One of the many components that are looked at to help calculate auto insurance rates is where you live in Chesapeake. Cities with larger populations or higher claim trends tend to have higher rates, whereas more rural areas benefit from having to pay less for coverage.
The illustration below lists the most expensive areas in Virginia in which to buy car insurance. Chesapeake ranks #18 with an annual premium of $926 for the average insurance policy, which is about $77 each month.
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Information shown are comparative as specific Chesapeake garaging address can revise auto insurance rates considerably.
Having seen where Chesapeake ranks price-wise, deciphering which companies have the cheapest insurance rates in Chesapeake will take more time in order to find the best price. Every car insurance company has their own process to set premium rates, so we need to take a look at the insurance companies with the overall best prices in Chesapeake, VA.
Cheapest Insurance Rates in Chesapeake
|Rank||Company||Cost Per Year|
|9||Virginia Farm Bureau||$826|
|15||National Grange Mutual||$1,071|
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Travelers normally has some of the best car insurance rates in Chesapeake at around $653 annually. USAA, Penn National, Cincinnati Insurance, and The Hartford would also be considered some of the more affordable Chesapeake, VA insurance companies.
In the above example, if you currently buy coverage from Cincinnati Insurance and switched to Travelers, you could see a yearly price reduction of roughly $110. Drivers with The Hartford may save as much as $124 a year, and Auto-Owners customers might see rate reductions of $128 a year.
Remember that these estimates are averaged for all drivers and vehicles and and are not figured with an exact zip code location in Chesapeake. So the car insurance company that fits you best may not even be in the top 30 companies in the list above. That affirms the importance of why you need to get car insurance quotes using your own driver and vehicle profiles.
The importance of shopping around
Chesapeake insurance rates are determined by lots of factors that control the price you pay. Getting older, becoming a homeowner, or getting a ticket for running a stop sign can trigger rate changes resulting in some companies being affordable when they were higher priced. And not only may your rating factors change, but car insurance companies amend pricing every year to adjust for heavy claims or excess profits. Heavier than normal losses can cause rate hikes, while lower claims can cause more affordable Chesapeake car insurance rates.
The data below shows rates for the cheapest car insurance in Chesapeake, VA for a 35-year-old female driver with no prior accidents, a clean driving record, and a high credit rating. If we estimate prices based on her current risk factors, Travelers offers the lowest car insurance rates in Chesapeake at $756 annually. This is $402 less than the average premium paid by Virginia drivers of $1,158. USAA, Cincinnati Insurance, Penn National, and Auto-Owners are also on the list of the most affordable Chesapeake, VA auto insurance companies.
Let's now give the driver in the first example a claim surcharge, bad credit, and an imperfect driving record. Because each insurer uses a different method for establishing rates, comparing quotes may result in a slightly different list of the cheapest Chesapeake car insurance companies as shown below.
The Hartford now has the best insurance rate in Chesapeake with Virginia Farm Bureau, Erie, Donegal Mutual, and USAA now rounding out the top five. This example proves why it is crucial to spend some time comparing rates when trying to find the most economical insurance quotes in Chesapeake. Insurance rates can be altered by many different factors and can change substantially, so the most economical company the last time you checked may now not even be in the top five.
The vehicle requiring coverage is a large factor when quoting affordable auto insurance in Chesapeake. Vehicles with lower acceleration and performance, advanced safety features, or a low likelihood of liability claims will cost quite a bit less to insure than fast, unsafe models. The table below illustrates insurance rates for a handful of the cheapest automobiles to buy coverage for.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Ford F-150 STX Regular Cab 4WD||$1,168|
|Hyundai Elantra GLS Touring Station Wagon||$1,193|
|Honda Accord LX-P 4-Dr Sedan||$1,198|
|Honda CR-V EX-L 2WD||$1,221|
|Chevrolet Malibu Hybrid||$1,230|
|Toyota RAV4 4WD||$1,236|
|Dodge Grand Caravan SXT||$1,256|
|Toyota Tacoma Double Cab 4WD||$1,261|
|Ford Escape XLT 2WD||$1,277|
|GMC Sierra SLE Extended Cab 4WD||$1,321|
|Volkswagen Jetta SE 4-Dr Sedan||$1,327|
|Jeep Wrangler Sahara 4WD 2-Dr||$1,339|
|Ford Edge SEL AWD||$1,386|
|Honda Odyssey EX W/Rear Entertainment||$1,391|
|Nissan Altima 2.5 S 2-Dr Coupe||$1,411|
|Toyota Camry LE||$1,413|
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Data variables include single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Virginia minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, multi-vehicle, and safe-driver. Premium amounts do not factor in zip code location which can alter premiums substantially.
Based on these rates, you can assume that models like the Ford F-150, Hyundai Elantra, and Honda Accord are likely to be a few of the less-costly vehicles to insure for drivers in Chesapeake.
Should you buy full coverage?
Saving on auto insurance is the goal of the majority of drivers, and an easy way to buy cheaper insurance in Chesapeake is to buy liability only. The illustration below illustrates the difference between auto insurance costs when comparing full coverage to liability only. The data assumes no tickets, no at-fault accidents, $250 deductibles, drivers are not married, and no discounts are factored in.
Averaged out for all age groups, physical damage insurance costs $1,358 per year more than carrying just liability coverage. That is a big expense that brings up the question if paying for full coverage is worth it. There is no definitive formula for eliminating full coverage on your policy, but there is a general guideline. If the annual cost of comprehensive and collision coverage is 10% or more of the settlement you would receive from your company, then you might consider buying liability only.
There are a few situations where only buying liability is not advised. If you still have a lienholder on your title, you have to maintain full coverage in order to keep the loan. Also, if you can't afford to buy a different vehicle in case of an accident, you should maintain full coverage.
The chart below shows how choosing a deductible can raise or lower insurance prices when researching cheap insurance in Chesapeake. The premium estimates are based on a single male driver, full 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 their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $430 by selecting a $1,000 deductible. Even younger insureds, like the Age 20 category, could possibly save as much as $956 or more just by choosing larger deductibles. If you do raise deductibles, it will now be necessary to have spare funds to cover the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
Get discount Chesapeake insurance rates
Insurers that offer cheap quotes in Chesapeake may have rate discounts that could lower prices by as much as 40% or more if you qualify. Larger auto insurance companies and some of the discounts include:
- State Farm has savings for Steer Clear safe driver discount, passive restraint, driver's education, accident-free, Drive Safe & Save, good driver, and good student.
- Farmers Insurance has discounts for switch companies, distant student, teen driver, pay in full, business and professional, mature driver, and good student.
- GEICO includes discounts for anti-lock brakes, air bags, anti-theft, membership and employees, defensive driver, and five-year accident-free.
- American Family offers discounts for multi-vehicle, good student, good driver, TimeAway discount, defensive driver, and early bird.
- Nationwide discounts include Farm Bureau membership, good student, family plan, defensive driving, and anti-theft.
- Progressive offers premium reductions for good student, homeowner, multi-vehicle, continuous coverage, and online quote discount.
The example below visualizes the comparison of yearly insurance costs with and without discounts applied to the policy premium. The data is based on a male driver, no violations or claims, Virginia state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows insurance cost with no discounts. The second shows the rates with vehicle safety, anti-theft, passive restraint, defensive driving course, claim-free, and multiple policy discounts applied. When discounts are factored in, theaverage yearly reduction on auto insurance in Chesapeake is 27% or $373.