Buying budget car insurance is challenging, and deciding which company quotes the cheapest insurance rates in Suffolk requires even more perseverance. Every insurance provider uses a slightly different approach for determining rates in each state, so we need to take a look at the insurance companies that tend to be cheaper in Virginia.
|Rank||Company||Cost Per Year|
|9||Virginia Farm Bureau||$810|
|15||National Grange Mutual||$1,060|
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Travelers generally has some of the lowest car insurance rates in Suffolk at around $673 per year. This is $485 less than the average policy premium paid by Virginia drivers of $1,158. USAA, Penn National, Cincinnati Insurance, and Erie also qualify as some of the cheapest Suffolk, VA car insurance companies.
As shown above, if you have coverage with Penn National and switched to Travelers, you might realize annual savings of around $45. Drivers with Cincinnati Insurance might save as much as $82 a year, and Erie insureds might reduce rates by $107 a year.
To get a fast rate comparison, click here to get quotes or quote rates from the companies below.
Remember that these prices are averaged for all ages of drivers and types of vehicles and do not factor in a vehicle location in Suffolk. So the car insurance company that can offer you the best rate may not even be in the list above. That illustrates why you need to compare prices as often as possible using your own driver information and specific vehicle type.
One of the many considerations that are looked at to determine car insurance rates is where you keep your car. Larger areas will most likely have higher rates, whereas less populated areas tend to receive cheaper rates.
The next table sorts the most expensive areas in Virginia to purchase car insurance in. Suffolk is ranked #19 with an annual premium of $910 for the average policy, which is approximately $76 monthly.
|Rank||City||Premium Per Year|
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Prices are comparative as specific location information can affect auto insurance rates noticeably.
Don't stick with an overpriced policy
Virginia insurance rates are impacted by many factors that can increase the policy premium. Simply having a birthday, adding a teenager to your policy, or getting caught speeding may generate price changes resulting in some companies being more affordable than others.
Not only may your risk profile change, but companies change their prices without warning to adjust for unexpected claims or profits. Larger than normal claims can result in additional price hikes, while lower claims can result in cheaper Suffolk car insurance rates.
As an example, the graph below shows rates for the cheapest car insurance in Suffolk, VA for a 45-year-old male driver with no accidents or violations, and excellent credit. If we estimate rates based on his personal risk profile, Travelers quotes the best car insurance rates in Suffolk at $773 each year. This is $385 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 cheapest Suffolk, VA auto insurance companies.
Now we will give the driver from the first example some claims, slightly worse credit, and an imperfect driving record. Since every insurance provider has a different process to determine rates, analyzing rates could result in a different set of cheap Suffolk auto insurance companies as shown below.
The Hartford now has the lowest price in Suffolk with Erie, Virginia Farm Bureau, Donegal Mutual, and Nationwide also having competitive pricing. This example proves why it is critical to shop around when trying to get the best insurance quotes in Suffolk. Rates are made up of many things and change frequently, so the cheapest rate the last time you compared rates may now be an over-priced policy.
The type of vehicle you are insuring is a large consideration when consumers are trying to find cheap insurance in Suffolk. Vehicles with high performance, a lack of advanced safety features, or an increased likelihood of liability claims will cost significantly more to insure than safer models. The next table ranks insurance premiums for the cheapest vehicles to buy insurance for.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLS 2WD||$1,081|
|Honda Accord EX 4-Dr Sedan||$1,187|
|Honda CR-V LX 2WD||$1,222|
|Toyota Tacoma 2WD||$1,255|
|Dodge Grand Caravan Hero||$1,278|
|Chevrolet Impala LT||$1,283|
|Ford Explorer Eddie Bauer 4WD||$1,304|
|Chevrolet Malibu LT||$1,310|
|Hyundai Elantra Blue 4-Dr Sedan||$1,325|
|Toyota Corolla LE||$1,349|
|GMC Sierra 2500HD SLE Crew Cab 4WD||$1,374|
|Honda Civic DX 4-Dr Sedan||$1,377|
|Ford F-150 XLT Crew Cab 4WD||$1,431|
|Ford Focus SES 2-Dr Coupe||$1,442|
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Table data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Virginia minimum liability limits. Discounts applied include homeowner, safe-driver, multi-vehicle, multi-policy, and claim-free. Rate information does not factor in Suffolk, VA location which can lower or raise rates noticeably.
Based upon the rates shown, vehicles like the Ford Escape, Honda Accord, Honda CR-V, and Toyota Tacoma are most likely to be the cheapest vehicles to insure for drivers in Suffolk.
Get discounts on Suffolk car insurance rates
Auto insurance companies that offer quotes in Suffolk may provide policy discounts that could potentially reduce rates by as much as 40% or more if you qualify for them. Popular auto insurance companies and their possible discounts are outlined below.
- Progressive may have discounts that include online signing, online quote discount, multi-vehicle, homeowner, continuous coverage, multi-policy, and good student.
- SAFECO offers discounts including anti-theft, accident prevention training, homeowner, drive less, anti-lock brakes, and bundle discounts.
- American Family may offer discounts for good driver, bundled insurance, mySafetyValet, TimeAway discount, and defensive driver.
- MetLife includes discounts for claim-free, multi-policy, defensive driver, accident-free, good student, and good driver.
- GEICO has discounts for air bags, emergency military deployment, multi-policy, anti-lock brakes, five-year accident-free, multi-vehicle, and good student.
- The Hartford offers premium reductions for driver training, air bag, good student, bundle, anti-theft, defensive driver, and vehicle fuel type.
The illustration below illustrates the comparison of premium costs with and without discounts applied to the policy rates. The prices are based on a female driver, no accidents or driving violations, Virginia state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows the average rate with no discounts. The second shows the rates with homeowner, safe-driver, defensive driving course, vehicle safety, accident-free, and multiple policy discounts applied. When these discounts are applied to the policy premium, the the average yearly reduction on auto insurance in Suffolk is 27% or $386.
Price comparison of only insuring for liability
Reducing premiums for auto insurance is probably important to most people, and an easy way to pay less for insurance in Suffolk is to buy liability only. The chart below visualizes the comparison of insurance rates with and without full coverage. The rate quotes are based on no violations or claims, $500 deductibles, marital status is single, and no discounts are applied.
If we average all the age groups together, full coverage on your policy costs $1,625 per year over and above liability only. That brings up the question if it's worth it to buy full coverage. There is no specific rule of when to drop full coverage, but there is a guideline you can use. If the annual cost of coverage is more than 10% of the replacement cost minus the deductible, then it might be time to buy liability only.
For example, let's assume your vehicle's book value is $5,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most your company will settle for is $4,000 after paying your deductible. If it's costing in excess of $400 annually for full coverage, then it might be time to consider dropping full coverage.
There are some situations where only buying liability is not advised. If you still have a loan on your vehicle, you have to keep full coverage to satisfy the loan requirements. Also, if you cannot afford to purchase a different vehicle if your current one is damaged, you should keep full coverage in place.
The illustration below demonstrates how deductible levels can affect yearly insurance costs when quoting cheap insurance in Suffolk. Data assumes a single female driver, comp and collision included, and no other discounts are factored in.
In the chart above, a 50-year-old driver could lower rates by $244 a year by switching from a $100 deductible to a $500 deductible, or save $368 by selecting a $1,000 deductible. Youthful drivers, like the 20-year-old, could lower their rates as much as $620 each year just by choosing larger deductibles.
If you do make the decision to raise your deductibles, it's a good idea to have additional savings on hand to pay the extra out-of-pocket expense that comes with higher deductibles.