Cheapest and Best Car Insurance in Richmond, VA (August 2024)

In Richmond, Virginia, finding the cheapest car insurance hinges on coverage and individual profiles. Virginia Farm Bureau is the most affordable for full coverage, while American Family is the cheapest for minimum coverage. Auto-Owners Insurance Co is cost-effective for families with teens, while Cincinnati Insurance is best overall for balancing price and quality service.

MoneyGeek found that these companies are the most affordable options for those seeking the cheapest car insurance in Richmond:

• American Family: $353 per year
• Virginia Farm Bureau: $397 per year

The priciest policy comes from Kemper, with an annual premium of $1,369. That's a notable difference of $1,016 compared to American Family, highlighting why it's crucial for consumers to compare car insurance rates to ensure they're getting the best deal available.

For all cities in Virginia, including Richmond, drivers must adhere to the state's minimum required car insurance coverage. Here's what the law mandates:

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

For instance, if you have minimum coverage and you’re liable for an accident, your policy covers up to $25,000 for one person’s injuries. If multiple people are hurt, it pays up to $50,000. Should costs exceed these limits, you'd be responsible for the difference — directly from your pocket. Remember, these figures are standard, just the legal baseline to keep you road-ready in Virginia.

These companies offer the cheapest full coverage car insurance in Richmond:

• Virginia Farm Bureau: $907 per year
• Auto-Owners Insurance Co: $913 per year

Kemper has the most expensive full coverage policy at $2,381 annually, reflecting a significant $1,474 difference from the most affordable one. This difference highlights why it’s vital to compare policies; full coverage is pricier than the minimum because it offers extensive protection, including for your own car.

A full coverage policy includes coverage for damage to your own vehicle in the form of comprehensive and collision coverages. It usually also includes increased liability limits.

• Collision Insurance: This provides coverage for your vehicle in the event of a collision, whether with another vehicle or a stationary object like a tree or light pole. It also covers rollover accidents and pothole damage.

• Comprehensive Insurance: This coverage insures your vehicle against various types of damage not caused by collisions, including theft, vandalism, fires, natural disasters and being struck by an animal like a deer.

If you have a new vehicle, opt for full coverage for more robust financial protection. If you're leasing or have a car loan, you are typically required to carry full coverage insurance.

Owners of older vehicles may find the extra premium for full coverage less justifiable due to the car's decreased value. Striking the right balance is key when deciding how much car insurance you need; higher coverage leads to increased premiums, but with lower coverage, you run the risk of being inadequately insured.

MoneyGeek found that the cheapest car insurance options for drivers with violations vary based on the type of driving offense:

• Speeding Ticket: GEICO ($1,611 per year)
• At-Fault accident: Capital Insurance Group ($1,621 per year)
• DUI: CSAA ($1,943 per year)

National General and Kemper tend to have the highest rates for these incidents. The annual premium difference between GEICO for a speeding ticket and CSAA after a DUI is $332, illustrating how the type of driving offense can significantly impact insurance costs.

In Richmond, insurance premiums typically escalate with the gravity of a driver's traffic violation. For instance, a driver with a speeding ticket can expect to pay an annual average of $2,336, while someone with a DUI faces a steeper average annual premium of $2,873. This significant difference reinforces the necessity for drivers with violations to diligently compare insurance rates — ensuring they secure the most advantageous financial terms available.

MoneyGeek found these two companies offer the cheapest car insurance for teens in Richmond:

• Nationwide: $1,267 per year for female teens and $1,409 per year for male teens
• State Farm: $1,860 per year for female teens and $2,357 per year for male teens

These rates reflect the combined policy cost for two parents and a teen driver. Kemper is the most expensive teen family policy in Richmond, with the annual rates for a female teen at $8,557, showcasing a remarkable difference of $7,290 when compared to Nationwide's premium for the same demographic.

In Richmond, as well as across various cities in the United States, teen drivers face pricier car insurance premiums. It's more economical for teens to join a family plan at $3,623. In contrast, individual policy runs approximately $6,269 annually. The considerable disparity is attributed to the elevated risk insurers associate with inexperienced teen drivers.

MoneyGeek found that USAA offers the cheapest car insurance for those with military backgrounds in Richmond.

• USAA: $829 per year
• Virginia Farm Bureau: $907 per year

Not only is [USAA]((https://www.moneygeek.com/insurance/auto/reviews/usaa/) one of the most affordable providers in Richmond, it also specializes in services designed for active-duty military members.

In Richmond, securing the best car insurance rate is important for cost savings, but manually comparing rates from various companies can be arduous, requiring upwards of 15 minutes per provider.

To streamline this process, MoneyGeek's car insurance calculator presents a swift alternative. By simply inputting key details such as age, driving history, credit score and desired coverage, you can receive instant estimates.

Selecting the best auto insurance for you involves weighing various factors such as service quality, cost, coverage options and other personal considerations. MoneyGeek's research, which uses distinct scoring systems for different categories, has determined that in Richmond, Cincinnati Insurance stands out:

• Best overall: 89 out of 100
• Best for service: 86 out of 100
• Best cheap: 87 out of 100

Cincinnati Insurance emerges at the top delivering exceptional overall value, service and affordability in car insurance.

MoneyGeek found that Cincinnati Insurance offers the best best car insurance option for drivers in Richmond.

• Cincinnati Insurance: MoneyGeek score of 89 out of 100 ($1,011 per year)
• Erie: MoneyGeek score of 88 out of 100 ($1,034 per year)

The outstanding satisfaction and affordability are the biggest contributors, confirming Cincinnati Insurance as the leading choice for car insurance in Richmond.

MoneyGeek found that Cincinnati Insurance offers the best car insurance for customer service in Richmond.

• Cincinnati Insurance: MoneyGeek score of 86 out of 100 ($1,011 per year)
• Erie: MoneyGeek score of 84 out of 100 ($1,034 per year)

The distinct edge of Cincinnati Insurance comes from its high satisfaction and claims scores, which are significant factors influencing its MoneyGeek score.

MoneyGeek found that Cincinnati Insurance is the top-notch provider of the most affordable car insurance in Richmond, balancing cost-effectiveness with reliable service.

• Cincinnati Insurance: MoneyGeek score of 87 out of 100 ($493 per year)
• American Family: MoneyGeek score of 87 out of 100 ($353 per year)

Cincinnati Insurance's score is attributed to its superior claims handling and customer satisfaction, alongside its competitive annual premiums.

Richmond, Virginia, has an average car insurance cost of $1,141. This figure is slightly higher than the statewide average of $1,086. When compared to the state average in Virginia, the cost of car insurance is relatively competitive despite being from a more populated urban area. Moreover, both of these averages are significantly less than the national average cost of car insurance, which stands substantially higher at $1,781.

Car insurance premiums account for many factors, including location. Risks associated with areas with high traffic density typically drive up insurance rates. The city with the most expensive insurance premium in Virginia is Norfolk at $1,203, demonstrating how premiums can vary within a state. In contrast, Virginia Beach sports the cheapest average premium at just $1,051. These differences are a testament to location's impact on insurance costs, and it should be noted that in rural, less traffic-congested areas rates could be even more affordable.