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YaroslavKryuchka November 08, 2022 Cate Deventer is a writer, editor and insurance professional with over a decade of experience in the insurance industry as a licensed insurance agent. Mariah Posey is an auto and homeowners insurance writer and editor for Bankrate.com. She aims to make the insurance journey as convenient as possible by keeping the reader at the forefront of her mind in her work. Bankrate logo The Bankrate promise
At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money. Our content is backed by LLC, a licensed entity (NPN: 19966249). For more information, please see our Insurance Disclosure. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our insurance team is composed of agents, data analysts, and customers like you. They focus on the points consumers care about most — price, customer service, policy features and savings opportunities — so you can feel confident about which provider is right for you. We guide you throughout your search and help you understand your coverage options. We provide up-to-date, reliable market information to help you make confident decisions. We reduce industry jargon so you get the clearest form of information possible. All providers discussed on our site are vetted based on the value they provide. And we constantly review our criteria to ensure we’re putting accuracy first. Bankrate logo Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Bankrate logo Insurance Disclosure
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. Finding the right car insurance for you starts with evaluating your needs. Veterans may have unique needs to consider when shopping for coverage. Bankrate can help you navigate the challenges so you can find the right cheap military car insurance for you. Fortunately, several companies offer discounts for veterans and military service members, and a few companies wholly focus on coverage for those who are actively in the service or who have served. Our research found that USAA and Geico sell cheap car insurance for military veterans, with Farmers also offering relatively low rates. Compare rates and save on auto insurance today! Get quotes Close X RatesRates keep going up in 2022. Compare rates and save on auto insurance today! Get quotes Close X This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions. Compare auto insurance rates
Answer a few questions to see personalized rates from top carriers. Save on auto insurance with quotes from trusted providers like: Drivers switch & save an average of $750+/year Arrow Right Are you overpaying for auto insurance? Arrow Right Safe drivers choose Allstate Arrow Right Powered by Coverage.com (NPN: 19966249) Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. See more providers in Choose from insurers in Show More RATE INCREASE ALERT Rates increased up to 12% this year
Shop for a better rate before you renew your current policy. This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions. Compare auto insurance rates
Answer a few questions to see personalized rates from top carriers. Save on auto insurance with quotes from trusted providers like: Drivers switch & save an average of $750+/year Arrow Right Are you overpaying for auto insurance? Arrow Right Safe drivers choose Allstate Arrow Right Powered by Coverage.com (NPN: 19966249) Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. See more providers in Choose from insurers in Show More What are the cheapest car insurance companies for veterans
Bankrate researched 122 insurers to find the and the . If you’re shopping for cheap car insurance for veterans, our research revealed that starting your search by getting from Armed Forces Insurance (AFI), Farmers, Geico, Liberty Mutual and USAA may yield the most affordable coverage. Auto Insurance Key takeaways USAA offers the lowest annual average full coverage and minimum coverage premiums on our list, at $1,209 and $354 respectively. Both Armed Forces Insurance and USAA specialize in coverage for military members and veterans. Farmers, Geico and Liberty Mutual all offer veteran discounts on their policies, which are available to military members and civilians alike. Cheapest auto insurance for veterans by coverage level
If you’re shopping for car insurance as a veteran, you may be taking price into consideration. While the is $1,771 per year for full coverage and $545 per year for minimum coverage, according to Quadrant Information Services, several companies have rates that are far lower on average, and some carriers offer a military discount to help you save even more. Below, we showcase five cheap car insurance companies that either cater specifically to military service members or offer savings for veterans. Average annual full coverage rates
Insurance company BR score Company average monthly full coverage premium Company average annual full coverage premium Annual difference from national average* Armed Forces Insurance (AFI) Not rated N/A N/A N/A 3.8 $127 $1,524 -$247 4.8 $108 $1,297 -$474 3.9 N/A N/A N/A 5.0 $101 $1,209 -$562 *Based on full coverage premiums using our base profile Average annual minimum coverage rates
Insurance company BR score Company average monthly minimum coverage premium Company average annual minimum coverage premium Annual difference from national average* Armed Forces Insurance (AFI) Not rated N/A N/A N/A Farmers 3.8 $46 $550 +$5 Geico 4.8 $30 $365 -$180 Liberty Mutual 3.9 N/A N/A N/A USAA 5.0 $30 $354 -$191 *Based on minimum coverage premiums using our base profile
Rates methodology
Bankrate utilizes Quadrant Information Services to analyze 2022 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits: $100,000 bodily injury liability per person $300,000 bodily injury liability per accident $50,000 property damage liability per accident $100,000 uninsured motorist bodily injury per person $300,000 uninsured motorist bodily injury per accident $500 collision deductible $500 comprehensive deductible To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2020 Toyota Camry, commute five days a week and drive 12,000 miles annually. These are sample rates and should only be used for comparative purposes. Cheapest auto insurance for veteran military members by status
Being affiliated with the military isn’t the only nuance to consider when shopping for car insurance. You may also wonder if your status from your time in the military affects how much you pay. Below, we for six different military statuses, including , active and inactive reserve, and retired. The numbers don’t vary much, but knowing the averages could help you determine if your quoted premium from any given company is competitive. Military status Average annual full coverage premium Average annual minimum coverage premium Active $1,719 $514 Active reserve $1,719 $513 Inactive reserve $1,719 $513 Pre-commissioned officer $1,719 $513 Retired $1,719 $513 Separated $1,727 $509
Status methodology
Military status: To determine rates by military status, we applied the following statuses to our base profile: active, active reserve, inactive reserve, pre-commissioned officer, retired, separated. Info Bankrate insights Military status generally does not have much of an influence on car insurance rates. According to our research, there’s just a 0.5 percent difference between the highest and lowest average full coverage rates for different military statuses. Your status could, however, determine if you qualify for a company’s military discount or for coverage from a company that specializes in military coverage. Many companies will not extend a discount to those with a discharge type of dishonorable, for example. Factors that impact cheap rates for veterans
While your status within the military may not directly affect rates, there are other factors that can affect your ability to get cheap auto insurance for veterans: Discharge status: According to the , a veteran is someone who “served in the active military, naval, or air service, and who was discharged or released therefrom under conditions other than dishonorable.” If you were dishonorably discharged, you are not considered a veteran and likely will not qualify for military-focused insurance companies or military discounts. Rank: Some insurers may consider your rank within the military, when you were still active, in its underwriting process. Certain ranks may qualify for different discount levels or have access to different rating profiles. Choice of insurer: Not all cater specifically to military members, like USAA and AFI. Among the companies that are also open to civilians, only some offer a discount for veterans and military members. Rates vary by insurance company, but finding a company that offers a military discount or works specifically with military families may help you find the cheapest coverage. Age: While veterans can span a wide range of ages, it’s helpful to keep in mind that when it comes to car insurance. Younger drivers tend to pay higher premiums, but rates tend to drop as you age and gain experience behind the wheel (assuming you keep a clean driving record). This means that older veterans may pay less for coverage than younger veterans. How veterans can save on auto insurance
Finding cheap auto insurance for military veterans may involve some time and research. Here are some tips to lower your auto insurance premium if you are a veteran: Shop around: Even if you get quotes from a company that specializes in military insurance or from a company that has a military discount, it may help to shop around and from other companies. Rates vary based on a number of factors, so you could find cheap car insurance for military veterans even from a company with no veteran-specific perks. Ask about military discounts: Even if you’re from a company that doesn’t advertise a military discount on its website, ask if one is available. Companies don’t always advertise every discount they offer, so you might find savings that you didn’t know were available. Utilize other discounts: Veterans can still take advantage of non-military-focused discounts, like paperless policies, and student discounts for any young drivers listed on their policies. You could also consider bundling your , which might earn you a discount on both policies. Maintain an active policy: You’ll need to put this tip into practice even before you become a veteran if you already have a car, but it can also help keep your rates low. While you’re an active service member, you may not be driving your vehicle, especially if you are in training or deployed. As long as you still own the vehicle, though, you’re required to have an active insurance policy. You can usually put your vehicle in “storage mode” — which removes all coverage except — while you aren’t driving it, although you should check with your financial institution before making changes if you have a loan or lease. Keep a clean driving record: This tip benefits all drivers, not just veterans. Your driving record is one of the most impactful rating factors that car insurance companies consider when rating your policy. Driving safely and avoiding incidents like tickets and at-fault accidents can help you avoid costly surcharges and might even earn you a safe driver discount. Common car insurance discounts for veterans
are one of the easiest ways to save on your premium. Here are some common discounts that veterans may be able to take advantage of:
Military discounts
Some companies offer discounts specifically for veterans and military members.
Low-mileage discounts
If you don’t drive often, you may qualify for a . This might be especially appealing if you’re fully retired or work from home.
Organization and affinity discounts
If you belong to certain organizations, like alumni or professional groups, you might save money on your car insurance. The group doesn’t have to be military-related, but there might be savings for some military-related organizations.
Bundling discounts
Buying multiple insurance products from the same company has a lot of perks, including easier policy management and often substantial discounts. Frequently asked questions
What is the best car insurance for military members and veterans
Bankrate found that USAA and Geico are among the and veterans based on average rates, discounts, coverage offerings and military-specific benefits. The best car insurance company for you will depend on your unique situation, though, so it can be a good idea to shop around.
Can I get car insurance for a vehicle modified to accommodate injuries
Yes. If you are a or injury sustained while you were deployed, you may have a modified vehicle to accommodate your needs. All vehicles on the road require some level of car insurance to be driven legally (except in New Hampshire and Virginia), even those modified with wheelchair ramps, hand controls or other adjustments. Most companies will have options to insure these vehicles, although you may need to submit photos of the modifications and provide a cost estimate for their worth so the insurer can properly account for it during underwriting.
How do I prove to my car insurance company that I m a veteran
If you’re requesting that a company put a military discount on your policy or if you are seeking coverage from a company that only does business with military service members, you’ll likely need to show proof of your veteran status. This might include providing your discharge documents, your DD-214 form or other documentation to show that you were an active military member that has been honorably discharged and qualify for the status of “veteran.” SHARE: Cate Deventer is a writer, editor and insurance professional with over a decade of experience in the insurance industry as a licensed insurance agent. Mariah Posey is an auto and homeowners insurance writer and editor for Bankrate.com. She aims to make the insurance journey as convenient as possible by keeping the reader at the forefront of her mind in her work. Related Articles