Paying for overpriced auto insurance in Lynchburg can take a big chunk out of your savings account and force you to make sacrifices. Getting a rate comparison is a fast and free way to make ends meet.
Amazingly, a recent NerdWallet.com study showed that most consumers have purchased from the same company for at least the last four years, and about 40% of consumers have never quoted auto insurance rates at all. Virginia consumers could cut their rates by about $500 a year just by shopping around, but they just feel it's too hard to compare rates online. Big companies like Allstate and Progressive all claim big savings, bombarding you with ads and consumers find it hard to not get sucked in by the cute commercials and do the work needed to find the best deal.
It's a good idea to do rate comparisons once or twice a year since rates are usually higher with each renewal. Just because you found the lowest rate on auto insurance a year ago a different company probably has better prices today. Forget all the misinformation about auto insurance because you're about to find out the quickest way to find the best coverage while lowering your premiums.
How to find the cheapest auto insurance in Lynchburg, VA
All major auto insurance companies like Progressive, GEICO, Allstate and State Farm allow consumers to get prices for coverage on the web. Getting online quotes is very simple as you simply type in your coverage information as detailed in the form. After the form is submitted, their system requests your driving and credit reports and returns pricing information. The ability to get online price quotes makes it easy to compare insurance prices and it is important to have as many quotes as possible if you want to find the lowest payment on auto insurance.
To use this form to compare rates, compare quotes from the companies shown below. If you have coverage now, it's recommended you input the limits and deductibles identical to your current policy. This ensures you will be getting comparison quotes using the exact same coverages.
The following companies have been selected to offer price quotes in Virginia. If the list has multiple companies, we recommend you visit two to three different companies to get a more complete price comparison.
|Make, Model, and Trim Level||Annual Policy Premium||6-month Policy Premium||Monthly Premium|
|Chevrolet Colorado LT Extended Cab 2WD||$752||$376||$63|
|Chevrolet Malibu LS||$984||$492||$82|
|Chevrolet Silverado LT Extended Cab 4WD||$916||$458||$76|
|Dodge Ram Crew Cab Sport 2WD||$942||$471||$79|
|Ford Escape Limited 4WD||$624||$312||$52|
|Ford Explorer Eddie Bauer AWD||$1,134||$567||$95|
|Ford F-150 Lariat Crew Cab Platinum 2WD||$1,098||$549||$92|
|Ford Focus SE 2-Dr Coupe||$1,002||$501||$84|
|Ford Fusion Sport AWD 4-Dr Sedan||$1,046||$523||$87|
|Honda Accord EX-L 2-Dr Coupe||$1,046||$523||$87|
|Honda CR-V EX-L 2WD||$694||$347||$58|
|Honda Civic SI 4-Dr Sedan||$1,102||$551||$92|
|Hyundai Sonata SE 4-Dr Sedan||$868||$434||$72|
|Jeep Grand Cherokee Limited 2WD||$734||$367||$61|
|Mazda 3 S Sport 4-Dr Sedan||$640||$320||$53|
|Nissan Altima 3.5 SR 2-Dr Coupe||$942||$471||$79|
|Toyota Camry XLE||$732||$366||$61|
|Toyota Corolla S||$1,044||$522||$87|
|Volkswagen Jetta SE 2.5 Station Wagon||$796||$398||$66|
|Get Your Own Custom Quote Go|
Prices above based on single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Virginia minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, claim-free, and safe-driver. Rates do not factor in specific zip code location which can influence price quotes significantly.
Raise deductibles and save
A question often asked by Lynchburg drivers is how high should the physical damage deductibles be. The following insurance rates approximate the price difference when you select higher and lower comp and collision deductibles. The first table uses a $100 deductible for comprehensive and collision coverage and the second data table uses a $1,000 deductible.
Chevrolet Malibu rates are for example purposes only. To get rates for your specific vehicle, click here.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get a Quote for Your Vehicle Go|
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get a Quote for Your Vehicle Go|
Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and Virginia minimum liability limits. Discounts applied include homeowner, claim-free, multi-policy, multi-vehicle, and safe-driver. Rates do not factor in specific Lynchburg garaging location which can increase or decrease insurance rates substantially.
We can estimate from the data above that using a $100 deductible will cost you about $27 more each month or $324 every year than buying the higher $1,000 deductible. Because you would be required to pay $900 more if you turn in a claim with a $1,000 deductible as compared to a $100 deductible, if you normally average more than 33 months between claim filings, you would come out ahead if you choose a higher deductible. The illustration below shows how you can do this calculation yourself.
|Average monthly premium for $100 deductibles:||$86|
|Average monthly premium for $1,000 deductibles (subtract):||- $59|
|Monthly savings from raising deductible:||$27|
|Difference between deductibles ($1,000 - $100):||$900|
|Divide difference by monthly savings:||$900 / $27|
|Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible||33 months|
Switch companies and save? Really?
Virginia consumers get pounded daily by advertisements for cheaper auto insurance from companies such as Progressive, GEICO, Allstate and State Farm. All the ads convey the message about savings if you move your policy.
How can each company have lower policy pricing? It's all in the wording.
Most companies quote the lowest rates for the right customer that will generate a profit. For example, a profitable insured might be over the age of 40, owns a home, and drives a lower-performance vehicle. Any customer who meets those qualifications receives the best premium rates in Lynchburg and will also save a lot of money.
Potential customers who do not fit the requirements will get higher premiums which leads to the driver buying from a lower-cost company. If you pay attention, the ads say "people who switch" not "everyone who quotes" save the amount stated. That's the way companies can truthfully make it sound like they have such great rates.
This illustrates why you absolutely need to get a wide range of price quotes. It's not possible to predict which company will have the best auto insurance in Lynchburg.
Best reasons to buy car insurance in Virginia
Despite the high cost of buying insurance in Lynchburg, insuring your vehicle is required in Virginia but it also protects you in many ways.
First, most states have mandatory insurance requirements which means it is punishable by state law to not carry a specific level of liability insurance in order to be legal. In Virginia these limits are 25/50/20 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $20,000 of property damage coverage.
Second, if your vehicle has a loan, most lenders will make it mandatory that you have comprehensive coverage to ensure loan repayment if the vehicle is totalled. If the policy lapses, the bank may insure your vehicle at a more expensive rate and force you to pay for the much more expensive policy.
Third, car insurance protects not only your vehicle but also your assets. It will also cover all forms of medical expenses that are the result of an accident. Liability coverage, the one required by state law, will also pay for a defense attorney if you cause an accident and are sued. If you receive damage to your vehicle caused by a storm or accident, collision and comprehensive (also known as other-than-collision) coverage will pay all costs to repair after the deductible has been paid.
The benefits of having insurance definitely exceed the cost, especially with large liability claims. According to a survey of 1,000 drivers, the average driver is wasting up to $830 a year so you should quote rates each time the policy renews to save money.
Ten discounts to earn lower Lynchburg car insurance rates
Car insurance is not cheap nor is it fun to buy but you might be missing out on some discounts that many consumers don't even know exist. Some discounts will apply at the time you complete a quote, but a few must be inquired about before they will apply.
- First Accident Forgiveness - Not necessarily a discount, but a few companies such as Allstate and GEICO will forgive one accident before they charge you more for coverage if your claims history is clear prior to being involved in the accident.
- College Student - Any of your kids who live away from home to go to college and don't have a car could get you a discount.
- ABS Braking Discount - Vehicles with anti-lock braking systems are much safer to drive and earn discounts up to 10%.
- Drive Safe and Save - Drivers without accidents can save up to 40% or more on their Lynchburg car insurance quote than their less cautious counterparts.
- Defensive Driver Discounts - Successfully completing a defensive driving course is a good idea and can lower rates and make you a better driver.
- Membership in Organizations - Joining specific professional or occupational memberships or organizations is a good way to get lower rates on your next car insurance statement.
- Passenger Safety Discount - Factory air bags or motorized seat belts can get savings of 20 to 30 percent.
- Include Life Insurance and Save - Larger car insurance companies have better car insurance rates if you take out life insurance.
- Drivers Ed for Students - Teen drivers should successfully take a driver's education course if offered at their school.
- Good Student Discount - Excelling in school can earn a discount of 20% or more. Earning this discount can benefit you up to age 25.
One last thing about discounts, some of the credits will not apply to the entire cost. Most only cut the price of certain insurance coverages like physical damage coverage or medical payments. So when it seems like it's possible to get free car insurance, it's just not the way it works.
A list of car insurance companies and their possible discounts are shown below.
- American Family offers premium reductions for good driver, multi-vehicle, mySafetyValet, accident-free, early bird, defensive driver, and bundled insurance.
- Nationwide may offer discounts for easy pay, good student, defensive driving, family plan, and anti-theft.
- MetLife has savings for good student, accident-free, defensive driver, multi-policy, good driver, and claim-free.
- 21st Century discounts include theft prevention, driver training, 55 and older, early bird, automatic seat belts, defensive driver, and teen driver.
- Farmers Insurance policyholders can earn discounts including mature driver, homeowner, distant student, business and professional, early shopping, good student, and teen driver.
- Allstate may have discounts that include EZ pay plan discount, teenSMART discount, anti-lock brakes, economy car, good payer, and premier plus.
If you are trying to find cheap Lynchburg car insurance quotes, ask each insurance company which discounts can lower your rates. Some discounts listed above may not apply to policyholders in your state. If you would like to view insurance companies that offer multiple discounts in Lynchburg, click this link.
Tailor your car insurance coverage to you
When it comes to choosing proper insurance coverage, there is no one size fits all plan. Your needs are unique to you so your insurance should reflect that These are some specific questions might point out if you might need professional guidance.
- Is my teen driver covered when they drive my company car?
- What if an uninsured driver hits me?
- What does medical payments coverage do?
- Is my vehicle covered for smoke damage?
- Are my friends covered when driving my car?
- Are split liability limits better than a combined single limit?
- When should I remove my kid from my policy?
- Is my babysitter covered when using my vehicle?
- Does my vehicle qualify for pleasure use?
If you don't know the answers to these questions but you know they apply to you then you might want to talk to an insurance agent. If you don't have a local agent, take a second and complete this form or go to this page to view a list of companies. It is quick, free and may give you better protection.
Auto insurance coverages explained
Knowing the specifics of your policy can help you determine the best coverages for your vehicles. Auto insurance terms can be ambiguous and reading a policy is terribly boring. These are typical coverages available from auto insurance companies.
Uninsured/Underinsured Motorist coverage
Uninsured or Underinsured Motorist coverage provides protection when other motorists do not carry enough liability coverage. It can pay for medical payments for you and your occupants as well as damage to your vehicle.
Due to the fact that many Virginia drivers only purchase the least amount of liability that is required (Virginia limits are 25/50/20), their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is important protection for you and your family. Most of the time your uninsured/underinsured motorist coverages do not exceed the liability coverage limits.
Collision coverage protection
This coverage will pay to fix damage to your vehicle resulting from colliding with a stationary object or other vehicle. You will need to pay your deductible and then insurance will cover the remainder.
Collision can pay for things such as colliding with another moving vehicle, hitting a mailbox and rolling your car. This coverage can be expensive, so you might think about dropping it from vehicles that are older. It's also possible to raise the deductible to save money on collision insurance.
Auto liability insurance
This coverage provides protection from damage that occurs to a person or their property in an accident. It protects YOU from claims by other people. Liability doesn't cover damage sustained by your vehicle in an accident.
Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. You might see limits of 25/50/20 that translate to a $25,000 limit per person for injuries, $50,000 for the entire accident, and a limit of $20,000 paid for damaged property. Alternatively, you may have one limit called combined single limit (CSL) that pays claims from the same limit without having the split limit caps.
Liability insurance covers things such as attorney fees, repair costs for stationary objects and medical expenses. How much liability coverage do you need? That is your choice, but you should buy higher limits if possible. Virginia requires drivers to carry at least 25/50/20 but you should consider buying better liability coverage.
Medical payments coverage and PIP
Coverage for medical payments and/or PIP provide coverage for expenses such as X-ray expenses, doctor visits, rehabilitation expenses, chiropractic care and nursing services. They are utilized in addition to your health insurance policy or if you are not covered by health insurance. Medical payments and PIP cover not only the driver but also the vehicle occupants as well as if you are hit as a while walking down the street. Personal injury protection coverage is only offered in select states but can be used in place of medical payments coverage
Comprehensive insurance pays for damage OTHER than collision with another vehicle or object. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.
Comprehensive can pay for claims like damage from flooding, damage from getting keyed, fire damage, hitting a deer and a tree branch falling on your vehicle. The maximum payout your auto insurance company will pay is the ACV or actual cash value, so if the vehicle is not worth much consider removing comprehensive coverage.
Be persistent to save money
We just covered some good ideas how to reduce auto insurance car insurance rates online in Lynchburg. The key concept to understand is the more quotes you get, the more likely it is that you will get a better rate. Consumers could even find that the biggest savings come from a company that doesn't do a lot of advertising. They can often provide lower premium rates in certain areas compared to the large companies like Progressive or GEICO.
Lower-priced auto insurance in Lynchburg can be purchased online and also from your neighborhood Lynchburg agents, and you should compare price quotes from both so you have a total pricing picture. A few companies do not provide price quotes online and many times these regional insurance providers prefer to sell through local independent agencies.
To learn more, link through to the following helpful articles:
- Credit and Insurance Scores (Insurance Information Institute)
- Who Has Affordable Auto Insurance Quotes for Single Moms in Virginia? (FAQ)
- What Auto Insurance is Cheapest for Inexperienced Drivers in Virginia? (FAQ)
- Who Has the Cheapest Auto Insurance Rates for Retired Military in Virginia? (FAQ)
- What does Personal Injury Protection (PIP) Cover? (Allstate)
- Credit Impacts Car Insurance Rates (State Farm)
- Understanding your Policy (NAIC.org)
- Pickups fall short in headlight tests (Insurance Institute for Highway Safety)