Inconceivable but true, most car insurance buyers in Alaska have stayed with the same insurance company for well over three years, and approximately 38% of consumers have never compared rates from other carriers. Most drivers in the United States could save almost $859 each year just by comparing rates, but they don’t know the actual amount they would save if they switched.
The preferred way to save money on auto insurance rates in Anchorage is to make a habit of regularly comparing prices from different companies in Alaska. This can be done by completing these steps.
- First, take a little time to learn about what is in your policy and the factors you can control to lower rates. Many policy risk factors that drive up the price like traffic violations, accidents, and a bad credit rating can be improved by making minor driving habit or lifestyle changes.
- Second, request price quotes from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can only quote rates from a single company like GEICO and Allstate, while independent agents can provide price quotes for a wide range of companies. Find an Anchorage insurance agent
- Third, compare the new quotes to your current policy premium to see if a cheaper price is available. If you find better rates and change companies, make sure there is no lapse in coverage.
- Fourth, notify your company or agent of your intention to cancel your current auto insurance policy and submit payment and a signed application to the new insurer. Once received, put the proof of insurance certificate in your glove compartment.
One piece of advice is to use the same coverage limits and deductibles on every quote request and and to get rate quotes from every insurance company. This guarantees an apples-to-apples comparison and a complete price analysis.
When price shopping your coverage, comparing a wide range of rates will enable you to find the best rates.
The following companies are our best choices to provide free quotes in Alaska. To get the best auto insurance in Anchorage, AK, we recommend you compare several of them in order to get a fair rate comparison.
Determine discounts on Anchorage auto insurance
Companies that sell car insurance don’t always publicize every discount they offer in a way that’s easy to find, so here is a list both well-publicized and the harder-to-find discounts that you may qualify for.
- Employee of Federal Government – Being employed by or retired from a federal job could qualify for a slight premium decrease depending on your company.
- Theft Prevention System – Vehicles optioned with advanced anti-theft systems are stolen with less frequency and qualify for as much as a 10% discount.
- Resident Student – Youth drivers who are enrolled in higher education away from home and don’t have a car could get you a discount.
- Anchorage Homeowners Pay Less – Just being a homeowner can help you save on auto insurance due to the fact that maintaining a home is proof that your finances are in order.
- Paperless Signup – A few insurance companies will give you a small discount get Anchorage auto insurance online.
- Onboard Data Collection – Insureds that choose to allow their auto insurance company to scrutinize driving manner by using a telematic data system such as State Farm’s In-Drive might get better premium rates as long as the data is positive.
- Student Discount for Driver Training – Cut your cost by having your teen driver successfully complete driver’s ed class in high school.
- Professional Memberships – Having an affiliation with qualifying employment or professional organizations could trigger savings on your bill.
- Seat Belt Usage – Requiring all passengers to buckle their seat belts can save up to 10 percent (depending on the company) off PIP or medical payments premium.
- Discount for Low Mileage – Keeping the miles down on your Honda may enable drivers to earn substantially lower premium rates.
Discounts save money, but please remember that some of the credits will not apply to the entire cost. A few only apply to the price of certain insurance coverages like medical payments or collision. So when it seems like you would end up receiving a 100% discount, it’s just not the way it works. Any qualifying discounts should definitely cut the amount you have to pay.
The chart below visualizes the comparison of Honda Pilot insurance prices with and without some available policy discounts. The costs are based on a male driver, no violations or accidents, Alaska state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, marriage, multi-policy, homeowner, safe-driver, and claim-free discounts applied.
If you would like to view auto insurance companies who offer cheap Honda Pilot insurance quotes in Anchorage in Anchorage, follow this link.
Rates and data analysis
The coverage table shown next covers different insurance policy prices for Honda Pilot models. Understanding more about how insurance rates are determined is important for making smart choices when selecting a coverage provider.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Pilot LX 2WD||$162||$242||$256||$16||$76||$752||$63|
|Pilot EX 2WD||$182||$242||$256||$16||$76||$772||$64|
|Pilot EX 4WD||$182||$242||$256||$16||$76||$772||$64|
|Pilot EX-L 2WD||$182||$294||$256||$16||$76||$824||$69|
|Pilot EX-L 4WD||$182||$294||$256||$16||$76||$824||$69|
|Pilot Touring 2WD||$182||$294||$256||$16||$76||$824||$69|
|Pilot Touring 4WD||$182||$294||$256||$16||$76||$824||$69|
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Price data assumes married female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Alaska minimum liability limits. Discounts applied include multi-policy, claim-free, safe-driver, multi-vehicle, and homeowner. Premium costs do not factor in Anchorage location which can lower or raise insurance rates noticeably.
Honda Pilot insurance costs by gender and age in Anchorage
The example below shows the comparison of Honda Pilot yearly insurance costs for male and female drivers. The rate quotes are based on a clean driving record, no at-fault accidents, comprehensive and collision coverage, $100 deductibles, drivers are not married, and no additional discounts are factored in.
Cost comparison with and without full coverage
The diagram below illustrates the difference between Honda Pilot car insurance rates with liability coverage only compared to full coverage. The rates are based on no violations or accidents, $1,000 deductibles, drivers are not married, and no discounts are applied to the premium.
When to stop buying physical damage coverage
There is no definitive formula that works best for making the decision to drop physical damage coverage, but there is a guideline you can consider. If the annual cost of having full coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then it might be time to buy liability only.
For example, let’s assume your Honda Pilot settlement value is $8,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $7,000 after paying the physical damage deductible. If it’s costing in excess of $700 annually for comprehensive and collision coverage, then you might want to consider buying only liability coverage.
There are some situations where only buying liability is not in your best interest. If you haven’t satisfied your loan, you have to keep full coverage to protect the lienholder’s interest. Also, if your finances do not allow you to purchase a different vehicle if your current one is in an accident, you should keep full coverage on your policy.
How Your Pilot Insurance Costs are Determined
Lots of factors are part of the calculation when premium rates are determined. Some factors are common sense like your driving record, but others are less apparent such as your marital status and annual miles driven.
Vehicle features that cut prices – Driving a car with advanced anti-theft systems can help lower your rates. Theft deterrent systems such as tamper alarm systems, vehicle immobilizer technology and General Motors OnStar can help prevent car theft.
Increase coverage deductibles and save – Your deductibles are the amount of money the insured will be required to pay if a covered claim is submitted. Coverage for physical damage, commonly called comprehensive (or other-than-collision) and collision coverage, protects your car from damage. Some coverage claims would be rear-ending another vehicle, damage caused by hail, or theft of your vehicle. The more expense you’re willing to pay, the better rate you will receive.
Insurance rates are higher for high performance vehicles – The type of car, truck or SUV you are trying to find cheaper insurance for makes a big difference in your rates. The lowest rates are usually for lower performance four cylinder passenger vehicles, but that’s not the only thing that factors into the final price.
The following chart assumes a single male driver age 40, full coverage with $250 deductibles, and no discounts or violations. The chart compares Honda Pilot policy rates compared to other vehicles that have a range of performances.
Do you really need roadside assistance? – There are a lot of additional extra coverages that may not really be needed on your Pilot policy. Coverages like rental car reimbursement, towing, and extra equipment coverage may be costing you every month. They may seem like a good idea when talking to your agent, but if they’re wasting money eliminate the coverages to reduce your premium.
High credit scores save money – Having a good credit rating is likely to be a major factor in determining what you pay for insurance. People with good credit tend to be more responsible and file fewer claims as compared to drivers with poor credit. If your credit is low, you could pay less to insure your Honda Pilot by spending a little time repairing your credit.
Insurance loss data for Honda Pilot vehicles – Insurance companies use data from past claims to help determine prices. Models that tend to have higher claim amounts or frequency will have higher premium rates. The table below outlines the historical insurance loss data for Honda Pilot vehicles.
For each type of coverage, the claim probability for all vehicles averaged together is considered to be 100. Values that are 100 or less indicate a favorable loss history, while numbers that are greater than 100 indicate a higher chance of having a claim or larger claims.
|Vehicle Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Honda Pilot 4dr 2WD||70||96||69||82||82||86|
|Honda Pilot 4dr 4WD||79||105||81||88||74||82|
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years