Auto Insurance Costs in Virginia

With its bustling highways, serene byways, and charming backroads, the need for reliable vehicle insurance is a constant presence in the minds of Virginian motorists. The Old Dominion State car insurance costs are lower than the US average for both liability only and full coverage policies and motorists need to pay about three times more for full coverage here. Uninsured Drivers figures (10%) are better than the national average as well.

Collection of Pictures from Virginia

Virginia Minimum Coverage Requirements

Basic liability coverage limits determined by the state of Virginia are:

  • $30,000 for bodily injury or death per person.
  • $60,000 total for bodily injury or death per accident.
  • $20,000 for property damage. 

In addition, Uninsured/Underinsured Bodily Injury coverage (UM/UIM BI) is mandated here with the following minimum limits:

  • UM/UIM BI: $30,000 per person, $60,000 per accident

Minimum liability limits are set with affordability in mind. Motorists are advised to increase their car insurance liability limits to more comfortable levels to avoid having to pay for the shortfall out of pocket.

Along with Florida, Virginia is the only other state using an FR-44 form, which has stricter insurance requirements than the SR-22. It is used for more severe driving offenses and results in higher liability coverage requirements.

Virginia has strict driving restrictions for teenagers, including curfew, cell phone usage, and allowed passengers. So, you should check them if you are a driver under the age of 18 and comply.

Automobile Insurance Costs in Virginia

The cost of an insurance policy for motorists is highly individualized, resembling a fingerprint due to its unique nature. Multiple factors contribute to the determination of rates, such as age, gender, education, driving history, claims record, prior coverage, homeownership, credit score, and occupation. Additionally, the type of vehicle driven significantly impacts premium calculations, adding complexity to estimating costs. Nevertheless, analyzing average premiums provides a useful insight into state-specific insurance costs.

The average cost of state required minimum coverage car insurance in VA  is $494 and it is $128 cheaper than the national average. The average cost for a full coverage policy is $1,439, which is $575 lower than the US average.

As you can see, you will need to pay about 3 times more for full coverage in comparison to a basic liability only coverage. This is consistent with auto insurance premium differences between the two in most other states and not a surprise considering how much more protection you get with a full coverage policy. Liability only coverage doesn’t provide any protection for your own automobile and that is why it is the cheapest policy you can buy to comply with Virginia requirements and drive legally in this state.

The Cheapest Car Insurers in Virginia

Knowing a few competitive carriers in this state becomes even more valuable when you are aware of the huge price gap between various providers. They are listed below to get your quest for the best deals started. You should definitely get quotes from these companies since they are known to be cheaper.

  1. Travelers, $666
  2. Penn National, $733
  3. Cincinnati, $748

The above quoted figures are for a standard liability only policy. You should expect to pay a little bit more for auto insurance in cities like Alexandria, Richmond, Virginia Beach and Norfolk. Even though we listed some companies above, an entirely different insurer may offer you the best rates depending on your age and recent record. As a general rule, prices are cheaper for good, experienced and middle-aged drivers.

Interesting Virginia Auto Insurance and Driving Facts

  1. This is one of the most densely populated states in the US with over 8 million residents and well over 5 million drivers.
  2. Roughly 21% of automobile accidents in Virginia result from drivers being distracted, with speeding accounting for 19% and alcohol-related factors contributing to 6% of these incidents.
  3. Passenger vehicles are involved in 97% of all crashes in this state.
  4. Married drivers get cheaper rates than single, divorced and even widowed drivers in Virginia as auto insurers consider them to be more responsible.
  5. In this state, the difference in car insurance costs between individuals with an exceptional credit score and those with a low credit score can potentially be twice as much. This occurs because insurers are authorized to include credit scores in the determination of premiums, a practice that has been embraced by almost all of them.
  6. Virginia’s auto ownership rates are in line with the national average. Nearly 94% of households have at least one car. The state has a mix of urban and rural areas, which can influence factors such as vehicle ownership and usage.
  7. Living costs in Virginia are slightly above the national average. Cities like Arlington and Alexandria, which are part of the Washington, D.C. metropolitan area, tend to have higher living costs compared to other parts of the state.

It is important to note that rules and regulations are subject to change. Virginian motorists should get a few car insurance quotes and compare them at least once a year to see how competitive their current premium is and if they need to switch insurers to get the best value coverage.