The make and model of vehicle you are seeking coverage for is one of the main factors when comparing the lowest-priced insurance for drivers requiring a SR22. Vehicles with high performance, poor passenger safety features, or an increased likelihood of liability claims will cost much more to insure than more economical and safe models.
The list below ranks insurance premiums for a handful of the cheaper vehicles to insure in Alaska.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda Accord LX 4-Dr Sedan||$5,005|
|Honda CR-V EX 2WD||$5,160|
|Volkswagen Jetta S 2.5 Station Wagon||$5,502|
|Ford Escape Limited 4WD||$5,547|
|Ford F-150 XL Super Cab 2WD||$5,603|
|Ford Edge SE 2WD||$5,769|
|Chevrolet Silverado LS Regular Cab 4WD||$5,836|
|Ford Focus S 4-Dr Sedan||$5,873|
|Toyota Camry LE||$5,929|
|Toyota Tacoma Double Cab 4WD||$5,934|
|Ford Explorer Limited AWD||$5,988|
|Dodge Grand Caravan Crew||$5,997|
|Toyota RAV4 2WD||$6,111|
|Chevrolet Malibu LT||$6,170|
|Chevrolet Impala LTZ||$6,199|
|Honda Odyssey EX-L W/Navigation||$6,209|
|Chevrolet Silverado 2500HD LT Crew Cab 4WD||$6,258|
|Honda Civic EX 4-Dr Sedan||$6,333|
|Jeep Wrangler Unlimited Sahara 2WD 4-Dr||$6,384|
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Table data represents single male driver age 40, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Alaska minimum liability limits. Discounts applied include multi-vehicle, multi-policy, and homeowner. Rate information does not factor in specific location information which can modify auto insurance rates considerably.
Looking at the data, vehicles like the Honda Accord, Honda CR-V, Volkswagen Jetta, and Ford Escape will definitely be a few of the cheapest vehicles to insure for high risk drivers. Rates will tend to be higher because of the fact that there is more exposure for drivers requiring a SR22, but overall those specific models will have the lowest insurance prices compared to other vehicles.
Buying reasonably-priced insurance is not the easiest thing to do, and finding out which companies quote the best auto insurance rates for drivers requiring a SR22 will take even more perseverance. Each auto insurer has their own guidelines to set premium rates, so first let’s look at the rankings for the overall cheapest auto insurance companies in Anchorage.
Compare Cheap Insurance Quotes for SR22 Drivers
|Rank||Company||Cost Per Year|
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Umialik normally has some of the most affordable car insurance rates in Anchorage at around $874 each year. This is $669 less than the average price paid by Alaska drivers of $1,543. State Farm, USAA, Progressive, and GEICO are also some of the most economical Anchorage, AK auto insurance companies.
As the example above demonstrates, if you buy coverage from Progressive and switched to Umialik, you might realize annual savings of roughly $373. Customers with GEICO might save as much as $1,069 a year, and Allstate insureds might reduce prices by as much as $1,453 a year.
It’s important to note that these premiums are averaged for all ages of drivers and types of vehicles and and are not figured with an exact zip code location for drivers requiring a SR22. So the car insurance company that has the cheapest rates for you may not even be in the list above. That illustrates why you need to get rate quotes using your own driver data and vehicle information.
For high risk drivers, one of the big factors that determine car insurance rates is where you call home. Areas with high crime rates or more dense population are more likely to have higher rates, whereas areas with less crime or weather claims benefit from having to pay less for coverage.
The illustration below sorts the most expensive cities in Alaska for drivers requiring a SR22 in which to purchase auto insurance. Anchorage is listed at #5 with an annual premium of $1,256 on average, which is approximately $105 each month.
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Rates are approximated as zip code location can alter rates noticeably.
Discount Anchorage insurance rates
Insurance providers that offer coverage for drivers requiring a SR22 may also offer premium discounts that may potentially lower prices by as much as 25% or more if you meet specific eligibility requirements. A few popular companies and the discounts they provide are shown below.
- GEICO includes discounts for seat belt use, anti-lock brakes, air bags, membership and employees, daytime running lights, good student, and multi-policy.
- Travelers may offer discounts for home ownership, early quote, driver training, payment discounts, good student, new car, and multi-car.
- Nationwide has savings for good student, easy pay, business or organization, defensive driving, anti-theft, Farm Bureau membership, and family plan.
- Farmers Insurance may have discounts that include alternative fuel, electronic funds transfer, early shopping, distant student, homeowner, business and professional, and bundle discounts.
- Esurance offers discounts for paid-in-full, Switch & Save, homeowner, defensive driver, multi-policy, safety device, and renters.
- State Farm may include discounts for safe vehicle, student away at school, multiple policy, good driver, and accident-free.
- Progressive policyholders can earn discounts including online quote discount, multi-policy, continuous coverage, homeowner, good student, multi-vehicle, and online signing.
- Mercury Insurance discounts include type of vehicle, low natural disaster claims, age of vehicle, annual mileage, and good student.
The information below shows the comparison of car insurance rates with and without discounts being applied to the rates. The rates are based on a female driver, three traffic citations and two accidents, Alaska state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows the average rate with no discounts. The lower bar shows the rates with multiple vehicle, multiple policy, marriage, paid-in-full, vehicle safety, and paperless filing discounts applied. When discounts are applied, the average amount saved each year on auto insurance for drivers requiring a SR22 is 28% or $1,594.
Comparison of full coverage and liability-only policies
Buying cheaper auto insurance should be important to most vehicle owners, and one way to buy cheap insurance for drivers requiring a SR22 is to buy liability only. The chart below illustrates the comparison of insurance costs when comparing full coverage to liability only. The premiums assume no accidents or driving violations, $100 deductibles, single status, and no discounts are taken into consideration.
On average, comprehensive and collision coverage on your policy costs $2,095 per year more than buying just liability insurance. That is a large expense which might make you wonder if buying full coverage is a waste of money. There is no clear-cut rule of when to exclude physical damage insurance, but there is a general school of thought. If the annual cost of coverage is 10% or more of the settlement you would receive from your company, then it could be time to drop full coverage.
For example, let’s assume your vehicle’s settlement value is $4,000 and you have $1,000 deductibles. If your vehicle is totaled, the most you would receive is $3,000 after paying your deductible. If you are paying over $300 annually for comprehensive and collision coverage, then you may need to consider dropping full coverage.
Insuring your vehicle with the best auto insurance company can be challenging considering how many choices there are in Anchorage. The ranking information shown next can help you decide which providers you want to consider putting your business with.
These rankings are only made up of large, nationwide insurance companies, so companies that focus mainly on Alaska business are not factored into the list. To compare price quotes from the insurers below and more, simply click here.
Top 10 Large Auto Insurance Companies in Anchorage Ranked by Customer Satisfaction
- USAA – 94%
- AAA Insurance – 91%
- State Farm – 90%
- GEICO – 89%
- The Hartford – 89%
- The General – 88%
- 21st Century – 88%
- Allstate – 88%
- Liberty Mutual – 88%
- Esurance – 87%
Top 10 Large Auto Insurance Companies in Anchorage Ranked by Customer Service
- State Farm
- The Hartford
- The General
- American Family
- AAA Insurance
- Liberty Mutual
- Farmers Insurance