Best cheap car insurance companies in Richmond

Based on our extensive research and using rate data supplied by Quadrant Information Services, we determined that the top three cheapest car insurance companies are Nationwide, Travelers and USAA. In addition to assessing average rates for each company, we looked at how each is ranked in J.D. Power’s customer satisfaction survey.

These studies and other factors — like product availability, financial strength ratings, online capabilities and customer and claims support accessibility — went into each company’s Bankrate Score, rated on a scale from 0.0 to 5.0. Higher scores indicate that a company is dedicated to giving you the best car insurance in Richmond at the lowest price.

Nationwide

Nationwide offers Richmond drivers the lowest average rates for full coverage of any company on our list — well below the average cost of car insurance in Virginia. All the standard coverage types are available, as well as an array of optional endorsements or add-ons that can help you to customize your policy. These include accident forgiveness, roadside assistance and a total loss deductible waiver.

Nationwide also offers a vanishing deductible, which could reduce the amount you pay out of pocket by $100 every year you avoid filing a claim. Drivers can take advantage of several discounts, too, including rewards for being a safe driver. However, the company does score below the industry average in J.D. Power customer satisfaction rankings.

Learn more: Nationwide insurance review

Travelers

Travelers earned a place on our list of the cheapest car insurance companies in Richmond by offering the lowest average premiums for minimum coverage. Plus, the company’s average cost for full coverage insurance is the second-lowest (after Nationwide). If you’re driving a new car, you may be interested in Travelers’ new car replacement endorsement, which pays to replace your vehicle with the same make and model if you total it in the first five years. Other add-ons on offer include rental coverage, roadside assistance and gap insurance.

With Travelers, drivers can explore numerous ways to save with discounts, too. Bundling your auto insurance with homeowners or condo coverage, for example, could potentially save you up to 13 percent. If you move frequently, you may want to avoid Travelers, though, as it is not available nationwide.

Learn more: Travelers insurance review

USAA

Active-duty military members, veterans and qualifying family members may gain access to some of the best auto insurance rates in Richmond through USAA. The fifth-largest auto insurer in the nation per the Insurance Information Institute (Triple-I), USAA is not eligible for official ranking by J.D. Power because of its coverage restrictions. But the company has received consistently high scores for customer service and claims satisfaction.

USAA members can potentially take advantage of a number of military-focused discounts on auto insurance coverage, such as a vehicle storage discount if you’re garaging your car on a military installation or a low-mileage discount if you’re rarely using your car. Drivers can also participate in USAA’s SafePilot driving program, wherein you could save up to 30 percent on your auto policy by practicing safe driving behaviors.

Learn more: USAA insurance review

Erie

Drivers insured by Erie enjoy affordable average rates with a range of coverage options and discounts. Erie also offers coverage for pets injured in accidents — even if you do not purchase collision insurance — and a diminishing deductible feature for claims-free policyholders. Discounts include safe driving, vehicle safety features, reduced vehicle usage and more. The company does not, however, have a telematics program, which can save drivers a considerable amount on their policies. Erie auto insurance is sold exclusively through independent agents, but its online tool makes it easy to get quotes.

Learn more: Erie insurance review

Mercury

Mercury is a regional company that offers affordable average rates for car insurance in Richmond. Although its premiums are not the lowest on our list, they are still well below the state’s average for minimum and full coverage. A number of discounts could help you bring down your rate even further, including an autopay discount, an anti-theft device discount and a good student discount.

Mercury only has a few endorsements available, though, including one for roadside assistance and one for rideshare drivers. If you drive for Uber or another rideshare company, it may be worth considering Mercury since few companies offer rideshare insurance.

Learn more: Mercury insurance review

How to get and keep the cheapest car insurance in Richmond

Although the average cost of car insurance in Richmond is more affordable than in other cities, a few strategies can likely help you pay even less. Consider the following tactics for getting — and keeping — your insurance premium low.

• To find cheap car insurance, shop around: Don’t stop after you receive a single quote from an insurer you are interested in. It’s worth the extra effort to get multiple quotes because every insurer uses its own proprietary method for determining rates. That means you may get a wide range of quotes for the exact same coverage.
• To keep cheap car insurance, do an annual insurance audit: Review your insurance annually — either on your own or with an agent — to make sure that the coverage is still what you want and need. You may be eligible for new discounts or discover that you no longer need certain coverage types. Gather a few new quotes, as well, to see if your company is still the cheapest option.