What Car Insurance is Cheapest for Unemployed Drivers in Anchorage?

The words “low-priced” and “auto insurance” probably shouldn’t be used together, in particular when you are shopping around for the lowest insurance prices for unemployed drivers. To help control this cost, let’s start off by going over some things that influence car insurance premiums, and find a few ways to cut the cost of the next policy you buy.

The type of vehicle on the policy is probably the biggest factor when consumers are trying to find cheaper car insurance for unemployed drivers. Vehicles with limited top-end speed, good crash test ratings, or a positive history of liability claims will cost less to insure than high performance models.

The next list features coverage prices for a number of the cheapest vehicles to insure in Alaska.

Cheapest Vehicles to Insure in Anchorage, AK
Make, Model, and Trim Level Estimated Cost for Full Coverage
Ford Escape XLS 4WD $1,411
Honda CR-V EX 4WD $1,449
Chevrolet Malibu LT $1,509
Dodge Grand Caravan Crew $1,516
Ford F-150 XLT Crew Cab 4WD $1,509
Toyota Prius $1,560
Chevrolet Equinox LTZ AWD $1,587
GMC Sierra SLT Crew Cab 2WD $1,595
Nissan Altima 3.5 SR 4-Dr Sedan $1,587
Jeep Wrangler Sahara 4WD 2-Dr $1,592
Toyota RAV4 2WD $1,618
Chevrolet Impala LS $1,630
Toyota Tacoma Double Cab TRD Sport Package 4WD $1,650
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Premium data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Alaska minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, safe-driver, and homeowner. Premium amounts do not factor in specific location information which can modify insurance rates greatly.

Based upon the rates shown, models like the Ford Escape, Honda CR-V, and Chevrolet Malibu are likely to be the most budget-friendly vehicles to insure for the unemployed.

Establishing which insurers offer the cheapest auto insurance rates for unemployed drivers will take more time in order to find coverage that fits your budget. Every insurance provider has a unique approach to set premium rates, so we’ll take a look at the auto insurance companies with the most affordable rates in Alaska.

It’s important that you understand Anchorage auto insurance rates are determined by lots of factors which can significantly increase or decrease the price you pay. Improving your credit rating, buying a new vehicle, or getting a couple of tickets may cause policy rate changes resulting in some rates now being more affordable than others.

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Who has the cheapest car insurance in Alaska?
Rank Company Cost Per Year
1 Umialik $874
2 USAA $967
3 State Farm $975
4 Progressive $1,260
5 GEICO $1,962
6 Allstate $2,374
7 Safeco $2,426
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Umialik generally has some of the most affordable car insurance rates in Anchorage at around $874 annually. USAA, State Farm, Progressive, and GEICO also are some of the most economical Anchorage, AK auto insurance companies.

As the example above demonstrates, if you buy coverage from USAA and switched to Umialik, you may realize a yearly price reduction of in the vicinity of $93. Alaska drivers with State Farm may save as much as $101 a year, and Progressive policyholders might lower prices by $386 a year.

Be aware that those policy prices are averaged across all drivers and vehicles in Alaska and are not factoring in a specific location for unemployed drivers. So the company that has the lowest price for you may not even be in the list above. That points out the importance of why you need to get car insurance quotes using your own driver information and specific vehicle type.

The illustration below shows how choosing a deductible can impact insurance prices when getting quotes for cheap insurance for unemployed drivers. The rate quotes are based on a married female driver, full physical damage coverage, and no other discounts are factored in.

A 30-year-old driver could reduce rates by $292 a year by increasing from a $100 deductible up to a $500 deductible, or save $438 by choosing a $1,000 deductible. Even younger insureds, like the 20-year-old example, could possibly save as much as $624 each year by selecting a higher deductible.

If you make the decision to raise deductibles, it is important to have plenty of discretionary funds to satisfy the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.

Cost difference between full coverage and liability

Paying a lower price for auto insurance is probably important to most drivers, and a good way to find cheaper insurance for unemployed drivers is to only buy liability coverage. The diagram below illustrates the difference between auto insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Alaska. Data assumes a clean driving record, no at-fault accidents, $100 deductibles, drivers are single, and no discounts are factored in.

If averaged out across all ages, physical damage insurance costs an additional $2,095 per year more than buying just liability insurance. Many people question if you should buy full coverage. There isn’t a written rule for phasing out comprehensive and collision coverage on your policy, but there is a broad guideline. If the annual cost of your full coverage insurance is more than about 10% of the vehicle’s replacement cost less your deductible, the it may be a good time to stop paying for full coverage.

There are some situations where dropping full coverage is not advised. If you haven’t paid off your loan, you are required to maintain full coverage in order to satisfy the requirements of the loan. Also, if you don’t have enough money to buy a different vehicle in the even your car is totaled, you should not opt for liability only.

Driving violations and accidents

The recommended way to snag low auto insurance prices in Alaska for the unemployed is to be an attentive driver and maintain a clean driving record. The information below shows how violations and at-fault collisions can raise insurance costs for different age groups of insureds. The prices are based on a single female driver, comprehensive and collision coverage, $100 deductibles, and no discounts are factored in.

In the previous example, the average cost of a car insurance policy per year with no accidents or violations is $1,648. Get one speeding ticket and the average cost swells to $1,865, an increase of $217 each year. Then throw in one accident along with the one speeding ticket and the 12-month cost of auto insurance for unemployed drivers jumps again to an average of $2,485. That’s an increase of $837, or $70 per month, just for being a careless driver!

How to find budget-friendly auto insurance for unemployed drivers

Here are some money-saving solutions that can help Alaska drivers find cheaper coverage.

The last tip is notably crucial, as was emphasized in the prior information. Prices change frequently, so don’t be hesitant to buy from a new company if a lower-cost policy is available.

Many consumers stick with the same company and that’s fine, but is isn’t recommended if that dedication is costing thousands of dollars over the life of your policy. Take a couple minutes and shop around to find cheaper auto insurance for unemployed drivers in Anchorage.

If you would rather have the advice of a professional agent when shopping around for cheaper insurance for the unemployed, the professional agents shown below can probably provide answers to your questions and help you determine which car insurance company is the best fit. To locate an Anchorage auto insurance agent nearest to you, click the button at the bottom of the list or click here to compare price quotes.

Herb Schlereth – State Farm Insurance Agent
225 E Fireweed Ln #101Anchorage, AK 99503(907) 277-5548

Kent S Kallander Insurance Agency Inc
1317 W Northern Lights Blvd #9Anchorage, AK 99503(907) 563-1492

Allstate Insurance: Katrina J. Cain
540 Karluk StAnchorage, AK 99501(907) 274-2886

Allstate Insurance: Kay Rodriguez
5001 Arctic Blvd Ste 201Anchorage, AK 99503(907) 562-0003

Alaska Service Agency
6901 Debarr Road #201Anchorage, AK 99504(907) 337-2311

View map of Anchorage, AK insurance agents