Looking for the cheapest car insurance in Virginia? The average amount for car insurance Virginia drivers pay annually is $414 for minimum coverage, and $1,259 for full coverage. Although these amounts aren’t the highest in the nation, most drivers are looking for opportunities to lower rates.
Adequate car insurance is a necessity in Virginia. According to 2015 data from the Insurance Information Institute (III), 9.9% of Virginia drivers were uninsured. The Virginia DMV reported 827 deaths, 65,708 injuries, and 128,172 car crashes occurred in the state in 2019. To help you find good coverage at competitive rates, Bankrate compiled a list of the top cheapest car insurance providers in Virginia.
The Cheapest Car Insurance in Virginia
Finding cheap car insurance in Virginia can be difficult because of the numerous providers with varying coverages and differing levels of customer service. In most situations, the cheapest provider is usually a national provider that issues policies across the United States. This is because large providers are often able to offer lower prices compared to local providers due to more distributed risk, and can also provide a greater amount of discounts.
Here are the companies offering the cheapest car insurance in Virginia, based on average annual rates.
|Car Insurance Company||Average Annual Premium for Minimum Coverage||Average Annual Premium for Full Coverage|
For minimum coverage, Geico averages some of the cheapest auto insurance rates in Virginia. When it comes to full coverage, it lands middle-of-the-pack among our top providers. However, Geico offsets full coverage rates with discounts. Geico offers a plethora of discounts that many companies are not able to match, and the amount you save with each discount is quite significant.
For example: go five years without an accident, and Geico may give you up to a 26% discount. Insure multiple vehicles with Geico, and you may save up to 25%. Drive a car with full-front air bags (meaning both driver and passenger), and you could save an additional 40%.
USAA provides insurance services to active and retired military, as well as their immediate family members. Those who qualify have access to one of the best insurance providers in the business. Year after year, USAA receives top awards for its customer service alone. Even better, USAA offers highly-competitive premiums in most states. It’s a close third when it comes to minimum coverage in Virginia, but it is a solid first for average full coverage rates in the state.
USAA offers a decent range of discounts, but not as many other companies. However, the discounts it does offer are highly suited to active military. If you need to garage your vehicle while you’re on active duty, for example, you could save up to 15%.
Even though Erie is not the cheapest for either minimum or full coverage, it’s worth consideration. Erie Insurance is highly rated for customer satisfaction by J.D. Power in its 2019 auto claims study. For the Mid-Atlantic region, Erie ranked #2 in the 2020 study.
Currently, however, Erie only offers a handful of discounts — which are applicable to most drivers. A particularly valuable discount is the college credit discount, which helps you save if you or your child isn’t driving as much while enrolled in college. With this discount, your premium is adjusted to reflect the amount of time you (or your child) actually spend driving.
Mercury Insurance leads the pack for cheapest minimum coverage (the average annual premium is just $218 a year). Full coverage will cost you around $1,262 a year, which is closer to the state average. Mercury Insurance offers industry standard discounts that most drivers will be able to take advantage of, such as pay-in-full, multi-policy and driver training. Some of its more interesting discounts include a high deductible discount (meaning you receive a discount if you opt for a high deductible to get a lower premium), and a gated community discount.
State Farm offers extremely competitive rates for both minimum and full coverage, and it offers quite a few discounts compared to the industry average. A particular discount of note is the ‘Drive Safe and Save’ discount, which uses your smartphone to determine how safe of a driver you are. The better your driving habits, the more you save. Another notable discount is the multiple line discount. When you pair your auto insurance with homeowners, renters or condo insurance, you could save an additional 17%.
Affordable Coverage for Virginia Drivers
The minimum amount of coverage required for all Virginia drivers is 25/50/20. This means that your insurance must amount to at least:
- $25,000 per accident for any bodily injuries/death done to another driver
- $50,000 per accident for any bodily injuries/death done to two or more people
- $20,000 per accident for any dealt property damage
Keep in mind that minimum coverage does not necessarily protect you against a total loss. For example, many new cars are more expensive than $20,000. If you total a new car that costs more than your minimum coverage, any amount that exceeds the $20,000 would have to be paid by you out of your own pocket. It’s highly recommended that Virginia drivers consider purchasing more liability protection than the state mandated minimum amount.
How to Get Cheap Car Insurance in Virginia
To find the cheapest car insurance in Virginia, the best strategy is shop around and compare quotes. Comparison-shopping is important because each provider weighs premium variables a little differently. For example, one provider may factor in your credit score quite heavily, while another may more highly value your driving record. Get quotes from multiple providers to see which offer the best rates for the coverage you need.
After you’ve determined who the cheapest providers are, you’ll then want to compare possible discounts. Consider the ones that actually apply to you and that you may qualify for. You’ll then need to calculate how much each applicable discount will save you (you may need to speak to a company representative to determine this).
Other ways you can lower your premium include raising your deductible and improving your credit score. Improving your credit score takes time, so get new quotes every time your policy is up for renewal to see where you can get the best rates. And if you raise your deductible, just make sure you have enough in your savings account to cover it in the event of a claim.
Frequently Asked Questions
What is the best car insurance in Virginia?
That depends on what you’re looking for in a provider. Are you looking for best in customer satisfaction, lowest premium, or strongest financial rating? Check out the best Car Insurance in Virginia page to learn more.
What is the average cost of car insurance in the U.S.?
The average cost of full coverage car insurance is $1,738, according to 2020 data from Quadrant information services. Virginia is well under this amount, as the average amount most Virginians pay is $819.77 a year for full coverage.
Is Virginia a no-fault state?
No, Virginia is not a no-fault state. This is why Virginia drivers should strongly consider purchasing more than just the state-required minimum liability.
Does Virginia require underinsured/ uninsured motorist coverage?
Yes, it does, which is typically for the best. With underinsured/uninsured motorist coverage, once the other person’s policy’s limits are reached, your insurance kicks in. The limits are often the same as the state’s minimum liability requirements. Therefore, if the other driver’s policy paid $20,000 for property damage, your carrier would provide up to an additional $20,000 more if needed.
Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a cleaning driving record, good credit and the following full coverage limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverages that meet each state’s requirements. Our sample drivers own a 2018 Honda Accord, commute five days a week and drive 12,000 miles annually.
These are sample rates and should be used for comparative purposes only. Your quotes may be different.