Who Has Affordable Car Insurance Rates for a 20 Year Old Female in Anchorage?

Figuring out which companies offer the lowest-priced auto insurance rates for 20 year old women may require a little more effort than just comparing a company or two. Each insurer has a unique approach for determining prices, so let’s take a look at the auto insurance companies that tend to have lower prices in Anchorage, AK.

Keep in mind that Alaska auto insurance rates are based on many factors that control the cost of your policy. Simply turning a year older, increasing deductibles, or getting into an accident can trigger rate changes that can cause some rates to be more affordable than competitors.

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Umialik generally has some of the most affordable car insurance rates in Anchorage at around $901 each year. This is $642 less than the average price paid by Alaska drivers of $1,543. USAA, State Farm, Progressive, and GEICO also are some of the cheaper Anchorage, AK insurance companies.

As illustrated above, if you are a customer of State Farm and switched to Umialik, you might realize annual savings of in the vicinity of $64. Policyholders with Progressive may save as much as $359 a year, and GEICO customers might cut rates by $985 a year.

Remember that these policy rates are averages for all drivers and vehicles and and are not calculated with an exact vehicle garaging location for 20 year old women. So the car insurance company that can offer the best rates for your situation may not even be in the list above. That is why you need to get car insurance quotes using your own individual information.

One of the more important things that are used to help calculate auto insurance rates is where your car is garaged in Anchorage. Areas with more people or even just a higher incidence of claims will most likely pay more, whereas less populated areas get the luxury of paying less.

The table below sorts the most expensive cities in Alaska for 20 year old women to purchase auto insurance in. Anchorage makes the list at #1 with an annual rate of $1,308 for the average policyholder, which is around $109 monthly.

How much does car insurance cost in Anchorage, AK?
Rank City Average Per Year
1 Anchorage $1,308
2 Palmer $1,291
3 Fairbanks $1,284
4 Meadow Lakes $1,252
5 Sterling $1,238
6 College $1,232
7 Wasilla $1,228
8 Kenai $1,226
9 Nikiski $1,202
10 Homer $1,202
11 Kodiak $1,191
12 Ketchikan $1,024
13 Juneau $969
14 Sitka $967
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Information shown are estimated as zip code location can modify prices substantially.

The type of vehicle needing coverage is a significant factor that determines if you can find economical car insurance for 20 year old women. Vehicles with high performance features, a lack of advanced safety features, or an increased likelihood of liability claims will cost substantially more to insure than more economical and safe models. The table below illustrates coverage costs for a handful of the most economical automobiles to insure in Alaska.

Cheapest Vehicles to Insure in Anchorage, AK
Vehicle Make and Model Estimated Cost for Full Coverage
Honda CR-V LX 2WD $2,942
Honda Accord LX 4-Dr Sedan $2,947
Ford Escape XLS 4WD $2,942
Volkswagen Jetta S 2.5 Station Wagon $3,176
Toyota Prius $3,218
Ford F-150 STX Super Cab 2WD $3,257
Jeep Wrangler Rubicon 4WD 2-Dr $3,302
Chevrolet Impala LS $3,446
Toyota Tacoma 2WD $3,455
Ford Edge Limited 2WD $3,446
Ford Focus SE 4-Dr Sedan $3,455
Honda Odyssey EX W/Rear Entertainment $3,446
Chevrolet Malibu LS $3,491
Toyota RAV4 Limited 4WD $3,499
Jeep Grand Cherokee Laredo 2WD $3,491
Dodge Grand Caravan Hero $3,501
Ford Explorer Eddie Bauer 4WD $3,533
Hyundai Elantra Blue 4-Dr Sedan $3,635
Toyota Corolla S $3,680
Chevrolet Equinox LTZ AWD $3,722
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Data rating is based on single female driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Alaska minimum liability limits. Discounts applied include claim-free, and safe-driver. Premium amounts do not factor in zip code location which can increase or decrease premium rates greatly.

By looking at the data, we can tell that vehicles like the Honda CR-V, Honda Accord, Ford Escape, and Volkswagen Jetta are most likely going to be some of the cheapest vehicles to insure for young women. Prices will tend to be more expensive just because there is more liability exposure for 20 year old women, but in general those models will tend to have the cheapest car insurance rates that you are likely to find.

Cost comparison with and without full coverage

Reducing premiums for auto insurance is the goal of most vehicle owners, and one way to save on the cost of insurance for 20 year old women is to not buy full coverage. The diagram below shows the comparison of auto insurance rates with full physical damage coverage compared to only buying the minimum liability limits required in Alaska. The premiums assume no violations or claims, $100 deductibles, drivers are single, and no additional discounts are factored in.

If all age groups are averaged, physical damage insurance costs an additional $1,566 per year more than just buying liability insurance. That is a significant amount which raises the question if you should buy full coverage. There is no exact formula to exclude physical damage coverage on your policy, but there is a guideline you can use. If the annual cost of comprehensive and collision coverage is about 10% or more 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 replacement cost is $3,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $2,000 after the policy deductible has been paid. If it’s costing you more than $200 annually for full coverage, then you may want to consider only buying liability coverage.

There are some cases where dropping full coverage is not a good idea. If you have an outstanding loan on your vehicle, you are required to maintain full coverage in order to prevent your loan from defaulting. Also, if you can’t afford to buy a different vehicle in the event your current vehicle is totaled, you should not drop full coverage.

Drive safe and save

A great way to get affordable auto insurance rates in Alaska for young women is to drive safely and avoid accidents and keep your driving record clean. The illustration below highlights how traffic violations and at-fault accidents can affect insurance costs for different ages of insureds. The data assumes a single female driver, comp and collision included, $1,000 deductibles, and no additional discounts are factored in.

The data charted above shows the average cost of a car insurance policy per year with no accidents or violations is $1,185. Add in one speeding ticket and the average cost rises to $1,343, an increase of $158 each year. Now add in two accidents along with the one speeding ticket and the yearly cost of auto insurance for 20 year old women goes up to an average of $2,786. That’s an increase of $1,601, or $133 per month, just for not driving safely!

How to find budget-friendly car insurance for 20 year old women

Lowering your rates is not difficult, and here are many penny-pinching ideas that can help you get lower-cost auto insurance.

The final tip is certainly vital, as was noted in the prior article. Insurance prices in Anchorage fluctuate constantly, so don’t be unwilling to buy a different policy if a better deal can be had. Being loyal to a particular company is commendable, but it isn’t a good idea if it’s costing you big bucks every year. It only take a few minutes to shop around to find cheaper auto insurance for 20 year old women.