Does Virginia have the most expensive auto insurance?
In nearly every single state in the United States, you are legally required to have auto insurance. But the cost of that insurance can vary greatly from state to state. If you live in Virginia, you may wonder if it has the most expensive auto insurance. Based on recent car insurance quotes, no, it does not.
Discover how Virginia’s auto insurance rates compare to the rates for other states, and what you can expect to pay for various levels of coverage.
Average cost of car insurance in Virginia
As a frame of reference, if you just stick to the minimum coverage, the average cost of auto insurance in Virginia is just $441 per year. However, if you opt for full coverage, this increases to $1,304 to $1,033.
Of course, keep in mind that the average cost of insurance that you find will depend on the source. While exact figures may vary slightly, the general trends typically remain the same.
How Virginia’s auto insurance rates compare to the other states
If you compare the average auto insurance rate in Virginia to the national average. According to Bankrate, the national average for minimum coverage is $565 ($124 higher than Virginia’s). For full coverage, the average across the U.S. is $1,674 ($370 more than Virginia).
Where Virginia’s rates fit in the rankings
Based on the average cost of $1,033 for full coverage insurance and Insure.com’s data, Virginia is number 44 in terms of the most expensive auto insurance. In other words, it is the eighth-most affordable (including D.C.).
MoneyGeek has a much lower average for Virginia of just $785 for full coverage. This would place it as the ninth-most-affordable insurance coverage. However, it is worth noting that this figure is significantly lower than the others.
Which state is the most expensive?
Louisiana and Michigan are consistently the most expensive states to get auto insurance coverage. Which of these two comes out on top and the exact figures will vary by source. New York also frequently makes an appearance in the top three.
For example, some companies say that Louisiana is the most expensive, with average premiums of $2,839 per year compared to $2,112 in Michigan. Those figures are for average premiums overall.
By contrast, other companies divide annual average premiums by comprehensive and collision or liability. For comprehensive and collision, their data shows Michigan is the most expensive ($4,003), followed by New York ($3,896), and Louisiana ($3,419). Their rankings for the minimum liability insurance required by the state are in the same order, but $2,653, $2,604, and $1,611, respectively.
Bonus: Which state is the most affordable?
Looking at the data from Insure.com, Maine, New Hampshire, and Wisconsin have the most affordable car insurance, with average premiums of $858, $885, and $938, respectively. MoneyGeek has lower averages for full coverage premiums. Their data shows Maine, Idaho, and Iowa as the most affordable, at $589, $674, and $674, respectively.
The important takeaway: Averages vary by source – always get quotes
There are two important lessons to learn from the above information.
First, no, Virginia does not have the most expensive car insurance. In fact, the state has some of the most affordable car insurance, and nearly every source you find will place it below the national average.
The other crucial factor is that the average rates you find will vary greatly by source, as it depends on where they compile their data from. Because of this, you should not just assume that your state will be expensive or affordable. Take the time to get quotes. Comparing auto insurance quotes is always your best choice for getting a good deal.
What affects auto insurance rates in Virginia
It is important to keep in mind that the auto insurance quotes you get in Virginia may be higher or lower than the average.
The average premium varies somewhat by company, with some having a reputation for higher rates than others. That being said, you should not necessarily skip getting a quote from a company just because it tends to have higher rates. You may be an exception, especially if you are a good driver or qualify for discounts.
The following are just some of the factors that may influence your auto insurance premiums in Virginia or anywhere else:
- Your age.
- Your marital status.
- Your driving history.
- Your credit score.
- Your car.
- Your location.
- Discount eligibility (such as for students, military, low mileage, and safety features).
To give you an idea of how various factors can affect your insurance rates, consider the following data on average premiums from Bankrate. To start, insurance will vary greatly based on the city in Virginia you live in. For example, Norfolk is 15 percent higher than the state average at $1,499. On the other hand, Virginia Beach is just 6 percent above the state average at $1,378. Or for savings, Harrisonburg averages just $1,097 — 16 percent less than the state average.
Age is another significant factor affecting your insurance rates. Young drivers tend to be considered riskier, leading to increased rates. For example, the average rate at 18 is $4,382, and by 20, it is just $3,243. By 25, it drops to $1,770 and by 30, to $1,431.
Your driving history will also play a significant role. If you have a speeding ticket, your average premiums will increase 25 percent compared to the average. If you are in an accident, they increase 45 percent. DUIs are particularly expensive due to their high-risk nature, increasing your premiums by an average of 107 percent.
The Bottom Line: Virginia does not have the most expensive auto insurance
The bottom line is that no, Virginia does not have the most expensive auto insurance. Michigan, Louisiana, and New York tend to be the most expensive states for auto insurance. Virginia is actually among the most affordable states to get auto insurance. That being said, your rates will depend on your age, driving history, your car, and various other factors. As such, you will likely want to compare quotes.
Story by Stefani Voss