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


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Updated: October 3, 2024

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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.

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2024

Cheapest and Best Car Insurance in Richmond

Why Trust MoneyGeek? We analyzed 68,805 quotes from 15 companies in Virginia, including the city of Richmond. We used six sources and original research to rate the cheapest companies and develop a scoring system for Richmond insurance providers based on ZIP codes in the city only. Our scores are based on affordability, customer satisfaction, claims experience, coverages offered and financial stability.

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These rates reflect the cheapest car insurance quotes in Richmond, VA, as of August 2024.

68,805Quotes Analyzed
 
15Companies Compared

Cheapest Minimum Coverage Car Insurance in Richmond

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.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
Coverage:
Coverage:Minimum Coverage
American FamilyAnnual Premium$353Monthly Premium$29
Virginia Farm BureauAnnual Premium$398Monthly Premium$33
TravelersAnnual Premium$461Monthly Premium$38
Auto-Owners Insurance CoAnnual Premium$474Monthly Premium$39
Cincinnati InsuranceAnnual Premium$493Monthly Premium$41
ErieAnnual Premium$505Monthly Premium$42
MercuryAnnual Premium$538Monthly Premium$45
State FarmAnnual Premium$612Monthly Premium$51
ProgressiveAnnual Premium$632Monthly Premium$53
GEICOAnnual Premium$647Monthly Premium$54
NationwideAnnual Premium$779Monthly Premium$65
AllstateAnnual Premium$825Monthly Premium$69
National GeneralAnnual Premium$837Monthly Premium$70
KemperAnnual Premium$1,369Monthly Premium$114

State Minimum Liability Requirements

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.

Cheapest Full Coverage Car Insurance in Richmond

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.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
Coverage:
Coverage:Full Coverage
Virginia Farm BureauAnnual Premium$907Monthly Premium$76
Auto-Owners Insurance CoAnnual Premium$913Monthly Premium$76
American FamilyAnnual Premium$936Monthly Premium$78
TravelersAnnual Premium$951Monthly Premium$79
ProgressiveAnnual Premium$960Monthly Premium$80
Cincinnati InsuranceAnnual Premium$1,011Monthly Premium$84
NationwideAnnual Premium$1,023Monthly Premium$85
ErieAnnual Premium$1,034Monthly Premium$86
GEICOAnnual Premium$1,242Monthly Premium$103
State FarmAnnual Premium$1,284Monthly Premium$107
MercuryAnnual Premium$1,436Monthly Premium$120
AllstateAnnual Premium$1,452Monthly Premium$121
National GeneralAnnual Premium$1,721Monthly Premium$143
KemperAnnual Premium$2,381Monthly Premium$198

Do You Need Full Coverage in Richmond?

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.

Cheapest Car Insurance in Richmond After a Driving Offense

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.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
Coverage:
Coverage:Full Coverage
Incident:
Incident:Speeding
Auto-Owners Insurance CoAnnual Premium$945Monthly Premium$79
Cincinnati InsuranceAnnual Premium$1,175Monthly Premium$98
ErieAnnual Premium$1,201Monthly Premium$100
NationwideAnnual Premium$1,290Monthly Premium$108
ProgressiveAnnual Premium$1,311Monthly Premium$109
American FamilyAnnual Premium$1,348Monthly Premium$112
TravelersAnnual Premium$1,348Monthly Premium$112
Virginia Farm BureauAnnual Premium$1,376Monthly Premium$115
State FarmAnnual Premium$1,439Monthly Premium$120
GEICOAnnual Premium$1,611Monthly Premium$134
AllstateAnnual Premium$1,916Monthly Premium$160
MercuryAnnual Premium$2,103Monthly Premium$175
KemperAnnual Premium$3,024Monthly Premium$252
National GeneralAnnual Premium$3,506Monthly Premium$292

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.

Cheapest Car Insurance in Richmond for Teens and Their Families

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.

Data filtered by:Results filtered by:
Age:
Age:16
Gender:
Gender:Female
NationwideFamily Plan Annual Premium$1,267Individual Plan Monthly Premium$2,695
State FarmFamily Plan Annual Premium$1,860Individual Plan Monthly Premium$2,741
TravelersFamily Plan Annual Premium$1,988Individual Plan Monthly Premium$4,103
Auto-Owners Insurance CoFamily Plan Annual Premium$2,023Individual Plan Monthly Premium$2,233
AllstateFamily Plan Annual Premium$2,510Individual Plan Monthly Premium$3,796
GEICOFamily Plan Annual Premium$3,145Individual Plan Monthly Premium$6,086
ProgressiveFamily Plan Annual Premium$3,245Individual Plan Monthly Premium$7,816
KemperFamily Plan Annual Premium$8,557Individual Plan Monthly Premium$13,017

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.

Cheapest Car Insurance in Richmond for Military 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.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
Coverage:
Coverage:Full Coverage
USAAAnnual Premium$829Monthly Premium$69
Virginia Farm BureauAnnual Premium$907Monthly Premium$76
Auto-Owners Insurance CoAnnual Premium$913Monthly Premium$76
American FamilyAnnual Premium$936Monthly Premium$78
TravelersAnnual Premium$951Monthly Premium$79
ProgressiveAnnual Premium$960Monthly Premium$80
Cincinnati InsuranceAnnual Premium$1,011Monthly Premium$84
NationwideAnnual Premium$1,023Monthly Premium$85
ErieAnnual Premium$1,034Monthly Premium$86
GEICOAnnual Premium$1,242Monthly Premium$103
State FarmAnnual Premium$1,284Monthly Premium$107
MercuryAnnual Premium$1,436Monthly Premium$120
AllstateAnnual Premium$1,452Monthly Premium$121
National GeneralAnnual Premium$1,721Monthly Premium$143
KemperAnnual Premium$2,381Monthly Premium$198

How to Compare Cheap Richmond Car Insurance Quotes Online

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.

Car Insurance Calculator

MoneyGeek'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:

Oct 04, 2024

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Best Car Insurance in Richmond: Overview

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.

Overall Best Car Insurance in Richmond

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.

Company logo for Cincinnati Insurance
Best OverallCincinnati Insurance
MoneyGeek Score:
89/ of 100

Overview

Cincinnati Insurance earns an outstanding MoneyGeek Score primarily due to its excellent satisfaction and affordability components. The company fully covers the most common car insurance needs with both rental car and/or travel reimbursement and roadside assistance, while it offers gap Insurance and new car replacement as reasonably common coverages,

It also offers rare coverages like glass deductible modification, which waives the deductible for glass replacement. This makes Cincinnati Insurance a compelling choice despite any missing coverages.

With satisfaction and affordability scores of 35 (out of 35) and 29 (out of 30), combined with a claims score of 15 (out of 20) and coverage score of 8 (out of 10), it's clear that the company is committed to delivering high-quality service and coverage.

Best Car Insurance in Richmond for Customer Service

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.

Company logo for Cincinnati Insurance
Best for Customer ServiceCincinnati Insurance
MoneyGeek Score:
86/ of 100

Overview

Cincinnati Insurance earns an outstanding MoneyGeek Score primarily due to its excellent satisfaction and affordability components. The company fully covers the most common car insurance needs with both rental car and/or travel reimbursement and roadside assistance, while it offers gap Insurance and new car replacement as reasonably common coverages,

It also offers rare coverages like glass deductible modification, which waives the deductible for glass replacement. This makes Cincinnati Insurance a compelling choice despite any missing coverages.

With satisfaction and affordability scores of 35 (out of 35) and 29 (out of 30), combined with a claims score of 15 (out of 20) and coverage score of 8 (out of 10), it's clear that the company is committed to delivering high-quality service and coverage.

Best Cheap Car Insurance Companies in Richmond

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.

Company logo for Cincinnati Insurance
Best Cheap CompanyCincinnati Insurance
MoneyGeek Score:
87/ of 100

Overview

Cincinnati Insurance stands out with its high affordability score, predominantly shaping its elevated MoneyGeek Score. With an average annual premium of just $493, the average driver pays remarkably little for minimum coverage.

Cincinnati Insurance's array of discounts includes all four common discounts, indicating its breadth in helping drivers save. They offer bundling, multiple car and safe driving discounts. Additionally, they provide very rare discounts like anti-theft system, appealing to drivers who have equipped their vehicle with theft-deterrent systems, offering another avenue to cost savings.

Average Cost of Car Insurance in Richmond

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.

AlexandriaAnnual Premium$1,161
ArlingtonAnnual Premium$1,106
ChesapeakeAnnual Premium$1,062
HamptonAnnual Premium$1,075
Newport NewsAnnual Premium$1,048
NorfolkAnnual Premium$1,203
RichmondAnnual Premium$1,141
Virginia BeachAnnual Premium$1,051

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He 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.