The state you live in is an important factor when it comes to determining the premium amount for car insurance. Great news for people who are searching for car insurance quotes in Virginia is that car insurance is considerably lower compared to the national average. According to insure.com, the car insurance quotes in Virginia are twenty-seven percent lower than the national average.
Among the many reasons why auto insurance quotes in Virginia are affordable, the most prominent one is high competition in the market. There are over four hundred insurance carriers who offer coverage. This tough competition easily becomes an efficient regulator that determines the premiums that are charged.
Tough competition among the carriers does help to keep the premium in check. However, it is not the only reason. Another major reason that keeps premiums low is the recovery laws in the state of Virginia. The person who is at fault for the accident is considered responsible. In addition, Virginia requires the uninsured motorist to be covered by the driver’s (person responsible for the accident) auto insurance plan, if the accident involves an uninsured motorist. All states do not require the driver to have the uninsured motorist coverage.
It is a sort of hotchpotch in terms of the density of the population. This could be another factor that could be the cause of lower auto insurance quotes in Virginia. Virginia is a diverse state. It is a combination of both, rural areas as well as highly populated areas. The insurance companies are allowed to underwrite policies based on the risks associated with certain geographic locations of the state. In common terms, if a certain area is more accident-prone or if the chances of an accident in a particular location are known to be higher such as in a metropolitan area, then the premium of the insurance policy will be accordingly priced.
Minimum Liability Requirements in Car Insurance Quotes in Virginia:
Below are the minimum liability requirements when it comes to taking car insurance in Virginia. You should note that they are the legal minimum; it is always advisable to take cover of higher amounts so that you don’t have to pay the difference in case of an accident or a crash.
- $25,000 bodily injury liability per person.
- $50,000 bodily injury liability per accident.
- $20,000 property damage liability per accident.
- $25,000 uninsured/underinsured motorist coverage per person.
- $50,000 uninsured/underinsured motorist coverage per accident.
- $20,000 uninsured/underinsured motorist property damage coverage per accident.
Most of the states in the USA have more or less the same requirements and Virginia is no different. Let’s help you find the best auto insurance companies.
Other Factors that Affect Auto Insurance Quotes in Virginia
Besides location, the other factors that determine the cost of your car insurance include make and model of the car, age, safety features of the car, number of vehicles you want to insure as well as the amount you purchase. Yet another important determining factor is your driving record. Since a number of these factors are variable, chances are that if your neighbor (from the same location) applies for car insurance in the same state (Virginia) at the same time, you are both likely to receive different quotes. Hence, it is advisable to get quotes from various insurance companies.
In Virginia, six coverage options for auto insurance that are common are medical payments coverage, personal injury protection, comprehensive coverage, collision coverage, auto liability coverage, and under/uninsured motorist coverage.
Make sure you check NAIC ratings of the insurer. This rating is not biased and is a good tool for you to select your insurer.
