Best car insurance in Virginia for 2023

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.

Before deciding how much coverage you might want or need, you may want to know how much the state requires. Virginia laws require all drivers to maintain at least minimum amounts of bodily injury liability and property damage liability, unless vehicle owners pay a $500 uninsured motorist fee to drive without insurance for a year. Drivers may want to note that a bill has been proposed in Virginia that would eliminate this option, making insurance required for all drivers.

Insurance companies in Virginia must offer you uninsured motorist coverage and underinsured motorist coverage, although you can decline these options in writing. Specific limits and requirements can be found on the Virginia DMV website. The minimum requirements coverage limits were increased in Virginia as of Jan. 1, 2022 for new policies and renewals, the first adjustment since 1975.

If you are paying off a car loan or leasing a vehicle, odds are you’re required to carry more robust coverage. Lenders and leasing companies often require full coverage on financed and leased vehicles. Depending on how old the model is, there can be a significant difference in the amount owed on a vehicle and its actual cash value. Gap insurance can help cover the difference caused by a vehicle’s depreciation, filling in the gap between what it’s worth if totaled in a covered claim and what is owed.

Life circumstances can change, and the best car insurance company for you may change with them. Whether you’re adding a teen driver to your policy or looking for ways to lower your premiums, there are many nuances to consider when it comes to your coverage. Suppose your premium is going up from a major accident or multiple tickets. In those cases, you may want to consider finding an insurer specializing in high-risk drivers. If adding a teenager to your family policy, consider finding an insurer that offers a good student discount or a usage-based telematics program, as these may help offset the higher cost of newer young drivers.

While USAA, Geico and Nationwide often emerge as some of the cheapest car insurance in Virginia, it's essential to recognize that the "cheapest" car insurance is subjective. Rates are influenced by a multitude of personal factors, so what's most economical for one driver might differ for another. For the most accurate reflection of cost, it's recommended to obtain and compare multiple quotes tailored to your specific circumstances.

While Virginia car insurance law allows drivers to opt out of car insurance by paying a $500 uninsured motorist fee, it's worth noting that doing so can leave you financially vulnerable in case of an at-fault accident. Most insurance experts advise securing a policy for comprehensive protection. Remember, even after paying the fee, you could be financially liable for damages from any accident you instigate. In deciding the extent of coverage, it's prudent to consider your vehicle's total value against potential total loss. Engage with your insurance provider or agent to explore any supplementary coverage that might align with your requirements.

When obtaining an insurance quote, you will typically need to provide your vehicle’s information, including the vehicle identification number (VIN) and the make and model of the car. You will also need the date of birth and driver’s license number for every driver listed on the policy and living in your household. If you have current auto insurance, having your declarations page available to reference may be helpful, as it typically includes information needed to start the quoting process.

Yes. In order to purchase license plates and drive legally in the state of Virginia, drivers must carry the state's minimum insurance requirements or pay the $500 uninsured motor vehicle fee.