Average car insurance cost in Richmond, VA

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The average car insurance cost in Richmond, Virginia is $1,552 per year, according to Insure.com data. This is $83 more than the average auto insurance cost in Virginia and $343 less than the national average, as analyzed by Insure.com.

The rates can vary wildly depending on where they are filed. City demographics, including population density and average resident age, will affect how much money you spend on premiums which could make it cheaper or more expensive than other areas with different factors like accident rates, theft and vandalism rates, etc.

The article covers information on – the cheapest car insurance providers in Richmond, the average car insurance rates by age, gender and how much is car insurance in Richmond based on coverage limits. Whether you’re a new driver or have been driving for years, this article can help you find the best deal on cheap car insurance in Richmond. Read on to learn more.

Cheap car insurance companies in Richmond

Travelers offers the cheapest car insurance in Richmond, at an average of $1,207 per year with full coverage limits of 100/300/100.

The second cheapest company in Richmond is Virginia Farm Bureau, offering car insurance rates at $1,236 per year.

As mentioned earlier, car insurance rates vary from one company to another because the factors used to calculate rates vary by insurer. Therefore, comparing quotes from multiple insurers is recommended to find cheap car insurance rates in Richmond before deciding on the policy that matches your requirements.

The table below lists the average annual and monthly costs for the various car insurance companies providing coverage in Richmond, Virginia:

Read about the best car insurance companies.

Average car insurance cost in Richmond by coverage limits

In Richmond, the average car insurance rates the coverage levels are as follows:

• State minimum coverage: $525 per year (limits are 25/50/25)
• Liability only coverage: $585 per year (limits are 50/100/50)
• Full coverage: $1,552 per year (limits are 100/300/100)
• Non-owners coverage: $319 per year

In most states, drivers are required to have state minimum coverage to drive legally, although these requirements vary by state. However, it’s important to note that state minimum coverage does not provide coverage for any vehicles listed on your policy in the event of an at-fault accident.

To prevent compromising on coverage and out-of-pocket expenses, it’s advisable to opt for full coverage or non-owner coverage if you frequently borrow or rent a car but do not own one.

Average car insurance rates by gender in Richmond

Based on an analysis by Insure.com, female drivers in Richmond, Virginia pay an average annual car insurance premium of $1,570. In comparison, male drivers pay $1,534 annually, which is $36 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 Richmond

In Richmond, car insurance rates are the highest for teens, at $4,934 per year or $411 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 $2,513 per year for their car insurance which is $2,421 less than what the teens pay for their insurance policy.

The car insurance rates in Richmond for adult and senior drivers are $1,555 and $1,671 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 Richmond

Examining car insurance rate trends in Richmond, Virginia, we observe a upward trend from 2022 to 2023. Subsequently, from 2022 to 2023, the rates experienced increase overall, with an increase of 10% or $135.

The table below shows the trend for last four years:

Conclusion

Car insurance rates in Richmond are higher than the average rates in Virginia. Drivers in Richmond can secure affordable car insurance by shopping around and utilizing available discounts. Additionally, many insurance companies offer bundling discounts for customers who purchase multiple policies from the same provider.

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.