For older drivers, one of the more important criteria that determine the price you pay for insurance is the neighborhood you call home in Anchorage. Regions with more people or even just more weather-related claims tend to pay slightly more, whereas areas with less congestion benefit from having to pay less for coverage.
The information below shows the priciest cities in Alaska for drivers over age 50 to buy an auto insurance policy in. Anchorage makes the list at #1 with a yearly premium of $1,308 for the average policy, which is about $109 each month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Anchorage | $1,308 |
| 2 | Wasilla | $1,266 |
| 3 | Meadow Lakes | $1,265 |
| 4 | Palmer | $1,252 |
| 5 | Fairbanks | $1,234 |
| 6 | College | $1,232 |
| 7 | Homer | $1,226 |
| 8 | Kodiak | $1,203 |
| 9 | Sterling | $1,202 |
| 10 | Nikiski | $1,202 |
| 11 | Kenai | $1,190 |
| 12 | Ketchikan | $1,066 |
| 13 | Juneau | $999 |
| 14 | Sitka | $987 |
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Price information shown is estimated as specific location information can affect prices substantially.
The vehicle model that needs insurance is one of the primary factors when looking for the lowest-priced coverage for drivers over age 50. Vehicles with lower acceleration and performance, an excellent safety record, or a track record of few liability claims will cost quite a bit less to insure than fast, unsafe models.
The next list illustrates coverage costs for the most budget-friendly vehicles to insure.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLS 2WD | $1,436 |
| Honda CR-V EX-L 4WD | $1,469 |
| Ford F-150 XL Regular Cab 2WD | $1,482 |
| Honda Accord EX-L 4-Dr Sedan | $1,560 |
| Toyota Prius | $1,593 |
| Dodge Grand Caravan CV | $1,606 |
| Toyota Tacoma 4WD | $1,611 |
| Ford Explorer XLT 4WD | $1,606 |
| Ford Focus SE 4-Dr Sedan | $1,666 |
| Chevrolet Equinox LS 2WD | $1,698 |
| Toyota RAV4 Limited 4WD | $1,705 |
| Toyota Camry LE | $1,698 |
| Volkswagen Jetta S 4-Dr Sedan | $1,704 |
| Jeep Wrangler Unlimited Sport 2WD 4-Dr | $1,717 |
| Honda Civic LX-S 4-Dr Sedan | $1,757 |
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Prices based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Alaska minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, safe-driver, and homeowner. Rate information does not factor in vehicle garaging location which can influence price quotes greatly.
Based upon the table data, you can infer that models like the Ford Escape, Honda CR-V, and Ford F-150 will be a few of the less-costly vehicles to insure for older drivers.
The chart below demonstrates how deductible levels can change insurance premiums when trying to find cheap insurance for drivers over age 50. Data assumes a single male driver, comprehensive and collision coverage, and no discounts are taken into consideration.
In the chart above, a 30-year-old driver could reduce rates by $252 a year by increasing from a $100 deductible to a $500 deductible, or save $380 by changing to a $1,000 deductible. Young drivers, like the Age 20 chart data, could reduce their rates $732 annually by using a higher deductible.
If you do make the decision to raise your deductibles, it will now be necessary to have enough spare savings to enable you to pay the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.
Full coverage rates compared to liability-only
Reducing premiums for auto insurance is important to most vehicle owners, and an easy way to lower the cost of insurance for drivers over age 50 is to not pay for full coverage. The diagram below shows the difference between insurance prices when comparing full coverage to liability only. The costs are based on no claims or violations, $100 deductibles, marital status is single, and no additional discounts are factored in.
On average, comp and collision coverage costs an additional $2,095 per year over and above liability only. That may make you wonder if buying full coverage is worth the expense. There is no definitive formula to delete comprehensive and collision coverage on your policy, but there is a general school of thought. If the annual cost of coverage is about 10% or more of any settlement you would receive from your insurance company, then it might be time to buy liability only.
What aren’t you shopping around?
Anchorage, AK auto insurance rates are influenced by many factors that will increase or decrease the cost of coverage. Simply turning a year older, buying another vehicle, or getting a couple of tickets may generate price changes that may make certain companies cheaper than competitors. Not only may things change on your end, but companies modify rates at least once a year in order to maintain liquidity for claims. Significantly higher claims may cause rate hikes, while lower claim expenses may result in more affordable Anchorage car insurance rates.
For instance, the bar chart below shows which company has the cheapest car insurance in Anchorage, AK for a 30-year-old male driver with no prior accidents, a clean driving record, and solid credit. Based on his current situation, Umialik might offer the best car insurance rates in Anchorage at $1,180 a year. This is $363 less than the average policy premium paid by Alaska drivers of $1,543. USAA, State Farm, Progressive, and GEICO round out the rest of the most affordable Anchorage, AK auto insurance companies.
The example below compares rates after we give the driver in the first chart an accident claim, a little lower credit rating, and a traffic citation. Since each auto insurance company uses their own formula to set premium rates, comparing rates may result in a different list of cheap Anchorage auto insurance companies as shown below.
State Farm now has the cheapest price in Anchorage with USAA, Umialik, Progressive, and Safeco also being competitive. This illustrates why consumers need to compare many different companies when trying to find the most economical insurance quotes for drivers over age 50.
Insurance prices can be determined by many different factors and can change substantially, so the cheapest company three years ago may now be quite expensive.
Tips for finding low-cost car insurance for drivers over age 50
The list below summarizes some of the recommended penny-pinching suggestions that can help Alaska drivers quote lower-cost auto insurance.
- Drive safely
- Buying home and auto insurance together can earn discounts
- Do not get into accidents that are your fault
- Discounts for being claim-free can be substantial
- Lower rates by purchasing a safer vehicle
- Compare quotes from other companies often
The last tip in the list is highly valuable, as we hit on in the article above. Car insurance prices in Anchorage fluctuate constantly, so drivers shouldn’t hesitate to buy from a new company if a cheaper rate is available.
Many drivers prefer to stick with one company, but it isn’t a good idea if that faithfulness ends up costing you a fortune every year. Take a few minutes and compare rates and find cheaper car insurance for drivers over age 50.
If you prefer to get help from a professional when comparing insurance rates for older drivers, the agents below are willing to help you decide which policy is best. To find an Anchorage insurance agent close to where you live, click the button link following the list or click here to compare rates now.
- Allstate Insurance: Stanley Tebow
8201 Old Seward Hwy a – Anchorage, AK 99518 – (907) 344-3301 - Marsh Mc Lennan Agency
1031 W 4th Ave #400 – Anchorage, AK 99501 – (907) 276-5617 - Alaskan General Insurance
1400 W Benson Blvd # 500 – Anchorage, AK 99503 – (907) 297-4500