Cheapest Auto Insurance in Virginia

From Virginia Beach to Chesapeake, Arlington to Alexandria, and all the way over to Richmond, there are many sights to see in the Old Dominion, but only for drivers who maintain active and adequate car insurance policies. With all of the fun experiences waiting for Virginians, it’s no shock that residents value savings when it comes to auto insurance.

Finding the best policy for your budget and lifestyle can be tough, but it isn’t impossible. Let’s check out how you can save on your Virginia auto insurance policy so you can blow your savings on something much more exciting than insurance, like a day trip to Colonial Williamsburg. 

Virginia auto insurance varies based on the driver, policy, and insurer, as premiums differ based on various factors. Typically, the cheapest policy is a minimum coverage one that only meets the state’s auto insurance requirements but doesn’t exceed them. However, since premiums differ based on the person, the cheapest rates may only be available to some. Let’s check out how to lower your premiums even if your base rate is higher than average.

The average full coverage policy in Virginia costs about $1,340 annually, more than 20% below the national average of $1,670 annually. However, the cheapest policy in the Old Dominion isn’t a full coverage policy but one that meets the minimum coverage requirements without exceeding them.

The minimum requirements for auto insurance in the Old Dominion are $30,000 in bodily injury liability per person, $60,000 in bodily injury liability per accident, $20,000 in property damage liability per accident (30/60/20 liability coverage), $25,000 in uninsured or underinsured bodily injury coverage (UMBI/UIMBI) per person, $50,000 in UMBI/UIMBI coverage per accident, and $20,0000 in uninsured or underinsured property damage coverage (UMPD/UIMPD) per accident, or 25/50/20 uninsured or underinsured (UM/UIM) coverage. Those who lease or finance their vehicles may be required to carry collision and comprehensive coverages as a stipulation of their legally binding agreement. 

A minimum coverage policy generally has about half the coverage of a full coverage one, so the premiums are usually only half as much. On average, a minimum coverage policy in the Old Dominion costs about $670 annually. It’s essential to remember, though, that with half the cost of a full coverage policy comes half the coverage. Depending on the driver, a minimum coverage policy may not be the best or safest choice.

The most affordable insurance in Virginia will likely be a minimum coverage policy from State Farm. However, many insurers in the Old Dominion offer lower-than-average base rates and a bounty of discounts policyholders can stack to lower their premiums. It’s crucial to remember that premiums vary based on the driver, insurer, and policy, so while your friend may have a premium below the state average, you may not be eligible for such a rate.

Insurers use many different factors when determining premiums for drivers. Essentially, insurers must gather information about a driver’s risk of filing a claim. If certain characteristics about a driver, like their insurance history, driving record, age, gender, or ZIP code, among several other factors, lead insurers to believe a driver is at a high risk of filing a claim, they will have a higher-than-average premium.

Binding a policy with one of the top insurers in Virginia is a great way to get excellent coverage at a lower-than-average rate. If you can’t bind a policy with one of the top insurers in the state, or if your quote is far out of your price range, you may need to search for a non-standard insurer specializing in high-risk insurance to keep your rates down. Those who struggle to bind policies with standard insurers may have been charged with driving uninsured or previously filed for an SR-22 form following license or registration suspension. Standard insurers can be hesitant to bind policies with high-risk drivers and often charge such drivers double or triple the state average rate for premiums. 

Whether you’re searching for low-income car insurance in Virginia or are set on finding the best deal in your area, it’s important to remember that premiums vary depending on the driver, insurer, and policy. The lowest car insurance rates in Virginia will be available to those with a clean driving record who bind minimum coverage policies, as such a policy for such a driver typically comes in at about $670 annually or about $55 monthly. 

The best way to get cheap insurance in Virginia is to get a minimum coverage policy with just 30/60/20 liability coverage and 25/50/20 UM/UIM coverage from an insurer that offers lower-than-average base rates. On average, such a policy will cost about $670 annually. However, a policy with such minimal coverage won’t offer a vast scope of protection. Many Virginians will instead carry full coverage policies from insurers offering low base rates and various stackable discounts. 

With discounts stacked and applied, the premiums on a full coverage policy stop looking so shocking and begin to look affordable, even for those on a tight budget. Many insurers offer several stackable discounts policyholders can use to reduce their premiums below their quoted premiums. Typically, insurers offer two types of discounts: criteria-based and enrollment-based. Criteria-based discounts are doled out to policyholders who meet a set standard without any action on their part. In contrast, enrollment-based discounts require policyholders to participate in earning their savings. 

Many insurers offer criteria-based discounts like a student discount, a multi-car discount, a bundling discount, or even a discount for those who have anti-theft or other safety devices on their vehicles. 

In recent years, insurers have started to use advancements in technology to policyholders’ gain by creating enrollment-based discount programs. Several insurers offer a usage-based telematics program in which drivers agree to track and share their driving data with their insurers to earn a discount on their premiums when they make safe choices behind the wheel. Similarly, insurers may offer a good driver discount for those who go accident-free for a specific timeframe. 

Stacking discounts is the best way any driver can lower their premiums without sacrificing coverage. While discounts may never reduce one’s premiums on a full coverage policy down to those commonly associated with a minimum coverage one, having an expansive range of coverage at a discounted rate is no small feat.

While many insurers offer cheap liability insurance in Virginia, few offer low rates for full coverage policies. Namely, State Farm, Nationwide, and Travelers offer the cheapest full coverage policies in the state, with average premiums falling nearly 20% below the state average. While a full coverage policy can be more expensive than a minimum coverage one, often at least double the price, the investment is almost always worth it.

Since Virginia isn’t a no-fault state and is instead a tort state, at least one driver must always be deemed at fault in an accident. Drivers must carry liability coverage for this reason, as the coverage specifically benefits the victims in an accident with an at-fault policyholder. While a minimum coverage policy will provide some protection for policyholders and victims in the Old Dominion, there are still gaps in coverage where the policyholder may risk financial ruin.

While it can be tempting to do without a policy in the name of savings, and doing so in the Old Dominion is technically legal as long as drivers pay the annual uninsured driver fee, there may be better choices. One at-fault accident with minimum coverage and you could be out thousands because of your medical expenses or vehicle repairs. A full coverage policy may be costly, but a premium is far easier to budget for than a worst-case scenario accident.

While low-cost auto insurance in Virginia can be tough for some to find, it is one of the cheaper states to bind a policy. The national average cost of a full coverage premium is about $1,670 annually. The average full coverage premium in the Old Dominion is only about $1,340 annually, or 20% below the national average.

If you’re searching for the best way to save on car insurance in the Old Dominion, the easiest way to see your options is to get and compare quotes online. Getting and comparing quotes online allows Virginians to see all the rates for which they qualify organized in one place so they can make the best decision on an auto insurance policy that suits their needs.

Luckily for you, quotes are kind of our thing here at Clovered. We even have a free quoting tool you can use to get your unique quotes in minutes. If you prefer to chat with a professional about your quotes, you can contact one of our licensed agents at 833-255-4117 or [email protected], and someone will be happy to help you.