The words "bargain" and "auto insurance" really shouldn't be used together, specifically when you are looking for the cheapest auto insurance for veterans. To save some money, let's open your eyes to some of the things that help determine auto insurance rates, and find a few ways to take the bite out of your next policy.
One of the more important considerations that determine auto insurance rates is where you live. Cities with more crime and/or more people like Burke, McLean, and Norfolk will most likely pay more, whereas areas with lower vehicle theft rates and fewer weather claims benefit from lower prices.
The following table ranks the highest-priced areas in Virginia for veterans in which to buy car insurance.
|Rank||City||Average Per Year|
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Rate quotes are approximated as the specific garaging location can influence premiums considerably.
The vehicle model that is being insured is one of the primary factors when quoting affordable car insurance for veterans. Vehicles with lower acceleration and performance, modern passenger safety features, or low incidents of liability claims will cost quite a bit less to insure than fast, unsafe models. The table below features insurance prices for some of the most cost-effective vehicles to insure.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V EX 4WD||$477|
|Hyundai Elantra GLS Touring Station Wagon||$511|
|Honda Accord EX 4-Dr Sedan||$527|
|Ford Escape XLS 2WD||$533|
|Honda Odyssey EX||$544|
|Ford Edge SEL 2WD||$552|
|Volkswagen Jetta S 4-Dr Sedan||$554|
|Ford Explorer XLT AWD||$573|
|Dodge Grand Caravan SE||$582|
|Ford F-150 XLT Regular Cab 2WD||$581|
|Hyundai Sonata GLS 4-Dr Sedan||$593|
|Toyota Corolla XRS||$594|
|Chevrolet Silverado 3500HD LT Crew Cab 2WD||$604|
|Toyota RAV4 Limited 4WD||$605|
|GMC Sierra SL Extended Cab 2WD||$613|
|Chevrolet Silverado LT Extended Cab 4WD||$622|
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Data variables include single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Virginia minimum liability limits. Discounts applied include multi-policy, multi-vehicle, safe-driver, claim-free, and homeowner. Rates do not factor in your specific Virginia location which can modify insurance rates substantially.
By looking at the data, you can infer that vehicles like the Honda CR-V, Hyundai Elantra, Honda Accord, and Ford Escape will be a few of the most budget-friendly vehicles to insure for veterans.
Comparing rates for low-priced insurance is not the easiest thing to accomplish, and deciding which companies quote the cheapest car insurance rates for veterans in Virginia will involve more quotes for comparison.
Every car insurance company uses different criteria to set policy rates, so first let's look at the rankings for the car insurance companies that tend to be cheaper in Virginia. Keep in mind that Virginia car insurance rates are impacted by many things which can significantly increase or decrease the cost of having a policy. Events such as a birthday, buying a different vehicle, or having an at-fault accident can cause premium changes that can make some companies more affordable than others.
Find the Cheapest Car Insurance for Vets
|Rank||Company||Cost Per Year|
|8||Virginia Farm Bureau||$802|
|15||National Grange Mutual||$1,060|
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Travelers normally has some of the lowest car insurance rates in Virginia at around $673 per year. USAA, Penn National, Cincinnati Insurance, and Auto-Owners also make the cut as some of the cheapest Virginia auto insurance companies.
As shown above, if you currently have coverage with USAA and switched to Travelers, you may realize a yearly price reduction of roughly $22. Drivers with Penn National may save as much as $53 a year, and Cincinnati Insurance insureds might cut rates by $90 a year.
To find the cheapest rates for your vehicle, click here to get quotes or visit any of the companies below.
Be aware that those premiums are averaged across all types of insureds and vehicles and and are not calculated with a rate discount for veterans. So the auto insurance company that has the lowest price for you may not even be in the top 30 companies shown above. That emphasizes why you need to compare as many prices as possible using your own specific driver information and vehicle.
The example below demonstrates how choosing different deductibles can influence insurance premiums when getting quotes for cheap insurance for veterans in Virginia. The premium estimates are based on a single female driver, full physical damage coverage, and no discounts are taken into consideration.
A 50-year-old driver could save $204 a year by changing from a $100 deductible up to a $500 deductible, or save $310 by switching to a $1,000 deductible. Even younger drivers, like the Age 20 category, could shave as much as $516 or even more by using a higher deductible.
If you do decide to increase your deductibles, it is important to have enough savings to allow you to cover the extra out-of-pocket expense associated with higher deductibles.
Do you need full coverage?
Saving money when shopping for car insurance is important to most vehicle owners, and an easy way to pay less for insurance for veterans in Virginia is to buy only liability coverage. The illustration below illustrates the difference between car insurance rates when comparing full coverage to liability only. The rates are based on no violations or claims, $250 deductibles, drivers are not married, and no additional discounts are factored in.
If averaged out across all ages, physical damage coverage on your policy costs $1,358 per year over liability only. That amount may make you wonder if you should buy full coverage at all. There isn't a steadfast formula to stop buying full coverage, but there is a general school of thought. If the yearly cost for physical damage coverage is more than 10% of any settlement you would receive from your insurance company, then it might be time to consider dropping full coverage.
There are a few situations where dropping full coverage is not recommended. If you still owe money on your vehicle, you must maintain physical damage coverage in order to satisfy the requirements of the loan. Also, if your finances do not allow you to purchase a different vehicle in case of an accident, you should keep full coverage on your policy.
The benefit of shopping around
Virginia car insurance rates are calculated based on many things that will increase or decrease the cost of your policy. Simply having a birthday, adding a teenager to your policy, or getting a ticket for careless driving can cause premium changes that can now make some companies cheaper in comparison to the competition. Not only that, but insurers file new Virginia auto insurance rates at least once a year to ensure their profitability. Unexpectedly high claims may cause higher rates, while a lower level of claims may result in cheaper Virginia car insurance rates.
For instance, the data below shows the cheapest car insurance in Virginia for a 35-year-old male driver with no accidents or violations, and a high credit rating. If we look at prices based on his personal profile, Travelers may have the lowest car insurance rates in Virginia at $679 each year. This is $479 less than the average policy premium paid by Virginia drivers of $1,158. USAA, Penn National, Cincinnati Insurance, and Utica National are also included in the most affordable Virginia auto insurance companies.
In this next rate comparison, we will give the driver from the above example an accident surcharge, bad credit, and a few traffic violations. Since each auto insurance company has a proprietary formula to set policy rates, analyzing rates could result in a new list of the cheapest Virginia car insurance companies as shown below.
Erie now has the best price in Virginia with The Hartford, Virginia Farm Bureau, Donegal Mutual, and Nationwide also having competitive pricing. This example illustrates why it is crucial to perform a complete rate comparison when trying to get cheap insurance quotes for veterans.
Car insurance prices can be determined by many different factors and can decrease or increase without notice, so the best company the last time you shopped around may now be wasting a lot of money.
How to find the cheapest auto insurance for veterans in Virginia
The list below shows some of the better money-saving solutions that can help you find more affordable coverage.
- Save money by staying claim-free
- Do not get traffic violations
- Bundle home and auto and earn a discount
- Pay cheaper rates with good credit scores
- At-fault accidents will increase rates
- Raise your physical damage coverage deductibles
- Shop around and save
That final tip is highly valuable, as we emphasized in this article. Prices charged by auto insurers change frequently, so don't be unwilling to buy a different policy if a better deal can be had. Many drivers tend to have loyalty to a certain company, but it isn't a good idea if it's costing you hundreds of dollars year after year. If you have a few minutes, compare rates to find cheaper car insurance for veterans.