Motorists in Virginia pay some of the lowest auto insurance rates in the country, a study by Insure.com found. The state was the ninth least expensive state for auto insurance in the country, with drivers paying on average $1,020 for their premiums.
The study also revealed that Maine was the most affordable state when it came to auto insurance, with motorists paying an average of $808 for premiums.
While the state enjoys a lofty rank for auto rates nationwide, an inward look reveals that Virginia still has to deal with the same insurance cost issues other states experience.
According to a news report by WTVR CBS 6, insurers in Virginia typically charge young men higher rates than young women based on aggregate data collected from the state Department of Insurance and several insurance companies. Young men pay around $24 more per month, which translates to $288 more per year.
Notably, the bias practically vanishes by the time drivers hit their late 20s. Older drivers will experience a drop in their rates, saving them almost $50 a month, according to the data.
Data suggests that adding a teen driver to a policy could, on average, increase premiums by almost 78%.
The data also pointed out that a number of insurers use the credit scores of consumers to determine their rates. Drivers with credit scores between 620 and 679 could expect a 39% increase—an additional $33 or so—to their base rates of about $84.
