Wouldn’t it be easy if we could look into our crystal ball and tell you the single company that has the cheapest insurance for hybrid vehicles? Unfortunately, it’s not that simple as there are a whole bunch of unknown aspects such as if you want full coverage, the amount of liability coverage you want, and what deductibles you want to use, that all go into determining the rate you pay. This article should teach you a little about the best ways to maintain low rates and also should give you a good beginning to your quest for cheaper car insurance in Alaska.
For hybrids, one of the big criteria that are looked at to help calculate the annual cost of car insurance is your zip code in Anchorage. Larger areas are more likely to have higher rates, whereas areas with fewer weather claims and lower vehicle theft rates tend to receive slightly lower rates.
The table below sorts the most expensive areas in Alaska for hybrid vehicles in which to buy car insurance. Anchorage ranks #1 with the annual price of $1,308 for the average policy, which is approximately $109 monthly.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Anchorage | $1,308 |
| 2 | Palmer | $1,291 |
| 3 | College | $1,282 |
| 4 | Meadow Lakes | $1,252 |
| 5 | Fairbanks | $1,246 |
| 6 | Wasilla | $1,228 |
| 7 | Nikiski | $1,226 |
| 8 | Homer | $1,202 |
| 9 | Sterling | $1,202 |
| 10 | Kenai | $1,190 |
| 11 | Kodiak | $1,155 |
| 12 | Ketchikan | $1,055 |
| 13 | Juneau | $1,009 |
| 14 | Sitka | $967 |
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Rate information is comparative as vehicle location can impact auto insurance rates considerably.
Finding out which companies quote the best auto insurance rates for hybrid vehicles will involve more time than just getting one or two price quotes. Every insurance company uses different criteria for determining prices, so we’ll take a look at the auto insurance companies that tend to be cheaper in Anchorage, AK.
Best Car Insurance Prices for Hybrids
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Umialik | $874 |
| 2 | USAA | $929 |
| 3 | State Farm | $1,005 |
| 4 | Progressive | $1,247 |
| 5 | GEICO | $1,943 |
| 6 | Allstate | $2,397 |
| 7 | Safeco | $2,526 |
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Umialik normally has some of the cheapest car insurance rates in Anchorage at around $874 a year. This is $669 less than the average price paid by Alaska drivers of $1,543. USAA, State Farm, Progressive, and GEICO would also make the list of some of the more affordable Anchorage, AK car insurance companies.
As the example above demonstrates, if you buy coverage from Progressive and switched to Umialik, you could see an annual savings of in the vicinity of $373. Policyholders with GEICO may save as much as $1,069 a year, and Allstate customers might lower prices by up to $1,523 a year.
To see how much you can save, click here to start a quote or feel free to get quotes from the companies below.
Understand that those estimates are averaged for all insureds and vehicles and and are not figured with a vehicle location for hybrid vehicles. So the company that has the lowest price for you may not even be in the list above. That underscores the importance of why you need to get auto insurance quotes using your own personalized driver profile and vehicle information.
The vehicle on the policy is probably the biggest factor that determines the availability of low-cost car insurance for hybrid vehicles. Vehicles with higher performance characteristics, a lack of safety features, or a history of substantial liability claims will cost more to insure than safer, lower-performance models.
The data below features insurance rates for a number of the most economical automobiles to insure in Alaska.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX 4WD | $1,488 |
| Ford Escape XLS 2WD | $1,499 |
| Ford Edge SEL AWD | $1,543 |
| Jeep Grand Cherokee Laredo 2WD | $1,572 |
| Chevrolet Malibu LS | $1,578 |
| Honda Accord EX-L 4-Dr Sedan | $1,582 |
| Ford F-150 Lariat Crew Cab 2WD | $1,603 |
| Ford Explorer XLT 4WD | $1,631 |
| Jeep Wrangler Sport Islander Package 4WD 2-Dr | $1,650 |
| Toyota Camry XLE | $1,657 |
| Hyundai Elantra SE 4-Dr Sedan | $1,663 |
| Toyota Prius | $1,660 |
| GMC Sierra 2500HD SLE Regular Cab 4WD | $1,689 |
| Nissan Altima 3.5 SR 4-Dr Sedan | $1,697 |
| Honda Odyssey EX W/Rear Entertainment | $1,689 |
| Toyota RAV4 Limited 4WD | $1,725 |
| Chevrolet Equinox LS 2WD | $1,730 |
| Chevrolet Impala LT | $1,725 |
| Volkswagen Jetta 2.0T Station Wagon | $1,740 |
| Dodge Ram Quad Cab ST 2WD | $1,751 |
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Above prices assume single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Alaska minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, multi-vehicle, and safe-driver. Price information does not factor in specific Anchorage, AK garaging location which can decrease or increase premiums significantly.
Based upon the table data, you can see that cars like the Honda CR-V, Ford Escape, Ford Edge, Jeep Grand Cherokee, and Chevrolet Malibu will be some of the more affordable vehicles to insure for hybrids.
Finding a good quality auto insurance provider can be rather challenging considering how many choices drivers have in Anchorage. The ranking information in the next section may help you analyze which companies to look at when trying find the best insurance for hybrid vehicles. These rankings are only comprised of companies with a nationwide focus, so smaller companies will not be included in the list.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| USAA | 98 | 100 | 100 | 94% | A++ | 98.6 |
| American Family | 98 | 89 | 100 | 86% | A | 95.4 |
| State Farm | 88 | 93 | 96 | 90% | A++ | 92.4 |
| The Hartford | 94 | 92 | 90 | 89% | A+ | 91.7 |
| AAA Insurance | 88 | 89 | 95 | 91% | A | 91.2 |
| GEICO | 84 | 93 | 93 | 89% | A++ | 90.3 |
| The General | 89 | 91 | 89 | 88% | A- | 90 |
| Progressive | 84 | 91 | 93 | 87% | A+ | 89.5 |
| Allstate | 85 | 90 | 92 | 88% | A+ | 89.3 |
| Liberty Mutual | 84 | 87 | 93 | 88% | A | 88.5 |
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Data Source: Insure.com Best Car Insurance Companies
Comparison of full coverage and liability-only policies
Paying less for auto insurance is important to most drivers, and one of the best ways to save on the cost of insurance for hybrid vehicles is to buy liability only. The illustration below illustrates the comparison of insurance rates with full physical damage coverage compared to only buying liability only. The costs are based on no driving violations, no at-fault accidents, $100 deductibles, single status, and no policy discounts are applied.
As an average, comp and collision coverage costs $2,095 per year over having just liability coverage. That is a big expense that brings up the question if paying for full coverage is worth it. There isn’t a written rule for excluding comp and collision coverage, but there is a general guideline you can use. If the yearly cost of full coverage is more than around 10% of the replacement cost minus the deductible, then you might want to think about dropping full coverage.
How to get discounts on Anchorage auto insurance rates
Insurance providers that provide coverage for hybrid vehicles may also offer price discounts that can reduce rates by as much as 40% or more if you can meet the requirements. Companies and a selection of discounts are shown below.
- State Farm offers discounts including multiple autos, Steer Clear safe driver discount, anti-theft, good student, student away at school, and passive restraint.
- Farmers Insurance may include discounts for early shopping, good student, pay in full, business and professional, alternative fuel, and teen driver.
- GEICO has discounts for air bags, good student, five-year accident-free, federal employee, and multi-vehicle.
- American Family has savings for good student, Steer into Savings, defensive driver, mySafetyValet, and bundled insurance.
- Nationwide discounts include anti-theft, easy pay, defensive driving, good student, and accident-free.
- Progressive may offer discounts for online quote discount, multi-policy, online signing, good student, continuous coverage, and homeowner.
The illustration below visualizes the comparison of insurance costs with and without discounts applied to the rates. The information is based on a male driver, a clean driving record, no claims, Alaska state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles.
The first bar for each age group shows the average rate with no discounts. The second shows the rates with multiple vehicle, multiple policy, anti-theft, homeowner, claim-free, and defensive driving course discounts applied. When these discounts are applied, theaverage yearly reduction on auto insurance for hybrid vehicles is 28% or $429.
How to find the cheapest auto insurance for hybrid vehicles
It’s not impossible to find cheaper rates, and here are a few money-saving suggestions that can help drivers find cheap auto insurance.
- Ensure your driving record is clean
- Choose a safer vehicle and pay lower rates
- Increase your physical damage deductibles
- Drive attentively and avoid accidents
- Good credit can mean cheaper rates
- Compare rate quotes frequently
The last tip is very important, as we pointed out in this article. Prices charged by car insurance companies change constantly, so drivers shouldn’t hesitate to switch to a new company if a better deal can be had.
Sticking with a specific company is fine, but it’s not a good idea if that dedication is costing a lot of money. Now is a great time to compare rates and find cheaper car insurance for hybrid vehicles in Anchorage.
The insurance agents in Anchorage listed below can help you decide which auto insurance coverages would be the best in your situation, as some people have coverage questions and would like to have some advice when trying to find lower insurance rates for hybrid vehicles. It can be hard to find the cheapest auto insurance company, so agents can provide comfort knowing you have adequate coverage when you need it most. To find an agent in your neighborhood, click the link at the bottom.
- Dewar Insurance Agency
205 E Benson Blvd – Anchorage, AK 99503 – (907) 258-8888 - Dave Strike – State Farm Insurance Agent
2213 E Tudor Rd #54 – Anchorage, AK 99507 – (907) 562-2721 - Randy Rhodes State Farm Insurance
5915 Lake Otis Pkwy Suite 2 – Anchorage, AK 99507 – (907) 644-7997 - Safeco Insurance
500 W 36th Ave #210 – Anchorage, AK 99503 – (907) 770-2400