Richmond, VA Car Insurance
Compare Progressive, Allstate, GEICO and Nationwide (+ other top companies) to find the best and cheapest car insurance in Richmond.
How much does car insurance cost in Richmond?
Richmond residents can expect to pay an average of $815 for a six-month car insurance policy or $136 per month. Our 2023 data indicates that Penn National offers the most cost-effective car insurance in Richmond, with rates starting at just $431 for a six-month policy. On average, drivers in Virginia allocate around $756 every six months for car insurance.
Comparatively, Richmond's average rates are lower than the national average of $880. Interestingly, 36% of our customers in Richmond utilize our service because they were paying too much for car insurance. If you need assistance with your car insurance, read on to discover insights on determining a fair rate in Richmond based on factors such as credit score, coverage level, and more.
|Car Insurance in Richmond vs. Virginia||Avg. 6 Mo. Premium|
The cheapest car insurance companies in Richmond
Penn National is the cheapest at $72 per month or $431 for a six-month policy.
USAA comes in second at $86 per month, or $515 per six-month policy.
If you don't qualify for USAA, Nationwide came in as a close third and costs $96 per month ($576 for six months).
Are you paying too much for auto insurance?
Richmond car insurance rates by company
Richmond's residents seeking affordable car insurance will be pleased to discover that, based on our 2023 data, Penn National claims the top spot. Their average monthly rate amounts to $431, resulting in a six-month policy priced at $72. USAA takes a close second, matching the monthly premium of $86 or a total of $515 for six-month coverage.
To gain deeper insights into the most reputable car insurance companies, consult The Zebra's Customer Satisfaction Survey.
Cheapest car insurance companies in Richmond, VA
Dynamic auto insurance data methodology
Methodology: The auto insurance rates displayed above and throughout this page are dynamic, meaning the data will refresh when the most recent information is made available. Rates are based on a sample driver profile — a 30-year-old single male driver with a Honda Accord and full coverage. This profile was adjusted based on common pricing factors used by major car insurance companies, like age, coverage level, driving record and others.
Shop around for the best rates
Finding which company offers the most affordable coverage for you means doing a thorough comparison. Our meticulous evaluation will handle all the arduous groundwork for you. Simply input your ZIP code to swiftly uncover the rates provided by Progressive, Allstate, USAA, State Farm, and other esteemed insurers, enabling you to effortlessly pinpoint the superior and most economical car insurance choices available in Richmond.
Average car insurance in Richmond by rating factor
The cost of car insurance premiums is influenced by rating factors, which are utilized by insurance companies as their evaluative criteria. These factors can include variables such as age, credit score, driving history, and the type of vehicle driven. While certain rating factors hold more significance than others, all of them have the potential to impact the amount you pay for insurance.
Ultimately, rating factors are subject to change, which means that the best car insurance company for you can also change. Therefore, it is advisable to periodically explore different providers to ensure that you are still receiving the most competitive rates available.
Q: I didn't have an accident — Why is my insurance going up?
A: In Richmond, your car insurance premiums is significantly influenced by the end-of-year earnings, wherein the revenue derived from premiums is juxtaposed against the expenses incurred in meeting the claims of insured individuals. Even if you have not filed any claims with your insurance provider, it is plausible that you could face higher costs with a specific company due to the rising expenses associated with conducting business in Richmond.
Auto insurance premiums by age in Richmond
Let's start by discussing one of the most important factors in the insurance business that affects rates: age. Typically, teenagers have the highest accident rates among any age group, which leads to higher premiums for them. This is true in Richmond where the difference in 6-month rates paid by teenage drivers and drivers in their 20s is a whopping $1,625, or 147%. Take a look at the table below to find the insurance companies that offer the cheapest rates for teenagers in Richmond.
Cheapest car insurance companies for teen drivers in Richmond, VA
Auto insurance premiums for minimum coverage in Richmond
When it comes to your car insurance premium, the level of coverage you opt for carries significant weight. Each state imposes specific requirements for the minimum coverage you must carry, and selecting this lower level typically translates to lower premiums. Intriguingly, our data indicates that a noteworthy 35% of drivers in Richmond have chosen to maintain the minimum coverage level. While this option may be budget-friendly, it also exposes you to the potential risks of being underinsured.
Conversely, "full coverage" insurance, which encompasses collision coverage and comprehensive coverage, commands higher premiums but offers enhanced protection in the unfortunate event of an accident. Both of these coverages entail a deductible, which is the amount you must personally pay before your insurance coverage kicks in.
Additionally, it is worth considering other optional coverages such as roadside assistance or uninsured motorist coverage. Although opting for more coverage results in higher premiums, experts at The Zebra strongly advocate for taking advantage of these opportunities, as they provide substantial protection for both you and your vehicle.
Q: Can I lower my car insurance coverage?
A: Possibly — if your vehicle is paid off.
There is a possibility, but only if your vehicle has been paid off completely. Based on our data analysis, it has been determined that nearly half of drivers in Richmond are vehicle owners. If you are not currently leasing or financing your vehicle, it is advisable to assess whether dropping comprehensive or collision coverage is the right decision for you. It is recommended to determine the actual cash value of your vehicle by utilizing reputable sources like Kelley Blue Book or another trusted resource. As a general guideline, if your vehicle's value is below $4,000, it is unlikely that collision coverage is necessary. However, it is important to consider that by removing these coverages, you will be responsible for paying for any necessary repairs out of your own pocket.
Cheapest car insurance companies for minimum coverage in Richmond, VA
- Minimum: State liability coverage only
- Basic: State liability + collision and comprehensive (full) coverage
- Better: Better liability limits at 50/100/50. Full coverage included with towing and rental car benefits. This might include additional personal medical benefits and uninsured/underinsured motorist coverage.
- Best: Best liability limits at 100/300/50. Full coverage included with better towing and rental car benefits, better personal medical benefits and increased uninsured/underinsured coverage.
35% of our customers in Richmond opt for the minimum level of coverage, but this may not be the best option for everyone. Although we acknowledge that selecting this option is cost-effective, it does expose you to the potential of damages surpassing your liability limits. Virginia's liability limits of 30/60/20 offer coverage up to $30,000 per person for bodily injury, $60,000 per accident for bodily injury, and $20,000 for property damage. While these limits may prove satisfactory for typical car accidents, they may fall short in the case of bodily injury claims or accidents involving multiple vehicles.
Learn more about insurance laws in Virginia.
Richmond car insurance rates by credit score
Virginia, while the consideration of credit scores as a rating factor has been abandoned by some states, maintains the practice of incorporating this value in policy evaluations. The credit score has historically provided valuable insights into drivers' propensity to file claims — those with lower credit scores show a greater tendency for engaging in risky driving behaviors, encountering coverage gaps, and initiating claims.
Consequently, insurance companies perceive a lower credit score as an increased risk to insure. Interestingly, Richmond drivers with poor credit (300-579) encounter a noteworthy 105% escalation in insurance costs compared to drivers with excellent credit (800-850). Our gathered data indicates that a significant portion of drivers in Richmond possess an "average (580-679)" credit score. For the year 2023, Penn National stands out as the most cost-effective option for Richmond drivers falling within this credit category.
Auto insurance rates with an at-fault accident
The most commonly reported claim type in insurance is a collision-type accident. In Richmond, an at-fault accident can result in a monthly rate increase ranging from $52 to $69. Penn National is the most affordable insurance company in Richmond after an at-fault accident. The most effective approach to maintain lower auto insurance premiums is by striving to avoid accidents and citations as best as possible, regardless of your location.
Depending on the type of accident or ticket, your premium will be impacted for a duration of three to five years. More serious charges like DUIs and DWIs can have a prolonged impact on your record. Speeding citations, reckless driving charges, and accidents all significantly contribute to the increase in premiums.
Cheapest car insurance companies after an at-fault accident in Richmond, VA
Richmond car insurance rates by violation
Below you can see how much different violations and claims will increase your rate in Richmond.
Car insurance rate increases after violations and citations in Richmond, VA
|Accident/Violation||Avg. 6 Mo. Premium||% Rate Increase||$ Rate Increase|
|One Med/PIP claim||$817||0%||$2|
|Two Med/PIP claims||$873||7%||$57|
|One comp claim||$874||7%||$59|
|Two comp claims||$919||13%||$104|
|Failure to show documents||$935||15%||$120|
|Driving without lights||$953||17%||$138|
|Child safety restraint||$960||18%||$145|
|Driving with expired registration||$966||19%||$151|
|Failure to wear a seat belt||$977||20%||$162|
|Failure to yield||$991||21%||$175|
|Driving too slowly||$991||22%||$176|
|Cell phone violation||$992||22%||$177|
|Texting while driving||$992||22%||$177|
|Failure to stop at a red light||$993||22%||$178|
|Wrong way/wrong lane||$994||22%||$179|
|Following too closely||$995||22%||$180|
|Speeding in school zone||$995||22%||$180|
|Speeding 6 - 10 MPH over limit||$1,001||23%||$186|
|Speeding 16 - 20 MPH over limit||$1,017||25%||$201|
|Speeding 11 - 15 MPH over limit||$1,017||25%||$201|
|Passing school bus||$1,043||28%||$228|
|Speeding 21 - 25 MPH over limit||$1,081||33%||$266|
|In 65 MPH zone||$1,114||37%||$299|
|At-fault accident - less than $1000||$1,128||38%||$313|
|Operating a vehicle without permission||$1,206||48%||$391|
|At-fault accident - $1000-$2000||$1,225||50%||$410|
|At-fault accident - greater than $2000||$1,231||51%||$416|
|Refusal to submit to a chemical test||$1,636||101%||$821|
|Driving with a suspended license||$1,708||110%||$893|
|Leaving scene of an accident/hit and run||$1,730||112%||$915|
Why is car insurance in Richmond so expensive?
Compared to the national average, car insurance premiums in Richmond are slightly more affordable, but still higher than the average for Virginia. Richmond can thank a saturated insurance market and low auto repair prices for its lower-than-average rates. Still, drivers might experience pricey premiums due to individual factors or national rising insurance costs.
Let's explore some reasons why car insurance in Richmond can get so expensive.
Your residential location within Richmond plays a role in determining the cost of your car insurance. Besides your driving history and age, where you live is one of the primary factors that contribute to your insurance premiums. Variations in insurance rates by zip code are influenced by factors such as crime, theft, and the presence of uninsured motorists. Fortunately, Richmond maintains a relatively safe environment, with a lower crime rate compared to the national average.
Expensive Richmond ZIP codes: 23222, 23220, 23224, 23223, 23298
Cheap Richmond ZIP codes: 23250, 23235, 23173, 23236, 23237
While you may boast a spotless driving record and drive with the utmost caution, it's important to recognize that insurance rates aren't always under our control. Our data indicates that approximately 35% of drivers in Richmond currently lack insurance coverage. Although this figure may not be the highest compared to other cities in Virginia, it remains a significant proportion. Insurance companies take such information into account when assessing the risk associated with a particular area.
Virginia is also in a somewhat precarious location as far as severe storms. In 2022, the Virginia Beach metropolitan area ranked in the top ten locations in the U.S. for both storm surge risk and hurricane wind damage risk. While Richmond itself is somewhat insulated, large losses in other parts of the state could impact rates. Insurers take climate into account when calculating rates, so areas with risk of hurricanes, tornadoes and other natural disasters typically pay more than areas of the country that are lower risk.
Bundling insurance policies in Richmond
The price of car insurance has been consistently increasing year after year, but there are still effective ways to cut down on expenses. One such method is to bundle multiple insurance products together with a single provider, which often results in a multi-policy discount. Most insurance companies offer this discount, so even if you are obtaining quotes from various providers, it is worth considering the option of bundling.
The most popular combination for bundling is homeowners and auto insurance, potentially enabling you to save 10% or more on the combined premiums. If you currently have separate policies for your home and car, it is advisable to explore bundling possibilities to determine if you can achieve significant savings. Find out more about the benefits of bundling home and car insurance.
Cheapest car insurance companies for bundling home and auto insurance in Richmond, VA
While certain rating factors may be beyond your influence, there are actions you can take to present a more appealing driving profile to insurance providers. One of the primary methods is to engage in thorough shopping around and compare auto insurance quotes from multiple companies, ensuring that you secure the most favorable rate for your coverage and service needs. It is recommended to adopt this practice at each renewal period, particularly if personal factors such as age, credit score, and location have experienced changes. It is important to acknowledge that certain companies inherently have higher premiums than others, so do not hesitate to consider switching providers.
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Frequently asked questions
How much is car insurance per month in Richmond?
The average cost of a six-month auto insurance policy in Richmond amounts to $815 which is equivalent to $136 per month. This surpasses both the national and Virginia averages, indicating higher insurance rates in the area.
How much is car insurance for teens in Richmond?
The average teen driver in Richmond pays $2,727 per six-month policy. This is substantially higher than any other age group, but not unexpected given the age group's higher accident rates.
What is the cheapest company to get car insurance in Richmond?
Richmond residents seeking the most affordable car insurance rates should consider Penn National (the lowest), USAA, and Nationwide as their primary options. It's important to note that eligibility for USAA membership is not available to everyone and either Penn National or Nationwide offer great alternatives.
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How much is car insurance near me? — explore more cities near Richmond, VA
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About The Zebra
The Zebra is not an insurance company. We publish data-backed, expert-reviewed resources to help consumers make more informed insurance decisions.
- The Zebra’s insurance content is written and reviewed for accuracy by licensed insurance agents.
- The Zebra’s insurance content is not subject to review or alteration by insurance companies or partners.
- The Zebra’s editorial team operates independently of the company’s partnerships and commercialization interests, publishing unbiased information for consumer benefit.
- The auto insurance rates published on The Zebra’s pages are based on a comprehensive analysis of car insurance pricing data, evaluating more than 83 million insurance rates from across the United States.