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Table of Contents
- Virginia Auto Insurance Costs by Insurer
- Virginia Auto Insurance Premiums by Driver Age
- Virginia Car Insurance Premiums by Gender and Marital Status
- Average Virginia Insurance Rates After a Violation or Accident
- Virginia Auto Insurance Premiums by Credit Tier
- Expensive Virginia Zip Codes
- Cheaper Virginia Zip Codes
- List of Insurance Companies in Virginia
- No-Fault Insurance in Virginia Information
Virginia Auto Insurance Costs by Insurer
In Virginia, drivers pay less than the national average for auto insurance. The average annual rate is $901, which is more than 30 percent lower than the national average. Certain factors will impact the cost of an insurance policy, including age, driving history, and location. The most affordable insurers in the state include:
- Nationwide: $815 per year (full coverage policy)
- Virginia Farm Bureau: $890 per year (full coverage policy)
- Travelers: $951 per year (full coverage policy)
- Alfa: $994 per year (full coverage policy)
- Erie: $996 per year (full coverage policy)
Virginia Auto Insurance Premiums by Driver Age
The age of the driver plays a role in the cost of insurance. Younger drivers tend to have the highest rates, as insurance companies view them as the highest risk and charge accordingly. The Zebra reports that the average annual premium for a 16-year-old driver in Virginia is $4185, while the average annual premium for drivers in their 40s is $837. The cost of insurance does start to increase again for drivers in their 70s and above.
Drivers in their 20s can get the cheapest auto insurance from Alfa, which offers minimum coverage at an average of $568 per year. The same company offers the lowest rates for full coverage at an average of $1582 per year. NerdWallet data shows that other affordable insurance options for minimum coverage include Travelers at $608 per year, Geico at $666 per year, and Virginia Farm Bureau at $777 per year.
Virginia Car Insurance Premiums by Gender and Marital Status
Although some states have banned gender as a factor in setting auto insurance rates, Virginia still allows for the use of this factor. However, the pricing isn’t drastically different between men and women. The average annual rate for male drivers in the state is $894.16, while the annual average for females is $894.81.
Your marital status is a factor used to set auto insurance rates, as well. In most cases, married drivers pay less than single, widowed, and divorced drivers. In Virginia, a married driver saves an average of $87 per year, with averages coming in at:
- Single: $894
- Married: $807
- Divorced: $894
- Widowed: $841
Average Virginia Insurance Rates After a Violation or Accident
Your driving history is one of the most significant factors in your insurance rates. Nearly all insurance companies look at your previous violations and accidents to determine the level of risk they would be taking on by insuring you. Those with a higher number of violations or accidents pay a lot more for car insurance, as the insurer views them as higher risk and more likely to file claims. In some cases, drivers with a large number of violations may not qualify for insurance through certain companies.
The severity of your infraction will impact your overall rates. The infractions that cause the highest increases in auto insurance premiums for Virginia drivers include DUI/DWI, reckless driving, open container violations, and at-fault accidents. Below is an outline of the average annual rates for drivers with specific violations:
- Speeding (16-20 over speed limit): $1208
- Speeding (21-25 over speed limit): $1220
- DWI/DUI: $1270
- At-fault accident: $1338
- Open container: $1418
- Reckless driving: $1548
Virginia Auto Insurance Premiums by Credit Tier
Credit history is another factor taken into account when assessing a driver’s potential risk. Data shows that drivers with better credit scores file fewer claims than those with lower credit scores. If you have a high score, you can save close to $800 per year in the state of Virginia.
Below is a breakdown of the average annual rate based on credit tier for Virginia drivers:
- Exceptional (800-850): $821
- Very Good (740-799): $937
- Good (670-739): $1108
- Fair (580-669): $1324
- Very Poor (300-579): $1609
Expensive Virginia Zip Codes
Auto insurance rates also vary based on your location. Certain zip codes in Virginia have notably higher rates than others. One of the most expensive zip codes in the state is 22312, which includes the city of Alexandria. On the high end, CarInsurance.com reports that drivers pay as much as $2871 per year and $1425 per year on average.
Cheaper Virginia Zip Codes
AutoInsurance.org reports that one of the least expensive zip codes in Virginia is 24450, which includes the city of Lexington. Another more affordable zip code is 24060, which includes Blacksburg. Drivers pay an average of $1005 per year in that area.
List of Insurance Companies in Virginia
Many insurance companies offer coverage to drivers in the state of Virginia. According to Bankrate, some of the main insurers include Geico, Nationwide, Virginia Farm Bureau, Travelers, State Farm, Alfa, Erie, Progressive, and Donegal.
No-Fault Insurance in Virginia Information
The state of Virginia utilizes a no-fault system for financial responsibility in auto accidents. Drivers must maintain minimum levels of coverage to protect themselves and those around them on the roads. The state-mandated minimum is $100,000 in liability coverage, which costs an annual average of $376. However, an accident can cause extensive damage to your vehicle and other involved vehicles as well as injuries to those involved. It is highly recommended to carry more than the state-mandated liability requirement.
Many drivers choose to add comprehensive and collision coverage to their policies. Comprehensive coverage pays for the loss of a vehicle caused by theft or a collision with something other than another car or object. Examples include natural disasters, riots, falling objects, vandalism, and contact with an animal. Collision coverage pays for damages resulting from a collision with anything on the road, including another vehicle or an object.
If you are deemed to be not at fault in the accident, your insurance company will typically go after the at-fault driver’s insurance company to recover the costs paid out on your claim. Most auto insurance policies include a deductible, so if your insurance company is successful in recovering the cost, they would refund any deductible amount you paid out of pocket.
Sources:
https://www.nerdwallet.com/blog/insurance/cheapest-car-insurance-in-virginia-va/
https://www.bankrate.com/insurance/car/virginia/
https://www.autoinsurance.org/quoting-auto-insurance-rates-by-zip-code/
https://www.carinsurance.com/Articles/car-insurance-rate-comparison.aspx
https://www.caranddriver.com/car-insurance/a32732852/how-much-is-car-insurance-for-a-22-year-old/
https://www.caranddriver.com/car-insurance/a32500340/what-is-comprehensive-car-insurance/
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