How to Find Cheap Auto Insurance for Veterans

Finding affordable auto insurance can be a daunting task for anyone, but veterans may face unique challenges. As someone who has served in the military, you deserve access to reliable and affordable car insurance coverage to help protect yourself and your family.

Cheap auto insurance for veterans can vary dramatically depending on your location, driving record, type of vehicle, and other factors.

This guide will walk you through the types of auto insurance coverage available, the available discounts, and how to get good deals on auto insurance for veterans. Let’s get started.

Factors That Impact Veteran Auto Insurance Rates

As we briefly mentioned earlier, the cost of auto insurance for veterans can vary significantly depending on several factors. Insurance companies use these factors to determine how likely you are to file a claim, impacting the rates offered.

Here are the top factors that can impact your auto insurance rates:

• Driving history: If you have a history of reckless driving or tickets on your record, you will likely pay higher premiums than a driver with a clean record.
• Age and gender: Insurance companies view younger drivers as more high-risk than older ones and may charge higher rates. Gender also plays a role, with men typically paying higher rates than women.
• Type of car: The type of car you drive can also impact your rates. For example, luxury vehicles are often more expensive to insure than smaller, less-expensive cars.
• Experience: The more experience you have driving, the less of a risk you are perceived to be, so your premiums may be lower.
• Credit score: Low credit scores can also lead to higher premiums.

Other factors, such as your location, the amount of coverage needed, and state requirements, can also play a role in determining your car insurance rates.

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Types of Auto Insurance Coverage Available to Veterans

Before we go into how to find the cheapest auto insurance for veterans, let’s look at the types of auto insurance coverage available.

Liability Coverage

Liability auto insurance coverage is required in almost every state and covers damage and injuries sustained in an accident you are responsible for. Liability coverage pays out up to a certain limit, depending on how much liability coverage you purchase. For veterans, having this kind of coverage is essential because it protects them financially and legally in case of an accident. 

Collision Coverage

Collision coverage pays out if your car is damaged in an accident involving another vehicle or object, regardless of who caused the accident. 

With the average cost of repairing a vehicle after an accident totaling over $1,500, collision coverage can be a great way to ensure you don’t have to pay out of pocket for repairs.

Comprehensive Coverage

Comprehensive coverage protects veterans from unexpected events such as theft and vandalism. This type of insurance also covers damage from incidents such as floods, fires, and other natural disasters. If you’re leasing or financing a vehicle, you may be required to have comprehensive coverage by your lender.

Read more: Car Leasing With Insurance: How much does it cost?

You will have full coverage car insurance when you buy comprehensive, collision, and liability insurance together. Veterans looking for the best protection and peace of mind should consider getting this coverage.

Uninsured/Underinsured Motorist Coverage (UM/UIM)

Uninsured/underinsured motorist coverage pays out if you’re in an accident with another driver who doesn’t have insurance or doesn’t have enough coverage to pay for the damages. As a veteran, UM/UIM can be the difference between your insurance paying out or not in the event of an accident with an uninsured driver.

PIP (Personal Injury Protection)

PIP insurance covers medical expenses and lost wages caused by an automobile accident, regardless of who was at fault. Personal injury protection helps protect you financially if you are injured in an automobile accident and need medical care or time off work as a result. 

Depending on where you live, PIP may also provide death benefits if someone dies due to an auto accident. 

For veterans who don’t have health insurance or who don’t want their health insurance premiums increased due to an automobile accident, PIP is an excellent option because it will help cover medical costs.

Determining Coverage for Veterans

So now we know what types of coverage are available, but how do veterans determine which is best auto insurance for retired military personnel based on their needs and budget? Here are a few tips to help:

• Consider your driving habits. The way you drive can affect the amount of coverage you need. Less coverage may be adequate if you have an older vehicle or work from home. However, you may need more coverage if you drive a new car or add a new driver to your policy.
• Know your budget. Consider how much you can afford to pay for auto insurance each month. That way, you can determine the type and amount of coverage that works for you.
• Consider personal factors. Personal factors such as your age, gender, and credit score can all affect the cost of coverage. Compare quotes from multiple companies because each will weigh these factors differently.

Once you know what coverage is best for you and your budget, it’s time to start shopping around.

Tips for Finding Affordable Auto Insurance for Veterans

USAA is often regarded as one of the top car insurance providers for veterans. It’s well-known for offering favorable rates and a wide range of coverage options. 

USAA also provides generous discounts on auto insurance for veterans and military members, including discounts for those who have served active duty. Learn more about USAA in our USAA auto insurance review.

That being said, there are other ways to get affordable auto insurance for veterans. Here are a few tips:

Shop Around

Insurance premium rates are not negotiable in most cases. Why? Each state has an established regulatory authority to approve insurance rates, so most companies can only charge the rates they’re authorized to charge. 

Carriers must file any rate changes with the state to ensure these insurance rates remain fair and reasonable. 

That said, you can still find competitive rates by shopping around. For example, many auto insurance companies specialize in offering discounts to veterans. We’ll talk about that more in the next section.

Seek out Discounts on Auto Insurance for Veterans

Many insurers offer discounts for veterans and other types of military personnel. Discounts can range from 4-25% off regular rates. 

Check out the table below to see how much you can save on your auto insurance rates with exclusive discounts for veterans.

Military Discounts from the Major Auto Insurance Companies

When shopping for car insurance, these companies should be at the top of your list.

Review and Update your Insurance Coverage Regularly

Staying on top of your insurance coverage is essential to save money and guarantee that your policy covers all potential risks. Regularly reviewing and updating your current coverage will help accomplish this.

Annual or bi-annual check-ins determine whether you need additional coverage in certain areas or should stick with the same plan. Plus, there’s always an opportunity to lower rates when switching to another company.

Consider Bundling Policies

As a veteran, you can reap significant benefits from bundling your insurance plans. Buying multiple policies from the same provider could mean big savings, sometimes 15% or more.  And if you acquire several types of coverage, you could potentially pay far less in monthly payments overall. 

But, of course, it all depends on the insurer and what kind of packages it offers. So it’s worth comparing at least three different companies to see if bundle savings are available to you as a veteran. 

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How to Find Cheap Auto Insurance for Veterans: What’s the Bottom Line?

There are a wide variety of auto insurance coverage options for veterans. USAA car insurance has been established as the top vehicle insurance company for veterans and active military personnel due to its commitment to affordable coverage for service members and an extensive network of discounts.

Other companies such as GEICO, Progressive, Nationwide, Liberty Mutual, and Farmers offer different discounts and coverage for veterans. Therefore, shopping around and comparing quotes from multiple providers is important to find the best policy for you.

Shopping around, bundling policies, and regularly reviewing coverage are great ways to save money on auto insurance as a veteran. With these tips, you can find the right coverage at an affordable price. 

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