The words “low-cost” and “insurance” really shouldn’t be used in the same sentence, especially when looking for the lowest insurance prices for real estate agents. Because of the high cost, let’s lead off by showing you some things that have a considerable impact on auto insurance prices, and come up with some ideas to reduce the cost of your next policy.
The vehicle requiring insurance is probably the largest consideration when looking for the most economical coverage for real estate agents. Vehicles with limited speed and performance, a great safety record, or a low likelihood of having liability claims will cost substantially less to insure than high performance models. The information below features coverage premiums for the most economical automobiles to buy insurance for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Toyota Prius | $1,632 |
| Dodge Grand Caravan SE | $1,646 |
| Jeep Wrangler Sport 4WD 2-Dr | $1,657 |
| Honda CR-V EX 2WD | $1,659 |
| Volkswagen Jetta 2.0T Station Wagon | $1,725 |
| Chevrolet Equinox LS AWD | $1,741 |
| Toyota RAV4 Sport 4WD | $1,748 |
| Ford Explorer Eddie Bauer 4WD | $1,774 |
| Ford Escape Limited 4WD | $1,793 |
| Honda Odyssey EX-L W/Navigation | $1,834 |
| Nissan Altima 3.5 SR 4-Dr Sedan | $1,867 |
| Ford Focus S 4-Dr Sedan | $1,876 |
| Ford F-150 XL Regular Cab 4WD | $1,872 |
| Toyota Tacoma 4WD | $1,881 |
| Chevrolet Malibu LS | $1,905 |
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Above prices assume single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Alaska minimum liability limits. Discounts applied include safe-driver, homeowner, multi-policy, claim-free, and multi-vehicle. Premium amounts do not factor in specific Anchorage, AK garaging location which can lower or raise coverage prices noticeably.
Looking at the data, cars like the Toyota Prius, Dodge Grand Caravan, and Jeep Wrangler are going to be the less-costly vehicles to insure for realtors.
Comparing quotes for low-cost car insurance is challenging, and figuring out which companies offer the best car insurance rates for real estate agents involves even more rate comparisons. Each insurance company has a proprietary formula for setting rates, so we’ll go over the most competitive car insurance companies in Anchorage.
Compare Cheap Insurance Quotes for Realtors
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Umialik | $874 |
| 2 | State Farm | $965 |
| 3 | USAA | $967 |
| 4 | Progressive | $1,260 |
| 5 | GEICO | $1,943 |
| 6 | Allstate | $2,303 |
| 7 | Safeco | $2,526 |
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Umialik quotes some of the cheapest car insurance rates in Anchorage at around $874 annually. State Farm, USAA, Progressive, and GEICO also rank well as some of the best Anchorage, AK auto insurance companies.
As shown in the rates above, if you are currently insured with USAA and switched to Umialik, you might see an annual premium reduction of in the vicinity of $93. Drivers with Progressive might save as much as $386 a year, and GEICO policyholders might realize rate reductions of up to $1,069 a year.
To see if your current coverage is too expensive, click here to get a free quote or quote prices from the following companies.
These rates are averages across all types of insureds and vehicles and and are not figured with an exact vehicle garaging location for real estate agents. So the auto insurance company that can offer you the best price may not even be in the list above. That is why you need to get rate quotes using your own driver and vehicle profiles.
For realtors, one of the big factors that are looked at to help calculate insurance cost is where you call home. Areas with more people or even just a higher incidence of claims tend to have more expensive car insurance rates, whereas areas with less people or fewer weather incidents can boast about having cheaper rates.
The following table ranks the most costly cities in Alaska for real estate agents to purchase car insurance in. Anchorage is ranked at #2 with a yearly premium of $1,256 for coverage, which is approximately $105 monthly.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Wasilla | $1,278 |
| 2 | Anchorage | $1,256 |
| 3 | Meadow Lakes | $1,252 |
| 4 | Palmer | $1,252 |
| 5 | College | $1,244 |
| 6 | Sterling | $1,238 |
| 7 | Nikiski | $1,238 |
| 8 | Fairbanks | $1,234 |
| 9 | Homer | $1,202 |
| 10 | Kenai | $1,190 |
| 11 | Kodiak | $1,167 |
| 12 | Ketchikan | $1,055 |
| 13 | Juneau | $1,009 |
| 14 | Sitka | $987 |
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Premium amounts are comparative as the specific garaging location can raise or lower price quotes greatly.
The illustration below shows how choosing a deductible can increase or decrease yearly insurance costs when quoting cheap insurance for real estate agents. The price estimates are based on a married male driver, comprehensive and collision coverage, and no other discounts are factored in.
The chart above illustrates that a 30-year-old driver could lower their policy premium by $210 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $318 by switching to a $1,000 deductible. Even younger insureds, like the 20-year-old, can cut $630 each year by using a higher deductible.
When insureds make the decision to increase the deductibles on their policy, it is essential to have additional savings on hand to allow you to cover the extra out-of-pocket expense, which is the main drawback of higher deductibles.
Liability rates compared to full coverage
Paying a lower price for car insurance is important to most drivers, and one great way to buy cheaper insurance for real estate agents is to only pay for liability coverage. The diagram below visualizes the comparison of insurance costs with liability coverage only compared to full coverage. The premium estimates are based on no claims, a clean driving record, $1,000 deductibles, marital status is single, and no discounts are taken into consideration.
On average, comp and collision coverage costs an extra $1,148 per year more than just buying liability only. That is a significant amount which raises the question if full coverage is worth the money. There is no exact formula to exclude physical damage coverage on your policy, but there is a general guideline. If the yearly cost of comp and collision coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, the it may be a good time to stop paying for full coverage.
For example, let’s say your vehicle’s book value is $5,500 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $4,500 after the policy deductible has been paid. If premium cost is more than $450 annually for your policy with full coverage, then it could be time to drop full coverage.
There are a few situations where removing full coverage is not a good idea. If you still owe money on your vehicle, you have to maintain full coverage as part of the loan conditions. Also, if you don’t have enough money to buy a different vehicle if your current one is in an accident, you should not buy liability only.
Discount Anchorage car insurance
Car insurance companies that provide coverage for real estate agents may additionally offer premium discounts that can reduce rates by as much as 40% or more if you meet specific criteria. Larger car insurance companies and their possible discounts can be found below.
- State Farm may offer discounts for Drive Safe & Save, anti-theft, good student, driver’s education, defensive driving training, multiple autos, and Steer Clear safe driver discount.
- American Family discounts include defensive driver, early bird, accident-free, mySafetyValet, good student, and good driver.
- AAA policyholders can earn discounts including good driver, good student, pay-in-full, education and occupation, anti-theft, and AAA membership discount.
- GEICO may include discounts for air bags, anti-theft, emergency military deployment, multi-policy, membership and employees, daytime running lights, and driver training.
- Mercury Insurance offers premium reductions for age of vehicle, professional/association, annual mileage, ease of repair, multi-car, and type of vehicle.
- Farmers Insurance has savings for early shopping, alternative fuel, bundle discounts, distant student, electronic funds transfer, and mature driver.
- Progressive includes discounts for online quote discount, multi-policy, homeowner, good student, continuous coverage, multi-vehicle, and online signing.
The example below shows the comparison of auto insurance costs with and without some available policy discounts. The prices are based on a male driver, no driving violations, no at-fault accidents, Alaska state minimum liability limits, full physical damage coverage, and $250 deductibles.
The first bar for each age group shows the price with no discounts. The second bar shows the rates with multiple vehicle, safe-driver, marriage, vehicle safety, defensive driving course, and multiple policy discounts applied. When these discounts are applied to the policy premium, the average savings per year on car insurance for real estate agents is 27% or $394.
You may be paying too much for car insurance
Anchorage car insurance rates are determined by lots of factors that can increase the price you have to pay. Simply improving your credit, moving to a new city, or having an accident can trigger price changes that can now make some companies more affordable than competitors. Not only may your situation change, but auto insurance companies change the rates they charge in Alaska multiple times each year as an adjustment for underwriting gains or losses. Significantly higher losses may result in rate increases, while profitable underwriting can produce cheaper Anchorage car insurance rates.
To help illustrate this point, the graph below compares the cheapest car insurance in Anchorage, AK for a 45-year-old male driver with a clear driving record, no claims, and excellent credit. When comparing rates based on his current risk profile, Umialik might quote the best car insurance rates in Anchorage at $1,183 per year. This is $360 less than the average price 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.
Now we will pretend the driver from the first set of rates an accident surcharge, poor credit, and a speeding citation. Since each auto insurer has their own process for determining rates in each state, analyzing rates may now present a different ranking of cheap Anchorage auto insurance companies as shown below.
USAA now has the lowest price in Anchorage, AK with State Farm, Umialik, Progressive, and Safeco now rounding out the top five. This example proves why it is critical to compare lots of rates when trying to get the cheapest auto insurance rates for real estate agents.
Car insurance prices can be altered by many factors and can change substantially, so the cheapest rate two years ago may now cost much more than other companies.