Deciding which companies quote the cheapest insurance rates for high school students takes more time in order to find the best policy. Each insurer has a different formula to determine rates, so we’ll go over the insurance companies with the overall cheapest rates in Virginia Beach, VA.
Best Insurance Companies for Students
|Rank||Company||Cost Per Year|
|8||Virginia Farm Bureau||$802|
|15||National Grange Mutual||$1,093|
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Travelers normally has some of the cheapest car insurance rates in Virginia Beach at around $653 a year. This is $505 less than the average premium paid by Virginia drivers of $1,158. USAA, Penn National, Cincinnati Insurance, and Erie also qualify as some of the most economical Virginia Beach, VA auto insurance companies.
As the example above demonstrates, if you currently have coverage with Cincinnati Insurance and switched to USAA, you could earn an annual savings of approximately $25. Virginia drivers with Erie could save as much as $64 a year, and Auto-Owners customers might see rate reductions of $65 a year.
Be aware that those estimates are averages across all types of insureds and vehicles and and are not figured with an exact vehicle garaging location for high school students. So the insurer that is best suited for you may not even be in the list above. That’s why you need to quote rates from many companies using your own driver data and vehicle information.
For teenagers, one of the big factors that are used to help calculate insurance cost is your zip code in Virginia Beach. More densely populated places tend to have higher rates, whereas areas with less crime or weather claims have the benefit of cheaper auto insurance prices.
The next table rates the most costly cities in Virginia for high school students to purchase a policy in. Virginia Beach ranks #20 with an annual rate of $920 for the average insured, which is around $77 each month.
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Prices are approximated as the specific Virginia Beach residence address can increase or decrease prices substantially.
The make and model of vehicle requiring insurance is one of the main factors that determines if you can find affordable insurance for high school students. Vehicles with lots of horsepower, a lack of modern safety features, or an increased likelihood of liability claims will cost more to insure than more modest models.
The next table showcases car insurance prices for a handful of the cheaper automobiles to buy coverage for.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V LX 2WD||$3,887|
|Ford Escape Limited 2WD||$3,931|
|Honda Accord EX-L 4-Dr Sedan||$4,191|
|Chevrolet Silverado LS Regular Cab 4WD||$4,309|
|Ford Edge SE 2WD||$4,315|
|Jeep Wrangler Rubicon 4WD 2-Dr||$4,352|
|Ford F-150 XLT Super Cab 2WD||$4,361|
|Volkswagen Jetta 2.0T Station Wagon||$4,493|
|Honda Odyssey EX W/Rear Entertainment||$4,569|
|Chevrolet Impala LT||$4,613|
|Jeep Grand Cherokee Laredo 4WD||$4,620|
|Toyota RAV4 Limited 4WD||$4,613|
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Table data assumes single male driver age 18, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Virginia minimum liability limits. Discounts applied include claim-free, and safe-driver. Price information does not factor in garaging location in Virginia Beach, VA which can alter premium rates significantly.
Looking at the rates, we can infer that makes and models like the Honda CR-V, Ford Escape, Honda Accord, and Toyota Prius are most likely to be a few of the cheaper vehicles to insure for teenagers. The cost of a car insurance policy will tend to be more expensive anyway just because there is more liability risk for high school students, but overall those specific models will have the least expensive rates available.
The illustration below illustrates how your deductible choice can raise or lower insurance rates when researching cheap insurance for high school students. The rate quotes are based on a single male driver, full physical damage coverage, and no other discounts are factored in.
In the chart above, a 40-year-old driver could lower their policy premium by $286 a year by switching from a $100 deductible up to a $500 deductible, or save $430 by changing to a $1,000 deductible. Young drivers, such as the 20-year-old example, could possibly save $956 annually by choosing larger deductibles on their policy. When using a larger deductible, it will be important to have enough spare savings to be able to cover the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
Full coverage rates compared to liability only
Saving money on insurance should be important to most drivers, and a good way to lower the cost of insurance for high school students is to not buy full coverage. The illustration below shows the comparison of premium costs with full coverage and liability only. Data assumes no accidents or driving violations, $100 deductibles, marital status is single, and no other discounts are factored in.
If we average all the age groups together, physical damage insurance costs $1,481 per year more than just buying liability only. That touches on the question when is the right time to remove full coverage. There is no definitive rule of when to stop paying for physical damage coverage on your policy, but there is a general guideline you can use. If the annual cost of comprehensive and collision coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, then you may want to consider only buying liability coverage.
There are a few cases where eliminating full coverage is not financially feasible. If you haven’t paid off your loan, you have to maintain full coverage to protect the lienholder’s interest. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should not eliminate full coverage.
Get discount Virginia Beach auto insurance
Auto insurance companies that provide policies for high school students may also offer policy discounts that can lower rates by as much as 35% or more if you can meet the requirements. The best insurance companies and some of the premium reductions they offer include:
- Progressive may include discounts for online quote discount, multi-policy, multi-vehicle, continuous coverage, online signing, homeowner, and good student.
- MetLife includes discounts for good student, multi-policy, defensive driver, accident-free, claim-free, good driver
- Mercury Insurance has savings for type of vehicle, good student, annual mileage, location of vehicle, professional/association, and anti-theft.
- Nationwide offers discounts including multi-policy, business or organization, easy pay, family plan, defensive driving, anti-theft, and Farm Bureau membership.
- GEICO discounts include membership and employees, federal employee, seat belt use, multi-vehicle, anti-theft, emergency military deployment, and five-year accident-free.
- AAA may have discounts that include AAA membership discount, good driver, pay-in-full, good student, multi-car, anti-theft, and multi-policy.
The diagram below illustrates the difference between car insurance costs with and without discounts applied to the policy premium. The premiums assume a male driver, no violations or claims, Virginia state minimum liability limits, full coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with passive restraint, continuous coverage, anti-theft, vehicle safety, good student, and paid-in-full discounts applied. When these discounts are applied, theaverage amount saved on insurance for high school students is 28% or $566.
Chances are good that you’re overpaying for Virginia Beach car insurance
Virginia Beach insurance rates are impacted by many factors that control the cost of having a policy. Getting older, buying a different home, or getting a driving violation may cause policy rate changes that may make certain companies more affordable than competitors.
Also, car insurance companies change their prices every year or even multiple times each year to adjust for heavy claims or excess profits. A period of increased losses may cause increased policy costs, while lower claims can produce lower-priced Virginia Beach car insurance rates.
The data below shows the company with the cheapest car insurance in Virginia Beach, VA for a 35-year-old female driver with no accidents or violations, and a good credit history. Based on her current risk profile, Travelers quotes the most affordable car insurance rates in Virginia Beach at $782 per year. This is $376 less than the average premium paid by Virginia drivers of $1,158. USAA, Penn National, Auto-Owners, and Cincinnati Insurance are the rest of the top five cheapest Virginia Beach, VA auto insurance companies.
Now we will pretend the driver from the first set of rates some claims, slightly worse credit, and a speeding citation. Due to the fact that every auto insurer uses their own method to set policy rates, comparing prices may now show a new list of the cheapest companies as shown below.
Utica National now has the best car insurance rate in Virginia Beach with Erie, Virginia Farm Bureau, Donegal Mutual, and Nationwide also being competitive. This example proves why consumers need to compare lots of rates when trying to get the most economical car insurance rates for high school students.
Car insurance prices are influenced by many factors and change frequently, so the best company a year ago may now be quite expensive.
If you aren’t sure which coverage you need and prefer to get help from a professional when trying to find lower insurance rates for high school students, the agents listed below can aid you in deciding which insurance coverage will be best for you. To locate a Virginia Beach auto insurance agent closest to you, click the button below the list or click here to get price quotes now.
- WBR Insurance
3213 Virginia Beach Blvd – Virginia Beach, VA 23452 – (757) 340-0028
- Brett Pendergast – State Farm Insurance Agent
4388 Holland Road Ste. 110 – Virginia Beach, VA 23452 – (757) 499-6813
- The Coelho insurance agency
800 Seahawk Cir #142 – Virginia Beach, VA 23452 – (757) 437-9647
- Michael Weeks – State Farm Insurance Agent
Shopping Ctr Ste 103, 979 Chimney Hill Pkwy – Virginia Beach, VA 23452 – (757) 463-2400
- Aubrey Pithwa – State Farm Insurance Agent
562 Lynnhaven Pkwy #201 – Virginia Beach, VA 23452 – (757) 227-9700