Cheap Car Insurance Companies In Virginia

The average semiannual cost of car insurance in the state of Virginia is $670.50. An insured premiums are influenced by more variables than purely their place of residence. Car insurance underwriters calculate auto insurance rates after assessing a range of criteria such as the policyholder’s age, driving record, marital status, and credit rating. We examined typical car insurance costs in Virginia across each of the predominant rating factors. We aim to provide consumers insight to identify a car insurance policy that meets their needs and budget.

*Data Methodology – Updated 3/3/2024

The Virginia car insurance rates are based on a 35-year-old male with the most popular car (Honda Accord) living in VA. The Quote is for full coverage with comprehensive at $500 deductible and collision at $500 deductible.

Virginia Minimum Liability Coverage

Virginia requires all drivers to have at least $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $20,000 of property damage coverage. This is known as the 25/50/20 minimum liability coverage. Here are the details:

Bodily Injury Liability Coverage Per Person: This coverage protects you financially if you injure someone else in a car accident, up to $25,000 per person.

Bodily Injury Liability Coverage Per Accident: This coverage protects you up to $50,000 total if multiple people are injured in an accident you cause.

Property Damage Liability Coverage: This coverage covers damage you cause to someone else’s vehicle or property, up to $20,000. This includes damage to other vehicles, fences, mailboxes, road signs, and other property.

The 25/50/20 limits are considered the minimum required liability insurance in Virginia. However, many insurance experts recommend higher limits, especially if you have substantial assets. Higher limits provide better protection if someone is seriously injured or you damage an expensive vehicle.

Penalties for Driving Without Insurance in Virginia

Driving without car insurance is illegal in Virginia, and penalties for doing so can be severe. If you are caught driving uninsured in Virginia, you will face the following penalties:

• A fine of $500 for a first offense and $750 for subsequent offenses. The fines increase by $50 for each year you remain uninsured, up to a maximum of $1,000.
• A six-month license suspension for a first offense and a one-year suspension for subsequent offenses within five years. You will also have to pay a $145 reinstatement fee to get your license back.
• Your vehicle may be impounded for up to 30 days, and you will have to pay towing and storage fees to get it released. These fees can be several hundred dollars.
• You may be required to file future proof of insurance. This means showing the DMV proof of active car insurance for a period of time, usually three to five years, after being cited for driving uninsured.
• You may face higher insurance rates in the future. Insurance companies often increase premiums for drivers with citations for driving uninsured as they are viewed as higher risks.

The penalties are meant as a deterrent to discourage driving without insurance. In addition to the penalties, driving uninsured also means you would have to pay for any costs arising from an accident yourself. Having car insurance is the law in Virginia, so be sure you have an active insurance policy before driving.

Auto Insurance Rates in Virginia

Auto insurance rates in Virginia vary based on several factors. Some of the most important factors that determine your rates include your driving record, the type of car you drive, the coverage limits you choose, and where you live in Virginia.

Your driving record has a major impact on your rates. Any speeding tickets, accidents, or violations on your record in the past three to five years will likely cause your rates to increase. The more infractions you have, the higher your rates will be. Insurers see drivers with clean records as lower risk.

The make, model, and year of your vehicle also matter. Newer vehicles tend to have advanced safety features that help lower insurance costs. Sports cars and luxury vehicles generally cost more to insure due to higher repair costs and higher chances of theft.

The amount of coverage you choose, such as your liability limits, collision coverage, and comprehensive coverage, impact your rates as well. The higher the coverage limits you select, the higher your premiums will be. Only carry the coverage you need, not more than that.

Finally, where you live in Virginia plays a role. Urban areas tend to have higher insurance rates due to more claims from traffic and higher crime rates. Rural areas see lower rates on average.

Low Cost Car Insurance Programs and Discounts in Virginia

There are several ways to lower the cost of your car insurance premiums in Virginia. Some insurance companies offer low cost car insurance programs specifically for lower income individuals or those with poor credit. Discounts are another common way to save, with most insurers offering multiple discounts for factors like good grades, defensive driving courses, multi-policy, and more.

If you qualify based on income, consider applying for low income auto insurance programs. State Farm and Allstate offer programs for lower income individuals that can provide coverage at reduced rates. You may need to provide proof of income to show you meet the eligibility requirements.

In addition to income-based programs, most major insurance companies offer various discounts. Some of the most common and highest value discounts in Virginia are:

• Good student discount. If you have a GPA of 3.0 or higher, you may qualify for a discount of up to 25%. Some insurers require a B average.
• Defensive driving course discount. Completing a defensive driving course can earn you up to 10% off in Virginia. The discount typically lasts for three years.
• Multi-policy discount. Bundling your auto and home insurance with the same company often earns a 5% to 10% discount.
• Anti-theft devices. Having an anti-theft device like LoJack installed can lower rates by 5% or more.
• Military discount. If you are active military, a veteran, or part of the National Guard, you may qualify for a discount of 5% to 15%.
• Good driver discount. Having a clean driving record for several years in a row can earn you a discount of up to 10%.

Virginia Car Insurance Statistics

Virginia has some interesting statistics when it comes to car insurance. Here are some key facts you should know:

• Virginia has the 20th highest car insurance rates in the country, averaging $1,065 per year for minimum liability coverage. This is higher than the national average of $935 per year.
• Teen drivers in Virginia have some of the highest insurance rates in the nation. The average annual premium for 16-year old drivers is $4,920. This is due to the high risk associated with young and inexperienced drivers.
• Uninsured motorist rates in Virginia are lower than the national average. Only around 7% of drivers in Virginia are uninsured, compared to around 12% nationwide. This is likely due to Virginia’s uninsured motorist fee of $500.
• Virginia is a “no-fault” state for car insurance. This means that your own insurance company covers your medical expenses and repairs following an accident, regardless of fault. At-fault drivers only face liability claims from the other parties involved.
• Credit scores impact insurance rates significantly in Virginia. Drivers with poor credit generally see insurance premiums that are 20% to 40% higher than those with good credit scores.

The 10 Largest Virginia Car Insurance Companies

Virginia drivers have many options when shopping for car insurance. Here are the 10 largest auto insurance companies in Virginia based on market share:

1. State Farm – State Farm has the largest market share in Virginia at 14.4%. It is known for affordable rates and a good claims process.
2. GEICO – GEICO has the second-largest market share at 12.6%. They are known for their 24/7 claims service and affordable rates.
3. Allstate – Allstate has a 9.7% market share in Virginia. They offer many discounts and options for policy bundling with homeowners insurance.
4. Farmers – Farmers has a 6.4% market share in Virginia. They offer many discounts and claims are handled by in-house adjusters.
5. USAA – USAA has a 5.2% market share. They specialize in serving military families and offer many discounts for good drivers.
6. Liberty Mutual – Liberty Mutual has a 5.1% market share. They offer many policy discounts and options for bundling insurance.
7. Travelers – Travelers has a 3.9% market share. They are known for affordable rates and a good claims process.
8. MetLife – MetLife has a 3.2% market share. They offer many discounts and options for bundling multiple insurance policies.
9. Nationwide – Nationwide has a 2.9% market share. They offer many discounts and policy options to fit different budgets and needs.
10. Progressive – Progressive has a 2.6% market share in Virginia. They are known for affordable rates, especially for high-risk drivers.