Table of contents
How much is car insurance in Richmond?
|Area||Average Monthly Car Insurance Premium|
Car insurance policies in Richmond are about $6 a month more expensive than the rest of Virginia.
On the other hand, the expected monthly payments for an auto insurance policy in Richmond are below the national average. It's about $14 cheaper to insure your vehicle in Richmond compared to the average rate for the United States as a whole.
Although these are the average rates for auto insurance in Richmond, that doesn't mean it's exactly what you'll pay. There are numerous factors taken into consideration by insurance companies when deciding the rate you'll pay for coverage. 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 your monthly policy payment.
But worry not, we've done the heavy lifting and broken down the average rate for Richmond to help you understand what exactly you might be asked to pay. And if you think you might be overpaying for insurance, simply enter your ZIP Code below to learn more about rates in your area!
Average Car Insurance Rates by Age
|Age Range||Average Premium|
|45-54||Not Enough Data|
Generally, the older you are the more experienced you are behind the wheel, right? When it comes to car insurance premiums, that experience can really pay off.
For every 10 years, you can expect to see a drop in your monthly premium. Once you hit retirement age, however, you may see your rates begin to climb back up. In Richmond, you'll see that by the time you turn 25, your rates will be almost half of what they were when you were under 18.
Average Car Insurance Rates by Gender
Car insurance rates for men are usually slightly more expensive than they are for women. Male and female drivers in Richmond however, both pay the same monthly amount for auto insurance.
Average Auto Insurance Rates by Driving Record
|Infractions||Average Monthly Premium|
Your rates can change quite drastically depending on your driving record. Drivers with clean records will pay much lower rates than those with accidents or violations. In Richmond, a driving record with one accident will usually get you a rate around $76 a month. Similarly, if you have one ticket on your record, you will be looking at an average rate of around $84.
Average Insurance Rates by Vehicle
|Vehicle Age||Average Monthly Premium|
|Less Than 1 Year||$66|
|15 Years or Older||$64|
In Richmond, the cheapest vehicles to insure are typically trucks and vans.
Car owners can expect to pay an average of around $66 a month for their policy, while drivers with SUVs will usually see rates around $64 to insure each month.
Truck and van drivers in Richmond can expect to pay about $56 per month for coverage.
Your rates can also vary depending on how old your vehicle is. Newer vehicles are generally going to be the most expensive to insure. However, once your car is close to 5 years old, you may start to see your monthly premium decrease. In Richmond, however, the most expensive vehicles to insure are vehicles two-to-three years old and six-to-seven years old.
Average Car Insurance Rates by Relationship Status
|Relationship||Average Monthly Premium|
|Single (never married)||$68|
More often than not, car insurance is cheaper for married policy-holders. This usually boils down to owners having multiple vehicles on the same policy, something some companies will reward with discounts.
In Richmond, the difference between being married and single is about $10 a month when it comes to car insurance.
Average Car Insurance Rates by Housing Situation
|Housing Status||Average Monthly Premium|
|Live with parents||$88|
Another factor taken into consideration is your housing status. Renters can expect to pay around $12 a month more than drivers who own property in Richmond. Those who live with their parents, however, can expect to pay a good deal more than their counterparts who rent or own.
That said, if you bundle your homeowners or rental insurance policy with your auto insurance, many companies will offer you a discount to make up for it and reduce your car insurance costs.
Car Insurance Companies in Richmond, VA
Recent trends in car insurance for Richmond drivers
Car insurance rates are frequently changing, so it's in your best interest to understand which way your area is trending before shopping for coverage.
The cost of insurance in Richmond had been increasing from 2016-2017, before steadying out in 2018. Policy premiums finished down in 2021, at $74 per month
How does Richmond compare to neighboring areas?
Why are car insurance rates in Richmond different from other areas?
Car insurance companies will take into account several factors when figuring out how much to charge for a policy. The specifics of things like where you park your car will have an impact on your personal policy. This might include things like:
- Amount of drivers in the community
- Off-street parking availability
- Frequency of car accidents
- Local crime rates
- Local laws
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. Get started with a guide like this to get familiar with the average rates of your area.
How can I find the cheapest car insurance in Richmond?
Equipping 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.
Good news! Compare.com will handle the heavy lifting for you. Simply enter your ZIP below, respond to a few questions, and you'll be comparing the cheapest quotes from a number of the car insurance companies offering policies in Richmond.
Richmond Insurance FAQs
What factors affect car insurance quotes in Richmond?
Auto insurance companies take a wide array of factors into consideration when calculating your monthly payment. These include things like your vehicle's year, make and model, your gender and age, as well as your credit score, driving record, address, and marital status.
Why is the cost of car insurance in Richmond different from other neighboring cities?
Auto insurance companies consider regional factors, such as parking situations, local laws, and crime rates into account when calculating the monthly rate for coverage. Since these can all vary from city to city the rates you may see can differ from neighboring areas.
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?
Any time you experience a major life event, whether it's moving to a new area, getting married, finding a new job, or other notable events, it's always a good idea to re-evaluate your current insurance. Certain companies offer cheaper insurance in certain cities, so even if you were getting the cheapest rate at your old address, it doesn't mean it'll still be the cheapest at your new home. That's why it's always good 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. You can switch companies at any time, regardless of how long is left on your current policy. So, if you've recently moved to Richmond or it's been a while since you last compared car insurance rates, you may want to take 10 minutes and see if Compare.com can save you money.