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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Last Updated: 5/16/2022
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For drivers in Richmond, Progressive offers the cheapest options for full coverage auto insurance, state minimum policies and for drivers with a speeding ticket. If you’re in the military, USAA is another affordable choice of insurer. Based on MoneyGeek’s research, GEICO is the best car insurance company in Richmond, balancing affordability and quality customer service. The cost of your auto insurance will vary depending on your profile, driving history and the coverage you opt for.

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The Cheapest and Best Car Insurance in Richmond

The Cheapest Car Insurance Companies in Richmond

The cheapest full coverage auto insurance options for Richmond drivers are:

  • Progressive: $530 per year
  • Erie: $715 per year

Military members and their families can choose to go through USAA, the second most affordable car insurance company in Richmond at $631 per year on average.

Progressive’s policy is $655 cheaper than the most expensive insurer for full coverage, which is MetLife. Full coverage policies include comprehensive as well as collision insurance, and your lender may require that you include these if your vehicle is leased or financed.

Cheapest Car Insurance in Richmond
Full Coverage 100/300/100
  • Company
    100/300/100per year
  • 1.
    Progressive
    $530
  • 2.
    USAA
    $631
  • 3.
    Erie
    $715
  • 4.
    GEICO
    $729
  • 5.
    Nationwide
    $760
  • 6.
    State Farm
    $791
  • 7.
    Travelers
    $844
  • 8.
    Allstate
    $885
  • 9.
    Mercury
    $938
  • 10.
    MetLife
    $1,185

MoneyGeek’s methodology included collecting full coverage policy rates for a 40-year-old male driver in Richmond.

A full coverage policy includes comprehensive and collision coverage. These coverages are in addition to the minimum requirements. If you have a leased or financed vehicle, you may be required to include full coverage so that you can pay off your loans in the event of an accident.

  • Comprehensive Insurance: This insurance covers damage to your vehicle due to non-accident-related causes such as theft and natural calamities.
  • Collision Insurance: This insurance covers you when you collide with another vehicle (irrespective of who is at fault) or a stationary object.

If you own an older car, it would be cheaper to choose liability-only insurance or even a state minimum policy. Otherwise, you may end up paying more for insurance than the replacement value of your vehicle.

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Ensure you're getting the best rate for your car insurance. Compare quotes from the top insurance companies.

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Insurance Rates

Cheapest Car Insurance in Richmond for Minimum Coverage

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.

Cheapest Minimum Liability Car Insurance in Richmond
State Minimum

State minimum coverage policies are the cheapest option in Virginia under normal circumstances. However, it could prove to be more expensive in the event of an accident. This is because you may have to pay out of pocket to meet certain expenses that are not covered in your policy.

For instance, if the medical bills for an at-fault accident amount to $50,000 for the other driver, your 25/50/20 minimum coverage will cover $25,000 of that. You will be responsible for paying the balance.

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.

Cheapest Car Insurance in Richmond if You Have Driving Violations

Drivers with violations such as a DUI, at-fault accident or a speeding ticket will have to pay more for insurance. In Richmond, the cheapest auto insurance for such drivers are:

  • Cheapest after a ticket: Progressive, $704 per year
  • Cheapest after an at-fault accident: Progressive, $911 per year
  • Cheapest after a DUI: Progressive, $744 per year

Drivers with poor records in Richmond can get better rates by improving their records over time. To get more affordable insurance premiums in the meantime, try exploring several quotes before deciding upon the best cheap car insurance for drivers with bad records.

Cheapest Car Insurance in Richmond With a Violation
Speeding Ticket

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.

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.

Compare Car Insurance Rates in Richmond

Ensure you're getting the best rate for your car insurance. Compare quotes from the top insurance companies.

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Insurance Rates

The Best Car Insurance Companies in Richmond

MoneyGeek’s unique ranking system analyzed the best insurance companies in Richmond based on affordability and service reputation. The top two insurers based on these criteria are:

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

With a score of 100 out of 100, USAA ranked highest as per our methodology and is the best option for drivers who are military personnel.

MoneyGeek ranked these car insurance companies using several factors, including insurer financial stability, customer satisfaction and affordability. We used findings from data analytics and consumer intelligence company J. D. Power and multiple other resources to perform this study.


1
USAA
Score:100

5/5

Affordability

5/5

Claims Ratings

5/5

User Satisfaction

A++

Financial Stability

2
GEICO
Score:92.5

5/5

Affordability

3/5

Claims Ratings

4/5

User Satisfaction

A++

Financial Stability

3
Hartford
Score:87.5

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:77.5

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:72.5

2/5

Affordability

3/5

Claims Ratings

2/5

User Satisfaction

A-

Financial Stability

12
Liberty Mutual
Score:72.5

2/5

Affordability

2/5

Claims Ratings

2/5

User Satisfaction

A

Financial Stability

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
rain icon
Most Annual Rainfall91st/300
umbrella icon
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.

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.