The average cost of car insurance that Virginia drivers pay annually is $441 for minimum coverage, and $1,304 for full coverage. This is significantly less than the national average cost of car insurance, which runs $565 per year for minimum coverage and $1,674 for full coverage. Still, most drivers are looking for opportunities to lower rates and are actively searching for the cheapest car insurance in Virginia.
Adequate car insurance is a necessity in Virginia. According to 2019 data from the Insurance Information Institute (III), 10.5% of Virginia drivers were uninsured. Furthermore, outside of the 128,172 car accidents that occurred in the state in 2019, Virginia drivers may also have to be weary of other incidents like dear collisions, which were up 11% from the previous year. Car insurance can help protect you financially from covered standard and more unique instances of injury and damage.
To help you find the best car insurance in Virginia at the lowest rates, Bankrate compiled a list of the top cheapest car insurance providers in Virginia. Each provider was assessed for their 2021 average quoted premiums, coverage and availability of discounts.
The cheapest car insurance in Virginia
Finding cheap car insurance in Virginia can be difficult because there are many car insurance companies 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.
Bankrate compiled a list of car insurance companies in the state, based on market share, and compared each one’s average annual premiums to determine the most affordable options available. Each company below offers competitive state rates, great coverage and meaningful discounts to add even more value for your money.
|Car insurance company||Average annual premium for minimum coverage||Average annual premium for full coverage|
Even though Erie does not offer the cheapest rates on average for either minimum or full coverage, its rates are considerably less than averages for Virginia. For the slight premium increase, policyholders receive coverages that may not be standard with other companies. For example, accident forgiveness and diminishing deductibles could all come pre-included on your Erie auto insurance policy, all with Erie’s Rate Lock guarantee.
Erie is highly rated for customer satisfaction by J.D. Power in its 2020 Auto Claims Study, coming in seventh next to other popular, national providers. Erie offers a handful of discounts — which are applicable to most Virginia drivers. A particularly valuable discount might be the discount for college students, helping you save if you or a covered student is not driving as much while enrolled in college.
Learn more: Erie Insurance Review
Although most drivers choose to purchase higher amounts, Geico averages some of the cheapest auto insurance rates in Virginia for minimum coverage. Its full coverage premiums land closer to the state’s average, but are still likely to keep you at agreeable rates. In addition to its highly trusted insurance reputation, Geico helps offset full coverage rates with discounts. Geico offers a plethora of discounts that many companies are not able to match, and the amount you might save with each discount is significant if you are eligible.
For example, after five years without an accident, Geico may give you up to a 22% discount. Insure multiple vehicles with Geico, and you may save up to 25%. Drive a car with air bags and you could save an additional 23% on your medical payments or personal injury protection.
Learn more: Geico Insurance Review
State Farm offers 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 could save. Another notable discount is the multiple line discount. When you bundle your car insurance with homeowners insurance, renters insurance, or condo insurance, you could save up to an additional 17%.
If you have questions on which discounts might apply to you or how to get the most out of your State Farm coverage, there are agents in over 160 Virginia towns and cities.
Learn more: State Farm Insurance Review
USAA provides insurance services to active and retired military, as well as their eligible 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, including Virginia where it averages more than $400 less for full coverage.
USAA offers a decent range of discounts, but not as many other companies. However, the discounts it does offer are often suited to active military. If you need to garage your vehicle while you are on active duty, for example, you could save up to 15%.
Learn more: USAA Insurance Review
Minimum coverage requirements 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.
Even when seeking affordable coverage options, full coverage is often worth the expense to avoid being left responsible for repairing your vehicle’s damage. Additionally, if you are leasing your vehicle, collision and comprehensive coverage may be required by your lender.
How to get cheap car insurance in Virginia
To find the cheapest car insurance in Virginia, there are a few tips to help:
- Shop around: Comparison-shopping is often recommended by insurance experts because each provider weighs factors differently in setting your premium. For example, one provider may factor in your credit score quite heavily, while another may more highly value your driving record.
- Compare discounts: After you have determined who the cheapest providers are, you may want to look at discounts. Some provider websites may even have state pages that outline specific discounts available to drivers in Virginia. Consider the ones that apply to you and that you may qualify for. You may need to speak to a company representative to verify what you qualify for and how much the savings would be.
- Increase your deductible: When deciding whether to raise your deductible, insurance experts suggest ensuring that you have sufficient funds available to cover necessary costs in the event of a claim.
- Improve your credit score: Improving your credit score takes time, but is often worth the investment since it is commonly weighed in the underwriting process. Steps like budgeting, making on-time payments and paying off debts could go a long way in building your score over time. Generally, a score of 700 or more is considered good, which was the average score for Virginia residents as of 2020.
Frequently asked questions
What is the best car insurance in Virginia?
There are plenty of great car insurance companies in Virginia, but finding the right one for you depends on what you are looking for in a provider. Are you looking for best in customer satisfaction, lowest premium, or strongest financial rating? You may even have other considerations based on your personal criteria, which shopping around could help clarify.
What is the average cost of car insurance in the U.S.?
The average cost of full coverage car insurance is $1,674, according to 2021 data from Quadrant Information Services. Virginia is well under this amount, as the average amount most Virginians pay is $1,304 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. 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.
How can you find the cheapest car insurance in Virginia?
Similar to finding the best provider, car insurance rates are largely personalized. Your process for finding the cheapest premium may involve first shopping around to narrow down your options, applying to multiple discounts for which you qualify and seeing where opportunities exist to make you a low-risk insured. For example, improving your credit score, maintaining a clean driving record and having consistent coverage may all be favorable factors in determining your rates.
Bankrate utilizes Quadrant Information Services to analyze 2021 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 clean 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 2019 Toyota Camry, 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.