The words “low-cost” and “auto insurance” really shouldn’t be used together, specifically when you are shopping around for the cheapest auto insurance for drivers with accidents. To save some money, let’s go over a few of the factors that influence car insurance prices, and see if you can slash the price of the next policy you buy.
One of the many considerations that determine the cost of insurance is where you live in Anchorage. More densely populated places likely pay more, whereas more rural areas tend to receive slightly lower rates.
The table below shows the highest-priced areas in Alaska for drivers with accidents to buy car insurance in. Anchorage makes the list at #1 with a yearly premium of $1,308 for car insurance, which is about $109 monthly.
|Rank||City||Average Per Year|
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Table data uses estimated as zip code location can revise premium rates significantly.
The make and model of vehicle you are seeking coverage for is one of the main factors when shopping for cheaper insurance for drivers with accidents. Vehicles with high performance engines, poor safety features, or an increased likelihood of liability claims will cost significantly more to insure than more modest models. The next table features insurance prices for a selection of the most affordable vehicles to insure in Alaska.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Hyundai Elantra GLS Touring Station Wagon||$3,236|
|Honda Accord LX-P 4-Dr Sedan||$3,381|
|Ford Escape XLS 4WD||$3,431|
|Honda CR-V EX-L 2WD||$3,483|
|Ford F-150 STX Super Cab 2WD||$3,593|
|Ford Edge SE 2WD||$3,599|
|Toyota Tacoma 4WD||$3,635|
|Honda Odyssey LX||$3,817|
|Chevrolet Equinox LT AWD||$3,835|
|Honda Civic EX 4-Dr Sedan||$3,992|
|Chevrolet Malibu Hybrid||$4,011|
|Volkswagen Jetta LE 4-Dr Sedan||$4,021|
|Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr||$4,032|
|Toyota RAV4 2WD||$4,069|
|Chevrolet Impala LT||$4,079|
|Ford Explorer Limited AWD||$4,121|
|Dodge Grand Caravan SXT||$4,127|
|Ford Focus SEL 4-Dr Sedan||$4,176|
|Dodge Ram Quad Cab ST 2WD||$4,202|
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Prices based on single male driver age 30, no speeding tickets, two at-fault accidents, $1,000 deductibles, and Alaska minimum liability limits. Discounts applied include homeowner, multi-vehicle, and multi-policy. Estimates do not factor in garaging location in Anchorage, AK which can alter premiums noticeably.
Looking at the rates, we can assume that models like the Hyundai Elantra, Honda Accord, and Ford Escape are likely to be the cheaper vehicles to insure for drivers with at-fault accidents. The price for car insurance will trend higher just because there is more liability risk for drivers with accidents, but generally speaking those specific models will most likely have the best insurance prices compared to other types of vehicles.
Finding out which companies have the most affordable car insurance rates for drivers with accidents will take more work in order to find the lowest price. Every car insurance company uses their own calculation to set premium rates, so let’s take a look at the car insurance companies that tend to have lower prices in Anchorage, AK.
Cheapest Insurance Rates for Accident Prone Drivers
|Rank||Company||Cost Per Year|
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Umialik normally has some of the cheapest car insurance rates in Anchorage at around $874 per year. USAA, State Farm, Progressive, and GEICO also are some of the best Anchorage, AK insurance companies.
As illustrated above, if you currently have a policy with State Farm and switched to Umialik, you may see an annual savings of around $91. Alaska drivers with Progressive could save as much as $349 a year, and GEICO insureds might cut rates by $1,012 a year.
These premiums are averaged for all drivers and vehicles and are not factoring in a specific location for drivers with accidents. So the insurer that has the cheapest price for you may not even be in the list above. That underscores the importance of why you need to get rate quotes from many companies using your own specific driver and vehicle information.
Driving violations and accidents
The obvious way to score affordable car insurance premiums in Alaska for drivers with at-fault accidents is to drive safely and avoid accidents and traffic violations. The illustration below demonstrates how citations and accident claims can increase premium costs for different insured age categories. The rate quotes are based on a married female driver, comp and collision included, $500 deductibles, and no other discounts are factored in.
In the example above, the average cost of an auto insurance policy in Anchorage per year with a clean driving record and no accidents is $1,087. Factor in one speeding ticket and the average cost swells to $1,267, an increase of $180 each year. Then throw in two accidents along with the one speeding ticket and the 12-month cost of car insurance for drivers with accidents goes up to an average of $2,813. That’s an increase of $1,726, or $144 per month, just for being a little careless behind the wheel!
Buying coverage from the highest-rated insurer is difficult considering how many companies are available to choose from in Anchorage. The company rank data in the next section may help you pick which auto insurers you want to consider comparing rate quotes with. The rankings below are only made up of the largest companies in the United States, so companies without a large exposure are not taken into consideration for the list.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
Price comparison of only insuring for liability
Finding the cheapest car insurance is probably important to the majority of people, and one of the quickest ways to buy cheaper insurance for drivers with accidents is to only buy liability coverage. The diagram below compares auto insurance costs with full coverage and liability only. The data is based on no claims or driving violations, $1,000 deductibles, drivers are single, and no discounts are applied.
If we average all the age groups together, full coverage on your policy costs $1,550 per year more than just buying liability insurance. At some point, almost every driver questions when is it a good idea to stop buying full coverage. There is no exact formula of when to exclude full coverage on your policy, but there is a guideline you can consider. If the annual cost of your full coverage insurance is more than 10% of any settlement you would receive from your insurance company, then you might want to consider buying only liability coverage.