With only 529,000 drivers in the state, Alaska has the fewest drivers compared to almost every state. However, even though there are fewer drivers, auto insurance costs tend to be higher. According to Bankrate’s 2021 study on annual premiums, the average cost of Anchorage car insurance is $546 for minimum coverage and $1777 for full coverage.
One reason for higher-than-average premiums is because Anchorage is Alaska’s most populated city, and more densely populated roadways can lead to heavier traffic and an increased likelihood of accidents. Many drivers are interested in finding the lowest premium carrier. However, it is also important to find one with strong third-party ratings as well as a wide range of policy options. Bankrate’s research of the top insurance companies in the city and their premiums might help narrow down the best choices for you.
Best car insurance companies Anchorage
The table below highlights some of the best car insurance companies in Anchorage offering cheap coverage. These carriers were chosen based on their competitive rates (collected in partnership with Quadrant Information Services), as well as their coverage options, discounts, and customer satisfaction ratings through J.D. Power
USAA offers insurance products only to military personnel, veterans, and their immediate families. The J.D. scores of 890 and 1,000 point respectively reflect this focus on customer service. Survey of auto insurance companies’ claims satisfaction. USAA offers many discounts, coverages and benefits that are tailored to military families. For example, a discount for parking a vehicle at base.
Geico offers discounts for military personnel, but there are no membership restrictions. Geico doesn’t get the best score from J.D. Although it doesn’t have the highest score with J.D., Geico does have the A++ Superior rating from A.M.Best for financial strength. It has one of the lowest premiums of all the carriers and offers a range of discounts to help you save even more.
State Farm is the largest provider of auto insurance in the U.S., with a current market share of over 16%. This carrier has many advantages for its policyholders due to its size. The multiple channels for customer service communication are one advantage. State Farm offers a variety of communication channels, so you can contact your agent online, over the phone or through the mobile app.
Although Progressive might not be the most affordable Anchorage car insurance or have the best J.D., it does offer the most comprehensive coverage. This list does not include Progressive’s Power customer satisfaction score, but it does provide a wide range of discounts. Progressive offers policyholders several easy ways to save. Multi-policy bundling, multi-vehicle savings and going paperless are all ways to save. The Snapshot tool is another way to earn savings through monitoring your safe driving habits.
Anchorage has the lowest car insurance
Anchorage’s average car insurance cost is $546 per year for minimum coverage, and $1777 per annum for full coverage. The full coverage amount is slightly above 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, which makes Anchorage’s rates slightly higher.
Below is a table that highlights the five top carriers by market share. It includes information about which companies offer the lowest car insurance in Anchorage, as well as other benefits for policyholders.
Allstate, USAA, Geico and State Farm are highly rated financial strength carriers. Each carrier has at least an A+ rating from A.M. Best. All carriers offer apps to manage your policy on your smartphone. However, State Farm and Geico receive the highest ratings from customers.
Anchorage insurance requirements
Alaska, like most other states requires that drivers have insurance. The required 50/100/25 limits of liability insurance includes:
- $50,000. Per person bodily injury liability
- $100,000 bodily injury liability per accident
- $25,000 per accident in property damage liability
Only purchasing the minimum coverage to legally drive in Alaska may be tempting because it is usually the cheapest option available, but it could cost you more in the long run. If you are the driver in an accident that involves multiple cars and injuries, and you don’t have sufficient liability coverage, the other driver can sue you for their losses. Your vehicle’s damages would have to be paid out of pocket if you don’t have full coverage. Your lender may require you to purchase full coverage if you lease or finance your vehicle.
Anchorage: Car insurance discounts
- Safe driver: The carrier may reward you for installing a telematics system, which is usually done through your smartphone. This reward will be based on safe driving habits that are reported to the app.
- Safety equipment: You may be eligible to receive additional savings if your vehicle has driver safety equipment such as anti-lock brakes and airbags.
- Multi-policy: Another common way to save premiums is to sign up for multiple policies with the same carrier.
- Paid-infull: Many drivers pay their insurance premiums every month or quarter. You may be eligible for a paid in-full discount if you pay all your semi-annual and annual premiums at once.
Discounts are a great way to save money, as Anchorage drivers tend to pay slightly more for full coverage. Other ways to save include being accident-free, avoiding paper statements and getting good grades. Multi-policy coverage and multi-line coverage are offered by almost all carriers.
Questions frequently asked
Which is the best Anchorage car insurance company?
There are many considerations to choose the best car insurance in Anchorage. Bankrate analyses data from Quadrant information services and evaluates a carrier’s financial strength, customer service scores and coverage. This list can be used to help you research providers, but it could also be helpful to choose providers based on your personal criteria.
Is Alaska a no-fault state?
Alaska is not considered a state at fault. If there is an accident, the at-fault driver will be deemed to be at fault. Financial responsibility for injuries and damages caused by the other driver goes to the at-fault driver.