In a recent survey on the cost of auto insurance, reviewing over 60 million rates, Virginia was found to have the fourth lowest insurance rates in the nation. With about 6 million licensed drivers, Virginia ranks only behind Vermont, Idaho, and Ohio. Part of this is due to the large number of insurance carriers located within Virginia. Virginians pay about 26 percent less than the national average on their car insurance policies. Of particular interest to some car owners, Virginia’s lowest coverage cost policies are on average about $150 cheaper per year than the highest coverage policies. Additionally, while insurance rates vary around the state, the lowest average cost of insurance in Blacksburg of $2035 is only about $700 less than the most expensive policies, sold in Dumfries at a rate of $2733.
Risk Factors Which Can Impact the Cost of Car Insurance
Even within the same county and with the same insurance carriers, the rate you pay for car insurance can vary greatly. There are several “risk factors” insurance companies take into consideration when assessing the rates they charge a given driver. These factors can include:
- Age
- Gender
- Location within the state
- The type of car you drive
- Your driving record.
Understanding What Insurance Covers
There are several different types of car insurance, some of which are required by law, and some of which are optional. Understanding the different kinds of car insurance can lead people to making better decisions about their car insurance coverage.
- Liability coverage – liability coverage covers damages for both injuries and property damage others sustain due to your negligence or recklessness.
- Collision Coverage – this covers damage to your own car after an accident
- Comprehensive coverage – covers additional issues, such as covering acts of vandalism, some whether events, and accidents involving animals.
- Uninsured/ Underinsured motorist coverage – this policy covers drivers in a situation where the driver that caused the accident does not have enough (or any) insurance coverage.
- Towing and Labor insurance – particularly if you don’t have comprehensive car insurance, it may be a good idea to consider purchasing insurance to cover things such as towing fees and labor costs.
- Rental reimbursement – it’s not enough to have insurance to fix your car. You will likely need a car while your car is getting fixed. Rental reimbursement insurance works exactly as the title suggests.
Having the right kinds and amounts of car insurance are crucial regardless of where you live. However, in a state like Virginia, where the highest amount of protection costs a mere $150 more than the lowest level of coverage, on average, the decision about insurance coverage should be obvious.
Contact Hilton & Somer, LLC
Have you been injured in a car accident? Did you lose a loved one because of another driver’s negligent driving conduct? Contact the office of Hilton & Somer, LLC. Our attorneys represent families who have been negatively impacted by someone else’s bad choices. Let us work with you to recover lost wages, medical expenses, and pain and suffering. We do not charge our clients a fee unless we recover on your behalf. Call today at 703-560-0700.
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