Who Has the Cheapest Auto Insurance for Homeowners in Anchorage?

The car, truck, or SUV that needs insurance is a large consideration when looking for low-cost car insurance for homeowners. Vehicles with lots of horsepower, a lack of modern safety features, or high incidents of liability claims will cost much more to insure than more economical and safe models.

The next list shows coverage costs for a handful of the most affordable vehicles to insure.

Premium data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Alaska minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, safe-driver, and claim-free. Table data does not factor in vehicle location which can modify premium rates greatly.

Based upon the table data, we can presume that makes and models like the Honda CR-V, Honda Accord, and Ford Explorer will definitely be the most budget-friendly vehicles to insure for people who own their homes.

Deciding which companies have the cheapest auto insurance rates for homeowners takes a little more effort in order to find coverage that fits your budget. Every insurance company has their own guidelines for filing rates in each state, so let’s rank the auto insurance companies with the overall best prices in Anchorage.

Best Cheap Insurance Rates for Homeowners

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Umialik has some of the lowest 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. USAA, State Farm, Progressive, and GEICO would also be considered some of the most economical Anchorage, AK insurance companies.

In the above example, if you have coverage with Progressive and switched to Umialik, you may see an annual premium reduction of in the neighborhood of $373. Alaska drivers with GEICO may save as much as $1,069 a year, and Allstate insureds might reduce rates by $1,429 a year.

These prices are averaged across all ages of drivers and types of vehicles and are not factoring in an exact zip code location for homeowners. So the insurer that fits your situation best may not even be in the list above. That’s why you need to get car insurance quotes using your own individual information.

The example below illustrates how your choice of deductibles can raise or lower yearly insurance costs when getting quotes for cheap insurance for homeowners. The premiums are based on a single female driver, full coverage, and no other discounts are factored in.

The chart above illustrates that a 50-year-old driver could pocket $218 a year by increasing from a $100 deductible up to a $500 deductible, or save $326 by choosing a $1,000 deductible. Younger drivers, like the age 20 example, could reduce their rates as much as $548 or even more by using higher deductibles when buying full coverage.

If you make the decision to raise deductibles, it will be important to have additional funds squirreled away to allow you to pay the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.

Cost of full coverage

Saving money when shopping for auto insurance is probably important to the majority of vehicle owners, and an easy way to find cheap insurance for homeowners is to not pay for full coverage. The example below illustrates the comparison of annual premium costs with full physical damage coverage compared to only buying the minimum liability limits required in Alaska. The rate quotes are based on no claims, a clean driving record, $500 deductibles, single marital status, and no additional discounts are factored in.

If we average the cost for ages 20 through 70, full coverage costs an additional $1,409 per year over and above liability only. That proposes the question if paying for full coverage is worth it. There is no clear-cut formula to delete physical damage coverage on your policy, but there is a general guideline. If the annual cost of your full coverage insurance is more than around 10% of the vehicle’s replacement cost less your deductible, then you might want to think about dropping full coverage.

Shop around and save

Anchorage, AK auto insurance rates are calculated based on many things that will increase or decrease the price of your policy. Getting older, having a claim, or getting a ticket for running a stop sign can trigger rate changes that can make some companies cheaper than others. Not only may your situation change, but companies file new Alaska car insurance rates as often as every quarter in order to protect their financial rating. Larger than normal claims can cause additional premium costs, while less frequent claims may result in cheaper Anchorage car insurance rates.

The chart below shows which company has the cheapest car insurance in Anchorage, AK for a 40-year-old male driver with no violations or accidents, and a decent credit rating. When comparing rates based on his current risk profile, Umialik may have the cheapest car insurance rates in Anchorage at $1,136 annually. This is $407 less than the average premium paid by Alaska drivers of $1,543. USAA, State Farm, Progressive, and GEICO also make the list of the best Anchorage, AK auto insurance companies.

The chart below compares rates after we give the driver in the first chart a claim, a lower credit rating, and a stop sign violation. Since each auto insurer has their own unique process for determining rates, comparing prices may now present a slightly different list of companies as shown below.

USAA now has the cheapest insurance rate in Anchorage with State Farm, Umialik, Progressive, and Safeco completing the list. This example shows why Alaska drivers need to take the time to shop around to get the lowest auto insurance rates for homeowners. Prices are determined by many things and can increase or decrease at any time, so the most affordable company the last time you compared rates may now be quite expensive.