You have probably seen the commercials from insurers like Progressive and State Farm promising enormous savings, so you should just pick the company with the best ad, right?
It’s not that simple, unfortunately, as there are many unknown factors such as the amount of liability coverage you want, if full coverage is needed, and your marital status, that help determine the price you have to pay. Car insurance is kind of a dry topic, but this article will explain the best ways to compare rates and will hopefully give you a jump start in finding the best auto insurance.
For new drivers, one of the largest components that determine the annual cost of car insurance is where you live. More populated areas tend to have more expensive car insurance rates, whereas areas with less congestion get the luxury of paying less.
The next table rates the highest-priced areas in Virginia for 16 year olds in which to buy car insurance. Virginia Beach comes in at #18 with a yearly cost of $920 for coverage, which is approximately $77 per month.
|Rank||City||Premium Per Year|
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Annual rates are comparative as the specific Virginia Beach residence address can decrease or increase premiums noticeably.
The make and model of vehicle you are insuring is a significant factor when comparing low-priced auto insurance for 16 year olds. Vehicles with high performance, poor passenger safety features, or an increased likelihood of liability claims will cost quite a bit more to insure than safer, lower-performance models.
The data below ranks coverage prices for a selection of the most economical automobiles to buy coverage for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Honda Accord LX-P 4-Dr Sedan||$4,438|
|Ford Escape XLS 4WD||$4,447|
|Honda CR-V LX 4WD||$4,438|
|Hyundai Elantra SE Touring Station Wagon||$4,750|
|Ford Explorer XLT 2WD||$4,997|
|Ford F-150 FX2 Super Cab 2WD||$5,004|
|Chevrolet Impala LS||$5,227|
|Honda Odyssey EX||$5,233|
|Ford Edge SEL 2WD||$5,227|
|Toyota Tacoma 2WD||$5,234|
|Nissan Altima 2.5 4-Dr Sedan||$5,268|
|Toyota Camry LE||$5,274|
|Dodge Grand Caravan Hero||$5,268|
|Chevrolet Equinox LS 2WD||$5,277|
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Premium data assumes single female driver age 16, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Virginia minimum liability limits. Discounts applied include claim-free, and safe-driver. Estimates do not factor in zip code location which can alter rates significantly.
By looking at the data, cars like the Honda Accord, Ford Escape, and Honda CR-V are likely to be some of the most budget-friendly vehicles to insure for new drivers. The price for car insurance will trend higher just because there is a higher risk for 16 year olds, but generally speaking those models will most likely have the cheapest car insurance rates compared to all other vehicles.
Rate increases following a ticket or accident
The easiest way to maintain the cheapest insurance premiums in Virginia for new drivers is to drive safely and not get tickets or have accidents. The illustration below demonstrates how speeding tickets and at-fault accidents increase auto insurance costs for each different age group. The premium estimates are based on a married male driver, full coverage, $100 deductibles, and no discounts are applied.
The chart shows that the average cost of an auto insurance policy in Virginia Beach per year with no accidents or violations is $1,268. Receive two speeding tickets and the average cost swells to $1,750, an increase of $482 each year. Then throw in two accidents along with the two speeding tickets and the annual cost of insurance for 16 year olds goes up to an average of $3,461. That’s an increase of $2,193, or $183 per month, just for being a little careless behind the wheel!
The chart below illustrates how your deductible choice can influence annual premium costs when researching cheap insurance for 16 year olds. The data is based on a married female driver, full coverage, and no other discounts are factored in.
As shown above, a 40-year-old driver could pocket $176 a year by increasing from a $100 deductible up to a $500 deductible, or save $266 by using a $1,000 deductible. Younger drivers, such as the 20-year-old chart data, could roll back prices up to $436 every year by choosing a larger deductible amount.
When insureds make the decision to increase the deductibles on their policy, it is a good idea to have enough funds in savings to be able to pay the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.
Your low-price policy may be costing you money
Virginia Beach, VA insurance rates are calculated based on many things that control the price of your policy. Getting older, moving to a different location, or getting a DUI can trigger price changes that can make some companies cheaper than competitors.
And not only may your rating factors change, but insurance companies change premium rates as often as every three months in order to maintain liquidity for claims. An extended period of higher than normal claims may cause price increases, while better underwriting can cause more affordable Virginia Beach car insurance rates.
As an example, the data below shows the cheapest car insurance in Virginia Beach, VA for a 35-year-old female driver with a good driving record, no prior claims, and a decent credit rating. If we estimate rates based on her current situation, Travelers may offer the lowest car insurance rates in Virginia Beach at $783 per year. This is $375 less than the average price paid by Virginia drivers of $1,158. USAA, Cincinnati Insurance, Penn National, and Auto-Owners are the remaining best Virginia Beach, VA auto insurance companies.
Now we will give the driver from the first set of rates an at-fault accident, bad credit, and a speeding citation. Since each auto insurer has their own process to determining premium rates, comparing insurance quotes will most likely result in a completely different list of affordable companies as shown below.
The Hartford now has the lowest price in Virginia Beach with Virginia Farm Bureau, Erie, Donegal Mutual, and Nationwide now rounding out the top five. This example shows why drivers need to compare lots of rates to get the most economical car insurance rates for 16 year olds. Prices are made up of many factors and can change substantially, so the best option the last time you shopped your coverage around may now be quite expensive.
The agents below can most likely help you decide which car insurance policy is best, since some drivers have questions and prefer to get some help when comparing insurance rates for 16 year olds. It can be difficult to find coverage yourself, so getting advice from a licensed agent can add comfort knowing your coverage gives you sufficient coverage for your assets. To find a Virginia Beach insurance agent by location nearest to you, click the button at the bottom of the list or click here to compare prices now.
Tim Johnson – State Farm Insurance Agent
700 Independence Blvd – Virginia Beach, VA 23455 – (757) 499-0550
Farmers Insurance – John Williams
5269 Greenwich Rd #200 – Virginia Beach, VA 23462 – (757) 456-9440
Lee Barnes – State Farm Insurance Agent
1625 Salem Rd Ste 103 – Virginia Beach, VA 23456 – (757) 467-8890
Cheeks Insurance Agency
4968 Euclid Rd e – Virginia Beach, VA 23462 – (757) 309-1850
How to find cheaper insurance for 16 year olds
The list below summarizes some of the recommended money-saving ideas that can help Virginia Beach drivers get more affordable coverage.
- Better credit scores save money
- Tickets and violations raise rates
- Being accident-free can lower rates significantly
- Safe vehicles generally have lower rates
- Try to remain claim-free
- Shop around for cheaper prices
That last idea is certainly critical, as was noted in this piece. Coverage prices in Virginia Beach vary considerably, so you should be ready to buy from a new company if you can save money.
Many consumers stick with the same company and that’s fine, but is isn’t recommended if that inflexibility results in costing you hundreds of dollars a year. If you have a few minutes, now is a great time to compare rates and find cheaper car insurance for 16 year olds.