Cheapest Car Insurance for Low-Income Drivers in Virginia (October 2024)

The cheapest car insurance company for individual drivers with low-income and poor credit history is Mercury at $37 per month. For families with low-income, the most affordable provider is Nationwide at $53 per month.

Virginia does not offer state-backed car insurance programs for low-income families and individuals. One option to manage costs is to look for providers with the most affordable rates. Additionally, there are ways to get discounts to help alleviate the cost of car insurance.

While state minimum coverage will help you drive legally, there are downsides. For example, in an at-fault accident, minimum coverage may not cover all damages, leaving you financially vulnerable.

In Virginia, car insurance companies do not consider your income when calculating rates. Instead, they look at factors like your age, driving record, credit history, and the type of car you drive. At-fault accidents and moving violations will increase your rates. To find the cheapest rates, it's best to compare quotes from several insurance companies. This way, you can see which provider offers the most affordable option for your needs.

If your budget is tight, opting for a basic minimum coverage policy is often the cheapest way to stay legal on the road. Additionally, if you rarely drive, pay-per-mile insurance might be the best way to save money. MoneyGeek has rounded up the cheapest insurers for low-income drivers in Virginia to help you save.

To legally operate a vehicle in the Commonwealth, you're required to carry car insurance that meets the state's minimum car insurance requirements. These include:

• $25,000 for bodily injury liability per person.
• $50,000 for bodily injury liability per accident.
• $20,000 for 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.

Choosing the right policy involves understanding the different types available. A liability-only car insurance policy covers expenses for the other driver if you're at fault in an accident, but won't cover your vehicle. To protect your own car, you'll need a full coverage car insurance policy, which includes collision and comprehensive coverages. These coverages protect against a wide range of incidents, including theft, vandalism, or natural disasters.

For instance, if you're driving through Virginia's bustling cities or coastal areas, where the risk of theft or environmental damage may be higher, opting for full coverage can offer peace of mind. It's crucial to assess the risks and benefits of each coverage type to determine what best suits your needs, ensuring you're both legally compliant and adequately protected.

Your credit record can affect your car insurance rates in Virginia. A lower credit-based insurance score may signal to insurers that you're a higher risk, which can lead to more expensive premiums.

Virginia drivers with poor credit records can find affordable rates with:

• Mercury: $440 per year; $37 per month
• Virginia Farm Bureau: $462 per year; $39 per month

The cheapest car insurance in Virginia for low-income drivers with a good credit history are:

• Virginia Farm Bureau: $310 per year; $26 per month
• American Family: $343 per year; $29 per month

Driving without insurance in Virginia is considered a misdemeanor and can lead to suspension of your driver's license and vehicle registration, fines ranging from $175 to $1,000 and other penalties. Make sure you're covered to drive legally and safely.

While your income doesn't dictate car insurance rates, being a single parent can lead to higher premiums. In Virginia, single parents face an annual rate of $1,224, a stark contrast to married couples with a teen who pay $638 — a difference of $586 each year.

The most budget-friendly car insurance options for married couples with a teen in Virginia are:

• Nationwide: $638 per year; $53 per month
• State Farm: $746 per year; $62 per month

For single parents with a teen, the cheapest options are:

• State Farm: $1,224 per year; $102 per month
• Auto-Owners: $1,244 per year; $104 per month

Single parents generally pay more for minimum coverage auto insurance due to the perceived higher risk. However, maintaining a sterling credit score can help in securing more affordable rates, regardless of family status.

Car insurance premiums generally decrease as you reach the early senior years, typically around age 55 to 65, especially if you have a clean driving record.

The two cheapest car insurance for senior drivers with low-income and poor credit history are:

• Mercury: $464 per year; $39 per month
• Virginia Farm Bureau: $576 per year; $48 per month

After the age of 70, car insurance rates typically increase as older drivers are statistically considered higher risk. This trend continues each year, meaning premiums generally rise as seniors age. In Virginia, there are specific laws and guidelines for seniors getting car insurance.

Car insurance rates in Virginia are influenced by several factors, but income isn't one of them. However, if a low income leads to a poor credit record, it can result in higher rates. Conversely, a good credit record can help you get lower rates. Understanding the factors that contribute to car insurance rates in Virginia can help you make informed decisions in choosing the best car insurance for you.

Finding affordable car insurance in Virginia can be achieved through several strategies. Here are some tips to lower your car insurance premiums:

Finding affordable car insurance can be difficult for low-income drivers in Virginia. Get answers to some of the most commonly asked questions about low-income car insurance in Virginia.