Who Has Affordable Virginia Beach Car Insurance Rates for Low Income Drivers?

Finding dependable, affordable insurance is tough enough, and determining which company has the most affordable car insurance rates for low income drivers calls for additional perseverance. Each insurer uses a little different formula to determine premium rates, so first we will examine the most affordable car insurance companies in Virginia Beach.

It’s a good idea to know that Virginia Beach car insurance rates are impacted by many factors which can substantially change the price of coverage. This price variability is why Virginia Beach drivers need to take the time to shop around when trying to find the most affordable car insurance rates for low income drivers. Prices are made up of many factors and can change substantially, so the lowest-price company a year ago may now be one of the higher cost companies.

Cheapest Insurance Rates in Virginia

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Rankings for the cheapest car insurance companies in Virginia
Rank Company Cost Per Year
1 Travelers $659
2 USAA $709
3 Penn National $726
4 Cincinnati Insurance $763
5 Utica National $781
6 The Hartford $785
7 Erie $788
8 Auto-Owners $788
9 Virginia Farm Bureau $826
10 Donegal Mutual $852
11 Nationwide $935
12 ALFA $998
13 Allied $1,022
14 GEICO $1,026
15 National Grange Mutual $1,071
16 Chubb $1,134
17 State Farm $1,143
18 Electric $1,180
19 California Casualty $1,239
20 Amica $1,241
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Travelers may offer some of the most affordable car insurance rates in Virginia Beach at around $659 annually. USAA, Penn National, Cincinnati Insurance, and Utica National also are some of the more affordable Virginia Beach, VA car insurance companies.

In the above example, if you buy coverage from Cincinnati Insurance and switched to Travelers, you may realize yearly savings of upwards of $104. Virginia drivers with Utica National might save as much as $122 a year, and The Hartford customers might realize rate reductions of up to $126 a year.

To find the cheapest rates for your vehicle, click here to start your free quote or visit any of the companies below.

Be aware that those rates are averaged for all insureds and vehicles and are not factoring in an exact vehicle garaging location for low income drivers. So the company that can offer you the best rate may not even be in the top 30 companies in the list above. That illustrates why you need to get quotes using your own individual information.

The vehicle model needing coverage is a significant factor when trying to find the most economical insurance for low income drivers. Vehicles with higher performance characteristics, a lack of safety features, or a high likelihood of having liability claims will cost quite a bit more to insure than more economical and safe models. The next table shows auto insurance premiums for the cheapest automobiles to buy insurance for.

Cheapest Vehicles to Insure in Virginia Beach, VA
Make and Model Estimated Cost for Full Coverage
Ford Explorer Eddie Bauer 2WD $1,266
Honda CR-V EX-L 2WD $1,268
Honda Accord EX 4-Dr Sedan $1,278
Ford Escape XLT 2WD $1,286
Honda Odyssey EX W/Rear Entertainment $1,314
Ford Edge SEL AWD $1,324
Volkswagen Jetta 2.0T Station Wagon $1,326
Hyundai Elantra SE Touring Station Wagon $1,349
Toyota Tacoma X-Runner 2WD $1,409
Toyota Prius $1,414
Ford F-150 XLT Super Cab 4WD $1,419
Chevrolet Equinox LTZ AWD $1,436
Jeep Wrangler Sahara 4WD 2-Dr $1,441
Toyota RAV4 2WD $1,467
Ford Fusion S 4-Dr Sedan $1,476
Dodge Grand Caravan Hero $1,467
Ford Focus S 4-Dr Sedan $1,477
Chevrolet Malibu LS $1,510
Nissan Altima 2.5 4-Dr Sedan $1,516
Kia Optima EX $1,534
Chevrolet Silverado 2500HD LTZ Crew Cab 4WD $1,575
Jeep Grand Cherokee Limited 2WD $1,583
Chevrolet Silverado LTZ Extended Cab 4WD $1,575
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Above prices assume single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Virginia minimum liability limits. Discounts applied include homeowner, multi-vehicle, claim-free, safe-driver, and multi-policy. Rates do not factor in specific location information which can impact premiums noticeably.

By looking at the data, you can assume that makes and models like the Ford Explorer, Honda CR-V, Honda Accord, Ford Escape, and Honda Odyssey are likely to be the less-costly vehicles to insure for poor drivers.

Full coverage rates compared to liability only

Saving money on car insurance is important to most vehicle owners, and one of the fastest ways to buy cheaper insurance for low income drivers is to buy liability only. The diagram below illustrates the comparison of car insurance costs with full coverage compared to only the Virginia minimum liability coverage. The rate quotes are based on no claims or violations, $1,000 deductibles, single status, and no policy discounts are applied.

As an average, comp and collision coverage costs an extra $1,466 per year more than buying just liability insurance. That is a significant amount which raises the question if buying full coverage is worth the money. There is no clear-cut rule to delete comp and collision coverage, but there is a broad guideline. If the yearly cost of full coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then it might be time to consider dropping full coverage.

For example, let’s pretend your vehicle’s settlement value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $8,000 after you pay the deductible. If you are paying over $800 annually for your policy with full coverage, then you might want to think about dropping full coverage.

Types of discounts on Virginia Beach insurance rates

Cheaper Virginia Beach, VA car insurance for poor driversAuto insurance companies that sell policies for low income drivers may have premium discounts that could potentially reduce rates by 25% or more if you meet specific eligibility requirements. A few popular companies and some of their more popular discounts can be found below.

The example below compares insurance premiums with and without discounts applied to the policy rates. The information is based on a male driver, a clean driving record, no claims, Virginia state minimum liability limits, full physical damage coverage, and $1,000 deductibles.

The first bar for each age group shows the price with no discounts. The second shows the rates with anti-theft, multiple policy, accident-free, defensive driving course, passive restraint, and homeowner discounts applied. When drivers take advantage of discounts, theaverage yearly reduction on car insurance for low income drivers is 28% or $404.

How to find cheaper car insurance for low income drivers

The list below summarizes many penny-pinching ideas that can help Virginia drivers quote lower-cost coverage.

The last suggestion is notably necessary, as we emphasized in the prior information. Auto insurance rates can be adjusted at any time, so drivers shouldn’t hesitate to switch companies if you find a better deal. Brand loyalty is great, but is isn’t recommended if that loyalty ends up costing lots of money. Spend a few minutes and shop around and find cheaper insurance for low income drivers in Virginia Beach.

If you prefer to have a little guidance when comparing insurance rates for poor drivers, the agencies below can provide answers to your questions and help you determine which is the best policy.

To find an auto insurance agency by location nearest to you, click the button below the list.

Allstate Insurance: Richard C. Barbosa, II
4382 Holland Plaza Shopping Ctr, # CeVirginia Beach, VA 23452(757) 431-0217

Nationwide Insurance: Steve Love Insurance Agency Inc
4176 S Plaza Trail Ste 101Virginia Beach, VA 23452(757) 340-1200

State Farm: Pierre Granger
5705 Lynnhaven PkwyVirginia Beach, VA 23464(757) 962-2266

Bunn Insurance Agency Inc
1248 Culver LnVirginia Beach, VA 23454(757) 426-2664

Find a Virginia Beach, VA insurance agent near you