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Car Insurance Cost Calculator
Estimate the Cost of Car Insurance for You.
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.
Rates Updated:
Apr, 25, 2024
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Knowing the average cost of auto insurance in Virginia can help you save when you’re looking for affordable rates. MoneyGeek’s car insurance calculator gives you an instant estimate so you can start your search with that knowledge.
We also determined how car insurance providers in Virginia calculate their premiums to help you establish factors that are more likely to influence your rates.
Virginia Car Insurance Calculator: How it Gets You an Instant, Free Estimate
It typically takes about 10-15 minutes to obtain a finalized car insurance quote in Virginia, largely because of the amount of personal information required.
With MoneyGeek’s car insurance calculator, you can obtain an immediate quote based on your driving record, the coverage level you select, your age and the model of the car you drive.
Our calculator indicates the factors with the most influence on car insurance rates in Virginia. In order of importance, these are adding a teen driver to your policy, your age and credit score. However, the most important factor for you can vary depending on your profile.
The cheapest car insurance company varies based on various factors. MoneyGeek’s car insurance calculator in Virginia can give you a close estimate for each provider. Our default driver pays about $358 per year at Erie, the most affordable provider in the state.
Cost is not the only factor to consider while choosing the best insurer. Choose a provider that can meet your coverage requirements and offers excellent customer service.
To find the cheapest car insurance in Virginia, you can use MoneyGeek’s car insurance calculator or browse our list of sample drivers.
If you’re interested in how car insurance costs in your state compare nationwide, MoneyGeek determined the average cost of car insurance rates in Virginia.
MoneyGeek also analyzed the best car insurance companies in Virginia, so you can look for a provider that balances quality customer service with affordability.
How Car Insurance Premiums are Calculated in Virginia
Auto insurance companies in Virginia consider various factors when calculating their premiums. The most impactful factors in determining how much you’ll pay for your car insurance are adding a teen driver to your policy, your age and your credit score. For instance, when you add a teen driver to your policy, your rates can increase by as much as 3.5x.
How Much Adding a Teen Driver Matters in Calculating Car Insurance in Virginia
Teen drivers pay higher car insurance costs because they are inexperienced and can be reckless, thus more likely to get into an accident. Research shows that they are almost three times as likely as older drivers to be involved in a fatal crash.
Adding a teen driver to your car insurance policy in Virginia can more than triple your premiums, with an increase of as much as 3.5x.
How Much Age of Driver Matters in Calculating Car Insurance in Virginia
How much you pay for car insurance in Virginia depends on your age. For instance, if you are a young driver, you will pay higher premiums than older drivers since you are more likely to get involved in an accident. That means a 19 or 20-year-old will pay higher premiums than a 40-year-old for the same coverage.
In Virginia, your rates can increase by 2.5x depending on your age.
How Much Credit Score Matters in Calculating Car Insurance in Virginia
Your credit score matters to insurers when they’re calculating the cost of your car insurance in Virginia. Drivers with an excellent credit score see lower insurance rates than drivers with poor credit.
Having a poor credit score can multiply your car insurance rate by 2.0x.
How Much Coverage Levels Matters in Calculating Car Insurance in Virginia
Car insurance costs depend on the coverage level you select.
The cheapest insurance is a state minimum liability-only policy, although it provides you with the least protection. The most expensive is full coverage car insurance with a $500 deductible and 100/300/100 liability. You’ll increase your rates by 2.0x if you choose full coverage instead of minimum.
How Much Car Model Matters in Calculating Car Insurance in Virginia
The model of your car can influence your insurance rates, too, because some models are riskier to insure than others. If you have a high-value or luxury car that’s more costly to repair or more prone to theft or damage, you’ll pay higher car insurance premiums.
In Virginia, you can pay up to 2x more depending on your car model.
How to Calculate How Much Car Insurance You Need in Virginia
How do I calculate how much car insurance I need in Virginia, you ask?
Start with what’s required.
Car insurance is optional in Virginia; however, car insurance laws still require you to carry a policy to register your car. And your coverage must meet Virginia’s minimum car insurance requirement of 25/50/20, along with uninsured and underinsured insurance. Depending on your situation, you may also decide to purchase additional comprehensive and collision insurance.
Understand Virginia car insurance requirements
You can research how much car insurance you need to purchase by reading about the Virginia minimum car insurance requirements.
The state minimum policy only provides $25,000 bodily injury liability per person up to $50,000 per accident and $20,000 property damage liability per accident. These are the same limits for uninsured/ underinsured motorist coverage. Comprehensive and collision insurance is not compulsory.
Consider Purchasing Additional Liability Insurance
You may need liability insurance above the state minimum to better protect yourself against the costs of a major accident. A car insurance policy in Virginia with $300,000 in bodily injury liability costs about $513 per year compared to $419 for minimum liability insurance.
Decide whether or not to buy comprehensive and collision insurance
While comprehensive and collision coverage is recommended in Virginia, it is not compulsory. Note that some lenders may require you to have full coverage car insurance, which protects your vehicle from any form of damage or loss.
Virginia drivers pay an average of $260 per year to add full comprehensive and collision insurance coverage with a $1,000 deductible. Keep in mind that if your car’s replacement value is low, you may not need to spend the extra money every year for comprehensive and collision insurance.
Consider buying additional protection besides these core coverages
In addition to liability insurance, the law requires Virginia drivers to have uninsured/underinsured motorist coverage. This insurance will help protect against accidents with a driver who doesn’t have insurance or has too little. And in Virginia, statistics show that the rate of uninsured motorists is 10.5%.
Virginia drivers are not required to have personal injury protection. Drivers in the state may want to purchase medical payments coverage, known as MedPay. It pays for medical expenses and lost wages from an accident caused by the other driver.
Frequently Asked Questions About How Car Insurance is Calculated in Virginia
While purchasing car insurance in Virginia, it’s important to understand the factors that are likely to affect your rates so that you can make an informed decision. MoneyGeek answers a few of the commonly asked questions about how to calculate insurance premiums in Virginia.
You can get an accurate quote by providing your insurer with some personal information, including your driving profile and car model details. Our car insurance calculator gives you a quick ballpark figure for the cost of insurance in Virginia.
When determining premiums, car insurance providers in Virginia consider the following factors as most important: adding a teen driver to your policy, your age and your credit score.
Virginia requires coverage that meets its minimum car insurance requirement of 25/50/20, along with uninsured and underinsured insurance. From there, you can determine whether you want to increase limits, expand coverage or get additional types of insurance.
Methodology
MoneyGeek partnered with Quadrant Data Services to get car insurance quotes from across Virginia. Our data science team analyzed how personal factors impacted cost and incorporated our findings into our calculator to provide users with an accurate estimate of their expected yearly auto insurance costs. Read more about our methodology here.
About Mark Fitzpatrick
sources
- Centers for Disease Control and Prevention. "Teen Drivers: Get the Facts." Accessed February 9, 2022.