Cheap Car Insurance in Richmond, VA
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UPDATED: Sep 13, 2021
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Richmond is the capital city of Virginia and one of the state’s oldest towns. Its history can be traced back nearly 400 years to early American colonization. Today, Richmond is a booming metropolis which spans the land area of three different counties and a plethora of successful social and industrial development projects.
- Fun fact: Attention, single guys! Richmond is #30 on the list of “Top 100 cities with the largest percentage of females (pop. 50,000+)”. Learn more about Richmond by visiting here.
Auto Insurance Coverage Requirements in Virginia
Driving legally in Richmond requires:
|Bodily Injury Liability||25,000/50,000||100,000/300,000|
|Property Damage Liability||20,000||50,000|
|Uninsured Motorist Bodily Injury||25,000/50,000||100,000/300,000|
|Medical Payments||Not required||5,000|
|Collision||Not required||250 deductible|
|Comprehensive||Not required||0 deductible|
Like some US states, Virginia only requires Liability and some Uninsured Motorist coverage in order to drive legally. However, unlike other states, the minimum amounts of coverage which you must purchase are somewhat higher than they are in nearby states.
Here’s a little more information about Virginia Car Insurance: the state average for all motorists is somewhere around $93 each month, sometimes just for very basic coverage. But Richmond residents might be able to lower that down to $34/mo* if you let us show you how!
Some of the most affordable rates are being offered by Erie or Allstate right now. But affordability sometimes implies more than what follows the dollar sign. Sure, a company may advertise a low rate, but what if they make it difficult to file a claim? Suddenly, that bargain insurance comes at a very steep price.
Companies that underwrite auto insurance plans contemplate numerous factors while determining insurance rates, among them marital status, geography, your credit report, education, and current insurance coverage and limits. On top of that, premiums differ from amongst providers. To make sure that you’re still paying the cheapest price, assess cheap Richmond auto insurance premiums over the internet.
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Major Car Insurance Factors in Richmond
You could possibly feel a little helpless when your car insurance company is pricing your rate; after all, almost all the things that they analyze aren’t issues you will be able to alter or control. Thankfully, however, there are a few things which you may be able to modify for increased discounts, including:
Your Zip Code
The spot where you store your automobile nightly will probably have a major influence on your auto insurance rate. Generally, car insurance cost less in outlying areas merely because fewer automobiles means a smaller possibility that you will get in a wreck with another automobile. The populace of Richmond is 214,114 plus the usual family earnings are $39,193.
Take a look at the accident statistics below. Richmond has some of the lowest per capita accident statistics in the entire state. And in cities with lower accident rates, insurance premiums automatically drop. But ask your provider if you might be eligible for a safe driver discount, just in case.
Auto Thefts in Richmond
Acquiring cheap auto insurance can be tough if you’re vulnerable to auto theft. Specific trendy automobile models tend to be appealing to thieves, in addition to motor vehicles which are left frequently in big cities. The full number of stolen automobiles in 2013 was up to 938 for Richmond. This unfortunately high rate of theft means you should definite invest in come Comprehensive coverage with as low of a deductible as you can afford.
Your Credit Score
In many states, insurance providers charge very harsh penalties and/or raise premiums sky high if you happen to have a poor credit score. Virginia is no exception. Some drivers with poor credit can expect as much as double the monthly payment compared to other drivers. But some providers, like Nationwide, may not give as steep of an increase in monthly premiums.
Teenage drivers in Virginia are saddled with unfortunately high monthly rates, just like many other young drivers across the country. This is due to their lack of driving experience and inherently higher risk. But thankfully, a Good Student or Driver’s Ed discount can help reduce the burden.
Your Driving Record
Having a serious accident on your record could end up doubling your monthly rate, and many providers won’t offer coverage for serious violations (like a major at-fault accident). But check with your company and ask about a new discount that’s going around: it’s called Accident Forgiveness, and it could save you some money if you don’t have anything too extreme on your driving record.
There aren’t many scenarios where you can get away with carrying the state minimum coverage on, say, a Porsche or a Ferrari. Then again, why would you want to? Carrying anything less than a luxury insurance policy for a luxury vehicle is going to cost you more in theft, maintenance, and repairs than it will in monthly premiums over the long term.
Minor Car Insurance Factors in Richmond
Don’t forget about these lesser, but still fairly important, factors:
Your Marital Status
If you’re sick of ridiculously high insurance prices in Virginia, try bundling your auto policy together with that of your spouse. You can also get bundling discounts for bundling boat, RV, or motorcycle insurance, too.
Insurance companies are slowly but surely moving away from the old practice of charging men and women different rates. Yes, there are still a handful of companies which still do, but getting them to agree on which gender deserves to be charged more is almost impossible.
Your Driving Distance to Work
Depending on several factors, commuting around Richmond might take a little while. The majority of trips will last between 18 and 31 minutes for most drivers, and many of those people will be driving to work alone in their truck or car (about 73% to be specific). Less than 25% carpool in certain areas, and only 4% take the bus.
You may have heard a rumor about how driving fewer miles can lower your rates. Well, that rumor is true. However, you’d have to cut somewhere between 15-20 miles out of your daily driving just to see a 3-4% discount.
Your Coverage and Deductibles
Raising your deductible is a great way to take some of the financial risk off of your insurance provider. And in turn, they’ll reward you with a lower premium. But do yourself a favor, and save up a little money first. Because you’ll be stuck if the worst happens and you suddenly don’t have the money to pay your deductible.
Education in Richmond, VA
Nearly one-quarter of the Richmond population has yet to successfully complete their secondary level of education, while another 24% has earned a high school diploma. On top of that, 19% have pursued a four-year education and earned a degree for it – a degree which will entitle them to auto insurance savings for the foreseeable future!
Virginia Commonwealth University is one of the largest schools in Richmond, with an average annual enrollment of over 24,000 students, a prestigious medical school, and more than 150 different degrees for curious students to pursue. There are also private universities such as Virginia Union University, which is affiliated with the Baptist Church and boasts a diverse body of students. And for the pupil who wants a practical degree in half the time, try looking into the J. Sergeant Reynolds or the John Tyler Community Colleges.
You mustn’t permit a poor car insurance agency persuade you into choosing a auto insurance policy that’s not good for you. Of course, the sum of related information needed in order to approximate your own risk profile might be too much to handle, however comparison internet websites such as this can help make your search quicker. Simply just submit a few details below, and just allow us to take it from there.
How We Conducted Our Car Insurance Analysis
*We calculated our average rate based on the following metrics: a married, 34 year old male with good credit, a 12-month history of maintaining auto insurance, a clean driving record, who owns his own home. Miles driven annually were based on the national average. The average rate was also calculated based on a financed 2015 Honda Accord with a pre-installed anti-theft device.
Compare rates immediately and save tons on your upcoming insurance payment.