The words "cheap" and "auto insurance" probably shouldn't be used in the same sentence, especially when comparison shopping for the best car insurance for drivers with a bad driving record. Because of the high cost, let's get started by showing you a few of the factors that can significantly affect auto insurance premiums, and see if we can help you lower the price of the next policy you buy.
The car, truck, or SUV you are insuring is probably the most important factor that determines whether or not you can buy economical insurance for drivers with a bad driving record. Vehicles with limited top-end speed, an excellent safety record, or low incidents of liability claims will cost quite a bit less to insure than fast, unsafe models.
The next table features insurance costs for some of the cheaper vehicles to insure in Virginia.
|Make and Model||Estimated Cost for Full Coverage|
|Honda Accord LX 4-Dr Sedan||$1,656|
|Ford Escape XLT 4WD||$1,674|
|Honda CR-V EX-L 4WD||$1,797|
|Jeep Wrangler Sahara 4WD 2-Dr||$1,873|
|Ford F-150 XLT Regular Cab 4WD||$1,883|
|Ford Edge SE 2WD||$1,939|
|Honda Odyssey EX W/Rear Entertainment||$1,942|
|Ford Focus S 4-Dr Sedan||$1,951|
|Ford Explorer XLT 4WD||$1,960|
|Toyota Tacoma Double Cab TRD Sport Package 4WD||$1,979|
|Chevrolet Malibu LT||$1,988|
|Dodge Grand Caravan CV||$2,005|
|Chevrolet Impala LS||$2,033|
|Toyota RAV4 Limited 4WD||$2,054|
|Chevrolet Equinox LT 2WD||$2,102|
|Hyundai Elantra GLS 4-Dr Sedan||$2,147|
|Toyota Corolla S||$2,152|
|Dodge Ram Quad Cab TRX4 Off Road 2WD||$2,150|
|GMC Sierra 2500HD SLT Crew Cab 4WD||$2,156|
|GMC Sierra SL Crew Cab 2WD||$2,167|
|Volkswagen Jetta SE 4-Dr Sedan||$2,175|
|Jeep Grand Cherokee SRT-8 4WD||$2,167|
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Table data assumes single female driver age 40, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Virginia minimum liability limits. Discounts applied include multi-vehicle, multi-policy, and homeowner. Table data does not factor in specific location information which can impact prices greatly.
By looking at the data, models like the Honda Accord, Ford Escape, and Honda CR-V will definitely be some of the most budget-friendly vehicles to insure for bad drivers. The price of auto insurance will tend to be more expensive just because there is more claim exposure for drivers with a bad driving record, but overall those vehicles will most likely have the best rates possible.
Finding cost effective car insurance is tough enough, and finding out which companies have the lowest-priced car insurance rates for drivers with a bad driving record in Virginia takes more quotes for comparison. Policy prices will most likely be quite a bit more than the average price in Virginia because of the higher likelihood of claims that comes with offering coverage for bad drivers, but reasonably-priced insurance should be attainable with a little diligence. Every insurance company has a different formula for setting rates, so first we will examine the car insurance companies with the overall cheapest rates in Virginia.
It's a good idea to be aware that Virginia car insurance rates are calculated based on many things that may substantially change the policy premium. That is why drivers need to compare many different companies when trying to get the best car insurance rates for drivers with a bad driving record. Car insurance prices are influenced by many factors and change substantially, so the most economical option the last time you shopped your coverage around may now be one of the higher cost companies.
Find the Cheapest Auto Insurance for Imperfect Drivers
|Rank||Company||Cost Per Year|
|8||Virginia Farm Bureau||$802|
|15||National Grange Mutual||$1,104|
|Find Cheaper Rates Go|
Travelers may offer some of the cheapest car insurance rates in Virginia at around $679 per year. This is $479 less than the average rate paid by Virginia drivers of $1,158. USAA, Penn National, Cincinnati Insurance, and Auto-Owners are also some of the cheapest Virginia auto insurance companies.
As depicted above, if you buy coverage from Cincinnati Insurance and switched to USAA, you could see an annual premium reduction of around $45. Policyholders with Auto-Owners could save as much as $77 a year, and Utica National customers might realize rate reductions of up to $77 a year.
To find out how much you can save, click here to get quotes or click several companies below for low rates.
These prices are averages for all insureds and vehicles and are not factoring in a rate surcharge for drivers with a bad driving record. So the auto insurance company that has the cheapest price for you may not even be in the top 30 companies shown above. That is why you need to get rate quotes from many companies using your own individual information.
Responsible drivers pay cheaper car insurance rates
In a perfect world, the ideal way to maintain the most affordable car insurance prices for bad drivers is to drive carefully and avoid accidents and violations. The illustration below highlights how traffic violations and fender-benders influence premium costs for different insured age categories. The information is based on a single female driver, comprehensive and collision coverage, $100 deductibles, and no other discounts are factored in.
In the prior example, the average cost of auto insurance per year with a clean driving record and no accidents is $1,405. Receive one speeding ticket and the average cost rises to $1,591, an increase of $186 each year. Next add two accidents along with the one speeding ticket and the yearly cost of car insurance for drivers with a bad driving record in Virginia increases to an average of $3,152. That's an increase of $1,747, or $146 per month, just for not maintaining a clean driving record!
Price comparison of only insuring for liability
Paying a lower price for car insurance is the goal of the majority of people, and one easy way to buy cheap insurance for drivers with a bad driving record in Virginia is to not buy full coverage. The illustration below illustrates the difference between yearly insurance costs with full coverage and liability only. The costs are based on no violations or accidents, $1,000 deductibles, drivers are not married, and no discounts are factored in.
If we average the cost for all age groups, full coverage on your policy costs an additional $1,176 per year over liability only. That proposes the question if it's worth it to buy full coverage. There is no clear-cut formula for eliminating physical damage coverage, but there is a general school of thought. If the annual cost of having full coverage is more than around 10% of the settlement you would receive from your company, the it may be a good time to stop paying for full coverage.
For example, let's pretend your vehicle's replacement cost is $12,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $11,000 after the policy deductible has been paid. If you are paying in excess of $1,100 a year for comprehensive and collision coverage, then it may be the right time to buy liability only.
There are some circumstances where eliminating full coverage is not a good idea. If you still have a lienholder on your title, 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 not remove full coverage.
Why you should be comparing rates
Virginia car insurance rates are influenced by many factors that can increase the policy price. Improving your credit score, moving to a different location, or getting a few speeding tickets can trigger rate changes that can cause some rates to be more affordable than competitors.
In addition, auto insurance companies change prices multiple times each year to ensure their profitability. An extended period of higher than normal claims may cause price increases, while lower claim levels can result in cheaper Virginia car insurance rates.
To help illustrate this point, the graph below analyzes the cheapest car insurance in Virginia for a 30-year-old female driver with no accidents, a clean driving record, and solid credit. If we estimate rates based on her current risk factors, Travelers has the lowest car insurance rates in Virginia at $679 annually. This is $479 less than the average premium paid by Virginia drivers of $1,158. USAA, Penn National, Cincinnati Insurance, and Utica National are also on the list of the cheapest Virginia auto insurance companies.
Now let's give the driver from above some claims, bad credit, and a speeding citation. Since each auto insurer has their own process for establishing rates, getting updated rate quotes may now show a different ranking of the cheapest Virginia car insurance companies as shown below.
The Hartford now has the best auto insurance rate in Virginia with Erie, Virginia Farm Bureau, Donegal Mutual, and Nationwide now being in the top five. This example shows why it is so important to shop around to get the most affordable auto insurance quotes for drivers with a bad driving record.
Auto insurance prices are calculated by many factors and can change substantially, so the cheapest rate three years ago may now be priced much higher than other options.