A recent auto insurance study discovered that the vast majority of consumers kept buying from the same company for well over three years, and roughly 40% of drivers have never even compared quotes to find cheap rates. Virginia insurance shoppers could save as much as $500 every year by just shopping around, but they just assume it takes a lot of time to compare rate quotes.
To save the most money, the best way to get affordable GMC Yukon insurance in Virginia Beach is to regularly compare price quotes from different companies in Virginia.
- First, spend some time learning about what is in your policy and the things you can change to prevent high rates. Many factors that result in higher rates such as at-fault accidents, careless driving, and an imperfect credit score can be eliminated by making lifestyle changes or driving safer.
- Second, request price quotes from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can only quote rates from one company like GEICO and Allstate, while independent agents can quote prices from many different companies.
- Third, compare the new rate quotes to your current policy premium to see if switching to a new carrier will save money. If you find better rates, make sure coverage is continuous and does not lapse.
The critical component of shopping around is to compare identical coverages on each quote request and and to analyze as many companies as possible. This ensures a level playing field and the best rate selection.
Statistics and details
The rate information displayed next highlights different insurance policy prices for GMC Yukon models. Knowing how premiums are formulated can be useful when making informed decisions.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Yukon 2WD | $106 | $174 | $242 | $14 | $72 | $608 | $51 |
| Yukon SLE 2WD | $106 | $174 | $242 | $14 | $72 | $608 | $51 |
| Yukon 4WD | $106 | $174 | $242 | $14 | $72 | $608 | $51 |
| Yukon SLE 4WD | $106 | $174 | $242 | $14 | $72 | $608 | $51 |
| Yukon SLT 2WD | $106 | $174 | $242 | $14 | $72 | $608 | $51 |
| Yukon SLT 4WD | $118 | $174 | $242 | $14 | $72 | $620 | $52 |
| Yukon Denali 2WD | $118 | $206 | $242 | $14 | $72 | $652 | $54 |
| Yukon Denali 4WD | $118 | $206 | $242 | $14 | $72 | $652 | $54 |
| Yukon Hybrid 2WD | $118 | $238 | $274 | $16 | $82 | $728 | $61 |
| Yukon Hybrid 4WD | $118 | $238 | $274 | $16 | $82 | $728 | $61 |
| Yukon Hybrid Denali 2WD | $132 | $268 | $274 | $16 | $82 | $772 | $64 |
| Yukon Hybrid Denali 4WD | $132 | $268 | $274 | $16 | $82 | $772 | $64 |
| Get Your Own Custom Quote Go | |||||||
Data assumes married female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Virginia minimum liability limits. Discounts applied include claim-free, safe-driver, homeowner, multi-policy, and multi-vehicle. Rate quotes do not factor in specific Virginia Beach garaging location which can alter premiums noticeably.
Drive safe and save
The diagram below illustrates how speeding tickets and at-fault collisions can impact GMC Yukon auto insurance costs for different categories of driver ages. Data assumes a married female driver, full physical damage coverage, $100 deductibles, and no discounts are factored in.
Full coverage rates compared to liability-only
The illustration below shows the difference between GMC Yukon insurance prices with full coverage compared to only the Virginia minimum liability coverage. The price estimates are based on no violations or accidents, $1,000 deductibles, drivers are not married, and no discounts are taken into consideration.
When to eliminate full coverage
There is no definitive rule for dropping full coverage, but there is a general guideline you can use. If the yearly cost for physical damage coverage is 10% or more of the settlement you would receive from your company, then it might be time to buy liability only.
For example, let’s pretend your GMC Yukon replacement value is $6,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $5,000 after you pay the deductible. If it’s costing you more than $500 a year to have full coverage, then it might be time to buy liability only.
There are some scenarios where dropping full coverage is not advised. If you still owe a portion of the original loan, you have to maintain full coverage to satisfy the loan requirements. Also, if you cannot afford to purchase a different vehicle if your current one is damaged, you should keep full coverage in place.
Car insurance policy discounts you can’t miss
Car insurance is not cheap nor is it fun to buy but there may be some discounts that could drop your premiums quite a bit. Many discounts should be triggered when you complete an application, but a few must be specifically requested before they will apply.
- Theft Prevention Discount – Vehicles with anti-theft systems help deter theft and therefore earn up to a 10% discount.
- Seat Belt Discounts – Drivers who require all vehicle occupants to fasten their seat belts could save 15% off the medical payments premium.
- Paperwork-free – Some of the larger companies will provide an incentive shop Virginia Beach car insurance digitally online.
- Good Student Discount – This discount can be rewarded with saving of up to 25%. The discount lasts well after school through age 25.
- Driving Data Discount – Drivers that enable data collection to scrutinize when and where they use their vehicle by using a small device installed in their vehicle such as Drivewise from Allstate or Snapshot from Progressive might get better premium rates if they have good driving habits.
- Multi-line Discount – Some insurance companies give a small discount if you purchase life insurance.
- One Accident Forgiven – Not really a discount, but certain companies permit an accident without raising rates so long as you are claim-free for a particular time prior to the accident.
- Low Miles Discount – Fewer annual miles on your GMC could earn discounted prices on garaged vehicles.
Discounts reduce rates, but you should keep in mind that some credits don’t apply to your bottom line cost. Most only apply to specific coverage prices like medical payments or collision. Despite the fact that it seems like adding up those discounts means a free policy, that’s just not realistic.
The information below visualizes the comparison of GMC Yukon car insurance costs with and without discounts applied to the rates. Data assumes a male driver, no violations or claims, Virginia state minimum liability limits, full coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, multi-car, claim-free, homeowner, safe-driver, and multi-policy discounts applied.
For a list of insurers that have a full spectrum of discounts in Virginia, click this link.
Coverages available on your auto insurance policy
Having a good grasp of a auto insurance policy can be of help when determining which coverages you need and the correct deductibles and limits. Policy terminology can be ambiguous and nobody wants to actually read their policy. These are the usual coverages offered by auto insurance companies.
UM/UIM Coverage
This coverage protects you and your vehicle’s occupants when other motorists either are underinsured or have no liability coverage at all. Covered losses include injuries to you and your family as well as your vehicle’s damage.
Due to the fact that many Virginia drivers only carry the minimum required liability limits (25/50/20), their liability coverage can quickly be exhausted. So UM/UIM coverage should not be overlooked.
Liability
This coverage can cover damage that occurs to people or other property by causing an accident. Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. As an example, you may have values of 25/50/20 that translate to $25,000 bodily injury coverage, a limit of $50,000 in injury protection per accident, and a limit of $20,000 paid for damaged property.
Liability can pay for things like court costs, loss of income, structural damage and medical services. How much coverage you buy is your choice, but it’s cheap coverage so purchase higher limits if possible. Virginia requires minimum liability limits of 25/50/20 but you should think about purchasing more liability than the minimum.
The next chart demonstrates why buying minimum limits may not be high enough to cover claims.
Comprehensive or Other Than Collision
This coverage pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible and then insurance will cover the rest of the damage.
Comprehensive coverage pays for things such as falling objects, a broken windshield and hitting a bird. The most you can receive from a comprehensive claim is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.
Auto collision coverage
Collision coverage covers damage to your Yukon resulting from colliding with an object or car. A deductible applies then your collision coverage will kick in.
Collision coverage protects against things such as colliding with another moving vehicle, crashing into a ditch, hitting a parking meter, sustaining damage from a pot hole and sideswiping another vehicle. This coverage can be expensive, so consider dropping it from older vehicles. You can also increase the deductible on your Yukon in order to get cheaper collision rates.
Medical costs insurance
Personal Injury Protection (PIP) and medical payments coverage pay for short-term medical expenses for things like pain medications, surgery, chiropractic care and EMT expenses. The coverages can be used to fill the gap from your health insurance policy or if you do not have health coverage. It covers all vehicle occupants and will also cover getting struck while a pedestrian. Personal injury protection coverage is not an option in every state and gives slightly broader coverage than med pay
Cheap auto insurance premiums are possible
As you go through the steps to switch your coverage, don’t be tempted to buy lower coverage limits just to save a few bucks. There have been many cases where someone sacrificed liability limits or collision coverage only to discover later that saving that couple of dollars actually costed them tens of thousands. The goal is to purchase plenty of coverage for the lowest cost but still have enough coverage for asset protection.
Budget-friendly auto insurance in Virginia Beach can be sourced from both online companies in addition to local insurance agencies, so you need to shop Virginia Beach car insurance with both in order to have the best price selection to choose from. Some insurance companies do not offer online quoting and most of the time these regional insurance providers provide coverage only through independent agents.
Additional resources
- Information for Teen Drivers (GEICO)
- Who Has the Cheapest Auto Insurance Quotes for Teachers in Virginia Beach? (FAQ)
- Who Has Affordable Car Insurance Rates for a Subaru Outback in Virginia Beach? (FAQ)
- What Auto Insurance is Cheapest for a 20 Year Old Female in Virginia Beach? (FAQ)
- Bodily Injury Coverage (Liberty Mutual)
- Credit and Insurance Scores (Insurance Information Institute)