Virginia is home to more than 4.8 millions of licensed drivers. Virginia drivers require car insurance to protect them in case of an accident. Richmond is home to approximately 223,000 residents. On average, drivers pay $524 per annum for minimum coverage. Full coverage costs on average $1,384 annually.
Bankrate obtained the most current premium information from Quadrant Information Services to help Richmond residents search for the best car insurance. To determine which companies are best, we analyzed each company on the basis of average premium, coverage, discount offerings, customer service scores, financial strength scores, and customer service rankings.
The best car insurance companies Richmond
The following four companies are rated the best in Richmond for car insurance.
| Insurance company | J.D. J.D. (Mid-Atlantic region) | Minimum coverage: Average annual premium | For full coverage, the average annual premium |
|---|---|---|---|
| USAA | 890 / 1,000 | $325 | $937 |
| Geico | 841 / 1,000 | $395 | $1,271 |
| State Farm | 855 / 1,000 | $440 | $1,116 |
| Erie | 850 / 1,000 | $445 | $1,167 |
USAA
USAA offers the best rates in Richmond for veterans, current military personnel and their families. It is not eligible to be ranked by J.D. The company has consistently received high scores in customer service and claims services.
USAA has an A++ rating with AM Best, which means that customers can be confident in the payment of their claims. According to the complaint index of the National Association of Insurance Commissioners, USAA has a slightly lower than average number of customer complaints. A score of 1.0 is indicative of a baseline level in customer complaints. USAA was awarded a 0.97 score for its private passenger car policies.
Geico
Geico is well-known for their basic car insurance policies that are affordable. Geico offers a variety of discounts to customers in addition to their low premiums. Richmond drivers can save money by having vehicle safety features such as anti-theft devices or air bags.
Geico was the top-ranked insurer in the 2020 J.D. The 2020 J.D. Insurance Shopping Study by Power U.S. This is not surprising as many consumers prefer to manage their insurance online. Geico also offers a rich customer experience on its website and a mobile application customers can use to request roadside assistance, access ID cards and other services.
State Farm
State Farm is the most popular insurer for personal automobiles in the United States. Two safety driving programs are offered by the company: Drive Safe & Save (for adults) and Steer Clear (for teens). These programs are designed to teach drivers safe driving habits and save money on auto insurance.
State Farm holds the highest J.D. State Farm has the highest power ranking in the Mid-Atlantic area, scoring 855 out of 1,000. Additionally, the company has an rating with AM Best. State Farm has a 0.69 complaint index rating from NAIC for its personal auto insurance policy.
Erie
Erie drivers are insured at affordable rates and have access to a wide range of coverage options and discounts. Erie provides coverage for pets that have been injured in an accident and a decreasing deductible for policyholders who are not subject to claims. Erie offers discounts for safe driving and reduced vehicle use.
J.D. gave Erie a high score for customer satisfaction. Power landed in second place in 2020 J.D. Power U.S. Auto Insurance Satisfaction Study. Erie’s auto insurance can only be sold through independent agents. The online tool makes finding an agent to quote you auto insurance policy easy.
Richmond has the lowest car insurance
Richmond drivers pay slightly more for car insurance than the average driver in the state Virginia. Drivers in Richmond can expect to pay $524 per year for minimum coverage. The average Virginia premium for this coverage is $441 annually. The average cost for car insurance per annum is $1,384 per year in Richmond, but it is $1,304 in Virginia. Drivers in Richmond and Virginia pay lower rates than the national median of $565 annually for minimum coverage, and $1,674 annually to get full coverage.
To find the cheapest auto insurance in Richmond, we compared the premiums of the most well-known carriers in Virginia based on market share. We evaluated a company’s average premiums and customer satisfaction scores. Also, we looked at financial strength, availability of technology and accessibility, such as a mobile app and website with claims filing.
| Insurance company | Minimum coverage: Average annual premium | For full coverage, the average annual premium |
|---|---|---|
| USAA | $325 | $937 |
| Geico | $395 | $1,271 |
| Travelers | $401 | $940 |
| All over the country | $420 | $855 |
| Mercury | $420 | $1,329 |
USAA Richmond offers the lowest annual rates for minimal coverage, while Nationwide offers full coverage at the lowest annual premium. When shopping for car insurance, however, you need to consider more than just price. When choosing a company, you may want to consider coverage options, discounts and customer service reviews.
Richmond insurance requirements
Virginia, like most other states in the U.S.A., has minimum insurance requirements. You must have at least the following limits in liability coverage to be able to drive legally within the state.
- $25,000 per person for bodily injuries
- $50,000 per accident for bodily injury
- Property damage: $20,000
Although minimum coverage can help keep your auto insurance premiums down, insurance professionals recommend you buy higher liability limits. You may find yourself with out-of pocket expenses if you have only the minimum state insurance limits.
Your lender may also require you to have full coverage car insurance if you have a vehicle loan or lease.
Richmond: Car insurance discounts
Discounts are a great way to lower car insurance premiums. These discounts are available at most insurance companies in Richmond.
- You may be eligible for a discount if you have autopay or paperless discounts. Your payments will automatically be charged to your credit card or bank account. Your premium can be reduced by going paperless when you need to sign insurance documents.
- A good student discount: Insurance companies will often offer a discount to full-time students who have maintained a certain level of GPA or letter-grade average. To qualify for this discount, you may need to show your insurance company a grade card.
- Multiple policies discounts: Bundling auto, house, and other insurance products with one company can often be a boon. This is often because of the large discounts many insurance companies offer.
- Safety features: You may be eligible to lower your premiums if your vehicle is equipped with safety features such as airbags, antilock brakes, or anti-theft devices.
Questions frequently asked
Which is the best auto insurance company?
Each driver’s individual situation will determine the best car insurer in Richmond. Knowing what you value most when it comes insurance will help you choose the right company. Do you prefer a low premium? Do you need specific coverages? Are you looking for mobile tools? It is a great way to determine the right company for you. Compare quotes from different insurance companies to help you choose.
What is the cost of car insurance in Richmond?
Prices will vary depending on where you live, your driving record, your age and the type of car that you drive. The average Richmond resident pays $524 per year for minimum coverage, and $1,384 for full coverage.
What amount of car insurance do you need in Richmond?
To legally drive in Virginia, you must have at least 25/50/20 liability limits. You will need to have the right amount of coverage depending on how you finance your vehicle and what your tolerance is for risk. A licensed agent can help you decide the right amount of coverage.
