Christiansburg ranked No. 4 least expensive
ZIP code in U.S. for car insurance
~High ranking attributed to quality of life factors such as
lower risk for auto theft, collision and vandalism~
Montgomery County, Virginia – Christiansburg ZIP code 24073 has the fourth lowest average car insurance rate in the U.S., according to a recent survey commissioned by CarInsurance.com. The study examined over 33,000 U.S. ZIP codes by calculating rates from six major carriers, including Allstate, Farmers, GEICO, Nationwide, Progressive and State Farm.
At $751 per year, the 24073 ZIP code average was 39% less than the national average of $1,231. The 24073 ZIP code is located in Montgomery County and encompasses 88.75 square miles, including all 14.38 square miles of the Town of Christiansburg. According to USZip.com, just under 30,000 people live in the 24073 ZIP code.
“The ranking is an excellent example of how our overall quality of life and cost of living are intertwined,” said Brian Hamilton, Economic Development Director for Montgomery County. “Car insurance is less expensive in Montgomery County because it is a safe community with lower risk for auto theft, collision and vandalism.”
According to CarInsurance.com, insurance companies assess many factors when setting rates, and location is chief among them. Based on the number and severity of car insurance claims within the area, insurers assign ZIP codes different risk levels. This is used as the base rate from which insurers begin to calculate premiums for individuals and businesses.
Regionally, the Blacksburg-Christiansburg-Radford Metropolitan Statistical Area (MSA) - known locally as the New River Valley - is consistently recognized as a safe community. A 2013 article on Forbes.com about auto theft found that the Blacksburg-Christiansburg-Radford MSA had the seventh lowest rate in the country. Farmers Insurance Group also ranked the MSA the No. 7 Most Secure Small Metro in 2013.
Montgomery County, Virginia - home of Virginia Tech and the towns of Blacksburg and Christiansburg - is a progressive, technology-driven community with an abundance of outdoor amenities. The Montgomery County Economic Development Department actively supports the startup, retention and expansion of companies in Montgomery County as well as the recruitment of new businesses to the community. To learn more, visit www.YesMontgomeryVA.org.