Cheapest and Best Car Insurance Companies in Richmond, VA


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Updated: May 20, 2024

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Your driving profile, age and coverage requirements will determine the best car insurance company for you. In Richmond, American Family has the cheapest minimum and full coverage car insurance. Auto-Owners Insurance offers the lowest rates after a speeding ticket or at-fault accident, and State Farm is the cheapest for drivers with DUIs. Nationwide is the cheapest for teens and USAA for veterans. Cincinnati Insurance offers excellent customer service and is the best overall.

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2024

Cheapest and Best Car Insurance in Richmond, VA

Why Trust MoneyGeek? MoneyGeek analyzed data and information provided by the Virginia State Corporation Commission and Quadrant Information Services to determine auto insurance rates in Richmond. Using our unique scoring method, we then selected the most affordable and highest-scoring providers for various categories.

68,805Quotes Analyzed
 
15Companies Compared

Cheapest Minimum Liability Car Insurance in Richmond

Based on MoneyGeek's analysis, the following providers offer the most affordable minimum coverage car insurance in Richmond:

  • American Family: $257 per year
  • Mercury: $292 per year

Kemper is the city’s most expensive minimum coverage insurance company, with a yearly cost of approximately $1,369 as of October 2022. American Family also offers the most affordable car insurance in Virginia, with an average yearly cost of $243 throughout the state. This cost is lower than the insurer’s rates in Richmond, demonstrating how premiums can vary depending on location.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
Coverage:
Coverage:Minimum Coverage
American FamilyAnnual Premium$257Monthly Premium$21
MercuryAnnual Premium$292Monthly Premium$24
State FarmAnnual Premium$367Monthly Premium$31
Virginia Farm BureauAnnual Premium$379Monthly Premium$32
Auto-Owners Insurance CoAnnual Premium$390Monthly Premium$33
Cincinnati InsuranceAnnual Premium$424Monthly Premium$35
TravelersAnnual Premium$453Monthly Premium$38
NationwideAnnual Premium$456Monthly Premium$38

In Virginia, drivers must have minimum coverage insurance for bodily injury, property damage and uninsured/underinsured motorists. The coverage limits are as follows:

  • $25,000 bodily injury liability coverage per person
  • $50,000 bodily injury liability coverage per accident
  • $20,000 property damage liability coverage per accident
  • $25,000 uninsured/underinsured motorist coverage per person
  • $50,000 uninsured/underinsured motorist coverage per accident
  • $20,000 uninsured/underinsured motorist property damage coverage per accident

Bodily injury liability insurance covers costs related to injuries sustained by other individuals in an accident that you caused. For instance, if your bodily injury liability limit is $25,000 per person, your insurance company will cover damages to the other party involved up to that amount. However, damages exceeding this limit will be your responsibility.

Cheapest Full Coverage Car Insurance in Richmond

For those seeking full coverage insurance, the most affordable options in Richmond are:

  • American Family: $632 per year
  • Auto-Owners Insurance: $777 per year

Kemper's policies are the most expensive in the city, at approximately $2,381 per year as of October 2022. American Family also provides the cheapest full coverage car insurance in Virginia, with an average cost of $601 per year. The company’s rates across the state are lower than its rates in Richmond, highlighting the impact of location on car insurance premiums.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
Coverage:
Coverage:Full Coverage
American FamilyAnnual Premium$632Monthly Premium$53
Auto-Owners Insurance CoAnnual Premium$777Monthly Premium$65
NationwideAnnual Premium$819Monthly Premium$68
State FarmAnnual Premium$834Monthly Premium$69
Virginia Farm BureauAnnual Premium$842Monthly Premium$70
MercuryAnnual Premium$864Monthly Premium$72
Cincinnati InsuranceAnnual Premium$899Monthly Premium$75
ErieAnnual Premium$918Monthly Premium$77

Full coverage auto insurance policies offer more extensive protection than minimum coverage policies. They include collision and comprehensive coverage on top of meeting state-required liability limits.

  • Collision Coverage: Pays to repair or replace your car in case of a covered collision with another object or vehicle.
  • Comprehensive Coverage: Pays for damages to your car resulting from events other than collisions, such as theft, vandalism or natural disasters.

MoneyGeek recommends that new vehicle drivers get full insurance coverage to protect their investments. However, a full coverage policy may not be cost-effective if you have an older or low-value car.

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Cheapest Car Insurance in Richmond After a Driving Offense

MoneyGeek’s study shows that the following car insurance providers offer the most affordable rates in Richmond after a driving offense:

  • Speeding Ticket: Auto-Owners Insurance ($864 per year)
  • At-Fault Accident: Auto-Owners Insurance ($777 per year)
  • DUI: State Farm ($918 per year)

The highest premiums come from National General ($3,506 per year after a speeding ticket), Kemper ($3,562 per year after an at-fault accident) and GEICO ($3,146 per year after a DUI).

Even the most affordable insurance provider will typically charge drivers with violations higher rates.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
Coverage:
Coverage:Full Coverage
Incident:
Incident:Speeding
Auto-Owners Insurance CoAnnual Premium$864Monthly Premium$72
State FarmAnnual Premium$918Monthly Premium$76
American FamilyAnnual Premium$921Monthly Premium$77
NationwideAnnual Premium$1,020Monthly Premium$85
Cincinnati InsuranceAnnual Premium$1,046Monthly Premium$87
ErieAnnual Premium$1,054Monthly Premium$88
MercuryAnnual Premium$1,298Monthly Premium$108
TravelersAnnual Premium$1,299Monthly Premium$108

After a violation, your premium will increase relative to the violation’s severity. In Richmond, your car insurance will cost an average of $455 more after a speeding ticket and $749 more after a DUI. To find affordable car insurance options with a bad driving record, shop around and compare quotes from different providers.

Cheapest Car Insurance in Richmond for Teens and Their Families

The following car insurance providers offer the most affordable premiums in Richmond for families adding a teen to their policy:

  • Nationwide: $1,267 per year for female teens and $1,409 per year for male teens
  • Auto-Owners Insurance: $2,342 per year for male teens
  • State Farm: $1,860 per year for female teens

Kemper is the most expensive option for teen drivers in the city, with annual rates of approximately $8,557 for females and $10,662 for male teens. Insurance companies typically view male teenage drivers as a higher risk and charge them higher premiums. However, this gender gap tends to decrease by early adulthood.

Data filtered by:Results filtered by:
Age:
Age:16
Gender:
Gender:Female
NationwideFamily Plan Annual Premium$1,267Individual Plan Monthly Premium$4,235
State FarmFamily Plan Annual Premium$1,860Individual Plan Monthly Premium$4,481
TravelersFamily Plan Annual Premium$1,988Individual Plan Monthly Premium$6,724
Auto-Owners Insurance CoFamily Plan Annual Premium$2,023Individual Plan Monthly Premium$6,349
AllstateFamily Plan Annual Premium$2,510Individual Plan Monthly Premium$6,709
GEICOFamily Plan Annual Premium$3,145Individual Plan Monthly Premium$10,882
ProgressiveFamily Plan Annual Premium$3,245Individual Plan Monthly Premium$12,517
KemperFamily Plan Annual Premium$8,557Individual Plan Monthly Premium$17,293

Car insurance for teen drivers is costly. The most cost-effective way to insure teens is to add them to a family policy. In Richmond, you can save up to $2,272 per year by adding your teenage son to a family policy versus purchasing a separate one. Comparing rates from different providers can also help you find cheap car insurance for teens.

Cheapest Car Insurance in Richmond for Military Drivers

According to MoneyGeek’s analysis, the following are the cheapest full coverage car insurance options for military-affiliated drivers in Richmond:

  • USAA: $618 per year
  • American Family: $632 per year

The lowest rates for minimum coverage policies for drivers with a military background come from American Family and Mercury, with prices averaging around $257 and $292 per year, respectively.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
Coverage:
Coverage:Full Coverage
USAAAnnual Premium$618Monthly Premium$52
American FamilyAnnual Premium$632Monthly Premium$53
Auto-Owners Insurance CoAnnual Premium$777Monthly Premium$65
NationwideAnnual Premium$819Monthly Premium$68
State FarmAnnual Premium$834Monthly Premium$69
Virginia Farm BureauAnnual Premium$842Monthly Premium$70
MercuryAnnual Premium$864Monthly Premium$72
Cincinnati InsuranceAnnual Premium$899Monthly Premium$75

How to Compare Cheap Richmond Car Insurance Quotes Online

Getting an online quote in Richmond, Virginia, requires you to provide personal information and takes at least 15 minutes per company. Instead, you can use MoneyGeek's car insurance calculator to get a quick estimate of rates using just your age, vehicle type, driving history and preferred coverage.

Car Insurance Calculator

MoneyGeeks's car insurance calculator will give you a customized estimate of your auto insurance cost. It's free to use, requires no personal information and we won't send you any spam.

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Rates updated:

Jul 18, 2024

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Best Car Insurance in Richmond: Summary

Your choice of the best car insurance provider depends on how much you value affordability, service quality and coverage options.

MoneyGeek’s study of auto insurance companies in Richmond determined the highest-performing companies in various categories:

  • Best overall: Cincinnati Insurance (MoneyGeek score of 84 out of 100)
  • Best for service: Cincinnati Insurance (MoneyGeek score of 74 out of 100)
  • Best cheap: American Family (MoneyGeek score of 83 out of 100)

Note that a company’s MoneyGeek rating can differ depending on the category’s weighting. For individuals with a military background, USAA is the top-rated auto insurance provider, with a MoneyGeek score of 85 out of 100.

Additionally, we recognize Progressive as the best overall car insurance provider in Virginia. This disparity between the state and city's top insurers highlights the impact of location on rates, which consequently affects a company's overall rating.

Best Overall Car Insurance in Richmond

MoneyGeek evaluated affordability, service quality and coverages of car insurance providers in Richmond and found that the best overall are:

  • Cincinnati Insurance: MoneyGeek score of 84 out of 100 ($889 per year)
  • American Family: MoneyGeek score of 80 out of 100 ($632 per year)

Cincinnati Insurance stands out over its 13 competitors, thanks to its affordable rates and outstanding customer service. It offers excellent value for the money. Additionally, USAA is MoneyGeek’s top choice for drivers with a military background, receiving a score of 85 out of 100.

How was this MoneyGeek score calculated?

Cincinnati Insurance

pros

checkmark

Relatively affordable rates at $899 per year

checkmark

Outstanding customer service

checkmark

Offers safety restraint benefit coverage

cons

close

Mediocre claims management

close

Lacks OEM coverage

COMPANY HIGHLIGHTS

Cincinnati Insurance is the top car insurance provider in Richmond overall. It offers both affordable rates and exceptional customer service, making it our preferred option among the 14 companies we surveyed. Additionally, Cincinnati Insurance provides various add-on coverages that allow you to increase the protection you receive.

For example, the company offers the safety restraint benefit coverage, a unique optional endorsement. It doubles the medical payments coverage you can claim if you or anyone in your covered vehicle is injured in an accident while wearing a manufacturer-installed seatbelt or a child's safety restraint seat.

You can also get glass deductible modification, which eliminates your deductible for glass replacement after a covered loss. Child safety seat replacement coverage is another rare add-on, and this insurance pays to replace your installed child safety seat.

Read MoneyGeek's Cincinnati Insurance Auto Insurance Review

Best Car Insurance in Richmond for Customer Service

If customer service is your priority regardless of cost, MoneyGeek's analysis shows that these companies offer the best customer service in Richmond:

  • Cincinnati Insurance: MoneyGeek score of 74 out of 100 ($899 per year)
  • Erie: MoneyGeek score of 70 out of 100 ($918 per year)

Cincinnati Insurance offers the city’s best customer service and has extensive coverage options. The company is relatively affordable compared to most of the city’s providers. This means it offers outstanding service without charging a premium price.

How was this MoneyGeek score calculated?

Cincinnati Insurance

pros

checkmark

Excellent customer service

checkmark

Various optional coverages offered

checkmark

Offers general deductible waiver

cons

close

No OEM coverage

close

Lackluster claims management

COMPANY HIGHLIGHTS

If you value customer service, we recommend Cincinnati Insurance in Richmond. This provider offers top-notch customer service and an extensive selection of coverage options, ensuring you receive the necessary protection for your vehicle while enjoying a superior client experience.

Notably, Cincinnati Insurance offers a general deductible waiver, a rare coverage that eliminates any deductible that would typically apply when your vehicle is considered a total loss due to a covered incident.

Lock replacement is another unique add-on. It’s an optional coverage that pays up to $1,500 to replace the door locks on your vehicle when your keys are lost or stolen. You can also get airbag reinstallation coverage, a unique rider that covers the cost of replacing your car’s airbag if it unexpectedly deploys without an accident. This coverage doesn’t have a deductible.

Read MoneyGeek's Cincinnati Insurance Auto Insurance Review

Best Cheap Car Insurance in Richmond

Based on price and service quality, the following companies offer the best minimum coverage car insurance in Richmond:

  • American Family: MoneyGeek score of 83 out of 100 ($257 per year)
  • Cincinnati Insurance: MoneyGeek score of 83 out of 100 ($424 per year)

While a minimum coverage policy is the cheapest option, it does not cover liability costs or damage to your vehicle.

How was this MoneyGeek score calculated?

American Family Insurance

pros

checkmark

An affordable minimum coverage policy costs $257 per year

checkmark

Offers bundling, safe driving and loyalty discounts

checkmark

Outstanding customer service

cons

close

Subpar claims management

COMPANY HIGHLIGHTS

American Family is the best minimum coverage car insurance provider in Richmond. This company offers the cheapest rates in the city while delivering exceptional customer service. Moreover, American Family has numerous discount opportunities, making its prices even more affordable.

Bundling your car insurance with other American Family products can save on your premiums. You may also qualify for a discount if your record is free from accidents, tickets and claims. Students who have high grades can also receive savings on their policy.

In addition, American Family has discounts that other providers usually don't offer, including discounts for new and long-term customers. You also qualify for a discount if you obtain a quote at least seven days before your active policy with another carrier expires.

Read MoneyGeek's American Family Insurance Auto Insurance Review

Average Cost of Car Insurance in Richmond

MoneyGeek’s research reveals that the average cost of full coverage auto insurance in Richmond is $988 per year as of October 2022. This quote is for a full coverage car insurance policy that includes $100,000 bodily injury liability per person, $300,000 in bodily injury liability per accident and $100,000 in property damage liability per accident.

Car insurance in Richmond is approximately $48 more expensive than the cost of car insurance in the state of Virginia. It’s also $277 cheaper than the national average. These price differences demonstrate how location can impact your car insurance rates.

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.