One of the more important things that aid in calculating insurance cost is where you choose to live in Anchorage. Larger areas likely pay more, whereas areas with fewer weather claims and lower vehicle theft rates have the benefit of cheaper auto insurance prices.
The information below ranks the most costly cities in Alaska for low credit scores to purchase a policy in. Anchorage is listed at #2 with an annual rate of $1,256 for the average policy, which is approximately $105 each month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Palmer | $1,304 |
| 2 | Anchorage | $1,256 |
| 3 | Meadow Lakes | $1,252 |
| 4 | Fairbanks | $1,246 |
| 5 | Homer | $1,238 |
| 6 | College | $1,232 |
| 7 | Wasilla | $1,228 |
| 8 | Kodiak | $1,191 |
| 9 | Kenai | $1,190 |
| 10 | Sterling | $1,190 |
| 11 | Nikiski | $1,190 |
| 12 | Ketchikan | $1,066 |
| 13 | Sitka | $997 |
| 14 | Juneau | $969 |
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Rate information is approximated as the vehicle garaging location can affect premium rates significantly.
The make and model of vehicle you are seeking coverage for is a large factor when shopping around for the lowest-priced car insurance for low credit scores. Vehicles with high performance engines, poor crash test ratings, or a high likelihood of having liability claims will cost much more to insure than more modest models.
The next list shows insurance prices for some of the most affordable vehicles to buy coverage for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX-L 4WD | $1,386 |
| Ford Escape Limited 2WD | $1,522 |
| Ford Focus SE 4-Dr Sedan | $1,574 |
| Chevrolet Equinox LT AWD | $1,606 |
| Volkswagen Jetta LE 4-Dr Sedan | $1,611 |
| Ford Explorer Limited AWD | $1,637 |
| Ford F-150 XLT Regular Cab 4WD | $1,661 |
| Dodge Grand Caravan CV | $1,669 |
| Chevrolet Impala LTZ | $1,693 |
| Toyota Prius | $1,695 |
| Hyundai Sonata GLS 4-Dr Sedan | $1,721 |
| Nissan Rogue S 2WD | $1,728 |
| Jeep Grand Cherokee Limited 2WD | $1,724 |
| Nissan Altima Hybrid 4-Dr Sedan | $1,731 |
| Toyota RAV4 2WD | $1,758 |
| Ford Edge SEL 2WD | $1,769 |
| Ford F-350 XL Crew Cab Turbo Diesel 2WD | $1,784 |
| Toyota Tacoma Double Cab TRD Sport Package 4WD | $1,792 |
| Chevrolet Malibu LT | $1,800 |
| Honda Accord EX 2-Dr Coupe | $1,808 |
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Premium data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Alaska minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, claim-free, and safe-driver. Table data does not factor in specific Anchorage, AK garaging location which can affect auto insurance rates greatly.
Looking at the numbers, we can presume that models like the Honda CR-V, Ford Escape, and Ford Focus are likely to be the more affordable vehicles to insure for bad credit.
How accidents and violations affect rates
In a perfect world, the best way to snag affordable insurance premiums in Anchorage for bad credit is to be an attentive driver and avoid accidents and violations. The information below shows how speeding tickets and accidents drive up insurance costs for different age groups. The data is based on a married male driver, full coverage, $100 deductibles, and no additional discounts are factored in.
The data in the chart shows the average cost of a car insurance policy in Anchorage per year with no violations or accidents is $1,338. Factor in one speeding ticket and the average cost swells to $1,534, an increase of $196 each year. Then add two accidents along with the one speeding ticket and the yearly cost of insurance for low credit scores goes up to an average of $3,184. That’s an increase of $1,846, or $154 per month, just for not being more responsible behind the wheel!
The example below demonstrates how choosing different deductibles can impact insurance rates when searching for cheap insurance for low credit scores. The premiums assume a married female driver, full physical damage coverage, and no discounts are applied.
A 30-year-old driver could save $300 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $454 by changing to a $1,000 deductible. Young drivers, like the Age 20 category, could reduce their rates $644 or more just by choosing higher deductibles when buying full coverage.
When using a larger deductible, it’s a good idea to have plenty of savings on hand to enable you to pay the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.
Selecting a highly-rated company can be difficult considering how many choices you have in Alaska. The information in the lists below could help you choose which coverage providers to look at when shopping car insurance rates for low credit scores. These ratings are only comprised of the largest companies in America, so smaller regional companies are not taken into consideration for the list.
Top 10 Major Car Insurance Companies in Anchorage Ranked by Claims Service
- State Farm
- Esurance
- AAA Insurance
- Progressive
- GEICO
- Liberty Mutual
- Allstate
- The Hartford
- The General
- Farmers Insurance
Top 10 Major Car Insurance Companies in Anchorage Ranked by Customer Service
- State Farm
- GEICO
- The Hartford
- Progressive
- The General
- Allstate
- American Family
- AAA Insurance
- Liberty Mutual
- Farmers Insurance
The importance of comparing Anchorage car insurance rates
Anchorage, AK insurance rates are calculated based on many things that can increase the price you have to pay for coverage. Turning one year older, adding a teenager to your policy, or getting a reckless driving citation can trigger changes in premium resulting in some rates now being cheaper than before. Not only may things change on your end, but auto insurance companies change rates every year or even multiple times each year in order to remain profitable. Unexpectedly high claims can cause higher rates, while lower claim levels can result in cheaper Anchorage car insurance rates.
For example, the data below shows the company with the cheapest car insurance in Anchorage, AK for a 30-year-old male driver with no violations or accidents, and solid credit. If we estimate prices based on his current risk factors, Umialik offers the most affordable car insurance rates in Anchorage at $1,182 each year. This is $361 less than the average premium paid by Alaska drivers of $1,543. USAA, State Farm, Progressive, and GEICO are the remaining cheapest Anchorage, AK auto insurance companies.
In this next rate comparison, we will give the driver from the first rate comparison a claim surcharge, a lower credit score, and a traffic citation. Due to the fact that every insurance company has a unique approach to establish rates, comparing insurance quotes will most likely result in a slightly different list of cheap Anchorage auto insurance companies as shown below.
State Farm now has the lowest price in Anchorage, AK with USAA, Umialik, Progressive, and Safeco now being in the top five. This example proves why it is crucial to compare many different companies to find cheap car insurance quotes for low credit scores. Insurance rates are influenced by many risk factors and can change without notice, so the most economical company six months ago may now be wasting a lot of money.