Car insurance is a critical aspect of owning a car, but it can get rather expensive with varying factors such as the company and coverage. Therefore, finding cheap car insurance in Norfolk, Virginia, can be challenging. The best way to find the best insurance rates is to compare different insurance companies’ coverage options and costs. Here are some tips for finding cheap car insurance in Norfolk, Virginia.
Minimum Car Insurance Requirements in Norfolk, Virginia
Virginia requires that you insure yourself against property damage and bodily injury. Optional coverages, such as comprehensive and collision, are recommended but not required and depend on your personal preferences and what you can afford. In Virginia, the average yearly cost is $559 for collision and $143 for comprehensive, according to Carinsurance.com.
The optional coverages of collision and comprehensive come with set deductibles. You must pay this amount upfront before your insurance company pays out. You can choose your deductible; the typical choices are $250, $500, or $1,000. The higher your deductible, the lower your insurance premiums will be.
Though the cheapest car insurance in Norfolk will be the minimum required coverage, this coverage is far from the best you can get. If you only have the bare minimum liability and are in an at-fault accident and your insurance doesn’t cover the damages, your savings and your home could be at risk. Additional liability insurance can protect your assets and is recommended to be purchased in the following amounts:
- 1,000,000 for others’ medical bills
- 3,000,000 for others’ injuries when you cause an accident
- 1,000,000 for damage to others’ property
The optional coverages you may want to consider are collision and comprehensive. Collision covers damage to your car when in an accident. Comprehensive covers damage your vehicle sustains from fire, vandalism, floods, hail, and other damage not related to a collision. Comprehensive also pays to replace your vehicle if it is stolen.
Common Factors that Affect Car Insurance Rates
There are many factors affecting car insurance rates. Aside from each insurance company using unique formulas to calculate its premiums, these factors are also considered:
Your age plays a huge role in your insurance rates. For example, insurance companies consider young, inexperienced drivers more likely to cause an accident, resulting in higher rates. Conversely, middle-aged drivers with more experience and a clean driving record will incur much lower insurance premiums.
In nearly every state, car insurance companies use your credit score to help determine your insurance rates. People with lower credit scores are considered more of a risk to insure and more likely to file claims. Conversely, people with higher credit scores are ranked as lower risk, and your insurance rates will show this principle in action.
Your driving record is like a road map to the future, or at least it is for insurance companies. These companies use your driving record to predict how you will drive in the future. If you have a history of speeding tickets, accidents, and other traffic-related violations, your insurance rates will undoubtedly be higher.
Though it may not seem fair, where you live is a significant factor in your car insurance rates. Unfortunately, you can do nothing about this unless you are planning on moving to an area with cheaper insurance.
How To Get Cheap Car Insurance in Norfolk, Virginia
There are things you can do to ensure that you get the lowest possible car insurance rates for you. Keep in mind that every person will have unique insurance rates, so you can’t make an accurate comparison to other people’s rates. One of the first things for you to consider is checking your credit score and working toward better credit by paying your bills on time. This will show responsibility and indicate to insurance companies that you are a lower risk.
Another thing to work on is your driving record. Even if you have a poor driving history, you can turn it around by obeying the rules of the road and avoiding tickets and accidents. It could take some time to prove yourself, but the effort will pay off in the long run.
One of the most practical ways to find cheap car insurance in Norfolk, Virginia, is to shop around for the lowest rates. Insurance companies’ rates change regularly, and you can find the policy with all the coverages you need at a price you can afford.
Insurance Companies With the Lowest Rates in Norfolk, Virginia
With so many insurance companies to choose from, finding the low car insurance rates you need can be difficult. According to Carinsurance.com, the following insurance providers have the lowest yearly rates in Norfolk, Virginia. Let’s break them down into the three most common coverages:
- Liability coverage only — state minimum bodily injury/property damage (BI/PD)
- Geico: $326
- Erie Insurance: $380
- Mercury Insurance: $417
- Owners Insurance: $427
- Allstate: $431
- Travelers: $446
- State Farm: $457
- Progressive: $494
- Nationwide: $546
- Metropolitan: $796
- Main Street America: $829
- Alpha Insurance: $1,010
- Liability coverage only — 50/100/50 BI/PD
- Geico: $394
- Erie Insurance: $429
- Mercury Insurance: $470
- Owners Insurance: $512
- Allstate: $489
- Travelers: $491
- State Farm: $530
- Progressive: $525
- Nationwide: $557
- Metropolitan: $914
- Main Street America: $429
- Alpha Insurance: $1,254
- Full coverage insurance — 100/300/100 BI/PD — 500 Comprehensive/Collision
- Geico: $1,071
- Erie Insurance: $1,047
- Mercury Insurance: $1,126
- Owners Insurance: $1,337
- Allstate: $1,490
- Travelers: $1,033
- State Farm: $1,293
- Progressive: $901
- Nationwide: $919
- Metropolitan: $2,204
- Main Street America: $879
- Alpha Insurance: $2,800
Finding cheap car insurance can be challenging. What’s best for others may not be what’s best for your insurance needs. In addition, your car insurance rates will be unique, and it can be difficult to compare insurance companies’ rates. Use this guide to help you get started finding the best insurance coverage for your needs.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.