The vehicle you are insuring is one of the largest factors when trying to find the most affordable auto insurance for drivers with bad credit. Vehicles with economical engines, advanced safety features, or a positive history of liability claims will cost substantially less to insure than higher performance models. The data below outlines auto insurance rates for a handful of the most budget-friendly automobiles to insure.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLS 4WD | $1,009 |
| Hyundai Elantra GLS Touring Station Wagon | $1,019 |
| Jeep Wrangler Sport 4WD 2-Dr | $1,043 |
| Honda Odyssey EX W/Rear Entertainment | $1,169 |
| Ford Focus S 4-Dr Sedan | $1,178 |
| Toyota Tacoma 2WD | $1,169 |
| Toyota RAV4 Limited 4WD | $1,191 |
| Chevrolet Silverado LS Extended Cab 4WD | $1,200 |
| Honda CR-V EX 2WD | $1,235 |
| Jeep Grand Cherokee Limited 4WD | $1,276 |
| Dodge Grand Caravan SE | $1,294 |
| Ford Explorer XLT AWD | $1,304 |
| Ford F-150 XLT Regular Cab 2WD | $1,355 |
| Toyota Prius | $1,371 |
| Chevrolet Impala LTZ | $1,437 |
| Ford Edge Sport AWD | $1,442 |
| Toyota Corolla XLE | $1,437 |
| Volkswagen Jetta SE 2.5 Station Wagon | $1,449 |
| Chevrolet Equinox LT AWD | $1,462 |
| Nissan Altima 2.5 4-Dr Sedan | $1,472 |
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Table data represents single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Virginia minimum liability limits. Discounts applied include safe-driver, multi-vehicle, claim-free, multi-policy, and homeowner. Rate information does not factor in specific location information which can raise or lower auto insurance rates greatly.
Looking at the numbers, you can infer that makes and models like the Ford Escape, Hyundai Elantra, Jeep Wrangler, and Honda Odyssey will definitely be a few of the most affordable vehicles to insure for people with poor credit. Rates will trend higher because there is more liability exposure for drivers with bad credit, but in general those models will have the least expensive rates that you’ll find.
Finding out which companies quote the cheapest auto insurance rates for drivers with bad credit involves a little more sweat in order to find the most economical policy. Each insurer has their own guidelines to determine rates, so let’s take a look at the auto insurance companies with the most affordable rates in Virginia Beach.
Keep in mind that Virginia Beach auto insurance rates are influenced by many factors which can substantially change the cost of having a policy. Getting older, having a teen driver, or getting a driving violation may prompt premium changes that can make some companies cheaper than competitors.
Lowest Insurance Price Quotes with Bad Credit
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $679 |
| 2 | USAA | $709 |
| 3 | Penn National | $718 |
| 4 | Cincinnati Insurance | $733 |
| 5 | Auto-Owners | $765 |
| 6 | Utica National | $765 |
| 7 | The Hartford | $777 |
| 8 | Erie | $788 |
| 9 | Virginia Farm Bureau | $834 |
| 10 | Donegal Mutual | $860 |
| 11 | Nationwide | $925 |
| 12 | Allied | $982 |
| 13 | ALFA | $1,018 |
| 14 | GEICO | $1,036 |
| 15 | National Grange Mutual | $1,060 |
| 16 | Chubb | $1,112 |
| 17 | State Farm | $1,132 |
| 18 | Electric | $1,180 |
| 19 | Amica | $1,241 |
| 20 | Progressive | $1,246 |
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Travelers may offer some of the most affordable car insurance rates in Virginia Beach at around $679 a year. This is $479 less than the average premium paid by Virginia drivers of $1,158. USAA, Penn National, Cincinnati Insurance, and Auto-Owners also make the cut as some of the cheaper Virginia Beach, VA auto insurance companies.
As shown in the table above, if you are insured with Cincinnati Insurance and switched to USAA, you could see savings of in the vicinity of $24. Policyholders with Auto-Owners might save as much as $56 a year, and Utica National customers might reduce prices by as much as $56 a year.
To see if you’re overpaying, click here to begin a quote or quote prices from the following companies.
Bear in mind that those prices are averages across all drivers and vehicles in Virginia and and are not calculated with an exact zip code location for drivers with bad credit. So the company that fits your situation best may not even be in the top 30 companies in the list above. That points out the importance of why you need to get rate quotes from many companies using your own specific driver and vehicle information.
How to get discounts on Virginia Beach insurance rates
Auto insurance companies that provide coverage for drivers with bad credit may also offer price discounts that could lower prices by as much as 40% or more if you are eligible for them. Popular auto insurance companies and their possible discounts are included below.
- GEICO discounts include multi-vehicle, good student, daytime running lights, driver training, and air bags.
- Mercury Insurance offers premium reductions for multi-car, ease of repair, good driver, age of vehicle, and multi-policy.
- Farmers Insurance may include discounts for early shopping, mature driver, youthful driver, electronic funds transfer, pay in full, and distant student.
- Auto-Owners Insurance includes discounts for safe driver, anti-theft, teen driver, air bags, paperless, paid in full, and good student.
- Liberty Mutual offers discounts including newly retired, multi-car, teen driver discount, newly married, and exclusive group savings.
- SAFECO policyholders can earn discounts including accident prevention training, multi-car, drive less, anti-lock brakes, safe driver, anti-theft, and bundle discounts.
- Progressive offers discounts for online quote discount, continuous coverage, multi-policy, multi-vehicle, and online signing.
- USAA has savings for multi-vehicle, military installation, loyalty savings, family discount, good student, and safe driver.
The chart below visualizes the comparison of insurance prices with and without discounts applied. The rates are based on a female driver, no violations or accidents, Virginia state minimum liability limits, comp and collision included, and $500 deductibles.
The first bar for each age group shows premium with no discounts. The lower bar shows the rates with passive restraint, accident-free, homeowner, marriage, vehicle safety, and multiple vehicle discounts applied. With discounts applied, theaverage yearly reduction on auto insurance for drivers with bad credit is 28% or $349.
Full coverage rates compared to liability-only
Finding the cheapest auto insurance is the goal of the majority of drivers, and a great way to pay less for insurance for drivers with bad credit is to not pay for full coverage. The example below compares insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The premiums assume no tickets, no at-fault accidents, $100 deductibles, single marital status, and no policy discounts are applied.
Averaged out for all age groups, comprehensive and collision coverage on your policy costs $1,481 per year more than carrying just liability coverage. Many of you may wonder if buying full coverage is worth the expense. There is no clear-cut rule to stop paying for comprehensive and collision coverage on your policy, but there is a general convention. If the yearly cost of comp and collision coverage is more than about 10% of replacement cost minus your deductible, then you might want to think about dropping full coverage.
There are some scenarios where buying only liability insurance is not a good idea. If you still owe a portion of the original loan, you have to carry full coverage in order to satisfy the requirements of the loan. Also, if your savings is not enough to buy a different vehicle if your current one is totaled, you should maintain full coverage.
Here’s why price comparisons are so important
Virginia auto insurance rates are calculated based on many things which can substantially decrease or increase your annual premium. Simply having a birthday, buying another vehicle, or getting a DUI may cause policy rate changes that can make some companies cheaper than before. Also, insurance companies modify pricing multiple times each year to reflect underwriting profits or losses. Significantly higher claims may cause higher prices, while profitable underwriting can result in cheaper Virginia Beach car insurance rates.
To help illustrate this point, the chart below shows rates for the cheapest car insurance in Virginia Beach, VA for a 30-year-old male driver with no accidents, a clean driving record, and good credit. If we look at prices based on his current situation, Travelers might quote the lowest car insurance rates in Virginia Beach at $766 annually. This is $392 less than the average price paid by Virginia drivers of $1,158. USAA, Penn National, Cincinnati Insurance, and Utica National round out the rest of the top five cheapest Virginia Beach, VA auto insurance companies.
In this example, we will give the driver in the first chart an at-fault accident, a lower credit rating, and a speeding citation. Because each company has a different process to determine rates, comparing quotes could now result in a completely different list of companies as shown below.
The Hartford now has the cheapest price in Virginia Beach with Erie, Virginia Farm Bureau, Donegal Mutual, and USAA also being competitive. This example proves why it is so important to compare lots of rates when trying to get affordable car insurance quotes for drivers with bad credit.
Car insurance prices are impacted by many factors and can change without notice, so the cheapest option when you last compared rates may now cost much more than other companies.
If you prefer to get some professional input when trying to find the best insurance rates for drivers with bad credit, the professional agents shown below can help you make a decision which insurance coverage you need.
To find an auto insurance agency by location nearest to you, click the button link following the list or click here to get price quotes now.
- State Farm: Paula Faivre
2052 S Independence Blvd #007 – Virginia Beach, VA 23453 – (757) 340-3999 - Ed Barnhart – State Farm Insurance Agent
5660 Indian River Rd #126 – Virginia Beach, VA 23464 – (757) 366-0322 - Choice Insurance Agency
4664 South Blvd – Virginia Beach, VA 23452 – (757) 416-5100 - Kimberly Hitchman – State Farm Insurance Agent
3101 Virginia Beach Blvd #112 – Virginia Beach, VA 23452 – (757) 463-5480 - Larry Akers – State Farm Insurance Agent
928 Diamond Springs Rd Ste 131 – Virginia Beach, VA 23455 – (757) 497-3853
More Virginia Beach, VA insurance agents
How to find more affordable auto insurance for drivers with bad credit
Below you’ll find some of the recommended money-saving suggestions that can help drivers locate lower-cost car insurance.
- Avoid preventable accidents
- Be a safe driver
- Pay less by remaining claim-free
- Buying home and auto together can help save money
- Don’t waste money on full coverage for older vehicles
- Get cheaper liability coverage by choosing a safer vehicle
- Compare rates regularly and switch companies to save money
The last tip is incredibly crucial, as we stressed in the prior article. Auto insurance rates fluctuate considerably, so don’t be afraid to change to a new company if a more affordable price is available. Having a favorite company is fine, but it’s not a good idea if that stubbornness costs you hundreds of dollars a year. Take a few minutes and shop around to find cheaper insurance for drivers with bad credit in Virginia Beach.