Compare the Cheapest Car Insurance Quotes in Richmond, VA

The average auto insurance cost in Richmond is $819 per year, $29 more expensive than the state average. The most affordable insurer is Progressive, which has an average rate of $530. MoneyGeek’s study also identified the cheapest companies by coverage level and driving history. If you value a balance of quality and affordability, MoneyGeek ranked the best insurers in the city.

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The Cheapest and Best Car Insurance in Richmond

The Cheapest Car Insurance Companies in Richmond

The cheapest auto insurance companies for a full coverage policy in Richmond are:

  • Progressive: $530 per year
  • USAA: $631 per year (only available to current and former military members)

The prices listed are average auto insurance rates in Richmond for a 40-year-old male driver with a full coverage policy, including liability insurance and comprehensive and collision insurance.

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Average Cost of Car Insurance in Richmond

Richmond$819
Virginia$790
U.S.$1,424

Richmond’s average car insurance rate is $819 per year, which is 42.5% lower than the national average. Though this rate is 3.7% higher than the average annual premium in Virginia, you can still get cheap car insurance in Richmond if you look around.

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The Best Car Insurance Companies in Richmond

MoneyGeek created a unique scoring system to help Richmond drivers find a balance of affordability and quality service. MoneyGeek’s study found that the best companies in the city for most drivers are:

  • GEICO: MoneyGeek score of 93 out of 100
  • Hartford: MoneyGeek score of 88 out of 100

USAA received the highest score in Richmond by MoneyGeek's rating system. However, because USAA is only available to military members, veterans and their families, it is not listed as best overall.

MoneyGeek evaluated various factors, such as J.D. Power’s user satisfaction, affordability and financial stability ratings, to calculate the final scores out of 100.


1
USAA
Score:100

5/5

Affordability

5/5

Claims Ratings

5/5

User Satisfaction

A++

Financial Stability

2
GEICO
Score:93

5/5

Affordability

3/5

Claims Ratings

4/5

User Satisfaction

A++

Financial Stability

3
Hartford
Score:88

4/5

Affordability

3/5

Claims Ratings

4/5

User Satisfaction

A+

Financial Stability

4
State Farm
Score:85

3/5

Affordability

3/5

Claims Ratings

3/5

User Satisfaction

A++

Financial Stability

5
Travelers
Score:85

2/5

Affordability

5/5

Claims Ratings

2/5

User Satisfaction

A++

Financial Stability

6
Progressive
Score:80

3/5

Affordability

3/5

Claims Ratings

2/5

User Satisfaction

A+

Financial Stability

7
Nationwide
Score:78

2/5

Affordability

3/5

Claims Ratings

2/5

User Satisfaction

A+

Financial Stability

8
Farmers
Score:75

3/5

Affordability

2/5

Claims Ratings

2/5

User Satisfaction

A

Financial Stability

9
CSAA
Score:75

3/5

Affordability

2/5

Claims Ratings

2/5

User Satisfaction

A

Financial Stability

10
Allstate
Score:75

2/5

Affordability

2/5

Claims Ratings

2/5

User Satisfaction

A+

Financial Stability

11
Plymouth Rock Assurance
Score:73

2/5

Affordability

3/5

Claims Ratings

2/5

User Satisfaction

A-

Financial Stability

12
Liberty Mutual
Score:73

2/5

Affordability

2/5

Claims Ratings

2/5

User Satisfaction

A

Financial Stability

Personalized Quotes to Get You the Cheapest Car Insurance in Richmond

To get the best car insurance in Richmond, having a personalized quote is recommended. Age, gender, credit score, driving history and marital status are just some of the factors that car insurance companies in Richmond look into. Because so many aspects of your personal profile are considered, it’s best to get a quote that suits your unique situation.

Shopping around for car insurance in Richmond could save you $289, which is enough to buy:


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96Cups of Coffee
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22Months of Your Favorite Streaming Service

Cheapest Car Insurance in Richmond by Coverage Amount

Auto insurance companies in Richmond and elsewhere consider the amount of coverage you buy when determining your premium costs. A basic policy that only meets state minimums in Richmond costs $440 on average, while a full coverage policy with higher liability limits costs around $819. That is a difference of $379.

Virginia Minimum Liability Requirements

  • Item
    Description
  • Bodily Injury and Property Damage
    $25,000 per person, $50,000 per accident and $20,000 for property damage. A more protective level is 100/300/100.
  • Uninsured Motorist
    $25,000 per person, $50,000 per incident and $20,000 for property damage. The minimum coverage may not be enough if you're in a serious accident.

When you get quotes from car insurance companies in Richmond, you’ll see numbers like 50/100/50 associated with some policies. The first 50 refers to $50,000 coverage of medical expenses per individual, while the middle number means there is a $100,000 cap per vehicle for medical expenses. The last number indicates $50,000 for property damage. Note that only a full-coverage plan can cover your own expenses. Most car insurance quotes in Richmond have a difference of around $250 between a liability-only plan and a full-coverage plan.

Average Car Insurance Premiums: Liability-Only vs. Full Coverage

Liability Only
Full Coverage
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Cheapest Car Insurance in Richmond if You Have Driving Violations

In Richmond, having a clean driving history can save you quite a bit of money. For instance, an Erie policyholder in Richmond with a clean record pays an average of $715 per year, while a speeding ticket bumps that rate up to around $747. If you have an at-fault accident on your record, you’ll pay $934 on average, and a DUI increases the typical rate to about $1,120.

Average Cost of Car Insurance by Postal Code

Car insurance companies in Richmond also look at ZIP codes when determining their quotes. If you live in ZIP code 23223, you could pay around $34 more than drivers in ZIP code 23234. The difference relies on the number of car-related incidents in a specific area, such as uninsured motorists, thefts, accidents and more.

  • Zip Code
    State Minimumper year
  • 23234
    $802
  • 23223
    $837

Factors That Impact Insurance Costs in Richmond

In addition to individual driver needs and history, location-specific factors like the percentage of uninsured motorists and the rate of car thefts also contribute to car insurance rates in Richmond. How Richmond ranks compared to the 300 most populous cities in the United States can have a significant impact on premium costs.

accident2 icon
Most Accidents With Fatalities168th/300
handcuffs2 icon
Most Car Thefts88th/300
uninsured icon
Most Uninsured Motorists by State34th/50
insurance2 icon
Personal Injury Protection RequiredNo
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Most Annual Rainfall91st/300
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Most Rainy Days102nd/300

Methodology and Assumptions

MoneyGeek’s average premium rates for Richmond are based on 100/300/100 comprehensive collision coverage with a $1,000 deductible for a 40-year-old male driver. The average driver profiled drives a 2010 Toyota Camry LE and has no tickets or accidents on their record. Additional premiums are added based on coverage type, location and driving record. Learn more about MoneyGeek’s data and methodology here.

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About the Author


expert-profile

Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.