Virginia has a rich history and stunning landscapes. The state also has over 5.8 million licensed drivers. Virginia drivers pay an average cost of car insurance of $1,304 per year, according to Bankrate’s 2021 study of quoted annual premiums. Residents might find it important to get the best car insurance in Virginia, as drivers must have at least the minimum level of liability coverage.
Virginia drivers might want to compare several companies when searching for car insurance. Quadrant Information Services was used by Bankrate to get the most current premium information from Old Dominion companies. This data was reviewed by our editorial team, who also analyzed the J.D. of each company. Power scores, financial strength scores, available coverages, discount offerings and claims satisfaction scores to determine the best insurance companies in Virginia.
Virginia’s best car insurance companies
There are many insurance companies that may not be able to meet your needs, especially when it comes auto insurance. Bankrate looked at multiple factors of each company to determine the best ones in Virginia. This included average premiums, coverages and discounts, as well as third-party ratings including J.D. Power’s Mid-Atlantic customer satisfaction ratings. Our unique Bankrate Score is based upon our methodology. It analyzes industry average rates using Quadrant Information Services, and third-party agency ratings.
The insurance editorial team conducted a qualitative assessment of each company’s rates, scores, and other critical factors, such as customer satisfaction, financial strength, and policy resources. These top five carriers are the most trusted in Virginia for auto insurance.
Erie
Erie, which has coverage in 12 states only, is considered a regional insurer. Erie is a great place to start your search if you’re looking for local agents. Erie has several discounts that will help you save more, even though its premiums are lower than Virginia’s. An especially attractive feature is the accident forgiveness option, which forgives one accident to protect policyholders from increased insurance premiums. For every year that you don’t file a claim, you can earn a $100 deductible reduction. Erie is ranked second in customer satisfaction in the Mid-Atlantic and has a higher score than other providers in our Bankrate scoring system.
Geico
Geico might be the right company for you if budget is your main concern. Geico’s full coverage premium is the most expensive on our list. However, they offer a variety of discounts for policyholders. There may be savings if you are a safe driver, federal employee, or military service member. Geico has a comprehensive customer portal on its website as well as a mobile app that is easy to use. It is easy to file a claim, get roadside assistance, and pay your bill online without having to speak to anyone. Geico is behind the J.D. regional industry average. Although Power Mid-Atlantic is not as high as other providers, it still ranks well behind the regional industry average for J.D.
All over the country
Nationwide has the lowest premium for full coverage on our list. This may make it a good option if you’re on a tight budget. Nationwide offers standard auto insurance with some customization options, such as roadside assistance or gap insurance. For those who are eligible, discounts may also be available. Although Nationwide receives a below-industry-average score from J.D Power, the National Association of Insurance Commissioners (NAIC) reports a lower-than-average number of complaints associated with Nationwide’s private passenger auto insurance products.
State Farm
State Farm is the largest insurer of private passenger auto policies in the United States. The average premium for full coverage is lower than the state average. There are also discounts that could help to reduce your premium. State Farm is a great option for those who like to have all their financial products in one location. State Farm also has the highest Bankrate Score. They have local agents that may be better at understanding the needs of Virginia drivers than an internet representative.
Travelers
Although Travelers is not as satisfied with its customer service, it has a good Bankrate score due to its broad coverage. You have many options to customize your auto policy, including ridesharing coverage and gap insurance. There are many other insurance products offered by the company, such as home, umbrella, and boat insurance. You might get a discount by bundling all of your policies with Travelers. You may also be eligible for a multi-policy discount if you own a home even though you don’t insure it with Travelers. A discount may be available if you have a new, electric or hybrid vehicle.
Virginia’s average cost for car insurance
Virginia drivers pay a lot less for auto insurance than the national average, both for minimum and full coverage.
The national average cost of car insurance in the U.S. is $1,674 per year for full coverage and $565 for minimum coverage. Virginia’s average premiums, which average $1,304 per year for full coverage and $441 per year for minimum coverage, are considerably lower. Your price may be slightly different. Prices for auto insurance are determined by many factors such as your age, gender and marital status. These rating factors are combined with the company’s proprietary rating algorithm to create your personal rate.
Virginia’s minimum insurance requirements
Virginia, like most states requires drivers to have minimum coverage for their auto insurance in order to be able to drive legally. Virginia drivers must have at least these levels of coverage.
- $25,000 per person for bodily injury
- $50k bodily injury per accident
- Property damage up to $20,000
While purchasing minimum coverage may result in a lower premium but most agents agree that you should buy higher liability limits. You could be responsible for out-of-pocket costs if you cause an accident. The minimum coverage limits in your state may not cover all damages. You do not get any coverage for vehicle damage. Your lender may also require you to have full coverage if you finance your vehicle with a loan, lease, or other type of financing.
Virginia’s car insurance laws allow you to drive legally and register your vehicle without the need for insurance. You must also prove that you can pay the damages or injuries you cause financially to be eligible for this.
How to get the best car coverage
No two car insurance providers are the same. Comparing multiple companies based upon coverage and cost is one of the best ways you can find the best options. You might want to compare the features of different insurers when getting quotes.
- Assess your needs. Auto insurance is not an all-inclusive product. Every person has different needs, which can impact the coverage options they may consider. You should consider your financial goals, your budget, and the vehicle’s value when shopping for auto insurance. For example, some drivers may drive more miles per year in Virginia than others. This could allow them to receive low-mileage discounts.
- Take into account state factors. The area you live in can have a significant impact on the coverage you receive. Hurricanes and flooding are common in the state’s coast areas. Virginia has dense traffic which increases the risk of road accidents and creates a high number of uninsured and criminal drivers who pose a threat to auto safety. These are just a few of the factors you should consider when purchasing Virginia auto insurance.
Virginia auto insurance discounts
Virginia car insurance isn’t as expensive as other states but there are still ways you can save. Discounts are a great way to reduce your auto insurance premium. These discounts are common in Virginia:
- Multi-policy discounts and multi-car discounts. If you have multiple insurance policies, such as auto and homeowners insurance, you might be able to save money by having them all insured with the same company. Multiple vehicles can often be insured with the same company and you may get a discount.
- You may qualify for discounts if you choose to receive your billing statements or policy documents via email instead of by post.
- Safety discounts for vehicles: You may be eligible to receive a discount if your vehicle features safety features such as side curtain airbags, antilock brakes, or forward collision warning.
- Student discounts may be available: A discount may be possible if your teen is a full time student who has a minimum of a B letter grade.
Each company offers different discounts. You might call your agent if you’re unsure if your company offers any discounts.
Questions frequently asked
What is Virginia’s cheapest car insurance company?
The cheapest car insurance company will be different for everyone. Your driving record, age, and address all play a role in auto insurance premiums. It is a good idea to identify your needs first and then compare quotes from different companies.
What amount of car insurance do you need?
While Virginia car insurance laws require car insurance for all drivers, the amount of car insurance that you need is different for every driver. It is important to calculate the vehicle’s total value before deciding how much coverage you need. This will allow you to know what your costs would be if you lose your car. You can always ask your insurance provider for additional coverage before you buy your policy.
What are the requirements to obtain Virginia car insurance?
You will need to provide your vehicle information when applying for insurance. This includes the VIN number and make and model. For each driver, you will need their date of birth and driver’s license numbers. It is a good idea to keep your declaration page handy if you have auto insurance.
What is the best type of car insurance for Virginia?
Your lender may require that you have complete coverage if you finance your vehicle. Virginia’s minimum liability insurance does nothing to protect your vehicle in the event that it is totaled or damaged. You may consider purchasing full coverage car insurance even if your vehicle is not subject to a loan or lease. This will provide financial protection in the event of damage to your vehicle. A licensed agent can help you decide if you need full coverage.
