The words “low-cost” and “insurance” probably shouldn’t be used in the same sentence, in particular when trying to find the lowest insurance prices for drivers with good credit. To help control this cost, let’s introduce you to some of the factors that have an impact on insurance rates, and come up with some ideas to lower the price of your next policy.
The type of vehicle you are insuring is probably the biggest factor that determines whether or not you find the lowest-priced auto insurance for drivers with good credit. Vehicles with lower acceleration and performance, advanced safety features, or a low likelihood of liability claims will cost less to insure than fast, unsafe models. The data below showcases auto insurance rates for the most economical vehicles to buy insurance for.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Ford Escape XLS 2WD||$1,066|
|Honda CR-V EX 4WD||$1,091|
|Ford Edge SE AWD||$1,239|
|Chevrolet Malibu Hybrid||$1,265|
|Jeep Grand Cherokee Laredo 4WD||$1,273|
|Ford Focus SES 4-Dr Sedan||$1,305|
|Honda Odyssey EX-L||$1,331|
|Dodge Grand Caravan SE||$1,373|
|Honda Accord LX-S 2-Dr Coupe||$1,422|
|Volkswagen Jetta SE 2.5 Station Wagon||$1,432|
|Hyundai Sonata Limited 4-Dr Sedan||$1,446|
|Toyota Camry Hybrid||$1,456|
|Toyota RAV4 Limited 4WD||$1,450|
|Toyota Camry LE||$1,459|
|Ford Explorer XLT AWD||$1,469|
|Toyota Tacoma 4WD||$1,477|
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Data based on single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Virginia minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-vehicle, and multi-policy. Information does not factor in specific zip code location which can raise or lower coverage rates substantially.
Looking at the numbers, vehicles like the Ford Escape, Honda CR-V, Toyota Prius, and Ford Edge should be some of the most affordable vehicles to insure for financially responsible drivers.
One of the more important considerations that aid in calculating the price you pay for insurance is where your residence is. Areas with more people or higher crime rates tend to have higher rates, whereas areas with lower vehicle theft rates and fewer weather claims tend to receive cheaper rates.
The information below shows the most expensive places in Virginia for drivers with good credit in which to buy car insurance. Virginia Beach comes in at #18 having an annual price of $910 for the average policyholder, which is approximately $76 monthly.
|Rank||City||Average Per Year|
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Annual rates are comparative as specific Virginia Beach zip code can raise or lower price quotes considerably.
Does full coverage make sense?
Finding cheaper insurance is the goal of the majority of vehicle owners, and one of the quickest ways to pay lower rates for insurance for drivers with good credit is to only pay for liability coverage. The illustration below visualizes the comparison of insurance rates with full physical damage coverage compared to only buying liability only. The data is based on no tickets, no at-fault accidents, $100 deductibles, drivers are not married, and no discounts are applied to the premium.
If the expense is averaged for all age categories, full coverage costs an extra $1,648 per year more than just buying liability insurance. Lot’s of drivers question if paying for full coverage is worth it. There is no written rule to drop comprehensive and collision coverage on your policy, but there is a general school of thought. If the annual cost of having full coverage is about 10% or more of replacement cost minus your deductible, the it may be a good time to stop paying for full coverage.
For example, let’s assume your vehicle’s settlement value is $10,500 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most you would receive is $9,500 after you pay the deductible. If it’s costing in excess of $950 a year for full coverage, then you might want to think about dropping full coverage.
The information below illustrates how your deductible choice can impact insurance costs when trying to find cheap insurance for drivers with good credit. The price estimates are based on a married female driver, comp and collision included, and no policy discounts are applied.
The data above shows that a 40-year-old driver could cut expenses by $176 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $266 by changing to a $1,000 deductible. Even younger insureds, like the Age 20 category, can save up to $436 each year just by choosing higher deductibles. When using a larger deductible, it’s a good idea to have plenty of savings on hand to allow you to pay the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.
Picking the highest-rated auto insurance company can be a challenge considering how many choices you have in Virginia. The company rank data below can help you decide which companies you want to consider comparing prices from.
The ratings below only include large, nationwide insurance companies, so smaller companies that only insure vehicles in Virginia are not factored into this list. To compare prices from these top-rated insurers and more, simply click here.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies