Purchasing a new vehicle is exciting, and it’s important to find the right car insurance coverage to keep you and your loved ones safe on the road. You have a range of options available if you’re looking for affordable car insurance in Washington, D.C., so you can save money and stay prepared. Keep reading for an overview of cheap car insurance in D.C. and what you need to know to find a good deal.
What Is Car Insurance?
Car insurance is a contractual agreement between the driver of a vehicle and an insurance company that, in the event of an accident, the organization will provide financial assistance to the driver, so long as the driver makes monthly payments to the insurance company. This means that in return for the car insurance premium a driver pays, an insurance company agrees to cover expenses that occurred because of an automobile accident after the driver met contractual deductibles.
Car insurance coverage requirements can vary depending on the state where you live. Before you purchase an insurance policy in Washington, D.C., it’s important for you to understand a few key terms related to your state-required coverage, including:
- Property damage liability: Property damage liability coverage ensures that an insurance company will help cover the costs of other vehicles and property if you’re at fault for an accident.
- Third-party liability: Third-party liability insurance ensures that you’re covered in the event that a third party, such as a business, is at fault for an accident. This means the insurance company will help cover costs and expenses if you or another motorist are at fault.
- Uninsured motorist property damage: Uninsured motorist property damage insurance protects you in the event of an accident with a driver who is uninsured or underinsured, helping you receive the financial support you need to cover your property damage.
- Uninsured motorist bodily injury: Similar to uninsured motorist property damage coverage, this type of insurance provides you with financial protection if another motorist is at fault in an accident where you’re injured and they’re uninsured or underinsured.
What Is the Average Cost of Car Insurance in Washington, D.C.?
If you’re shopping for car insurance, you may want to know the average cost of coverage in your area so you can compare prices and make an informed decision. Rates typically depend on whether you select liability insurance or a full-coverage plan. Full coverage ensures that you receive financial support as well, regardless of fault.
The average cost of full coverage auto insurance in Washington, D.C. is $2,351 annually and $196 per month. Alternatively, liability-only policies help protect the other driver if you get into an accident and are at fault. The average cost difference between these two coverage options in the nation’s capital is $1,427 per year, which is $119 per month.
Who Has the Most Affordable Car Insurance Coverage in Washington, D.C.?
If you’re interested in minimum coverage for the lowest price, here’s a comparison of car insurance company rates in the nation’s captial:
- Erie: Erie offers an annual rate of $594 and a monthly rate of $50.
- State Farm: State Farm offers an annual rate of $765 and a monthly rate of $64.
- Allstate: Allstate offers an annual rate of $993 and a monthly rate of $83.
- Progressive: Progressive offers an annual rate of $998 and a monthly rate of $83.
- Nationwide: Nationwide offers an annual rate of $1,233 and a monthly rate of $103.
- Geico: Geico offers an annual rate of $1,279 and a monthly rate of $107.
If you’re interested in additional services and security, you may select a full-coverage insurance plan, which includes collision and comprehensive coverage and higher liability limits. There are a variety of affordable options for you to choose from, including:
- State Farm: State Farm offers an annual rate of $1,564 for full coverage auto insurance, and a monthly rate of $130.
- Erie: Erie offers full coverage auto insurance for an annual rate of $1,776 and a monthly rate of $148.
- Progressive: Progressive offers a full coverage policy for $2,399 a year or $200 a month.
- Nationwide: Nationwide offers drivers full coverage auto insurance for an annual rate of $2,865 and a monthly rate of $239.
- Geico: Geico offers an annual rate of $3,201 for a full coverage insurance policy and a monthly rate of $267.
- Allstate: Allstate offers drivers full coverage for an annual rate or $3,396 and a monthly rate of $283.
Who Has Affordable Car Insurance for Drivers With Previous Incidents?
If you’re a driver looking for car insurance coverage in the District of Columbia, there are several affordable coverage plans to consider, even if you have previous driving incidents, such as a speeding ticket or an accident. A previous incident on your record typically raises auto insurance rates by a minimum of 14%. Here’s a list of auto insurance coverage rates according to Value Penguin for drivers in D.C. who have received a speeding ticket:
- State Farm: State Farm offers drivers an annual rate of $1,716 and a monthly rate of $143 for full coverage insurance after a speeding ticket.
- Erie: Erie offers drivers who have received a speeding ticket full coverage insurance for an annual rate of $1,865 annually and $155 monthly.
- Progressive: Progressive offers drivers full coverage for an annual rate of $3,042 and a monthly rate of $254 if they’ve received a speeding ticket.
- Geico: If you’ve received a speeding ticket, you can purchase a full coverage insurance policy from Geico for $3,201 annually and $267 monthly.
- Nationwide: Nationwide offers drivers who have received a speeding ticket a full coverage policy for $3,394 annually or $283 monthly.
- Allstate: Allstate offers a full coverage policy for drivers who have received a parking ticket for an annual rate of $3,947 and a monthly rate of $329.
Do Automobile Insurance Companies Offer Discounts?
When you’re looking for an affordable insurance policy, you can also search for the discounts that auto insurance companies offer. For example, some insurance agencies offer young drivers an “honor roll discount” whereas others provide savings to senior citizens or drivers with multiple vehicles. When reviewing a company’s coverage options, consider their discounts and whether you may qualify for additional savings.
Hopefully, the information we provided makes it easier for you to find the right car insurance coverage plan within your budget in Washington, D.C. Feel free to check out the resources in the blog section for additional information about affordable car insurance policies in your area.
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.
