or less.
- Allstate: With over 16 million households throughout the United States holding a policy with Allstate, this company is the biggest publicly held insurer in the country. It has a range of tailored insurance policies, with something available for most drivers.
- MetLife: MetLife has been operating in the insurance industry since 1868 and has around 2.7 million active policies at present. Many of the policies have perks such as special parts replacement and new car replacement at no extra cost.
- Travelers: Travelers has been a key player in the world of insurance for well over a century. It has a range of competitive coverage options and packages to help potential customers grab the right deal for them.
What Is Mandatory for Car Insurance in Virginia?
In Virginia, there are no laws requiring that vehicle owners have insurance in order to drive.
Uninsured drivers are required to pay a fee of $500 when they register their vehicle, which essentially allows them to drive an uninsured car.
It doesn’t, however, provide the driver with any insurance coverage.
If the owner of a vehicle declares an insurance policy during the registration process, the policy must have adequate minimum limits of liability.
- $25,000 for injury or death of one person
- $50,000 for injury or death of two or more people
- $20,000 for property damage.
There are no laws which require drivers to show proof of their insurance in Virginia, and there are no penalties for drivers who are pulled over and are then unable to provide proof of their insurance.
However, keep in mind that driving without insurance leaves you and your assets at risk in the event of an accident.
You could be held personally liable for thousands of dollars of property damage and personal injury claims.
How to Reduce the Cost of Your Car Insurance in Virginia
Car insurance is a significant expense for car owners.
No matter what steps you take to lower the price, you can’t reduce it to zero.
However, by following the advice in this guide, you might be able to save more than you thought possible on the price of your car insurance.
Here are a few suggestions:
- If you raise your deductible, you will most likely reduce the cost of your insurance. The more you’re willing to pay out of pocket in the event of an accident, the less risk to your car insurance provider.
- If you’re insuring an older car, you could be paying more than you need to. Generally, if the price of your insurance is less than ten times the cash value of your car, it might not be worthwhile to have collision and comprehensive cover. You could save some cash by ditching these coverages.
- If you already have other types of insurance, for example, home insurance, you may be eligible for discounted rates or special offers if you bundle your insurance policies with one provider. It still pays to shop around though, as any bundling offers might not be as good as a single policy you could get elsewhere.
- It can often pay to ask questions. Ask potential insurers about discounts they have on things like low mileage or safe driving, and discuss eligibility requirements. You might end up saving some money that you would have missed out on otherwise.
The following is a list of what you should have on hand during the quote process:
- Vehicle information including make, model, year, and Vehicle Identification Number
- Household details including the area you live, drive, and park
- Your age, occupation, and proof of any driver safety programs you’ve completed
- Notify the carrier if traveling is a part of your job or if you store valuable goods in your vehicles, such as mechanic’s tools or sound equipment
What Can Increase the Cost of Your Car Insurance in Virginia
Unfortunately, there are just as many factors that can increase the cost of your car insurance.
Some of these are unavoidable, such as age, but others, you may be able to change.
- Driving Record: Without a clean driving record, you may find that your insurance is quite expensive. Driver safety courses show insurance providers you’re serious about being a safe driver and may help offset rate increases due to infractions.
- Vehicle Type: If you drive a fast sports car or an expensive luxury automobile, your insurance will likely be higher than average. Regardless of how safe a driver you are, to a provider fast, powerful vehicles equate risk. The same goes for cars with a high cash value. High cash values usually result in more expensive replacement parts in the event of an accident or mechanical failure, and this insurance risk can have an adverse impact on the price of your premium.
- Poor Security Features: If your vehicle isn’t equipped with the latest security technology, you may see this reflected in your premium. You can attempt to combat this by keeping your car in a garage overnight and investing in anti-theft devices such as steering wheel locks.
Now that you know more about the factors that contribute to the cost of car insurance in Virginia, you should be in a better position to find yourself the best coverage, and save yourself quite a bit of money while doing so.
*While we make every effort to keep our site updated, please be aware that “timely” information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.