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
|Rank||Company||Cost Per Year|
|9||Virginia Farm Bureau||$826|
|15||National Grange Mutual||$1,071|
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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.
|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|
|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
Auto 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.
- State Farm may offer discounts for multiple autos, Drive Safe & Save, driver’s education, passive restraint, Steer Clear safe driver discount, and defensive driving training.
- Progressive discounts include multi-vehicle, online signing, continuous coverage, good student, homeowner, multi-policy, and online quote discount.
- Travelers offers discounts for good student, home ownership, driver training, student away at school, multi-policy, and IntelliDrive.
- American Family includes discounts for air bags, mySafetyValet, multi-vehicle, early bird, defensive driver, and bundled insurance.
- Liberty Mutual may include discounts for new vehicle discount, newly retired, exclusive group savings, teen driver discount, new move discount, newly married, and good student.
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.
- Do not pay for comprehensive and collision coverage on older vehicles
- Increase the comprehensive and collision deductibles on your policy
- Avoid preventable accidents
- Avoid getting tickets or violations
- Drivers with good credit often pay less
- Safer vehicles generally have cheaper insurance rates
- Compare rates regularly to ensure the best deal
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, # Ce – Virginia Beach, VA 23452 – (757) 431-0217
Nationwide Insurance: Steve Love Insurance Agency Inc
4176 S Plaza Trail Ste 101 – Virginia Beach, VA 23452 – (757) 340-1200
State Farm: Pierre Granger
5705 Lynnhaven Pkwy – Virginia Beach, VA 23464 – (757) 962-2266
Bunn Insurance Agency Inc
1248 Culver Ln – Virginia Beach, VA 23454 – (757) 426-2664