It’s hard to miss the captivating ads from auto insurance companies like Farmers, Progressive, and GEICO that make promises of huge savings. So drivers should just pick the one with the catchiest commercial, right?
That is not the case, however, as there are a whole bunch of unknown elements such as if you are a good driver, whether you want full coverage, and if you are a homeowner, that all go into determining the rate you pay. We will try to cover the best ways to avoid high prices and hopefully give you enough understanding to have a good start in finding the cheapest car insurance in Virginia.
One of the many considerations that aid in calculating the amount you pay each year for auto insurance is where your residence is in Virginia Beach. More populated areas are more likely to pay higher prices, whereas areas with lower crime rates and fewer weather claims benefit from having to pay less for coverage.
The information below sorts the most expensive areas in Virginia for college graduates in which to buy car insurance. Virginia Beach makes the list at #14 with the annual price of $948 for the average policyholder, which is approximately $79 per month.
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Premium amounts are approximated as the specific garaging location can affect premiums significantly.
Comparing rates for cost effective car insurance is difficult, and determining which companies offer the lowest-priced auto insurance rates for college graduates may require a little more work. Each auto insurer has a unique formula for setting rates, so first let’s look at the rankings for the auto insurance companies with the overall best prices in Virginia.
It’s important to know that Virginia Beach auto insurance rates are determined by lots of factors that control the price you have to pay. Simply getting older, adding a teenager to your policy, or getting a speeding ticket may cause policy rate changes resulting in some rates now being more affordable than competitors.
Cheapest Insurance Rates for Grads
Travelers has some of the most affordable car insurance rates in Virginia Beach at around $679 each year. This is $479 less than the average policy premium paid by Virginia drivers of $1,158. USAA, Penn National, Cincinnati Insurance, and Auto-Owners also are some of the cheapest Virginia Beach, VA insurance companies.
As shown in the rates above, if you are a customer of Cincinnati Insurance and switched to USAA, you might achieve a yearly savings of about $17. Policyholders with Auto-Owners may save as much as $49 a year, and The Hartford policyholders might see rate reductions of $61 a year.
To compare your rates to other Virginia insurance companies, click here to start your free quote or click through to the companies below.
These policy rates are averages across all types of insureds and vehicles and do not factor in a specific vehicle garaging location for college graduates. So the insurer that is best suited for you may not even be in the top 30 companies in the list above. That affirms the importance of why you need to compare rates from as many companies as possible using your own specific driver and vehicle information.
Choosing a high-quality car insurance company is difficult considering how many companies are available to choose from in Virginia. The ranking data shown below may help you decide which coverage providers to look at purchasing coverage from. The ratings below are only made up of companies that insure vehicles across America, so smaller regional companies are not included in these rankings.
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Data Source: Insure.com Best Car Insurance Companies
The diagram below illustrates how choosing a deductible can affect insurance rates when quoting cheap insurance for college graduates. The costs are based on a married female driver, full physical damage coverage, and no discounts are applied to the premium.
In the chart above, a 50-year-old driver could reduce rates by $246 a year by increasing from a $100 deductible to a $500 deductible, or save $370 by choosing a $1,000 deductible. Even younger insureds, like the Age 20 category, have the ability to save as much as $606 each year by selecting a higher deductible. If you do make the decision to raise your deductibles, it is important to have plenty of discretionary funds to pay the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
Cost comparison with and without full coverage
Reducing premiums for auto insurance is probably important to most vehicle owners, and one of the best ways to pay lower rates for insurance for college graduates is to buy only liability coverage. The example below visualizes the comparison of annual premium costs with full physical damage coverage compared to only buying the minimum liability limits required in Virginia. The information is based on no claims or driving violations, $250 deductibles, single status, and no discounts are factored in.
As an overall average, physical damage coverage costs an extra $1,358 per year more than just buying liability insurance. That is a big expense that brings up the question when is it safe to stop buying full coverage. There is no set guideline to eliminate physical damage coverage, but there is a general guideline you can use. If the annual cost of comprehensive and collision coverage is more than about 10% of the replacement cost minus the deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s say your vehicle’s replacement value is $6,500 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, you would only receive $5,500 after paying your policy deductible. If premium cost is more than $550 a year for your policy with full coverage, then you might want to think about dropping full coverage.
How to find cheaper auto insurance for college graduates
Here are many thrifty ideas that can help Virginia Beach drivers find cheap auto insurance.
- Do not get traffic violations
- Buy a safer vehicle
- Accident-free drivers may qualify for discounts
- Raise your physical damage coverage deductibles
- Do not insure for full coverage
- Increase your credit rating
- Ensure you have the best deal by shopping around regularly
The last item on the list is particularly necessary, as we discussed in the prior article. Insurance prices change constantly, so don’t be tentative to buy from a new company if a cheaper price is available.
Brand loyalty is not necessarily bad, but it’s not recommended if that inflexibility results in costing you a small fortune year after year. Spend a few minutes and compare prices to find cheaper auto insurance for college graduates in Virginia Beach.
If you aren’t sure which coverage to buy and prefer to get help from a professional when shopping around for cheaper insurance for college grads, the professional agents shown below can help you decide which auto insurance coverages would be the best in your situation.
To locate a Virginia Beach insurance agent in your neighborhood, click the button link following the list.
Bill Wright – State Farm Insurance Agent
4316 Virginia Beach Blvd – Virginia Beach, VA 23452 – (757) 486-4000
Ed Barnhart – State Farm Insurance Agent
5660 Indian River Rd #126 – Virginia Beach, VA 23464 – (757) 366-0322
Brett Pendergast – State Farm Insurance Agent
4388 Holland Road Ste. 110 – Virginia Beach, VA 23452 – (757) 499-6813
Bunn Insurance Agency Inc
1248 Culver Ln – Virginia Beach, VA 23454 – (757) 426-2664