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How to find cheap car insurance in Virginia



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Fortunately, car insurance in Virginia isn’t as expensive as car insurance in many other states. However, that doesn’t mean you should go with just any provider. In this article, we’ll cover the cheapest Virginia car insurance companies and how to get coverage.

  • Cheapest car insurance in Virginia
  • 5 car insurance options in Virginia
  • Virginia car insurance requirements
  • How to get car insurance in Virginia
  • Frequently asked questions
  • Our methodology
Cheapest car insurance in Virginia

According to our rate estimates, USAA tends to be the cheapest car insurance company in Virginia, with an average cost of $782 a year for full coverage. Good drivers can also find cheap rates from Erie Insurance, Progressive, Nationwide, State Farm and a few others.

Car Insurance Company Estimated Annual Cost*
USAA $782
Erie Insurance $885
Progressive $913
Nationwide $928
State Farm $1,014
Geico $1,015
Virginia Farm Bureau $1,083

Average cost of car insurance in Virginia

According to the National Association of Insurance Commissioners (NAIC), Virginia drivers paid $854 on average for car insurance in 2018. This price includes both full coverage and minimum coverage policies.

So, how does this compare to the rest of the country? Virginia’s average was about 19% lower than the national average of $1,057 in 2018. It ranked in 35th place for car insurance costs nationwide. Overall, drivers in Virginia will see cheaper rates than drivers in many other states.

Cheapest Virginia car insurance for young drivers

Your age has a huge impact on the car insurance rates you pay. According to our estimates, Geico jumps to the top of the list for cheap car insurance in Virginia for young drivers.

Car Insurance Company Estimated Annual Cost*
Geico $1,117
USAA $1,144
Erie Insurance $1,197
State Farm $1,397
Nationwide $1,402

Cheapest Virginia car insurance for drivers with a speeding ticket

In Virginia, USAA, Erie Insurance and State Farm all offer cheap rates for drivers with speeding tickets, though USAA is the cheapest at $948 on average.

Car Insurance Company Estimated Annual Cost*
USAA  $948
Erie Insurance $1,012
State Farm $1,112
Nationwide $1,237
Progressive $1,238

Cheapest Virginia car insurance for drivers with a recent accident

Having a recent car accident will raise your rates for car insurance in Virginia, but by how much depends on the company. USAA is typically the cheapest option in Virginia, and State Farm is very cheap for anyone who doesn’t qualify for USAA.

Car Insurance Company Estimated Annual Cost*
USAA $1,144
State Farm $1,209
Erie Insurance $1,271
Progressive $1,468
Virginia Farm Bureau $1,469

Cheapest Virginia car insurance for drivers with poor credit

Having bad credit can increase your car insurance rates by about 65% in Virginia, according to our estimates. Believe it or not, a bad credit score has less of an impact on car insurance in Virginia than in many other states. Some drivers in other states may pay more than double for having poor credit.

Looking at providers, Nationwide, USAA and Progressive may be decent options for affordable car insurance in Virginia for those with poor credit.

Car Insurance Company Estimated Annual Cost*
Nationwide $1,284
USAA $1,359
Progressive $1,497
Geico $1,538
Virginia Farm Bureau $1,733
5 car insurance options in Virginia

Our team looked beyond cost to assess factors including coverage options, customer experience, reputation and claims servicing. Here’s how we rated five car insurance companies in Virginia.

Virginia Car Insurance Companies Overall Rating Coverage Rating Cost Rating
1. USAA 9.1 8.5 9.5
2. Erie Insurance 7.5 8.0 9.0
3. Geico 9.1 8.5 8.5
4. Progressive 9.0 9.0 8.5
5. State Farm 8.6 8.5 8.0

(Our research team considers nationwide factors when scoring providers. The ranking of providers in this table is specific to car insurance in Virginia.)


USAA offers the cheapest rates for many types of drivers, according to our research, and it provides a variety of coverage options. You qualify if you are a member of the military, a veteran or an immediate family member.

USAA offers standard coverage, plus extras such as classic car insurance, accident forgiveness, car replacement assistance and rideshare insurance. The company’s usage-based program, SafePilotTM, is also available in Virginia.

USAA scores well in many industry studies, including:

2. Erie Insurance

Our research shows Erie Insurance also offers affordable coverage in Virginia. Erie offers a variety of coverage extras, including:

  • New car replacement
  • Rental car coverage
  • Roadside assistance
  • Erie Rate Lock®
  • Accident forgiveness

The one thing that Erie is missing compared with major insurance companies is a usage-based option. So, if you are counting on a program like that to save money, you’ll have to look elsewhere.

In general, Erie has solid customer service ratings. The company has an A+ rating from the BBB. It also ranked in second place in the J.D. Power Auto Insurance Study for the mid-Atlantic region.

Erie Insurance pros Erie Insurance cons
A+ financial strength rating from AM Best No usage-based insurance
A+ BBB rating
Good selection of extra coverage options

3. Geico

Geico insurance offers many types of coverage that include:

  • Mechanical breakdown insurance
  • Classic car coverage 
  • Rental reimbursement
  • Roadside assistance
  • Rideshare insurance

Geico also offers a usage-based program, DriveEasy, which you can get in Virginia. 

Geico has an A+ rating from the BBB, along with an A++ financial rating from AM Best. However, the company has average ratings in the J.D. Power Auto Insurance Study, J.D. Power Insurance Shopping Study and J.D. Power Auto Claims Satisfaction Study. Geico has not yet responded to request for comment on these scores.

Geico pros Geico cons
A+ BBB rating Average customer experience
A++ financial strength rating from AM Best
Wide selection of coverage and extra options

4. Progressive

According to our cost estimates, Progressive is the third-cheapest car insurance company in Virginia. It’s also an affordable option for drivers with bad credit. If you shop from Progressive’s website, you can use its price comparison tool to compare multiple providers at once.

When shopping, you can use the Name Your Price® tool to see plans that fit your ideal budget. As far as coverage options go, Progressive insurance offers all the standard choices, plus extras including rideshare insurance, gap insurance, roadside assistance, custom parts value and rental reimbursement. Progressive’s usage-based Snapshot® program is also available in Virginia.

Progressive has not yet responded to request for comment about its below-average J.D. Power scores.

5. State Farm

Our cost estimates show that State Farm is an affordable car insurance provider in Virginia, especially for drivers who have a speeding ticket or accident on their record. State Farm can also be affordable for students since it has the best good student discount in the industry. With the discount, good students under 25 years old can save up to 25% on their policies. 

Extra coverage options from State Farm include:

  • Rideshare coverage
  • Roadside assistance
  • Car rental and travel expense coverage
  • Classic car insurance
  • Drive Safe & SaveTM usage-based insurance

State Farm is the largest car insurance company in the country. According to the NAIC, State Farm wrote over $40 billion in premiums in 2020. State Farm is not rated by the BBB, but it has an A++ financial strength rating from AM Best. The company performed better than average on all three J.D. Power studies below:

  • J.D. Power Auto Insurance Study
  • J.D. Power Insurance Shopping Study
  • J.D. Power Auto Claims Satisfaction Study
State Farm Pros State Farm Cons
A++ financial strength rating from AM Best Not rated by the BBB
High marks on J.D. Power studies Not always the cheapest option
Usage-based option in Virginia
Virginia car insurance requirements

Each state sets its own financial responsibility laws that dictate car insurance requirements. According to the Virginia DMV, drivers in the state are required to have liability car insurance with the following minimum coverage limits:

  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $20,000 property damage liability per accident

Be aware that the state minimum liability coverage only pays other parties in accidents you cause. You can add comprehensive coverage and collision coverage to pay for damage to your vehicle. Underinsured/uninsured motorist coverage helps out if someone without insurance causes an accident, and medical payments (MedPay) can cover your hospital bills.

If you are not driving your vehicle, you can pay a $500 uninsured motor vehicle fee, which allows you to have an uninsured vehicle for up to a year before renewing the fee. This is not insurance, however.

If you’re caught driving without insurance, your registration will be suspended and you’ll have to pay to get it reinstated. You’ll also need to file an SR-22, which will make insurance much more expensive for the next few years.

How to get car insurance in Virginia

As a driver in the state of Virginia, you can take advantage of some of the most affordable car insurance rates in the nation. We recommend USAA as the cheapest provider in the state with quality coverage options.

Compare providers to find the best auto insurance coverage for you. You can shop around and compare car insurance quotes any time your policy is up for renewal to make sure you have the best rate.

Frequently asked questions

What is the cheapest car insurance in Virginia?

According to our rate estimates, USAA tends to offer the cheapest car insurance in Virginia, with annual prices around $782 for full coverage. Erie Insurance, Progressive and Nationwide also offer affordable coverage—typically under $1,000 a year.

How much is car insurance in Virginia?

According to the NAIC, drivers pay about $854 annually for car insurance coverage in Virginia. In our own rate estimates, we found prices ranging from $782 to $1,083 and above for a full coverage insurance policy.

Is it mandatory to have car insurance in Virginia?

Yes, you are required to have car insurance in Virginia at all times. As a driver, you need limits of $25,000/$50,000 for bodily injury liability per person and per accident, plus $20,000 of property damage coverage. If you do not drive your vehicle at all, you still need to pay an uninsured motor vehicle fee of $500 a year.

Our methodology

We created a rating system to formulate our rankings of car insurance companies. We collected data on dozens of auto insurance providers to grade the companies on a wide range of ranking factors. The end result was an overall rating for each provider.

Here are the factors our ratings take into account:

  • Reputation: Our research team considered market share, ratings from industry experts and years in business when giving this score.
  • Availability: Auto insurance companies with greater state availability and few eligibility requirements scored highest in this category.
  • Coverage: Companies that offer a variety of choices for insurance coverage are more likely to meet consumer needs.
  • Cost: Auto insurance rate estimates generated by Quadrant Information Services and discount opportunities were both taken into consideration.
  • Customer Experience: This score is based on volume of complaints reported by the NAIC and customer satisfaction ratings reported by J.D. Power. We also considered the responsiveness, friendliness and helpfulness of each insurance company’s customer service team based on our own shopper analysis.

*Data accurate at time of publication.

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Are Sallie Mae Student Loans Federal or Private?



When you hear the name Sallie Mae, you probably think of student loans. There’s a good reason for that; Sallie Mae has a long history, during which time it has provided both federal and private student loans.

However, as of 2014, all of Sallie Mae’s student loans are private, and its federal loans have been sold to another servicer. Here’s what to know if you have a Sallie Mae loan or are considering taking one out.

What is Sallie Mae?

Sallie Mae is a company that currently offers private student loans. But it has taken a few forms over the years.

In 1972, Congress first created the Student Loan Marketing Association (SLMA) as a private, for-profit corporation. Congress gave SLMA, commonly called “Sallie Mae,” the status of a government-sponsored enterprise (GSE) to support the company in its mission to provide stability and liquidity to the student loan market as a warehouse for student loans.

However, in 2004, the structure and purpose of the company began to change. SLMA dissolved in late December of that year, and the SLM Corporation, or “Sallie Mae,” was formed in its place as a fully private-sector company without GSE status.

In 2014, the company underwent another big adjustment when Sallie Mae split to form Navient and Sallie Mae. Navient is a federal student loan servicer that manages existing student loan accounts. Meanwhile, Sallie Mae continues to offer private student loans and other financial products to consumers. If you took out a student loan with Sallie Mae prior to 2014, there’s a chance that it was a federal student loan under the now-defunct Federal Family Education Loan Program (FFELP).

At present, Sallie Mae owns 1.4 percent of student loans in the United States. In addition to private student loans, the bank also offers credit cards, personal loans and savings accounts to its customers, many of whom are college students.

What is the difference between private and federal student loans?

When you’re seeking financing to pay for college, you’ll have a big choice to make: federal versus private student loans. Both types of loans offer some benefits and drawbacks.

Federal student loans are educational loans that come from the U.S. government. Under the William D. Ford Federal Direct Loan Program, there are four types of federal student loans available to qualified borrowers.

With federal student loans, you typically do not need a co-signer or even a credit check. The loans also come with numerous benefits, such as the ability to adjust your repayment plan based on your income. You may also be able to pause payments with a forbearance or deferment and perhaps even qualify for some level of student loan forgiveness.

On the negative side, most federal student loans feature borrowing limits, so you might need to find supplemental funding or scholarships if your educational costs exceed federal loan maximums.

Private student loans are educational loans you can access from private lenders, such as banks, credit unions and online lenders. On the plus side, private student loans often feature higher loan amounts than you can access through federal funding. And if you or your co-signer has excellent credit, you may be able to secure a competitive interest rate as well.

As for drawbacks, private student loans don’t offer the valuable benefits that federal student borrowers can enjoy. You may also face higher interest rates or have a harder time qualifying for financing if you have bad credit.

Are Sallie Mae loans better than federal student loans?

In general, federal loans are the best first choice for student borrowers. Federal student loans offer numerous benefits that private loans do not. You’ll generally want to complete the Free Application for Federal Student Aid (FAFSA) and review federal funding options before applying for any type of private student loan — Sallie Mae loans included.

However, private student loans, like those offered by Sallie Mae, do have their place. In some cases, federal student aid, grants, scholarships, work-study programs and savings might not be enough to cover educational expenses. In these situations, private student loans may provide you with another way to pay for college.

If you do need to take out private student loans, Sallie Mae is a lender worth considering. It offers loans for a variety of needs, including undergrad, MBA school, medical school, dental school and law school. Its loans also feature 100 percent coverage, so you can find funding for all of your certified school expenses.

With that said, it’s always best to compare a few lenders before committing. All lenders evaluate income and credit score differently, so it’s possible that another lender could give you lower interest rates or more favorable terms.

The bottom line

Sallie Mae may be a good choice if you’re in the market for private student loans and other financial products. Just be sure to do your research upfront, as you should before you take out any form of financing. Comparing multiple offers always gives you the best chance of saving money.

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Tips to do some fall cleaning on your finances



Wealth manager, Harry Abrahamsen, has five simple ways to stay on top of the big financial picture.

PORTLAND, Maine — Keeping track of our financial stability is something we can all do, whether we have IRAs or 401ks or just a checking account. Harry J. Abrahamsen is the Founder of Abrahamsen Financial Group. He works with clients to create and grow their own wealth. Abrahamsen shares five financial tips, starting with knowing what you have. 

1. Analyze Your Finances Quarterly or Biannually

You want to make sure that your long-term strategy is congruent with your short-term strategy. If the short-term is not working out, you may need to adjust what you are doing to make sure your outcome produces the desired results you are looking to accomplish. It is just like setting sail on a voyage across the Atlantic Ocean. You know where you want to go and plot your course, but there are many factors that need to be considered to actually get you across and across safely. Your finances behave the exact same way. Check your current situation and make sure you are taking into consideration all of the various wealth-eroding factors that can take you completely off course.

With interest rates very low, now might be a good time to consider refinancing student loans or mortgages, or consolidating credit card debt. However, do so only if you need to or if you can create a positive cash flow. To ensure that you are saving the most by doing so, you must look at current payments, excluding taxes and insurance costs. This way you can do an apples-to-apples comparison.

The most important things to look for when reviewing your credit report is accuracy. Make sure the reporting agencies are reporting things actuary. If it doesn’t appear to be reporting correct and accurate information, you should consult with a reputable credit repair company to help you fix the incorrect information.

4. Savings and Retirement Accounts

The most important thing to consider when reviewing your savings and retirement accounts is to make sure the strategies match your short-term and long-term investment objectives. All too often people end up making decisions one at a time, at different times in their lives, with different people, under different circumstances. Having a sound strategy in place will allow you to view your finances with a macro-economic lens vs a micro-economic view. Stay the course and adjust accordingly from a risk and tax standpoint.

RELATED: Financial lessons learned through the pandemic

A great tip for lowering utility bills or car insurance premiums: Simply ask! There may be things you are not aware of that could save you hundreds of dollars every month. You just need to call all of the companies that you do business with to find out about cost-cutting strategies. 

RELATED: Overcome your fear of finances

To learn more about Abrahamsen Financial, click here

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How to Get a Loan Even with Bad Credit



Sana pwedeng mabura ang bad credit history as quickly and easily as paying off your utility bills, ‘no? Unfortunately, it takes time. And bago mo pa maayos ang bad credit mo, more often than not, kailangan mo na namang mag-avail ng panibagong loan. 

Good thing you can still get a loan even with bad credit, kahit na medyo limited ang options. How do you get a loan if you have bad credit? Alamin sa short guide na ito. 

For more finance tips, visit Moneymax.



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