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Best cheap car insurance in Richmond for 2024
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
The best car insurance companies in Richmond
To help make your auto insurance decisions easier, we've compiled reviews of the best cheap car insurance companies in Richmond below. We researched average premiums, analyzed third-party rankings for customer service and financial strength and assessed coverage options and available discounts in Richmond.
When looking for the best car insurance companies in Richmond, it's important to consider the pros and cons of each. Thankfully, Bankrate has assigned each company a Bankrate Score, which can help to rank these carriers based on numerous variables, including financial strength, customer satisfaction, coverage options, availability and more. The companies below earned the highest Bankrate Scores of those carriers available in Richmond.
Bankrate Score
Avg. min coverage premium
Min. coverage
Avg. full coverage premium
Full coverage
Why Geico made our list: Geico tied for two Bankrate awards in 2024: Best Auto Insurance Company Overall and Best Budget Auto Insurance Company. Geico has several things going for it, including relatively low average rates, a robust list of potential discounts, extensive digital policy management tools and several policy customization and endorsement options. Geico is also tied for the top Bankrate score of available carriers in the Richmond area.
Why Geico may be the best for digital policy management: Geico offers a robust lineup of digital policy management options through its mobile app and website. From here, customers can update their policies, store ID cards, pay premiums, receive insurance quotes, report and track claims, request roadside assistance, locate gas and parking, utilize the Geico virtual assistant, schedule vehicle care and more. With so many benefits combined in such a highly-rated company, Geico is a strong contender for customers who prioritize digital policy management.
| Bankrate Score | 4.4 |
| J.D. Power | 647/1,000 |
| AM Best score | A++ |
Bankrate Score
Avg. min coverage premium
Min. coverage
Avg. full coverage premium
Full coverage
Why Progressive made our list: Progressive won the 2024 Bankrate award for Best Auto Insurance Company for High-Risk Drivers. The company also tied with Geico for the best Bankrate Score in the Richmond area. For those drivers classified as high-risk or with poor driving records, Progressive offers some of the lowest average rates for auto insurance. The company also has a variety of endorsements, discounts and digital policy management tools.
Why Progressive may be the best for high-risk drivers: Progressive won the Bankrate Award for this classification, partly thanks to its nationwide coverage available to drivers with poor driving records or high-risk driver status. In tandem with offering cheaper average rates than other carriers to these driver demographics, Progressive also makes several potential discounts available that may help drivers lower their rates further.
| Bankrate Score | 4.4 |
| J.D. Power | 624/1,000 |
| AM Best score | A+ |
Bankrate Score
Avg. min coverage premium
Min. coverage
Avg. full coverage premium
Full coverage
Why State Farm made our list: State Farm scored just below Geico and Progressive on its Bankrate Score, marking it as one of the best carriers in the Richmond area. The company is known for its broad network of local agents, high levels of customer satisfaction, wide availability and highly rated mobile tools. While it offers fewer endorsements and policy options than some competitors, few of them can match its extensive presence of local agents.
Why State Farm may be the best for local agents: State Farm maintains a broad network of local agents throughout most of the United States. For those who prioritize in-person interactions, this can be a great benefit that may be difficult to find with other top-tier car insurance companies.
| Bankrate Score | 4.3 |
| J.D. Power | 652/1,000 |
| AM Best score | A++ |
Bankrate Score
Avg. min coverage premium
Min. coverage
Avg. full coverage premium
Full coverage
Why Travelers made our list: Travelers scored a high Bankrate Score of 4.2, placing it near the top scorers for the Richmond area. The company offers numerous discounts, including its IntelliDrive telematics program, which may save drivers up to 30 percent on auto insurance premiums. Travelers also maintains a network of local agents to facilitate in-person communications for those who prefer not to use apps and websites.
Why Travelers may be the best for optional add-ons: On top of traditional car insurance coverage options, Travelers offers numerous endorsements for policy customization. Availability of these endorsements can vary by state but may include gap coverage, new car replacement, roadside assistance, accident forgiveness and more. Rideshare coverage is also offered, but only in Colorado and Illinois.
| Bankrate Score | 4.2 |
| J.D. Power | 628/1,000 |
| AM Best score | A++ |
Bankrate Score
Avg. min coverage premium
Min. coverage
Avg. full coverage premium
Full coverage
Why USAA made our list: Although limited in customer eligibility, USAA is consistently one of the top-rated car insurance companies for customer satisfaction. The company earned a 4.2 Bankrate score, placing it near the top of our list of carriers available in Richmond. Although not the cheapest, USAA average auto insurance rates are often lower than the national average.
Why USAA may be the best for military members: USAA is restricted to active-duty military members, veterans and eligible family members, making it one of the more exclusive auto insurance companies. The company offers unique coverage options tailored to military members that may be difficult to find elsewhere.
| Bankrate Score | 4.2 |
| J.D. Power | 743/1,000 |
| AM Best score | A++ |
Bankrate's trusted insurance industry expertise
Read our full methodologyThe Bankrate insurance editorial team utilizes the most up-to-date data from Quadrant Information Services to evaluate and compare auto insurance companies by ZIP code. This allows our team to deliver high-quality, relevant and up-to-date analysis for our readers to use when making decisions about auto insurance.
46
years of industry experience
122
carriers reviewed
34.5K
ZIP codes examined
1.2M
quotes analyzed
The cheapest car insurance companies in Richmond
When looking for the cheapest car insurance in Richmond, you may face slightly higher average rates than other areas in Virginia. Finding affordable car insurance in Richmond may be doable by comparing quotes from multiple companies and considering available discounts. The companies listed below offer some of the cheapest average rates for minimum coverage in Richmond, Virginia.
| Insurance company | Average annual min coverage premium | Average annual full coverage premium |
|---|---|---|
|
$699
|
$1,024
|
|
|
$409
|
$1,135
|
|
|
$419
|
$1,288
|
|
|
$434
|
$1,395
|
|
|
$810
|
$1,488
|
How much is car insurance in Richmond, Virginia?
On average, Virginia car insurance is less expensive than the national average for full coverage but more expensive for minimum coverage. The national annual averages are $2,278 for full coverage and $621 for minimum. In Virginia, those annual averages are $1,996 and $663, respectively. However, those average rates for Richmond are slightly higher at $2,057 and $718, respectively.
Richmond rates for teens
When insuring a teen driver, policies tend to be more expensive. This is especially true if the teen is on their own policy instead of on their parents'. Experience, or the lack thereof, is one of the most significant determiners of car insurance rates. Teens, having the least driving experience, are often the most expensive demographic to insure.
| Insurance company | 16-year-old* | 18-year-old* |
|---|---|---|
|
$762
|
$604
|
|
|
$1,134
|
$978
|
|
|
$1,177
|
$1,097
|
|
|
$1,207
|
$1,168
|
|
|
$1,297
|
$754
|
| Insurance company | 16-year-old* | 18-year-old* |
|---|---|---|
|
$1,762
|
$1,711
|
|
|
$2,438
|
$1,921
|
|
|
$2,750
|
$2,610
|
|
|
$3,114
|
$2,790
|
|
|
$3,216
|
$2,804
|
Richmond rates for young drivers
Young Richmond drivers may want to prioritize discounts and affordable auto insurance carriers to help mitigate their relatively high average rates. Still, while young drivers face higher rates than older drivers, they should be seeing lower rates than when they were teens. The rates below are for drivers on their own policies and not on their parents’.
| Insurance company | 20-year-old | 25-year-old |
|---|---|---|
|
$618
|
$429
|
|
|
$988
|
$582
|
|
|
$1,243
|
$711
|
|
|
$1,339
|
$863
|
|
|
$1,364
|
$711
|
| Insurance company | 20-year-old | 25-year-old |
|---|---|---|
|
$2,182
|
$1,392
|
|
|
$2,636
|
$1,939
|
|
|
$2,735
|
$1,263
|
|
|
$3,042
|
$1,863
|
|
|
$3,733
|
$2,124
|
Richmond rates for adults
Adult drivers in Richmond may no longer be facing the penalties of inexperience, but rates may still be costly, and there could be ways to save more on premiums. How clean your driving record is, what discounts you're eligible for and how expensive and safe your vehicle is will all play a role in calculating your rates.
| Insurance company | 30-year-old | 40-year-old | 50-year-old |
|---|---|---|---|
|
$1,132
|
$1,024
|
$999
|
|
|
$1,340
|
$1,135
|
$1,111
|
|
|
$1,502
|
$1,288
|
$1,251
|
|
|
$1,647
|
$1,488
|
$1,355
|
|
|
$1,677
|
$1,704
|
$1,572
|
Richmond rates for senior drivers
Sometimes, senior drivers start seeing rate increases with age, but this can vary by company. Senior drivers might reduce their rates and increase their safety by adding safety features and devices to their vehicles. Devices that prevent lane mergers when there is another vehicle or that apply brakes when you might otherwise rear-end someone can help keep you safe and might lower your auto insurance rates.
| Insurance company | 60-year-old | 70-year-old |
|---|---|---|
|
$383
|
$425
|
|
|
$415
|
$505
|
|
|
$424
|
$553
|
|
|
$446
|
$481
|
|
|
$568
|
$696
|
| Insurance company | 60-year-old | 70-year-old |
|---|---|---|
|
$670
|
$1,058
|
|
|
$383
|
$1,189
|
|
|
$415
|
$1,441
|
|
|
$424
|
$1,577
|
|
|
$722
|
$1,509
|
The cheapest car insurance in Richmond by driving record
Getting a DUI or similar driving infraction may see you paying higher rates even than a teen driver. Driving incidents have the potential to raise your rates more than nearly anything else. Still, while low rates can be hard to find when you have a poor driving record, some companies offer more affordable rates than others.
Car insurance with a speeding ticket in Richmond
Getting a speeding ticket in Richmond could see your auto insurance rates increase 21 percent more compared to the city average for full coverage car insurance. If you've been convicted of a speeding ticket, you may want to consider looking for auto insurance companies known for offering low average rates to high-risk drivers. One ticket may not place you in this category, but it's likely to lead to rate increases, nonetheless.
| Insurance company | Average min coverage rate | Average full coverage rate |
|---|---|---|
|
$473
|
$1,578
|
|
|
$528
|
$1,635
|
|
|
$552
|
$1,952
|
|
|
$636
|
$1,874
|
|
|
$726
|
$1,991
|
Car insurance after an accident in Richmond
Having an at-fault accident on your record in the last three to five years could see your premiums in Richmond increase 21 percent more compared to the city average for full coverage car insurance. Although accidents will eventually go off your insurance record, they can cause a significant increase in rates beforehand. To help offset these increased rates, consider some of the cheapest car insurance carriers in Richmond for more affordable policies.
| Insurance company | Average min coverage rate | Average full coverage rate |
|---|---|---|
|
$538
|
$1,692
|
|
|
$636
|
$2,298
|
|
|
$662
|
$2,041
|
|
|
$807
|
$2,444
|
|
|
$874
|
$2,398
|
Car insurance after a DUI in Richmond
If you've been convicted of a DUI in Richmond, then your rates may increase 104 percent more compared to the city average for full coverage car insurance. Few things can increase auto insurance premiums as much as a DUI conviction. Still, finding relatively affordable coverage from the right auto insurance company may be possible. It’s important to note that not all insurers will offer a policy to drivers with a DUI. The best way to know is to request a quote.
| Insurance company | Average min coverage rate | Average full coverage rate |
|---|---|---|
|
$598
|
$1,764
|
|
|
$740
|
$2,106
|
|
|
$787
|
$2,560
|
|
|
$861
|
$2,467
|
|
|
$1,052
|
$3,441
|
Minimum coverage requiremets in Richmond
Minimum coverage requirements in Virginia will be changing after December 2024. Starting in 2025, minimum coverage policy requirements will increase.
Old minimum liability coverage requirements (up to December 31, 2024)
- Injury or death of one person: $30,000
- Injury or death of two or more people: $60,000
- Property damage: $20,000
New minimum liability coverage requirements (starting on January 1, 2025)
- Injury or death of one person: $50,000
- Injury or death of two or more people: $100,000
- Property damage: $25,000
Frequently asked questions
Methodology
Bankrate utilizes Quadrant Information Services to analyze July 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a single, 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 coverage that meets each state's requirements. Our base profile drivers own a 2022 Toyota Camry, commute five days a week and drive 12,000 miles annually.
These are sample rates and should only be used for comparative purposes.
Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), at-fault accident, single speeding ticket and single DUI conviction.
Age: Rates were calculated by evaluating our base profile with the ages 20-70 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations.
Teens: Rates were determined by adding a 16- or 18-year-old teen to their 40-year-old married parents' policy. The rates displayed reflect the total cost of a driver this age added to their parents' policy.
Bankrate Score
Our 2024 Bankrate Score considers variables our insurance editorial team determined impacts policyholders' experiences with an insurance company. These rating factors include a robust assessment of each company's product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.
Each category was assigned a metric to determine performance, and the weighted sum adds up to a company's total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.
-
Cost & ratings 50%
-
Coverage & savings 30%
-
Support 20%
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best, Demotech and the NAIC, were analyzed.
- Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
- Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.