Your Virginia auto insurance rate is affected by many factors. You have control over most of these items, and can use this information to to reduce your rate. We’ll review the major facts that impact the premium you pay and offer recommendations that will save you money. Our specialty is providing the lowest available Virginia auto insurance rates from the most reputable insurers in the state.
How old you are is one of the biggest variables that affect your rate. Typically, drivers under age 21 pay the most and drivers over age 55 pay the least. The main reason is the number of at-fault accidents reported for each age bracket. If you are still driving at age 85, it is possible that some carriers will charge a higher rate. If you're driving at age 90...then look out!
Your Driving Record
Obviously, this is one variable you can control. If you don’t get moving violations or have any at-fault accidents, you’re probably going to be eligible for a substantial “good-driver” discount. If you had these types of incidents in the past, and if they are more than three years old, you still may qualify for a partial discount. Accidents that are not your fault should not have an impact on your rate. However, even too many non at-fault accidents could ultimately hurt the premium.
Females, on average, pay less than males. This is especially true with Virginia drivers between the ages of 16-25. So yes, your sex does have an impact on your rate. However, eventually female premiums catch up with male premiums. Usually it's by age 45-55.
Married persons, with some Virginia car insurance companies, pay less than single persons. Statistically, if you are married, you have a lower chance of having an at-fault accident. And most insurers feel if you are married, you are more stable. Of course, there are a few persons that would disagree!
Your Credit Rating
Almost all insurers utilize credit reports when determining what rate you will pay for your auto insurance. Traditionally, extensive research shows that drivers with lower credit scores are more likely to have more at-fault accidents, and pay more of their bills past the due date. Of course, if you have good or excellent credit, you are likely to receive a discount that could be substantial. Regardless of your current credit rating, it’s always a good idea to check your credit report for accuracy. The law allows you to view your credit report free on a regular basis.
Where You Live
Virginia, like almost every other state, uses a zip code or county rating system to help determine how low your Virginia car insurance rate will be. Each company rates differently, but where you live (not where you work) affects your rate. Typically, the rate difference between counties can be as little as 2% or as much as 40%. So if you are planning on moving, check with us first and we'll tell you what impact it may have on your premium.
Do You Have Current Coverage
If you apply for coverage on your vehicle, and you are not currently insured, your premium will likely be higher than an applicant that has coverage that meets the state minimum liability requirements. Also, if you have a lapse in coverage, you may lose valuable discounts. And the choice of companies we can use to find a competitive rate may be limited, unlss you are driving with coverage.
The Vehicle You Drive
Do you drive a sports car or small SUV? Before you purchase your next vehicle, it might be helpful if you ask what effect it will have on your premium. For example, a Dodge Viper will be expensive. A Hyundai Santa Fe will be very inexpensive. Also, new cars are typically going to cost more to insure than a comparable used car, since the cost of repair and replacement is likely to be higher. However, whether a vehicle is leased or purchased should not make a difference.
How You Use Your Vehicle
If your car is driven to work each day, the premium will be higher than if it was parked most of the day. A shorter drive to work or carpooling to work will help. Drivers that are 55 and retired will often receive a 10% discount on portions of their policy. If you drive under 5,000 miles, a rate reduction may be possible.
What Coverage You Have
Virginia insurance coverage can vary greatly among different companies. The type of benefits you have and amount of liability limits you elect are your choice, as long as you meet the minimum requirements of the state and your financial institution, if the car is financed. Reducing liability limits and raising deductibles will often substantially reduce the rate. But it’s important to understand the impact of those changes.
Virginiacarinsurancerates.com is the state’s premier trusted website for affordable car insurance quotes. To instantly view your options, simply type your zip code in the box at the top of the page and select one or more of the listed companies.
Edward Harris is the owner and founder of this website. Since 1980, he has been helping individuals and families with their car insurance needs. During that time, he has handled more than 10,000 applications and continues to provide service for thousands of clients.
Ed is married with two children and enjoys tennis, golf, and international politics. Reluctantly, he bowls once every 10 years.