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If you want to find affordable car insurance in Richmond, Bankrate can help. Our insurance editorial team, which includes licensed insurance agents, took a close look at major insurers in the city to figure out which companies typically offer the cheapest rates while still providing robust coverage. We researched average premiums, analyzed third-party rankings for customer service and financial strength and assessed coverage options and available discounts. To help make your auto insurance decision easier, below we’ve compiled reviews of the best cheap car insurance companies in Richmond.
Best cheap car insurance companies in Richmond
Based on our extensive research and using rate data supplied by Quadrant Information Services, we determined that the top three cheapest car insurance companies are Nationwide, Travelers and USAA. In addition to assessing average rates for each company, we looked at how each is ranked in J.D. Power’s customer satisfaction survey.
These studies and other factors — like product availability, financial strength ratings, online capabilities and customer and claims support accessibility — went into each company’s Bankrate Score, rated on a scale from 0.0 to 5.0. Higher scores indicate that a company is dedicated to giving you the best car insurance in Richmond at the lowest price.
|Insurance company||Bankrate Score||J.D. Power score (Mid-Atlantic region)||Average annual premium for full coverage||Average annual premium for minimum coverage|
Nationwide offers Richmond drivers the lowest average rates for full coverage of any company on our list — well below the average cost of car insurance in Virginia. All the standard coverage types are available, as well as an array of optional endorsements or add-ons that can help you to customize your policy. These include accident forgiveness, roadside assistance and a total loss deductible waiver.
Nationwide also offers a vanishing deductible, which could reduce the amount you pay out of pocket by $100 every year you avoid filing a claim. Drivers can take advantage of several discounts, too, including rewards for being a safe driver. However, the company does score below the industry average in J.D. Power customer satisfaction rankings.
Learn more: Nationwide insurance review
Travelers earned a place on our list of the cheapest car insurance companies in Richmond by offering the lowest average premiums for minimum coverage. Plus, the company’s average cost for full coverage insurance is the second-lowest (after Nationwide). If you’re driving a new car, you may be interested in Travelers’ new car replacement endorsement, which pays to replace your vehicle with the same make and model if you total it in the first five years. Other add-ons on offer include rental coverage, roadside assistance and gap insurance.
With Travelers, drivers can explore numerous ways to save with discounts, too. Bundling your auto insurance with homeowners or condo coverage, for example, could potentially save you up to 13 percent. If you move frequently, you may want to avoid Travelers, though, as it is not available nationwide.
Learn more: Travelers insurance review
Active-duty military members, veterans and qualifying family members may gain access to some of the best auto insurance rates in Richmond through USAA. The fifth-largest auto insurer in the nation per the Insurance Information Institute (Triple-I), USAA is not eligible for official ranking by J.D. Power because of its coverage restrictions. But the company has received consistently high scores for customer service and claims satisfaction.
USAA members can potentially take advantage of a number of military-focused discounts on auto insurance coverage, such as a vehicle storage discount if you’re garaging your car on a military installation or a low-mileage discount if you’re rarely using your car. Drivers can also participate in USAA’s SafePilot driving program, wherein you could save up to 30 percent on your auto policy by practicing safe driving behaviors.
Learn more: USAA insurance review
Drivers insured by Erie enjoy affordable average rates with a range of coverage options and discounts. Erie also offers coverage for pets injured in accidents — even if you do not purchase collision insurance — and a diminishing deductible feature for claims-free policyholders. Discounts include safe driving, vehicle safety features, reduced vehicle usage and more. The company does not, however, have a telematics program, which can save drivers a considerable amount on their policies. Erie auto insurance is sold exclusively through independent agents, but its online tool makes it easy to get quotes.
Learn more: Erie insurance review
Mercury is a regional company that offers affordable average rates for car insurance in Richmond. Although its premiums are not the lowest on our list, they are still well below the state’s average for minimum and full coverage. A number of discounts could help you bring down your rate even further, including an autopay discount, an anti-theft device discount and a good student discount.
Mercury only has a few endorsements available, though, including one for roadside assistance and one for rideshare drivers. If you drive for Uber or another rideshare company, it may be worth considering Mercury since few companies offer rideshare insurance.
Learn more: Mercury insurance review
How to get and keep the cheapest car insurance in Richmond
Although the average cost of car insurance in Richmond is more affordable than in other cities, a few strategies can likely help you pay even less. Consider the following tactics for getting — and keeping — your insurance premium low.
- To find cheap car insurance, shop around: Don’t stop after you receive a single quote from an insurer you are interested in. It’s worth the extra effort to get multiple quotes because every insurer uses its own proprietary method for determining rates. That means you may get a wide range of quotes for the exact same coverage.
- To keep cheap car insurance, do an annual insurance audit: Review your insurance annually — either on your own or with an agent — to make sure that the coverage is still what you want and need. You may be eligible for new discounts or discover that you no longer need certain coverage types. Gather a few new quotes, as well, to see if your company is still the cheapest option.
Frequently asked questions
The best car insurance companies in Richmond will vary depending on every driver’s specific situation and personal rating factors. If you are looking for the best car insurance company, you may want to obtain several quotes from different companies to find the right policy or most affordable insurance rates for you. You may also choose to consider the company’s financial stability ratings, customer satisfaction rankings, claims process and other features to find the auto insurer that is best suited to your needs.
The average annual cost for car insurance in Richmond is $528 for minimum coverage and $1,467 for full coverage, which are higher than state averages. How much you pay for auto insurance in Richmond, however, may be calculated based on more than a dozen individual rating factors, including your age, gender, ZIP code, motor vehicle record, credit-based insurance score, claims history, vehicle make and model and the coverage and deductibles you choose.
Insurers look at risk levels when calculating premiums. If the risks in a certain region are higher, it’s likely that the rates for insurance will be higher. In an urban area where there is heavy traffic and more frequent fender benders, insurers may charge more than they would in rural areas, where less congestion may mean fewer accidents. Cities may also have more instances of car theft and vandalism, which could also result in increased rates for residents.
You must carry at least 30/60/20 liability limits to legally drive in Virginia. The amount of coverage you need depends on several factors, including if you financed your car and your tolerance for risk. Talking to a licensed insurance agent may help you determine the proper amount of coverage for you and your family.
Bankrate utilizes Quadrant Information Services to analyze 2023 rates for 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 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 2021 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.
Our 2023 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.
Like our previous Bankrate Scores, 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. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 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 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.