Locating affordable insurance is challenging, and determining which company has the lowest-priced auto insurance rates for drivers over age 60 involves even more perseverance. Each insurance company uses a little different formula for establishing rates, so let’s rank the auto insurance companies with the most affordable rates in Alaska.
Find Cheaper Auto Insurance for Age 60+
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Umialik | $892 |
| 2 | USAA | $929 |
| 3 | State Farm | $975 |
| 4 | Progressive | $1,260 |
| 5 | GEICO | $1,886 |
| 6 | Allstate | $2,327 |
| 7 | Safeco | $2,501 |
| Quote Your Rates Go | ||
Umialik generally has some of the most affordable car insurance rates in Anchorage at around $892 annually. This is $651 less than the average rate paid by Alaska drivers of $1,543. USAA, State Farm, Progressive, and GEICO would also make the list of some of the cheapest Anchorage, AK insurance companies.
In the above example, if you buy coverage from USAA and switched to Umialik, you could see an annual premium reduction of roughly $37. Drivers with State Farm may save as much as $83 a year, and Progressive customers might realize rate reductions of up to $368 a year.
To get a fast rate comparison, click here to start your custom quote or feel free to get quotes from the companies below.
It’s important to note that these policy prices are averaged across all insureds and vehicles and do not take into consideration an exact zip code location for drivers over age 60. So the insurer that is best for you may not even be in the list above. That underscores the importance of why you need to compare as many prices as possible using your own specific driver and vehicle information.
One of the more important factors that are looked at to determine car insurance rates is your address in Anchorage. Regions with more people or even just more weather-related claims tend to pay more, whereas more rural areas can boast about having cheaper rates.
The illustration below lists the highest-priced areas in Alaska for drivers over age 60 to buy car insurance in. Anchorage makes the list at #1 having an annual price of $1,295 for the average insured, which is about $108 per month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Anchorage | $1,295 |
| 2 | Fairbanks | $1,284 |
| 3 | Wasilla | $1,278 |
| 4 | Palmer | $1,265 |
| 5 | Meadow Lakes | $1,252 |
| 6 | College | $1,244 |
| 7 | Sterling | $1,238 |
| 8 | Nikiski | $1,226 |
| 9 | Homer | $1,226 |
| 10 | Kenai | $1,202 |
| 11 | Kodiak | $1,191 |
| 12 | Ketchikan | $1,035 |
| 13 | Juneau | $999 |
| 14 | Sitka | $967 |
| Quote Best Rates Go | ||
Annual rates are approximated as the specific geographic location can alter premium rates greatly.
Get discounts on Anchorage insurance rates
Insurers that provide coverage for drivers over age 60 may provide price discounts that can lower rates by 35% or more if you meet eligibility requirements. The best auto insurance companies and some of their more popular discounts are:
- GEICO has savings for anti-theft, multi-policy, driver training, federal employee, multi-vehicle, seat belt use, and daytime running lights.
- SAFECO offers discounts including teen safe driver, anti-theft, safe driver, drive less, homeowner, teen safety rewards, and bundle discounts.
- State Farm may offer discounts for multiple policy, driver’s education, passive restraint, good student, student away at school, Drive Safe & Save, and good driver.
- MetLife discounts include multi-policy, good driver, defensive driver, good student, and accident-free.
- 21st Century policyholders can earn discounts including teen driver, air bags, 55 and older, homeowners, defensive driver, and automatic seat belts.
- Progressive may have discounts that include online signing, online quote discount, homeowner, good student, continuous coverage, and multi-vehicle.
The chart below shows the difference between annual premium costs with and without discounts. The premium estimates are based on a male driver, no accidents, no driving violations, Alaska state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows the average annual price with no discounts. The second bar shows the rates with defensive driving course, multiple vehicle, marriage, anti-theft, accident-free, and passive restraint discounts applied. When taking advantage of discounts, theamount saved on auto insurance for drivers over age 60 is 30% or $521.
Does it make sense to buy full coverage?
Saving money on auto insurance should be important to most drivers, and a great way to save on the cost of insurance for drivers over age 60 is to buy only liability coverage. The chart below shows the comparison of auto insurance rates with full coverage compared to only the Alaska minimum liability coverage. The premiums are based on no claims, a clean driving record, $1,000 deductibles, drivers are not married, and no discounts are applied to the premium.
If averaged for all ages, comprehensive and collision coverage on your policy costs $1,148 per year more than insuring for liability only. That is a significant amount which raises the question when is the right time to remove full coverage. There is no clear-cut rule for eliminating comprehensive and collision coverage on your policy, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is more than 10% of the vehicle’s replacement cost less your deductible, then you may need to consider dropping full coverage.
There are a few cases where dropping physical damage coverage is not advised. If you still owe a portion of the original loan, you have to maintain full coverage as part of the loan requirements. Also, if you can’t afford to buy a different vehicle if your current one is in an accident, you should not buy liability only.
If you aren’t sure which coverage to buy and prefer to get some professional advice when shopping for the best coverage for older drivers, the agents below can most likely help you make a decision which car insurance policy is best. To locate an agency by location nearest to you, click the button at the bottom.
Stacey Roy – State Farm Insurance Agent
9220 Lake Otis Pkwy Ste A6 – Anchorage, AK 99507 – (907) 345-0505
Allstate Insurance: Ronald Samber
1731 Bragaw St – Anchorage, AK 99508 – (907) 333-4566
Dewar Insurance Agency
205 E Benson Blvd – Anchorage, AK 99503 – (907) 258-8888
View more Anchorage, AK insurance agents
How to find economical car insurance for drivers over age 60
The list below summarizes many penny-pinching suggestions that can help Alaska drivers find cheaper coverage.
- Good credit scores may lower your rates
- Raise deductibles to save money
- Avoid preventable accidents
- Do not get traffic violations
- Safer vehicles generally have cheaper insurance rates
- Ensure you have the best deal by shopping around regularly
The last item on the list is highly vital, as was stressed in the prior article. Auto insurance rates in Anchorage change constantly, so don’t be tentative to buy a policy from a new company if a better deal can be had. Being loyal to a particular company is commendable, but it’s not a good idea if that devotion results in you overpaying potentially thousands of dollars a year. If you have a few minutes, compare rates and find cheaper auto insurance for drivers over age 60.