Key Takeaways
- Virginia Farm Bureau is the cheapest auto insurance company for most Richmond drivers.
- Allstate and State Farm are the cheapest insurance companies for young drivers in Richmond.
- USAA offers cheap car insurance to members of the military and certain family members.
In this article
The cheapest car insurance companies in Richmond, Virginia
Virginia Farm Bureau is the cheapest car insurance company in Richmond for most drivers, based on our survey of the city’s top providers. It has the cheapest rates for:
- Adults with clean driving records
- Adults with a prior incident on their records
- Senior drivers
Allstate is the cheapest car insurance company in Richmond for teen and young drivers who want state-minimum coverage, while State Farm is the cheapest for teens who want full coverage.
USAA’s average rates are often among the cheapest for Richmond drivers, but only those with ties to the military qualify.
To find the cheapest rates for your needs, compare auto insurance quotes from several companies.
Virginia car insurance minimums
Virginia drivers in Richmond and elsewhere in the state must have 25/50/20 car insurance at a minimum. This means all policies need at least:
- $25,000 of bodily injury liability coverage per person
- $50,000 of bodily injury liability coverage per accident
- $20,000 of property damage liability coverage per accident
Keep in mind that liability car insurance coverage doesn’t pay for your medical bills or vehicle repairs. It only pays for injuries and property damage you cause to others.
Cheapest minimum-coverage auto insurance rates in Richmond: Virginia Farm Bureau
Virginia Farm Bureau offers the cheapest car insurance to Richmond drivers who want state-minimum coverage, charging them an average $39 a month.
USAA’s average rate for minimum coverage, $40 a month, is nearly as cheap, but only members of the military and certain relatives are eligible. We’ve included USAA here and elsewhere for those who qualify.
The average cost of minimum-coverage car insurance in Richmond is $74 a month.
| Insurance company | Monthly rate |
|---|---|
| Virginia Farm Bureau | $39 |
| State Farm | $54 |
| GEICO | $64 |
| Allstate | $67 |
| Erie | $70 |
| City average | $74 |
| Nationwide | $89 |
| Progressive | $110 |
| Travelers | $130 |
| USAA | $40 |
| Rates are for minimum-coverage car insurance for a 35-year-old male with a good driving record. | |
Minimum-coverage auto insurance matches the state’s requirements for liability coverage. In this case, that means 25/50/20 bodily injury and property damage liability coverage. Although this should get you the lowest car insurance rates, it’ll also give you the least amount of protection.
Cheapest full-coverage auto insurance rates in Richmond: Virginia Farm Bureau
Virginia Farm Bureau has the cheapest car insurance for Richmond drivers who buy full-coverage policies, charging an average $79 a month.
The average cost of full-coverage car insurance in Richmond is $140 a month.
| Insurance company | Monthly rate |
|---|---|
| Virginia Farm Bureau | $79 |
| State Farm | $93 |
| GEICO | $132 |
| Erie | $132 |
| City average | $140 |
| Progressive | $156 |
| Allstate | $159 |
| Nationwide | $177 |
| Travelers | $247 |
| USAA | $82 |
| Rates are for full-coverage car insurance for a 35-year-old male with a good driving record. | |
Full-coverage car insurance typically includes collision and comprehensive coverages as well as liability. Although Virginia law doesn’t require full coverage, you should consider getting it anyway if your vehicle is new or expensive.
Compare auto insurance quotes from top providers in Richmond
Cheapest car insurance for drivers with a prior incident
Virginia Farm Bureau offers the cheapest car insurance to drivers with a speeding ticket or accident on their records in Richmond. It’s also the cheapest for drivers with a DUI.
Cheapest for drivers with a speeding ticket: Virginia Farm Bureau
Richmond drivers with a speeding ticket will find the cheapest car insurance from Virginia Farm Bureau at $86 a month.
| Insurance company | Monthly rate |
|---|---|
| Virginia Farm Bureau | $86 |
| State Farm | $103 |
| GEICO | $132 |
| Erie | $151 |
| City average | $161 |
| Progressive | $200 |
| Allstate | $204 |
| Nationwide | $224 |
| Travelers | $247 |
| USAA | $100 |
| Rates are for full-coverage car insurance for a 35-year-old male with one speeding ticket on his driving record. | |
Drivers with a speeding ticket who get their policies from Virginia Farm Bureau pay 9% more for car insurance than they would if they had clean driving records. The average Richmond driver pays 15% more with a speeding ticket.
Cheapest for drivers with an at-fault accident: Virginia Farm Bureau
Virginia Farm Bureau is the best company for cheap car insurance for drivers who have an at-fault accident on their records. It charges an average $79 a month to these Richmond drivers.
| Insurance company | Monthly rate |
|---|---|
| Virginia Farm Bureau | $79 |
| State Farm | $112 |
| Nationwide | $177 |
| City average | $188 |
| Erie | $189 |
| GEICO | $192 |
| Progressive | $241 |
| Allstate | $279 |
| Travelers | $301 |
| USAA | $122 |
| Rates are for full-coverage car insurance for a 35-year-old male with one at-fault accident on his driving record. | |
Drivers with an accident pay 34% more for car insurance in Richmond than they would if they had clean records.
Cheapest for drivers with a DUI: Virginia Farm Bureau
Virginia Farm Bureau has the cheapest car insurance for drivers with a DUI on their records at an average cost of $98 a month.
| Insurance company | Monthly rate |
|---|---|
| Virginia Farm Bureau | $98 |
| State Farm | $103 |
| Progressive | $203 |
| City average | $224 |
| Erie | $228 |
| Allstate | $229 |
| GEICO | $319 |
| Travelers | $331 |
| Nationwide | $347 |
| USAA | $154 |
| Rates are for full-coverage car insurance for a 35-year-old male with one DUI on his driving record. | |
Virginia Farm Bureau’s average rate in this case is only 24% higher than what it charges a driver with a clean record. The average driver in Richmond pays 60% more for car insurance after an accident.
Cheapest car insurance for senior drivers: Virginia Farm Bureau
Virginia Farm Bureau offers the cheapest car insurance for senior drivers in Richmond, charging $65 a month, on average.
This is for a full-coverage policy. Seniors who buy less coverage should pay even lower rates than the ones highlighted here.
| Insurance company | Monthly rate |
|---|---|
| Virginia Farm Bureau | $65 |
| State Farm | $87 |
| Erie | $122 |
| City average | $124 |
| GEICO | $133 |
| Allstate | $141 |
| Progressive | $142 |
| Nationwide | $148 |
| Travelers | $201 |
| USAA | $74 |
| Rates are for full-coverage car insurance for a 60-year-old male with a clean driving record. | |
Virginia Farm Bureau’s average rate for seniors is 18% lower than what it charges the city’s 35-year-old drivers.
Get cheap auto insurance in Richmond at any age
Cheapest car insurance for young drivers: Allstate and State Farm
Allstate offers the cheapest car insurance for young drivers in Richmond who want state-minimum coverage at $138 a month, on average. State Farm has the cheapest rates for teens and other youth who want full-coverage car insurance at $286 a month.
| Insurance company | Minimum coverage | Full coverage |
|---|---|---|
| Allstate | $138 | $370 |
| Erie | $159 | $303 |
| State Farm | $162 | $286 |
| Virginia Farm Bureau | $167 | $351 |
| GEICO | $201 | $441 |
| City average | $224 | $442 |
| Nationwide | $319 | $638 |
| Travelers | $361 | $713 |
| Progressive | $405 | $661 |
| USAA | $105 | $214 |
| Rates are for an 18-year-old male with a clean driving record. | ||
Why do young drivers pay such high car insurance rates? The main reason is they’re more likely to be involved in accidents than are older drivers.
Car insurance laws in Richmond, Virginia
SR-22 and FR-44 insurance
Virginia drivers need to file an SR-22 or FR-44 form with the state to reinstate their driver’s license after certain incidents, such as driving without insurance or DUI.
SR-22 and FR-44 forms prove you’re carrying the minimum amount of car insurance the state requires, at least.
Your insurance provider should provide you with an SR-22 or FR-44 form, which you then fill out and submit to the state.
Richmond car insurance FAQ
Who has the cheapest car insurance in Richmond, Virginia?
Virginia Farm Bureau has the cheapest car insurance for Richmond drivers. Virginia Farm Bureau charges $39 and $79 a month, respectively, for minimum- and full-coverage policies.
Virginia Farm Bureau has the cheapest car insurance for Richmond seniors, while Allstate and State Farm have the cheapest rates for teen and young drivers.
What is the average cost of car insurance in Richmond?
The average cost of car insurance in Richmond is $107 a month. For minimum coverage, the average cost is $74 a month. The average cost for full coverage is $140 a month.
Methodology
We obtained non-binding quotes from Quadrant Information Services for a typical driver in every Richmond ZIP code to find the cheapest car insurance companies and rates. Unless otherwise noted, the driver is a 35-year-old male with a clean driving record. He owns a 2012 Honda Accord LX and drives an average 13,500 miles a year.
The teen driver in this article is 18 years old but otherwise fits the same profile as the 35-year-old driver above. The same is true of our senior driver, who is 60.
Minimum-coverage car insurance rates highlighted on this page are based on a policy that meets Virginia’ minimum liability requirements. Full-coverage rates are based on a policy with the following limits and deductibles:
- $100,000 bodily injury liability coverage per person
- $300,000 bodily injury liability coverage per accident
- $100,000 property damage liability coverage
- $500 deductibles for both collision and comprehensive coverage
Auto insurance by city
- Virginia Beach
- Richmond
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