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How much is car insurance in Richmond?
|Area||Average Monthly Car Insurance Premium|
Based on the chart above, you can see that coverage in Richmond typically costs about $24 a month less than it does in the rest of Kentucky.
Drivers relocating the Richmond should take note of the differences in average rates. You can expect to pay about $27 more for your policy in Richmond.
These rates may be the average amount Richmond residents pay for their insurance policy, but that doesn't mean it's exactly what you'll pay. Insurance companies take an array of factors into consideration when determining how much to charge you to insure your vehicle. The final dollar amount you'll be asked to pay each month is calculated off of your age, gender, vehicle make and model, driving record, and in some cases, your credit score.
We've broken down the average rates for Richmond to help you understand what exactly you might be asked to pay. And if you're not certain that you're paying the lowest option, simply enter your ZIP below and find out in just minutes!
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Average Car Insurance Rates by Age
|Age Range||Average Premium|
|Under 18||Not Enough Data|
It's pretty safe to assume that the older you are, the longer you've been driving, right? That experience can lead to some serious savings when it comes to auto insurance bills. According to the table above, you can see that 18-24-year-olds pay significantly more than drivers 65 and older.
For every 10 years, you can expect to see a decrease in your monthly premium. Once you hit retirement, however, you may see your rates rise again in Richmond.
Average Car Insurance Rates by Gender
Although female drivers pay, on average, less than male drivers for auto insurance coverage, Richmond actually goes against the grain. While female drivers pay $110 a month to insure their vehicle, males only pay about $106.
Average Auto Insurance Rates by Driving Record
|Infractions||Average Monthly Premium|
Rates can vary wildly depending on your driving record. Those with fewer accidents and tickets will pay significantly less than those with multiple infractions. In Richmond, a driving record with one accident will usually get you a rate around $129 a month. Similarly, drivers with one ticket will typically pay around $123 on average.
Regardless of where you live, accidents, tickets, and other driving infractions can drive your monthly bill way up. So, if you're looking for cheap car insurance, drive carefully and keep a clean record.
Average Insurance Rates by Vehicle
|Vehicle Age||Average Monthly Premium|
|Less Than 1 Year||$124|
|15 Years or Older||$98|
In Richmond, the cheapest vehicles to insure are typically trucks and vans, with drivers paying around $97 per month for auto insurance.
SUV drivers will see rates of about $108 for car insurance coverage, while car owners usually pay around $110 per month.
In addition to vehicle type, you can also expect to see slightly different rates depending on the age of your vehicle. Generally, the most expensive vehicles to insure are going to be newer ones. Once your car is around 5 years old, however, your monthly bill may start to dip back down. The most expensive vehicles to insure in Richmond are vehicles four-to-five years old.
Average Car Insurance Rates by Relationship Status
|Relationship||Average Monthly Premium|
|Single (never married)||$111|
Generally speaking, married policyholders will pay slightly less for auto insurance. This usually happens because companies will award special discounts to policyholders with multiple vehicles that are on the same policy.
According to the table above, the difference in rates based on relationship status in Richmond can be as much as $13 a month, so it's worth taking into consideration.
Average Car Insurance Rates by Housing Situation
|Housing Status||Average Monthly Premium|
|Live with parents||$105|
One other element taken into consideration is your living situation. If you rent your home or apartment, expect to pay around $12 a month more than if you own your own home in Richmond. But if you live with your parents, you can expect to pay a lot more.
Bundling your home or rental insurance and auto insurance policies can oftentimes reduce your average premiums, depending on your insurance company.
Car Insurance Companies in Richmond, KY
Recent trends in car insurance for Richmond drivers
The average rates for car insurance are constantly changing, so it's a good idea to know the recent trends in your area when deciding when and where to shop.
In Richmond, the rates for auto insurance increased from 2017-2018, before taking a downward turn from 2019-2020. They finished down in 2022, at $110.
How does Richmond compare to neighboring areas?
Why are car insurance rates in Richmond different from other areas?
There are numerous factors car insurance companies take into consideration when deciding how much to charge for a monthly rate. Your insurance policy will depend largely on where you park your car and will be influenced by things such as:
- Local regulations
- Crime rates
- Rate of car accidents
- Number of drivers in the community
- Off-street parking availability
An awareness of these factors is important when thinking about buying a new policy or potentially moving to a new home. Each area will have different rates. Guides like these are a wonderful place to get started.
How can I find the cheapest car insurance in Richmond?
While getting familiar with what the average costs are for drivers like you can be helpful as you get an idea of what you might pay, the only way to know exactly what your rate will be is by requesting a quote from car insurance companies.
But wait! Compare.com does all of that work for you. Just type in your ZIP Code below, answer a few questions on you and your vehicle, and you'll be comparing the cheapest quotes from the many car insurance companies that offer auto coverage in Richmond.
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Richmond Insurance FAQs
What factors affect car insurance quotes in Richmond?
Quotes are calculated by car insurance companies who take multiple factors into consideration, including things you can't control like your age and gender, but also factors like your driving record, address, credit score, and marital status.
Why is the cost of car insurance in Richmond different from other neighboring cities?
Car insurance companies take local factors into consideration when determining how much to charge for coverage. Things like parking situations, crime rates, and local laws -- which can vary from city to city -- can significantly affect your rate.
Which car insurance company will offer me the cheapest rate in Richmond?
Since the factors that car insurance companies take into consideration when calculating the rate you might pay differ from person to person, there is no one insurance company that will offer the cheapest rate to everybody. Things like your driving record, the number of drivers on the policy, and vehicle make and model, plus a number of others, are all taken into account. Because of this, it's a good idea to use sites like Compare.com to compare multiple quotes at once.
Do I need to change my insurance if I move to Richmond?
Whenever you move to a new area, or experience any other major life event such as getting married or finding a new job, it's always a good idea to re-evaluate your current insurance policy. Certain companies may offer larger discounts in certain cities, so it's a smart idea to use services like Compare.com to compare quotes from dozens of companies side-by-side.
Do I need to wait for my policy to expire to switch to a different car insurance company?
No. In fact, you can swap companies at any point, regardless of how much time is left on your current coverage. So, whether you're moving to Richmond or just curious about rates in your area, why not take 10 minutes to see if Compare.com can save you money?
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