Table of contents
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 $25 a month less than it does in the rest of Kentucky.
Compared to the national average cost of auto coverage, Richmond has higher rates. The average monthly payment in Richmond is about $27 more expensive than the rate for the rest of the U.S.
Bear in mind that while these are the average car insurance rates for Richmond, you could end up paying something different. There are a variety of factors that car insurance companies assess when determining how much to charge you to get your vehicle insured. Variables like age, gender, vehicle make and model, driving record, and even credit score (depending on your area) can all be taken into consideration when determining the bill you'll see each month.
Don't sweat it however, we've broken down average rates for Richmond residents based on several different factors so that you can get a more accurate idea of your policy's monthly premium. If you're not certain that you're getting the cheapest rate for your area, just enter your ZIP below to find out!
Average Car Insurance Rates by Age
|Age Range||Average Premium|
|Under 18||Not Enough Data|
The older you are, the more experience you're likely to have on the roads, right? When it comes to car insurance premiums, that experience can really pay off. According to the table above, you can see that 18-24-year-olds pay a lot more than drivers 65 and older.
For every 10 years, you can expect to see a drop in your monthly premium. That said, once you hit retirement, your rates may rise again in Richmond.
Average Car Insurance Rates by Gender
While women typically pay less than men do for auto insurance, Richmond defies this trend. Female drivers typically pay around $9 more a month for auto insurance coverage than their male counterparts.
Average Auto Insurance Rates by Driving Record
|Infractions||Average Monthly Premium|
|Multiple Tickets||Not Enough Data|
Your rates can vary wildly depending on your driving record. Drivers who avoid accidents and tickets will pay lower rates than those with infractions. Drivers in Richmond with one accident will pay around $137 a month. Likewise, if you have one ticket, you'll be looking at an average rate of around $107.
Average Insurance Rates by Vehicle
|Vehicle Age||Average Monthly Premium|
|Less Than 1 Year||Not Enough Data|
|15 Years or Older||$96|
In Richmond, the cheapest vehicles to insure are usually trucks and vans, with drivers paying around $93 per month for insurance.
SUV drivers will see rates of about $100 to insure their vehicle, while car owners typically pay around $110 per month.
Vehicle age also plays a role in your monthly payment. Newer vehicles are generally going to be the most expensive to insure. However, once your car is about 5 years old, you may start to see your monthly premium drop back down. In Richmond, vehicles six-to-seven years old and eleven-to-fourteen years old are the most expensive to insure.
Average Car Insurance Rates by Relationship Status
|Relationship||Average Monthly Premium|
|Single (never married)||$109|
More often than not, those who are currently married will pay slightly less for car insurance. This can usually be attributed to their policies having multiple vehicles, a factor that will often get you a discount.
The difference in rates based on relationship status in Richmond can be as much as $9 a month, so it's worth keeping that in mind.
Average Car Insurance Rates by Housing Situation
|Housing Status||Average Monthly Premium|
|Live with parents||$112|
Another factor that comes into play is your living accommodations. If you rent your home or apartment, expect to pay around $13 a month more than if you own your own home in Richmond. Those who live with their parents, however, can expect to pay a good deal more than their counterparts who rent or own.
Depending on your insurance company, they may offer you a discount if you bundle your home or renters insurance with your auto policy.
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, auto insurance rates increased from 2016-2018, before turning downward from 2019-2020. They finished up in 2021, at $97.
How does Richmond compare to neighboring areas?
Why are car insurance rates in Richmond different from other areas?
There are a variety of factors car insurance companies take into consideration when figuring out how much to charge for a monthly rate. A few of these factors affecting your personal policy have already been mentioned, but others are based around where you park your car. These include things like:
- Rate of crime
- Road safety
- Number of drivers
- Regional regulations
- Off-street parking access
You can't change these factors yourself, but they're something to take into consideration when shopping for a new policy or looking to move into an area. 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?
Arming yourself with information about the average costs for drivers in your area will better prepare you for the real deal. The only way to know for sure what your rate will be is by asking for a quote from car insurance companies.
Fortunately, Compare.com has you covered. Simply enter your ZIP Code below, answer a few questions, and you'll be comparing the cheapest quotes from a number of the car insurance companies offering policies in Richmond in no time.
Richmond Insurance FAQs
What factors affect car insurance quotes in Richmond?
Car insurance companies calculate quotes based on a wide array of factors. These include things like your age and gender, but also factors like your vehicle's year, make and model, plus your driving record, credit score, marital status, and address.
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 local laws, parking situations, and crime rates -- which can vary from city to city -- can significantly affect your rate.
Which car insurance company will offer me the cheapest rate in Richmond?
There isn't one company that will offer the cheapest rate to everybody. What companies will charge you are based on many different factors that vary from person to person, such as your driving record, what kind of car you drive, how many drivers will be on your policy, and a number of other factors. Because of this, it's a good idea to use sites like Compare.com to compare multiple quotes at once. That way, you can be confident you're getting the best price.
Do I need to change my insurance if I move to Richmond?
Whenever you relocate or experience another major life event, such as finding a new job or getting married, you should consider revisiting your current insurance policy. Using services like Compare.com to compare quotes from multiple companies at once is a great way to make sure you're getting the cheapest rate for your new location.
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?