One of the many things that aid in calculating insurance cost is where you live in Anchorage. Larger areas will most likely pay more, whereas areas with fewer weather claims and lower vehicle theft rates get the luxury of paying less.
The following table shows the priciest cities in Alaska for seniors in which to purchase auto insurance. Anchorage shows up at #1 with an annual cost of $1,308 for coverage, which is around $109 each month.
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Annual rates are comparative as vehicle location can decrease or increase insurance rates substantially.
Figuring out which company offers the best auto insurance rates for seniors takes more time in order to find the most economical policy. Each company uses a slightly different approach for establishing rates, so let’s take a look at the lowest cost auto insurance companies in Anchorage, AK.
It’s a good idea to be aware that Anchorage auto insurance rates are impacted by many factors which can substantially decrease or increase the price you have to pay for coverage. Simply getting older, buying a home instead of renting, or having a fender bender can cause premium changes resulting in some rates now being cheaper than before.
Find Cheaper Auto Insurance for Mature Drivers
Umialik normally has some of the lowest car insurance rates in Anchorage at around $865 a year. This is $678 less than the average policy premium paid by Alaska drivers of $1,543. USAA, State Farm, Progressive, and GEICO would also be considered some of the cheapest Anchorage, AK insurance companies.
As the example above demonstrates, if you are a customer of State Farm and switched to Umialik, you could see savings of in the neighborhood of $100. Insureds with Progressive may save as much as $345 a year, and GEICO customers might realize rate reductions of up to $1,040 a year.
To get a quick, customized rate comparison, click here to start your custom quote or click several companies below for low rates.
Remember that these premiums are averaged across all types of drivers and the different vehicles they drive and and are not calculated with an exact zip code location for seniors. So the car insurance company that fits your age and vehicle best may not even be in the list above. That helps illustrate why you need to quote rates from many companies using your own driver and vehicle profiles.
The type of vehicle needing coverage is one of the main factors when comparing low-cost car insurance for seniors. Vehicles with more horsepower, poor crash test ratings, or high incidents of liability claims will cost much more to insure than more economical and safe models. The data below shows insurance rates for some of the most cost-effective vehicles to buy insurance for.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V LX 4WD||$1,153|
|Ford Escape Limited 4WD||$1,251|
|Chevrolet Impala LS||$1,336|
|Ford Edge Limited 2WD||$1,344|
|Ford Focus SE 4-Dr Sedan||$1,336|
|Jeep Grand Cherokee Laredo 4WD||$1,362|
|Toyota RAV4 Limited 4WD||$1,368|
|Ford Fusion S 4-Dr Sedan||$1,362|
|Volkswagen Jetta S 4-Dr Sedan||$1,370|
|Chevrolet Malibu LS||$1,362|
|Dodge Grand Caravan SXT||$1,389|
|Ford Explorer Eddie Bauer 4WD||$1,396|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$1,389|
|Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr||$1,405|
|Hyundai Elantra Blue 4-Dr Sedan||$1,410|
|Ford F-350 XL Super Cab 2WD||$1,415|
|Nissan Altima 2.5 S 4-Dr Sedan||$1,437|
|Toyota Corolla XLE||$1,446|
|Honda Odyssey EX-L W/Rear Entertainment||$1,437|
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Data variables include married male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Alaska minimum liability limits. Discounts applied include homeowner, claim-free, multi-policy, safe-driver, and multi-vehicle. Price estimates do not factor in garaging location in Anchorage, AK which can revise prices substantially.
Based upon these rates, we can infer that cars like the Honda CR-V, Ford Escape, Toyota Prius, Chevrolet Impala, and Ford Edge are most likely to be a few of the most affordable vehicles to insure for senior citizens.
Finding the right insurance provider can be rather challenging considering how many different companies insure vehicles in Anchorage. The rank data shown next can help you pick which car insurance providers you want to consider comparing rates with. These ratings are for companies that write coverage in many states, so companies that may only write in Alaska are not taken into consideration for the list.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
Cost comparison with and without full coverage
Reducing premiums for auto insurance is the goal of the majority of people, and one of the best ways to reduce the cost of insurance for seniors is to not pay for full coverage. The illustration below visualizes the comparison of car insurance rates with full coverage compared to only the Alaska minimum liability coverage. The data is based on no tickets, no at-fault accidents, $500 deductibles, drivers are not married, and no discounts are taken into consideration.
If we average all the age groups together, full coverage costs an additional $1,717 per year over and above liability coverage. Many drivers may wonder if it’s a good idea to buy full coverage. There is no exact rule for excluding full coverage, but there is a guideline you can use. If the annual cost of your full coverage insurance is more than about 10% of the settlement you would receive from your company, the it may be a good time to stop paying for full coverage.
For example, let’s say your vehicle’s claim settlement value is $5,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most you would receive is $4,000 after paying your deductible. If you are paying in excess of $400 annually for your policy with full coverage, then you might want to think about dropping full coverage.
There are a few cases where eliminating full coverage is not a good plan. If you still owe money on your vehicle, you have to carry full coverage as part of the loan conditions. Also, if you cannot afford to purchase a different vehicle if your current one is damaged, you should keep full coverage in place.
Types of discounts on Anchorage insurance rates
Insurers that offer cheap quotes for seniors may also give you discounts that could potentially reduce rates by 30% or more if you meet specific eligibility requirements. A list of companies and their possible discounts include:
- State Farm has savings for driver’s education, Drive Safe & Save, multiple autos, defensive driving training, and multiple policy.
- GEICO discounts include good student, membership and employees, five-year accident-free, air bags, multi-policy, and emergency military deployment.
- Progressive may have discounts that include multi-vehicle, homeowner, good student, online signing, continuous coverage, multi-policy, and online quote discount.
- 21st Century may include discounts for early bird, theft prevention, driver training, homeowners, good student, and student driver.
- American Family policyholders can earn discounts including accident-free, good driver, early bird, good student, defensive driver, and bundled insurance.
- The Hartford may offer discounts for good student, air bag, vehicle fuel type, anti-theft, defensive driver, driver training, and bundle.
- AAA offers premium reductions for anti-theft, multi-car, good student, multi-policy, AAA membership discount, and pay-in-full.
The example below illustrates the difference between annual premium costs with and without discounts applied to the rates. The information is based on a male driver, no claims or driving citations, Alaska state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows the price with no discounts. The second shows the rates with marriage, passive restraint, accident-free, defensive driving course, multiple vehicle, and vehicle safety discounts applied. When these discounts are applied to the policy premium, the average amount saved each year on auto insurance for seniors is 30% or $571.
How to find more affordable car insurance for seniors
The list below shows a few thrifty suggestions that can help you buy more affordable auto insurance.
- Save money by obeying traffic laws and keeping a clean driving record
- Prevent price hikes by avoiding at-fault accidents
- Increase your credit rating
- Increase the comprehensive and collision deductibles on your policy
- Do not pay for full coverage if not needed
- Safer vehicles cost less to insure
- Compare rates once a year for cheaper prices
That final tip is very necessary, as was pointed out in this piece. Car insurance rates in Anchorage adjust frequently, so drivers shouldn’t hesitate to change to a new company if you find a better deal.
Staying with the same company for years is fine, but is isn’t recommended if that inflexibility results in costing you a small fortune year after year. Take a few minutes and compare prices and find cheaper auto insurance for seniors.
If you wish to have some advice when comparing insurance rates for seniors, the professional agents shown below can probably answer your questions and help you decide which policy is best.
To locate an Anchorage car insurance agency closest to you, click the link after the list or click here to compare price quotes now.
Allstate Insurance: Devery Prince Agency Team
401 E Fireweed Ln Ste 200 – Anchorage, AK 99503 – (907) 279-9000
Allstate Insurance: M. Diane Johnson
4045 Lake Otis Pkwy Ste 206 – Anchorage, AK 99508 – (907) 569-6900
State Farm: Amy Jones
111 W 6th Ave – Anchorage, AK 99501 – (907) 274-2060