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How much is car insurance in Richmond?
|Area||Average Monthly Car Insurance Premium|
Coverage for your vehicle in Richmond will typically run you about $7 a month more than in the rest of Virginia.
Drivers relocating from out of state may enjoy some cost savings in Richmond. On average, it's about $13 less to insure your vehicle in Richmond than it is in the rest of the United States.
Although these are the average rates for auto insurance in Richmond, it's important to remember that 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. Things like age, gender, vehicle make and model, driving record and, in some areas, credit score can all get factored into calculating the amount you'll be asked to pay each month.
We've done the heavy lifting for you and broken down the average rate for Richmond so that you can get a more accurate idea of what you might pay. And if you're not sure that you're paying the lowest option, simply enter your ZIP Code below and find out!
Average Car Insurance Rates by Age
|Age Range||Average Premium|
|45-54||Not Enough Data|
The longer you've been on the road, the more experienced of a driver you are. That experience can lead to some serious savings when it comes to car insurance bills. As you can see, 18-24-year-olds pay $47 more than drivers 65 and older.
You can expect to see your monthly premium drop every 10 years or so. Having said that, once you approach retirement age your rates may climb back up in Richmond.
Average Car Insurance Rates by Gender
Car insurance rates for women are generally cheaper than they are for men. In Richmond, however, the difference in the monthly cost of coverage is minimal.
Average Auto Insurance Rates by Driving Record
|Infractions||Average Monthly Premium|
One of the key factors in determining your car insurance rates is your driving record. Drivers with clean records will pay much lower rates than those with accidents or violations. Drivers in Richmond with a single accident on their record will usually see rates around $80 a month. Likewise, if you have one ticket, you'll be looking at an average rate of around $77.
Wherever you live, accidents, tickets, and other driving infractions will almost certainly drive up your monthly bill. In order to reduce your monthly bill and get the cheapest car insurance possible, keep your record clean and drive carefully.
Average Insurance Rates by Vehicle
|Vehicle Age||Average Monthly Premium|
|Less Than 1 Year||$77|
|15 Years or Older||$66|
According to the first table above, trucks and vans are typically the cheapest vehicles to insure in Richmond, with drivers paying around $57 per month for insurance.
Car owners can expect to pay an average of around $69 a month for their policy, while SUVs usually cost around $67 a month to insure.
Vehicle age can also affect your monthly bill. Generally, the most expensive vehicles to insure are going to be newer ones. However, your rates may start to drop back down once your car is a few years old. In Richmond, the most expensive vehicles to insure are vehicles less than one year old.
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)||$71|
On average, people who are married will pay slightly less to insure their car. This usually boils down to owners having multiple vehicles on the same policy, something that will often get you a discount.
In Richmond, the difference in rates based on relationship status can be as much as $12 a month.
Average Car Insurance Rates by Housing Situation
|Housing Status||Average Monthly Premium|
|Live with parents||$88|
Your housing situation is another factor that affects your monthly rate. Renters can expect to pay around $15 a month more than those who own their own home in Richmond. But if you live with your parents, you can expect to pay a lot more.
Many companies, however, will offer you a discount to bundle your home or rental insurance with your auto insurance policy, which can help reduce your car insurance costs.
Car Insurance Companies in Richmond, VA
Recent trends in car insurance for Richmond drivers
Since car insurance rates are constantly changing, it's a good idea to know the local trends in your area before selecting an auto insurance policy.
The cost of auto insurance coverage in Richmond rose from 2020-2021, before steadying out in 2022. Insurance rates finished down in 2022, at $84 per month
How does Richmond compare to neighboring areas?
Why are car insurance rates in Richmond different from other areas?
When considering how much to charge for a monthly rate, car insurance companies will consider numerous factors. While we already mentioned the ones that affect your personal policy, others are influenced by your home address. These include things like:
- Total number of drivers in the region
- Area crime rates
- Community regulations
- Availability of off-street parking
- Road Safety (frequency of local car accidents)
An awareness of these factors is important when thinking about buying a new policy or potentially moving to a new home. Knowing that different towns and cities will all have different rates, guides like these can be a good way to get a lay of the land of your particular neighborhood.
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. Just enter your ZIP below, answer a few questions, and you'll be comparing the cheapest quotes from many of the car insurance companies offering policies in Richmond in no time.
Richmond Insurance FAQs
What factors affect car insurance quotes in Richmond?
The factors that car insurance companies take into account when calculating your monthly cost include things you can't control like your gender and age, but also factors like your vehicle's make and model, year, driving record, credit score, as well as your marital status and address.
Why is the cost of car insurance in Richmond different from other neighboring cities?
Your address and the city you live in have a significant impact on how much a car insurance company might charge for your policy. Companies take into consideration things like parking situations, local laws, and crime rates when calculating your quote -- all of which can change from city to city.
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 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?
Not at all, in fact you can switch companies at any point, regardless of how much time is left on your current policy. If you're thinking about moving to Richmond or haven't checked out the latest rates in your area for some time, it might be worth your while to take 10 minutes and see if Compare.com can save you any cash.