How To Find The Most Affordable Car Insurance in Virginia
SmartFinancial Offers Unbiased, Fact-based Information. Our fact-checked articles are intended to educate insurance shoppers so they can make the right buying decisions. Learn More
In Virginia, the average car insurance rate is $901 per year, almost 37 percent less than the national average. The people of Virginia are used to getting super-low deals on car insurance. But those great deals can go even lower. There are tips and strategies for lowering auto insurance. And we will get to those tips a little bit later on. First, we will take a closer look at car insurance in Virginia.
Liability Insurance in Virginia
If you ever cause a car accident, liability insurance pays for other people’s injuries and property damage, up to your liability limit.
In Virginia, drivers are not required to carry liability insurance on their vehicles if they pay a $500 uninsured motor vehicle fee. Once this fee is paid, a driver is legally permitted to drive a vehicle in Virginia without insurance.
Drivers that choose not to pay this fee are required to meet the state’s minimum liability requirements for car insurance.
In Virginia, the minimum liability requirements are $25,000 bodily injury liability coverage per person, $50,000 bodily injury liability coverage per accident and $20,000 property damage liability coverage per accident.
The cost of this minimum liability coverage is around $385 per year.
Uninsured Motorist Coverage
Uninsured motorist coverage helps pay for damages caused by a driver who doesn’t have insurance.
In Virginia, drivers are required to carry a minimum of $25,000 bodily injury per person, $50,000 bodily injury per accident and $20,000 property damage per accident for uninsured motorist coverage.
A More Robust Policy Costs More
A more robust policy with collision insurance and comprehensive insurance and $1,000 deductibles would cost around $792 per year.
Collision insurance is coverage that helps to repair or replace your car if it is damaged in an accident with another vehicle or object such as a fence or a tree. Comprehensive insurance covers events that aren’t covered by collision coverage. These events include fire, theft, vandalism and damages from weather such as a windstorm, a hailstorm, a tornado and a hurricane.
If you have a loan on your car, your lender may require that you carry both collision insurance and comprehensive insurance.
A deductible is the amount you need to pay before your auto insurance company begins to pay for damages to your car or losses. Both collision insurance and comprehensive insurance require deductibles.
Choosing a high deductible is one way to lower your auto insurance premium.
Why Is Car Insurance in Virginia So Cheap?
There are a large number of insurance companies doing business in Virginia and competition drives down insurance rates. Car repair costs also are low in Virginia.
Both these factors lead to low auto insurance premiums for consumers.
Virginia Is an At-Fault State
When it comes to insurance, Virginia is an at-fault state. This means Virginia drivers are responsible for any damage they cause another vehicle. Insurance adjusters determine who is at fault in an accident.
How to Save Money on Car Insurance
Here come the tips on how to save money on car insurance. Use as many as you can to save money on your premium.
Keep Excellent Credit. Insurance companies use consumer credit data to assign risk pools and set insurance rates. Drivers with excellent credit get the best car insurance rates. Drivers with no or poor credit pay much more for their car insurance. In Virginia, a driver with excellent credit saves around $788 per year on car insurance, compared with a driver with bad credit. Credit need a boost? Get all past due accounts current, pay down debt and avoid taking on new debt. Get in the habit of paying your credit bills on-time. This will help you build a positive payment history, which is good for your credit score.
Be Responsible on the Road. If you are a safe and responsible driver and follow the rules of the road, you will save money on your car insurance. In Virginia, a driver without a recent at-fault accident saves 33 percent on their car insurance. But break a few rules and premiums head up. In Virginia, car insurance premiums increase by 29 percent after a DUI, 33 percent after an at-fault accident and 15 percent after a speeding ticket. What does that mean in dollars and cents? The first, minor, at-fault accident costs $438 per year on car insurance. A DUI will raise yearly car insurance premiums by $369. So stick with the rules of the road and save money. Been a good driver? Request a good driver discount from your auto insurance company. You’ve earned it with your good behavior out on the road.
Be a Married Motorist. If you are married, you will pay less for car insurance. There is a correlation between being married and exhibiting safe driving behavior. Because of this, married motorists pay less for car insurance than singles. In Virginia, married motorists save $87 per year on car insurance.
Pay Once or Twice a Year. Rather than paying monthly auto insurance bills, pay the entire annual amount or six-months amount. Your premium is lower when you pay just once or twice a year.
Make Use of a Multi-Car Discount. Insure more than one car with the same auto insurance company and save with a multi-car discount.
Try Bundling. Bundle your auto insurance policy with another insurance policy such as a homeowners policy and save money.
Check Memberships. Members of some professional organizations and affiliates get discounts on car insurance. Review your memberships to see if you are eligible for a discount.
Review Car features. Having certain anti-theft and safety features on your car will lower your car insurance premium. Check your car’s features with your insurance company to find out if you are due a discount.
Spend Less on Older Cars. The maximum payout for collision coverage and comprehensive coverage is limited by the value of the car. So if your older car has a low market value, it may not make financial sense to carry collision and comprehensive coverages any longer.
Age Matters. Drivers who are younger than 25 and older than 65 have more serious accidents and pay more
for car insurance. Drivers of the ages in-between pay less.
Be a Female Driver. Women make fewer accident claims than men and are rewarded with lower auto insurance rates. Men make more accident claims and pay more.
Keep Mileage Low. If you are a heavy commuter that racks up the miles, you are going to pay more for your car insurance. If you are a low-mileage driver, you will pay much less on your car insurance. So drive less and save money on your car insurance.
Maintain Coverage. You will pay higher insurance rates if you don’t maintain continuous coverage of your auto insurance. So stick with your auto insurance coverage and save money.
Opt for a Higher Deductible. As mentioned earlier, choosing a higher deductible will save you money on your car insurance premium. Just be sure to put the deductible amount in a small emergency fund. This way the money will be there if you should need to file a claim.
Own a Home. Statistics show that people who own homes drive more safely. So let your insurance company know that you own your home and enjoy the savings on your auto insurance premium.
Safety First. If you live in a neighborhood with high accident claims and auto theft, you will pay more for your car insurance. If you live in a neighborhood with low accident claims and low crime, you will pay less on your car insurance. So choose a safe neighborhood and save money on your car insurance.
Check for Discounts. The good driver discount already has been mentioned. There are discounts for veterans and students as well. So be sure to reach out if you qualify.
Shop around. One of the best ways to save money on car insurance is to shop around. You will want to get insurance quotes from several different insurance companies. SmartFinancial makes this easy to do. Just input the type of insurance you are looking for and a zip code to start. Next, answer a few, quick questions and you’ll be comparing auto insurance rates in Virginia in no time.
SmartFinancial has access to more than 200 insurance companies so you are bound to find the insurance coverage and price you are looking for.
So shop smart for car insurance and drive safely along the roadways of Virginia.