Figuring out which insurers offer the lowest-priced auto insurance rates after a speeding ticket takes a bit more effort than just getting one or two price quotes. Every auto insurer has a unique approach for setting prices, so let’s take a look at the most competitive auto insurance companies in Anchorage.
Keep in mind that Alaska auto insurance rates are impacted by many factors that control the policy price. Simply turning a year older, becoming a homeowner, or getting a couple of tickets may prompt premium changes that can cause some rates to be cheaper than competitors.
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|Rank||Company||Cost Per Year|
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Umialik may offer some of the most affordable car insurance rates in Anchorage at around $901 each year. USAA, State Farm, Progressive, and GEICO also rank well as some of the best Anchorage, AK car insurance companies.
As depicted above, if you are a policyholder with Progressive and switched to Umialik, you might realize a yearly savings of in the vicinity of $359. Customers with GEICO might save as much as $1,004 a year, and Allstate policyholders might reduce prices by as much as $1,402 a year.
Be aware that those prices are averages for all insureds and vehicles and and are not calculated with a specific vehicle garaging location after a speeding ticket. So the auto insurance company that can offer you the best rate may not even be in the list above. That points out the importance of why you need to compare rates from as many companies as possible using your own personalized driver profile and vehicle information.
The car, truck, or SUV you are trying to insure is a significant factor when comparing quotes for affordable coverage after a speeding ticket. Vehicles with high performance, a lack of advanced safety features, or a track record of large liability claims will cost quite a bit more to insure than safer models.
The information below shows coverage rates for some of the more affordable vehicles to insure in Alaska.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$2,288|
|Dodge Grand Caravan SE||$2,324|
|Ford Explorer XLT 4WD||$2,330|
|Honda CR-V LX 4WD||$2,406|
|Honda Odyssey EX W/Rear Entertainment||$2,408|
|Toyota Tacoma 2WD||$2,415|
|Toyota RAV4 4WD||$2,457|
|Chevrolet Impala LT||$2,462|
|Toyota Corolla S||$2,591|
|Hyundai Elantra GLS 4-Dr Sedan||$2,601|
|Nissan Rogue S 2WD||$2,630|
|Ford Edge SEL AWD||$2,657|
|Volkswagen Jetta LE 4-Dr Sedan||$2,709|
|Toyota Camry LE||$2,718|
|Ford F-150 XLT Super Cab 4WD||$2,753|
|Ford Focus SE 2-Dr Coupe||$2,764|
|Hyundai Sonata SE 4-Dr Sedan||$2,769|
|Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr||$2,785|
|Honda Accord EX-L 2-Dr Coupe||$2,810|
|Nissan Altima 2.5 S 4-Dr Sedan||$2,857|
|Dodge Ram 3500 Mega Cab SLT 2WD||$2,865|
|Dodge Ram Quad Cab ST 2WD||$2,892|
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Data based on single female driver age 40, two speeding tickets, no at-fault accidents, $1,000 deductibles, and Alaska minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, and homeowner. Rates do not factor in specific zip code location which can modify premiums considerably.
Looking at the data, you can infer that makes and models like the Ford Escape, Dodge Grand Caravan, Ford Explorer, and Honda CR-V are the cheaper vehicles to insure after a few driving violations.
The diagram below shows how different deductible levels can influence insurance rates when searching for cheap insurance after a speeding ticket. The costs are based on a single female driver, comp and collision included, and no discounts are applied to the premium.
The chart above illustrates that a 30-year-old driver could pocket $246 a year by increasing from a $100 deductible to a $500 deductible, or save $372 by selecting a $1,000 deductible. Even younger drivers, like the 20-year-old, could roll back prices up to $548 each year by choosing a higher deductible. If you do make the decision to raise your deductibles, it will be required to have enough spare savings to cover the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.
Full coverage versus liability only rates
Saving on auto insurance is probably important to the majority of drivers, and one way to pay less for insurance after a speeding ticket is to only pay for liability coverage. The illustration below compares insurance rates with full physical damage coverage compared to only buying liability only. The premium estimates are based on no tickets, no at-fault accidents, $500 deductibles, drivers are single, and no other discounts are factored in.
Averaged out for all age groups, physical damage coverage on your policy costs $1,409 per year more than just buying liability only. That is a big expense that brings up the question if buying full coverage is a good investment. There is no specific rule of when to stop paying for comp and collision coverage, but there is a general school of thought. If the annual cost of your full coverage insurance is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then you might want to think about dropping full coverage.
For example, let’s pretend your vehicle’s claim settlement value is $10,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $9,000 after paying your policy deductible. If it’s costing in excess of $900 annually to have full coverage, the it may be a good time to stop paying for full coverage.
There are some circumstances where eliminating full coverage is not in your best interest. If you haven’t satisfied your loan, you have to carry full coverage to protect the lienholder’s interest. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should not consider dropping full coverage.
The importance of shopping around
Alaska auto insurance rates are influenced by many factors that will increase or decrease the policy premium. Simply turning a year older, increasing deductibles, or getting a few speeding tickets can trigger changes in premium resulting in some companies being cheaper than others. And not only may your rating factors change, but insurers amend premium rates at least once a year in order to be able to pay unexpected claims. Higher than usual claims may result in more expensive prices, while a better loss history may produce cheaper Anchorage car insurance rates.
To illustrate this point, the bar chart below analyzes the cheapest car insurance in Anchorage, AK for a 35-year-old female driver with no accidents, a clean driving record, and a decent credit rating. When comparing rates based on her current rating profile, Umialik has the best car insurance rates in Anchorage at $1,219 annually. This is $324 less than the average rate paid by Alaska drivers of $1,543. USAA, State Farm, Progressive, and GEICO also make the list of the cheapest Anchorage, AK auto insurance companies.
In this next rate comparison, we will give the driver from the first example an accident surcharge, a lower credit rating, and an imperfect driving record. Since every insurance provider has their own process for determining rates in each state, analyzing rate quotes could now result in a new list of affordable Anchorage car insurance companies as shown below.
USAA now has the cheapest auto insurance in Anchorage with State Farm, Umialik, Progressive, and Safeco now being in the top five. This shows why it is crucial to do a thorough rate comparison when trying to find the most budget-friendly auto insurance quotes after a speeding ticket.
Insurance rates are calculated by many things and can decrease or increase without notice, so the lowest-price company three years ago may now be an over-priced policy.
If you aren’t sure which coverage to buy and prefer to have a professional recommendation when buying car insurance after a few driving violations, the insurance agencies below can aid you in deciding which coverage fits your budget. To locate an Anchorage insurance agent close to you, click the button following the list.
Herb Schlereth – State Farm Insurance Agent
225 E Fireweed Ln #101 – Anchorage, AK 99503 – (907) 277-5548
Allstate Insurance: William R. McVitty
550 E Tudor Rd Ste 201 – Anchorage, AK 99503 – (907) 563-9690
Allstate Insurance: Ann T. Steck-Nale
1120 Huffman Rd, Ste A21 – Anchorage, AK 99515 – (907) 333-4411
State Farm Insurance Companies Agent
3900 Arctic Blvd #102 – Anchorage, AK 99503 – (907) 563-3188
How to find economical car insurance after a speeding ticket
The list below shows a few thrifty suggestions that can help Alaska drivers buy cheap car insurance.
- Drive a car with a high safety rating
- Avoid having at-fault accidents
- Violations and traffic tickets increase rates
- Buy your homeowners policy from the same company as your auto insurance
- Drop full coverage on older vehicles
- Earn a discount by not filing claims
- Shop around for cheaper prices
The last tip is remarkably valuable, as was noted in the article above. Car insurance rates vary greatly, so drivers shouldn’t be reluctant to switch to a new company if a lower-cost policy is available. Sticking with a specific company is fine, but it’s not recommended if your bullheadedness ends up costing you a wad of cash every year. It only take a few minutes to shop around and find cheaper insurance after a speeding ticket in Anchorage.