Average car insurance cost in Chesapeake, VA

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According to data from Insure.com, the average annual cost of car insurance in Chesapeake, Virginia is $1,465. The auto insurance rates in Chesapeake is $4 less than the state average and $430 less than the national average.

Car insurance premiums vary significantly based on where they are filed. Factors such as city demographics, population density and average resident age, accident rates, theft, and vandalism rates will influence the amount of premiums you pay.

This article talks in detail about the most affordable car insurance companies in Chesapeake, the average car insurance rates by age and gender, and how much car insurance cost in Chesapeake depending on coverage limits. Whether you’re a new driver or an experienced one, this article will help you to find the most affordable car insurance in Chesapeake. Keep reading to learn more.

Cheap car insurance companies in Chesapeake

Travelers offers the most affordable car insurance in Chesapeake for coverage limits of 100/300/100 at $1,133 per year.

The Virginia Farm Bureau comes close second offering car insurance at $1,218 per year.

As mentioned previously, car insurance quotes differ amongst companies due to the factors they consider when determining rates. Hence, it’s advisable to obtain quotes from multiple insurers to find affordable car insurance rates in Chesapeake that align with your needs before finalizing your insurance carrier.

Here are the average annual and monthly costs for the various car insurance companies providing coverage in Chesapeake, Virginia:

Read about the best car insurance companies.

Average car insurance cost in Chesapeake by coverage limits

In Chesapeake, the average car insurance rates based on coverage types are as follows:

• State minimum coverage: $523 per year (limits are 25/50/25)
• Liability only coverage: $583 per year (limits are 50/100/50)
• Full coverage: $1,465 per year (limits are 100/300/100)
• Non-owners coverage: $349 per year

In most states, drivers must have the state minimum coverage to drive legally, but these vary by state. However, state minimum coverage does not cover any vehicles listed on your policy in an at-fault accident.

To avoid compromising on the coverage and pay out-of-pocket expenses, it is better to have full coverage or non-owner coverage if you don’t own a car but borrow or rent one frequently.

Average car insurance rates by gender in Chesapeake

Based on an analysis by Insure.com, female drivers in Chesapeake, Virginia pay an average annual car insurance premium of $1,481. In comparison, male drivers pay $1,450 annually, which is $31 less than what female drivers pay.

According to the Insurance Information Institute, statistics indicate that women are generally considered safer drivers than men. Also, women pay less for car insurance due to the lower rate of severe accidents.

Read more on how gender affects car insurance rates.

Average car insurance rates by age in Chesapeake

In Chesapeake, car insurance rates are the highest for teens, at $4,653 per year or $388 per month. The rates are higher for teenagers (16- to 19-year-olds) as they are more prone to road accidents due to their lack of experience on the road, according to the Insurance Information Institute. There are driving laws for teens to help them drive better. Also, teen insurance rates can be lowered by adding teens to a parent’s auto insurance policy.

Car insurance rates are bound to decrease as teens grow older and earn a good driving record. Young adults pay $2,372 per year for their car insurance which is $2,281 less than what the teens pay for their insurance policy.

The car insurance rates in Chesapeake for adult and senior drivers are $1,469 and $1,586 per year respectively.

The car insurance rates for adults and seniors are lower than those for teens and young adults. “This is because they are more likely to obey the speed limits and follow the rules of the road,” says the Insurance Information Institute.

Read more on auto insurance for seniors.

The table below depicts the average annual rates for drivers of different age groups:

Car insurance rate trends in Chesapeake

Examining the trends in car insurance rates in Chesapeake, Virginia, there was an upward trend from 2022 to 2023. Between 2022 and 2023, rates increase overall by 10% or $135.

The table below illustrates the trend over the three years:

Conclusion

In conclusion, the insurance rates in Chesapeake, are lower than the average insurance cost in Virginia. Shopping around and taking advantage of available discounts, drivers in Chesapeake can find affordable car insurance options. Many car insurance companies offer discounts for customers who purchase multiple policies through the same company.

Sources

• Insurance Information Institute. “What determines the price of my auto insurance policy,” Accessed September 2024.
• Insurance Information Institute. “Auto insurance for teen drivers,” Accessed September 2024.
• Insurance Information Institute. “Senior driving safety and tips,” Accessed September 2024.

Methodology

Insure.com team worked with Quadrant Information Service to get car insurance data. To determine the average premiums, our team of data analysts and expert editors have analyzed 53,409,632 insurance quotes from 170 insurance companies across 34,588 ZIP codes.

The insurance rates are based on a sample profile of a 40-year-old male and female driver with a clean driving record and a good insurance score. Quotes premiums are for a full coverage policy with limits:

• $100,000 bodily injury per person
• $300,000 bodily injury per accident
• $100,000 property damage per accident
• $500 comprehensive and collision deductible

The quoted insurance rates are for comparison purposes, and your individual rates may vary.

Prachi Singh

Contributing Researcher

 

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Prachi is an insurance writer with a master’s degree in business administration. Through her writing, she hopes to help readers make smart and informed decisions about their finances. She loves to travel and write poetry.