Best Car Insurance for Military Veterans

best car insurance for military veterans

Whether your commuting to work or driving across the country to visit family, you need solid insurance coverage to protect your vehicles and your loved ones, but these policies can be expensive.

If you want to find the best insurance deal for military veterans, you need to do a little research. Shopping for car insurance can be time-consuming, especially since most companies don’t reward veterans for their years of service, but the potential savings make it a worthwhile task nonetheless.

If you aren’t sure how to find the best car insurance for military veterans, this guide can give you the information you need to compare insurance companies, coverage options, and quotes.

Once you check a company’s satisfaction rating and know what discounts are available, you can make an informed buying decision. In some cases, you may be able to increase your coverage and save money.

What’s The Cost Of Car Insurance For Military Veterans?

Rates for military veteran’s insurance is determined by a complex series of equations. Insurance companies employ professionals called actuaries who’re responsible for analyzing data.

best car insurance for military veteransStatistics determine how much you pay for car insurance depending on your age, your gender, where you live, the type of car you drive, and dozens of other factors, including your credit score.

While your personal history does affect your insurance premiums, your time in the service probably won’t. Although an honorable discharge might help you qualify for military discounts, in nearly all cases, your rates are comparable to any civilian who has a similar driving record and risk profile.

According to the Insurance Information Institute, the cost of car insurance is based on the following factors.

  • The age and value of your vehicle
  • The type of coverage you select
  • Your driving history and habits
  • Your level of experience
  • How much you drive
  • Where you drive
  • Your credit score
  • How many claims you’ve filed recently

Because premiums vary widely, comparison shopping is essential if you want to find the best car insurance for military veterans.

To help estimate your costs, we’ve compiled some pricing information published by the California Department of Insurance. Based on data from the Department of Veterans Affairs, the median age of male veterans is 65, and the median age of female veterans is 50.

The following estimates reflect this information.

  • A senior male veteran who lives in Los Angeles County and has over 40 years of driving experience can expect to pay anywhere from $780 to $1,285 for basic liability insurance on a Toyota Camry.
  • A female veteran in Sacramento County might pay between $586 and $1,045 for military veteran’s insurance to protect the same vehicle. This rate assumes that she has a clean driving record and a similar level of experience.

Best Car Insurance Companies For Military Veterans

To find the best car insurance for military veterans, start with companies like USAA that cater to members of the armed services and their families.

Some carriers offer military discounts that can lower your rates by 15 percent, but these offers are less common. If you aren’t sure how to get a good deal, here are a few companies that offer military veteran’s insurance according to customers and analysts.

USAA

As a former member of the armed services, you’re probably familiar with USAA and its selection of banking and insurance products. If not, USAA is a member-owned financial institution that serves active-duty soldiers, veterans, and their families.

Customers unanimously agree that USAA offers the best car insurance for military veterans. In a J.D. Power survey, USAA received outstanding ratings for its customer service, website features, pricing, product selection, and overall satisfaction. According to a USAA-sponsored study, new policyholders saved an average of $700 by switching.

State Farm

In 2017, State Farm was the number one auto insurer according to the National Association of Insurance Commissioners. The company wrote $41.8 million in new policies and claimed nearly 20 percent of the passenger vehicle insurance market that year. While State Farm doesn’t offer discounts on military veteran’s insurance, you may qualify for safe driving bonuses and other rate-reduction programs if you have a clean record.

Drivers over 55 can earn discounted premiums by completing a defensive driving course. State Farm has a nationwide network of 19,000 independent agents, and it was named a 2019 Top 100 Most Military Friendly® Employer by G.I. Jobs magazine. Plus, State Farm has a strong financial track record and nearly a century of experience.

Travelers

Travelers is one of the country’s ten largest auto insurance companies. The brand has a strong reputation and receives consistent quality ratings from policyholders. Travelers is a military-friendly company that has received numerous awards from U.S. Veterans Magazine, Victory, and Military Times for its employment practices and corporate culture, so it’s a company that you can feel good about supporting.

As a Travelers customer, you may be eligible for safe driving discounts that start at 10 percent and increase to 23 percent if you’re accident-free for five years. Travelers also offer competitive discounts for homeowners and multi-line policyholders.

Allstate

Although Allstate doesn’t offer a specific military discount, the company was founded by a former army general. Nearly 90 years later, Allstate actively recruits military veterans to join its sales team. The insurer is known for its accident forgiveness policy, safe driving bonuses, and deep-voiced spokesman Dennis Haysbert.

Allstate’s discount plans prevent rate hikes following claims and give you a 5 percent loyalty bonus with each renewal. As the nation’s third-largest auto insurance carrier, Allstate has a strong financial rating. Customers give the company high marks for its courteous phone representatives and a network of knowledgeable local agents.

Esurance

Founded in 1999, Esurance was one of the first companies to offer direct-to-consumer car insurance policies online. As an Internet-based company, Esurance doesn’t have local agents, but J.D. Power found that its phone representatives were better than most.

Since 2011, Esurance has been a subsidiary of Allstate. Like its parent company, it actively recruits military veterans to its workforce and sponsors a charitable group called the Esurance Veterans Engagement Team and Supporters. While you won’t find discounts on military veteran’s insurance through this provider, you can save 5 to 25 percent by driving safely and avoiding claims.

Progressive

Founded in 1937, Progressive is a top-rated car insurance company and veteran-friendly brand. The company supports military charities, employs veterans, and donates cars to service members. In 2018, Progressive was named a Best for Vets Employer by Military Times.

It was one of the first companies to offer lower premiums to safe drivers, and the carrier still offers a variety of discounts. Although preferential military rates are only available in some states, you could save up to 30 percent by qualifying for a safe driver discount or by using the brand’s Snapshot® tool to monitor your driving. Progressive also offers multi-policy discounts and lower premiums for homeowners.

Liberty Mutual

With control over 11.5 million policies, Liberty Mutual is one of the nation’s largest car insurance companies. The company has more than a century of experience and consistently receives strong financial ratings from Standard & Poor’s, Moody’s, and A.M. Best, meaning that your premiums are likely to remain stable.

Although Liberty Mutual doesn’t offer discounts to safe drivers, military veterans, or any group, the company’s prices are better than average based on data from J.D. Power. In the study, Liberty Mutual also received above-average ratings for its website features and policy offerings.

MetLife

While MetLife doesn’t have a discount for military veterans, you can automatically receive a 12 percent discount if you have a clean driving record. This bonus increases to 20 percent after five claim-free years. MetLife also provides safe driving credits that you can put toward your deductible if you ever file a claim. Plus, you may qualify for multi-policy discounts of 5 or 10 percent when you bundle home or life insurance with your auto policy.

If you’re looking for the best car insurance for military veterans, MetLife is a sound choice. J.D. Power found that MetLife’s network of local insurance agents provided above-average service. The carrier’s financial strength is rated at good to excellent by all four major agencies.

Kelly Klee

This Aspen-based boutique brokerage firm offers the best car insurance for military veterans who own collectible or luxury vehicles. Kelly Klee is like an insurance concierge: customers are matched with a personal broker who can compare rates from specialty insurers and seek out policies that qualify for military discounts.

Kelly Klee works with auto insurance groups like Hagerty, Chubb, and Cincinnati Financial to protect classic cars, historic military vehicles, and even antique tractors. If you don’t want to spend time searching for discounts and comparing quotes, Kelly Klee can do the work for you.

QuoteWizard

Comparison shopping is tedious and time-consuming, but QuoteWizard simplifies this essential step. With this free online tool, you can find military veteran’s insurance in minutes. Since 2006, 50 million consumers have used this service to compare premiums from Allstate, Esurance, Farmers Insurance, and other national providers.

QuoteWizard can also help you find a qualified independent agent in your neighborhood if you need personalized advice or if you prefer the convenience of having a knowledgeable agent down the street.

How to Reduce the Cost of Your Car Insurance for Military Veterans

As mentioned earlier, car insurance premiums are determined by dozens of personal and vehicle-related factors. Some of these have a greater bearing on your rates than others.

To lower your costs and find the best car insurance for military veterans, follow these steps.

Demographic Factors: Items like your age, your gender, where you live, how much you drive, and your driving experience are things that you can’t change. However, personal information, such as owning a home or having excellent credit, can sometimes help you qualify for lower rates.Driver Behaviors: In many ways, you decide how much you pay based on the way you drive. Good habits can lower the premiums on your military veteran’s insurance by 10 to 20 percent. If you don’t already qualify for safe driver discounts, take a defensive driving course, and ask whether your carrier has in-car monitoring devices.

Coverage Features: Adjusting your coverage is the easiest way to lower your premiums. Start by increasing our deductible. Determine whether you need comprehensive and collision coverage on older vehicles. Lowering your coverage limits is helpful but beware of giving up coverage that would protect you and your passengers in case of an accident.

Car insurance is not a one-size-fits-all product. Your policy should be tailored to your coverage needs and your budget. To find the best car insurance for military veterans, start by comparing quotes from several military-friendly carriers.

Most car insurance companies show you the estimated cost of each line item. That way, you can see which coverage limits can be adjusted to control your costs while retaining a comfortable level of protection.

Before you begin, take a moment to contact your military retirement association or veterans group. Some nonprofit organizations offer affinity discounts on insurance policies underwritten by brand partners.

Also, ask your insurance company about coverage discounts, and don’t be afraid to switch if you find a better rate. A monthly premium reduction of $10 to $20 can generate substantial savings over the years.

*While we make every effort to keep our site updated, please be aware that “timely” information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.