The make and model of vehicle you are buying coverage for is a large consideration when comparing quotes for the cheapest auto insurance for retired military. Vehicles with economical engines, an excellent safety record, or a track record of few liability claims will cost substantially less to insure than high performance models. The table below shows auto insurance premiums for some of the most affordable automobiles to buy coverage for.
|Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLT 4WD||$1,655|
|Volkswagen Jetta S 2.5 Station Wagon||$1,756|
|Ford F-150 XL Super Cab 2WD||$1,779|
|Honda CR-V EX-L 2WD||$1,901|
|Chevrolet Malibu LS||$1,918|
|Toyota RAV4 2WD||$1,923|
|Honda Accord EX 4-Dr Sedan||$1,984|
|Ford Fusion SE 4-Dr Sedan||$2,054|
|GMC Sierra 3500HD SLE Extended Cab 2WD||$2,091|
|Chevrolet Silverado 3500HD LTZ Crew Cab 2WD||$2,126|
|Ford Focus SE 4-Dr Sedan||$2,155|
|Jeep Wrangler Sport Islander Package 4WD 2-Dr||$2,178|
|Kia Optima SX||$2,189|
|Chevrolet Equinox LS 2WD||$2,198|
|Ford Explorer XLT 4WD||$2,227|
|Dodge Ram 2500 Crew Cab Laramie 2WD||$2,290|
|Ford Edge SEL AWD||$2,302|
|Toyota Corolla S||$2,314|
|Toyota Camry LE||$2,351|
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Prices based on single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Arizona minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, safe-driver, and homeowner. Estimates do not factor in zip code location which can decrease or increase prices noticeably.
By looking at the data, you can figure that vehicles like the Ford Escape, Volkswagen Jetta, Ford F-150, Toyota Prius, and Honda CR-V are likely to be some of the most affordable vehicles to insure for veterans.
One of the more important criteria that aid in calculating the annual cost of car insurance is where you keep your vehicle in Phoenix. Larger areas tend to have more expensive auto insurance rates, whereas areas that tend to be more rural tend to receive slightly lower rates.
The following table sorts the highest-priced places in Arizona for retired military in which to purchase auto insurance. Phoenix makes the list at #1 with an annual cost of $1,255 for coverage, which is around $105 each month.
|2||San Tan Valley||$1,196|
|25||Lake Havasu City||$852|
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Table data uses comparative as vehicle location can modify prices greatly.
Deciding which company has the cheapest car insurance rates for retired military will require a little more effort in order to find coverage that fits your budget. Each auto insurance company has their own unique process to establish rates, so we’ll take a look at the car insurance companies with the most affordable rates in Phoenix.
Find Cheaper Auto Insurance for Vets
|Rank||Company||Cost Per Year|
|11||Farm Bureau Mutual||$1,247|
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The Hartford has some of the cheapest car insurance rates in Phoenix at around $820 per year. This is $608 less than the average rate paid by Arizona drivers of $1,428. Safeco, Auto-Owners, USAA, and Travelers also are some of the cheapest Phoenix, AZ insurance companies.
As the rates illustrate above, if you currently have coverage with USAA and switched to The Hartford, you could see a yearly savings of approximately $293. Insureds with Travelers may save as much as $299 a year, and GEICO policyholders might lower prices by $311 a year.
Understand that those prices are averages for all drivers and vehicles in Arizona and do not factor in a specific location for retired military. So the car insurance company that fits your age and vehicle best may not even be in the top 28 companies shown above. That’s why you need to compare rates from multiple companies using your own specific driver information and vehicle.
Cost of full coverage
Lowering the price of car insurance is the goal of most vehicle owners, and one good way to pay less for insurance for retired military is to only pay for liability coverage. The example below visualizes the comparison of auto insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The price estimates are based on no driving violations, no at-fault accidents, $1,000 deductibles, single marital status, and no discounts are applied to the premium.
Averaged for all ages 20 through 70, comprehensive and collision coverage on your policy costs $1,366 per year more than just buying liability insurance. That raises the question if full coverage is worth the money. There is no exact rule to stop paying for full coverage on your policy, but there is a broad guideline. If the yearly cost of comp and collision coverage is more than 10% of the replacement cost minus the deductible, then you may want to consider only buying liability coverage.
There are a few situations where dropping full coverage is not a good idea. If you haven’t satisfied your loan, you must maintain physical damage coverage as part of the loan requirements. Also, if you cannot afford to purchase a different vehicle if your current one is damaged, you should not opt for liability only.
The information below shows how choosing a deductible can affect premium costs when trying to find cheap insurance for retired military. The costs are based on a single female driver, full physical damage coverage, and no discounts are applied.
In the chart above, a 30-year-old driver could pocket $272 a year by switching from a $100 deductible up to a $500 deductible, or save $410 by selecting a $1,000 deductible. Young drivers, like the 20-year-old, can cut as much as $602 every year just by choosing higher deductibles. When insureds make the decision to increase the deductibles on their policy, it is essential to have emergency funds available to cover the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.
Can you find cheaper Phoenix car insurance?
Phoenix, AZ car insurance rates are impacted by many factors which can substantially change the price you pay. Turning one year older, adding a teenager to your policy, or getting a DUI can cause premium changes resulting in some companies being cheaper than competitors. Not only may things change on your end, but companies change premium rates without warning in order to be able to pay unexpected claims. Higher than usual claims may cause increased policy costs, while lower claim expenses may cause lower-cost Phoenix car insurance rates.
The data below shows the cheapest car insurance in Phoenix, AZ for a 45-year-old male driver with no prior claims, no tickets, and a good credit history. If we estimate rates based on his personal profile, The Hartford may have the cheapest car insurance rates in Phoenix at $1,220 a year. This is $208 less than the average premium paid by Arizona drivers of $1,428. Safeco, Auto-Owners, USAA, and Travelers are the rest of the top five cheapest Phoenix, AZ auto insurance companies.
Let’s now give the driver from the above example some claims, poor credit, and a traffic ticket or two. Because each company has their own guidelines to set their prices, comparing rates may now show a different ranking of the cheapest companies as shown below.
GEICO now has the cheapest rate in Phoenix, AZ with Ameriprise Group, CSAA, Safeco, and Allied also having competitive pricing. This example demonstrates why it is critical to shop around with many companies to get the most budget-friendly car insurance quotes for retired military. Insurance rates consist of many things and change frequently, so the cheapest rate the last time you shopped around may now be an over-priced policy.