Best cheap auto insurance in Anchorage for 2021
With only 529,000 drivers in the state, Alaska has the fewest drivers compared to almost all of the states. But even with a lower number of drivers, the cost of auto insurance tends to be higher. The average cost of auto insurance in Anchorage, Alaska is $ 546 per year for minimum coverage and $ 1,777 per year for full coverage according to Bankrate’s 2021 study on annual quoted premiums.
One of the reasons for the above-average premiums is that Anchorage is the most populous city in Alaska, and more densely populated roads can lead to heavier traffic and an increased likelihood of accidents. While it’s important for many drivers to find a carrier with the cheapest premiums, it could be just as important to find carriers with solid third-party ratings and a variety of policy options. Bankrate’s research on the best insurance companies in town and their premiums could help narrow down the best choices for you.
Best Auto Insurance Companies in Anchorage
The table below highlights some of the best auto insurance companies in Anchorage offering inexpensive coverage. These carriers were selected based on each company’s competitive rates, brought together in partnership with Quadrant Information Services, along with their range of coverage and discount options and customer satisfaction ratings through JD Power.
|Insurance company||JD Power Score||Average annual premium for minimum coverage||Average annual premium for full coverage|
|United States||* 890 / 1,000||$ 351||$ 1,100|
|Geico||871 / 1,000||$ 379||$ 1,334|
|State farm||881 / 1,000||$ 490||$ 1,406|
|Progressive||856 / 1,000||$ 696||$ 1,742|
* Due to membership eligibility restrictions, USAA is considered ineligible by JD Power.
USAA provides insurance products exclusively to current members of the military, veterans, and their immediate family members. This focus also includes a strong focus on customer service, which is evident in the 890 out of 1,000 points for the JD Power survey of claims satisfaction among auto insurance companies. USAA offers many discounts and personalized coverage for military families, such as a vehicle storage discount on base.
Learn more: USAA Insurance Review
Geico also offers discounts to members of the military, although the coverage does not have membership restrictions. Although Geico does not receive the highest score with JD Power among these carriers, it does have an A ++ Superior rating with AM Best for its financial strength. It also offers some of the lowest premiums among the carriers reviewed and a variety of additional discounts for greater savings.
Learn more: Geico Assurance review
State Farm is the largest auto insurance provider in the United States, with a current market share of over 16%. Due to the size of State Farm, this transporter offers multiple benefits to its policyholders. One of the advantages is the multiple channels of customer service communication. Whether you prefer to contact someone online, directly by phone, through the mobile app, or with your agent, State Farm has an option for you.
Learn more: State agricultural insurance review
Progressive might not offer the cheapest auto insurance in Anchorage or the highest JD Power customer satisfaction score on this list, but it does offer a large list of discounts. Progressive offers policyholders several easy ways to save. Discounts range from bundling policies and savings across multiple vehicles to dematerialization or paying your premiums in advance. The Snapshot Tool is another way to save money by monitoring your safe driving habits.
Learn more: Gradual insurance review
The cheapest auto insurance in Anchorage
The average cost of auto insurance in Anchorage is $ 546 per year for minimum coverage and $ 1,777 per year for full coverage. The amount of full coverage is slightly higher than the national average of $ 1,674 per year. Overall, drivers in Alaska pay an average of $ 373 for minimum coverage and $ 1,599 for full coverage, making Anchorage rates slightly higher.
The table below shows the top five carriers, by market share, offering the cheapest auto insurance in Anchorage and other benefits for policyholders.
|Insurance company||Average annual premium for minimum coverage||Average annual premium for full coverage|
|United States||$ 351||$ 1,100|
|Geico||$ 379||$ 1,334|
|State farm||$ 490||$ 1,406|
|Progressive||$ 696||$ 1,742|
|Allstate||$ 821||$ 3,688|
USAA, Geico, State Farm, Progressive, and Allstate are all highly rated carriers for their financial strength, each achieving at least an A + rating through AM Best. Each operator offers apps for managing policies on your smartphone, although Geico and State Farm receive top marks from customer reviews.
Mooring insurance requirements
Like almost every other state, Alaska requires its drivers to be insured. The necessary 50/100/25 limits liability insurance includes:
- $ 50,000 in civil liability for bodily injury per person
- $ 100,000 in civil liability for bodily injury by accident
- $ 25,000 in civil liability for property damage by accident
Buying only the minimum coverage to legally drive in Alaska can be tempting as it’s usually the cheapest option available, but it could cost you more in the long run. For example, if you are responsible for an accident involving multiple cars and multiple injuries and you do not have sufficient liability coverage for all medical expenses and property damage, the other driver could sue you to recover their losses. Without full coverage, your vehicle damage should be paid out of pocket. If you are leasing or financing your car, your lender will likely require you to purchase full coverage.
Discounts on auto insurance in Anchorage
- Safe Driver: If you install a telematics device, usually through your smartphone, the carrier can reward you based on your safe driving habits reported through the app.
- Security equipment: If your vehicle is equipped with driver safety equipment, such as air bags or anti-lock brakes, you may be eligible for additional savings.
- Multi-policy: Another common way to save on premiums is to purchase more than one type of policy with the same insurer.
- Fully paid: Many drivers choose to pay insurance premiums monthly or quarterly. However, if you choose to pay your semi-annual or annual premiums all at once, you can get a full discount.
Since Anchorage drivers on average have slightly higher fares for full coverage, taking advantage of the discounts is an easy way to save the most. Staying accident-free, paperless with transcripts, and getting good grades are just a few examples of other ways to save money. Almost all carriers offer additional savings for multi-policy and multi-line coverage.
Frequently Asked Questions
What is the best auto insurance company in Anchorage?
There are many considerations when choosing the best auto insurance in Anchorage. Bankrate analyzes data from Quadrant Information Services and examines an operator’s financial strength rating, customer service scores, coverage, discounts and other attributes. Our list can be used as a starting point for your research, but it can also help you consider providers based on personal criteria.
Is Alaska a Flawless State?
No, Alaska is considered a responsible state. This means that if there is an accident, an involved driver will be found to be at fault. The driver at fault is financially responsible for the expenses of the other driver relating to injury and damage.
Bankrate uses Quadrant Information Services to analyze 2021 rates for all zip codes and carriers in all 50 states and Washington, DC Rates shown are based on a 40 year old male and female driver with a clean driving record, credit and the following comprehensive coverage limits:
- Liability for bodily injury of $ 100,000 per person
- $ 300,000 liability for bodily injury per accident
- Civil liability for property damage of $ 50,000 per accident
- $ 100,000 in bodily injury caused by an uninsured motorist per person
- $ 300,000 in uninsured bodily injury per accident to a motorist
- $ 500 collision deductible
- Global deductible of $ 500
To determine the minimum coverage limits, Bankrate used minimum coverage that meets the requirements of each state. Our basic profile drivers own a 2019 Toyota Camry, commute five days a week and cover 12,000 miles a year.
These are sample rates and should only be used for comparison purposes.