Car ownership is on the rise across US states, including Virginia. One statistical survey conducted in Virginia established that 93.9% of households in the state own at least one car. Moreover, the average number of vehicles per household in the state is 2.4.
However, unfortunately for Virginia’s drivers, market statistics predict that car insurance costs shall increase by approximately 7% in 2023. Therefore, drivers in the state will have to dig deeper into their pockets for car insurance premiums. Luckily, this post have you covered, highlighting the most affordable car insurance companies offering comprehensive coverage.
Car Insurance Statutes In Virginia
Virginia is one of the only two states in the US where purchasing car insurance is optional. However, drivers who opt out of buying car insurance must pay a $500 uninsured motor vehicle fee exclusive of the standard registration fee. The uninsured motor vehicle fee remains valid for 12 months, and Virginia’s Department of Motor Vehicles (DMV) offers payment plans.
However, while leaving your vehicle uninsured sounds like a cheaper option, you are vulnerable because you are entirely liable for any accident. Therefore, consider getting minimum coverage to lower your average monthly car insurance cost. Some of the most affordable car insurance companies in Virginia are:
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Geico
Geico offers minimum and comprehensive car insurance services for various motor vehicle types, including recreational vehicles and motorcycles. It offers basic and comprehensive vehicle insurance in Virginia at competitive rates.
The insurer’s minimum coverage includes bodily harm and property damage liability coverage as stipulated under Virginia’s state Laws. Geico offers Virginia’s drivers the most competitive rates for the minimum car coverage bracket.
However, its comprehensive/ full coverage is affordable. The primary difference between the minimum and full coverage is that the latter pays for damage to your vehicle from fire, floods, theft, vandalism, and select collision coverages.
Moreover, you can add other coverage options, including car repairs, roadside assistance, retail car reimbursement, and guaranteed asset insurance to maximize your coverage. Other Geico coverage options worth considering include usage-based insurance programs, which could help good drivers qualify for lower premiums. The insurer also offers accident forgiveness insurance, which protects you from surcharges after a first-time car accident.
As stated above, insurance rates vary according to various parameters. Geico Insurance has the lowest average rates for seniors and teenage drivers, drivers with low credit scores, and those with speeding tickets. It also has the second-lowest average rates for adding a teenage driver to an existing policy and for drivers who cause an accident with injury.
All Geico rates are below the national average. Also, the insurer has minimum insurance complaints from covered parties to Virginia’s state insurance department.
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State Farm
State Farm is the US’s largest car insurer, commanding a 17% market share, and offers competitive insurance rates across various US states, including Virginia. While its premium charges may vary according to customization options, the insurer offers competitive rates for different categories.
First, its rates for good drivers are significantly cheaper than the national average and the second lowest in Virginia, After Geico. Moreover, State Farm offers usage-based insurance via its Drive Safe & Save program that earns good drivers up to 30% discounts on premiums.
Other categories where State Farm offers competitive rates in Virginia include the average rate for adding teens to your policy and senior driver policies. Moreover, the insurer offers minimum surcharges and rates for drivers with DUIs, those requiring SR-22 forms, those previously involved in car accidents, and those with speeding tickets.
Also, State Farm is among the car insurers offering Rideshare insurance in Virginia at affordable rates. It also has a minimum number of complaints filed against it. You can use the State Farm App to manage your policy, request roadside assistance, file a claim, and more.
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USAA
USAA offers competitive insurance coverage rates but uses an exclusive military affiliation eligibility criterion. It exclusively serves active military personnel, retirees, honorably discharged veterans, and their families, primarily spouses and children.
The insurer has the most affordable rates in Virginia for good drivers, drivers with speeding tickets, and drivers who caused an accident with an injury. Moreover, it has the second-best rates for drivers with DUIs, low credit scores, and seniors, and adding teens to an existing cover.
USAA also has various optional add-ons, including accidental forgiveness, new car replacement (not applicable to leased vehicles), RideShare insurance, and usage-based insurance under its SafePilot program. Members can use the USAA app to manage various insurance and banking programs.
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Erie
Erie Insurance has the best collision repair score in Virginia (A-), as graded by the CRASH Network. The network ranks insurers on repair parts quality, use of manufacturer-recommended repair procedures, and how fast they process claims.
Second, Erie has competitive rates for various driver categories, including the second-best rates for Virginia drivers with DUIs, speeding tickets, and young drivers aged 18-25. Moreover, it has the most optional add-ons, including accidental forgiveness, new car replacement, diminishing deductibles, guaranteed asset protection (GAP), and Rideshare insurance. However, it does not offer usage-based insurance and SR-22s.
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Progressive
Progressive car insurance offers mid-range car insurance rates in most driver categories compared to other affordable options, including Geico and State Farm. However, its rates remain below the national average. For one, Progressive offers the second-lowest surcharges for drivers with DUIs.
Also, Progressive has low complaint rates that make it trustworthy. Its comprehensive optional add-ons include accident forgiveness, new car replacement (up to 25% of the car’s value), diminishing deductible, SR-22s, usage-based Insurance, and Rideshare.
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Travelers
Travelers Insurance offers decent mid-range rates, coming after Geico and State Farm in most driver categories. However, it has the second-best rates for drivers who caused accidents with injury and those with DUIs, drivers with low credit scores, and young drivers.
Its add-on policies include accident forgiveness, minor violation forgiveness, usage-based insurance (IntelliDrive), new car replacement, GAP insurance, diminishing deductible, roadside assistance, and rental reimbursement auto insurance. The insurer has low insurance claims complaints.
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Nationwide
Nationwide offers mid-range rates for most driver categories but tops the ranks for drivers with poor credit and adding a teenager to an existing policy. The insurer has diverse add-on coverage options, including accident forgiveness, car replacement, diminishing deductible, GAP insurance, SR-22s, and usage-based insurance (SmartRide).
SmartRide has the highest usage-based discounts (up to 40%). Also, Nationwide is the only affordable insurer offering pay-per-mile insurance. The insurer also has low insured complaints.
Conclusion
Auto insurance rates vary significantly based on consumer needs and area codes. However, the above options are solid considerations for minimizing your comprehensive car insurance rate in Virginia.
