Best car insurance companies in Virginia
Not all insurance companies may suit your specific needs when it comes to auto insurance. To find the best companies in Virginia, Bankrate reviewed multiple aspects of each company, including average premiums, coverage options, discounts and third-party ratings, including J.D. Power’s customer satisfaction ratings for the Mid-Atlantic region. Our proprietary Bankrate Score is based on our methodology, which analyzes industry average rates from Quadrant Information Services and third-party agency ratings. Each company was assigned a Bankrate Score on a scale of 0.0 to 5.0. The higher the score, the more highly that company ranked in each category.
Our insurance editorial team then conducted a qualitative analysis, comparing each company’s rates and scores against critical factors like customer satisfaction, financial strength and policy resources. Based on our analysis, these top five carriers offer the best auto insurance in Virginia:
|Car insurance company||Bankrate Score||Average annual premium for full coverage||J.D. Power customer satisfaction score
State Farm is the largest insurer of private passenger auto policies in the U.S., with more than 16% market share, according to the Insurance Information Institute (Triple-I). For Virginia drivers, the company offers an average full coverage premium that is below the state’s average, as well as discounts that may lower your premium even more. If you like having all your financial products in one place, State Farm may be a good option with banking and investment products, as well as health, life and property insurance. The company earned a high 4.7 Bankrate Score and third place for customer satisfaction in the Mid-Atlantic region from J.D. Power. The full-lines insurer also carries an A++ (Superior) financial strength rating from AM Best, the highest level possible. However, State Farm doesn’t have as many optional coverage choices as some of its competitors.
Learn more: State Farm Insurance review
If budget is your primary concern, Geico may be a good company for you. Although its full coverage premium is the highest on our list, Geico, the second-largest U.S. auto insurer with 13.6% market share, offers discounts to policyholders that could help reduce your premium. You may be able to save by being a safe driver, a federal employee or a military service member, for example. Geico also has an extensive customer portal on its website and a user-friendly mobile app. You can file a claim, call for roadside assistance and pay your bill without ever needing to talk to a representative. The company also carries an A++ (Superior) financial strength rating from AM Best. However, Geico trails behind the regional industry average for J.D. Power Mid-Atlantic ratings, though it received a 4.7 Bankrate Score due to its overall performance across other categories factored into the score.
Learn more: Geico Insurance review
Travelers comes in just below the industry average for customer satisfaction, but it still receives a high Bankrate Score based on its multifaceted coverage. The 10th-largest U.S. auto insurer offers several endorsements that allow you to tailor your auto policy to your specific needs, including ridesharing coverage, gap insurance and new car replacement coverage. Travelers also offers numerous other insurance products, including home, umbrella and boat insurance, and bundling your policies with Travelers could earn you a discount. In addition to a multi-policy discount, you may be able to save by owning a home, or buying a new car, an electric car or a hybrid vehicle. Travelers is rated A++ (Superior) by AM Best.
Learn more: Travelers Insurance review
With coverage in just 12 states, Erie is considered a super-regional insurance company. If you are looking for a company with local independent agents, Erie may be a good place to start your search. Although its premiums are already lower than Virginia’s average, Erie offers several discounts to help you save even more. One attractive feature of Erie’s auto coverage is its accident forgiveness option, which forgives one at-fault accident to protect policyholders premiums from increasing. You may also earn a deductible reduction of $100 for every year you do not file a claim. Erie has the second-highest ranking for customer satisfaction in the Mid-Atlantic region and outscores other popular providers in our Bankrate Scoring model. AM Best also rates Erie A+ (Superior) for its financial strength. However, Erie’s average annual premium isn’t the lowest, so it might not be a good choice for drivers looking for the cheapest rates.
Learn more: Erie Insurance review
Nationwide Mutual Group, the eighth-largest U.S. auto insurer, offers the lowest full coverage auto insurance rates on our list and may be a good choice if you are on a budget. The company offers standard auto insurance coverage with a few options for customization, including roadside assistance and gap insurance. Discounts are also available to those who qualify. In addition to auto insurance, Nationwide also offers homeowners, condo, renters, life and pet insurance policies. The company was rated A+ (Superior) for financial strength from AM Best. However, Nationwide receives a below-industry-average score from J.D Power, the lowest customer satisfaction score on our list.
Learn more: Nationwide Insurance review
Average cost of car insurance cost in Virginia
The average cost of car insurance in Virginia is quite a bit lower than the national average for both minimum coverage and full coverage. While the national average for full coverage is $1,771, Virginia’s average cost of full coverage car insurance is $1,340. The lower rates in Virginia may be attributed to lower cost of repairs, fewer damaging weather events and population density differences. These rates are based on 2022 quoted annual premiums from Quadrant Information Services. Rates are estimates and may vary by state, driver profile and individual company.
|Average annual premium for minimum coverage in Virginia||Average annual premium for full coverage in Virginia|
How to find the best car insurance in Virginia
The best car insurance for one driver is not always the best for another, yet there are some crucial tips and tricks for finding the best car insurance for you. Car insurance rates and coverage can be very individualized. What works best for you will depend on your situation. It’s vital to consider how risky of a driver you are, as well as being pragmatic about how much you can spend on premiums. Below are further guidelines for evaluating what might be the best Virginia car insurance for you.
Consider minimum insurance requirements in Virginia
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. Insurance companies 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.
Consider lender requirements
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.
Consider your individual needs
Life circumstances can change, and some of these changes can benefit from alterations in coverage. 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 can help offset the higher cost of newer young drivers.
Car insurance discounts in Virginia
Depending on your insurance company, there may be auto insurance discounts to consider in Virginia. In general, the more of these you can qualify for, the more you can save on premiums. However, not all drivers will be eligible for all discounts, and eligibility requirements and discounts offered can vary between insurers.
- Young driver discounts: Discounts designed for young drivers may be offered, including good student discounts, distant student discounts and drivers training discounts.
- Safe driver discounts: Insurers often offer discounts tailored to drivers that have demonstrated safe driving patterns and habits. These discounts can be in the form of a usage-based telematics discount, where driving behaviors are monitored through a mobile app or plug-in device to earn a discount, a claims-free discount or a discount for having specialized safety features on your vehicle.
- Other discounts: Many insurers offer other forms of discounts, such as low-mileage, multi-car, policy building, paperless billing and paid-in-full discounts to help reduce insurance costs.
Frequently asked questions
Bankrate utilizes Quadrant Information Services to analyze 2022 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 coverage that meets each state’s requirements. Our base profile drivers own a 2020 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.
Bankrate Scores primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for drivers to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.
To determine how well the best car insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moodys had the most impact on the companies’ Bankrate Scores. As price is a common consideration for drivers, we analyzed quoted premiums based on 40-year-old male and female drivers with a 2020 Toyota Camry. This profile, assessed across more than 35,000 ZIP codes in the U.S., provided a basis on which drivers may compare each provider.
While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.