The words “cheap” and “insurance” really shouldn’t be used together, in particular when you are trying to find the best price on coverage for retired military. To save some money, let’s take a look at some of the things that have a considerable impact on auto insurance premiums, and figure out some ideas to lower the price of your next policy.
One of the many components that help determine the price you pay for insurance is where you live in Stockton. Cities with larger populations tend to pay more, whereas areas with less crime or weather claims have the gratification of cheaper auto insurance rates.
The illustration below ranks the priciest cities in California for retired military to purchase car insurance in. Stockton ranks #12 with an annual cost of $1,541 for the average insurance policy, which is around $128 per month.
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Prices are approximated as the specific zip code location can revise premiums noticeably.
The vehicle model on the policy is one of the main factors when trying to find the best cheap insurance for retired military. Vehicles with lots of speed or power, a lack of safety features, or a history of substantial liability claims will cost more to insure than safer models. The table below showcases auto insurance premiums for a handful of the cheapest automobiles to buy insurance for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Honda Accord LX 4-Dr Sedan||$1,072|
|Honda Odyssey LX||$1,178|
|Dodge Grand Caravan SE||$1,204|
|Ford Explorer Eddie Bauer 2WD||$1,211|
|Ford Escape XLS 4WD||$1,227|
|Honda CR-V EX 2WD||$1,234|
|Toyota Camry LE||$1,269|
|Jeep Grand Cherokee Laredo 4WD||$1,279|
|Hyundai Elantra Blue 4-Dr Sedan||$1,309|
|Chevrolet Equinox LTZ AWD||$1,359|
|Chevrolet Silverado LTZ Extended Cab 4WD||$1,368|
|Chevrolet Malibu LTZ||$1,359|
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Prices based on single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and California minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, homeowner, and safe-driver. Premium amounts do not factor in specific garaging location which can revise coverage rates considerably.
Looking at the rates, we can infer that makes and models like the Honda Accord, Honda Odyssey, Toyota Prius, and Dodge Grand Caravan are most likely going to be the cheapest vehicles to insure for veterans.
The example below shows how different deductible levels can affect insurance costs when getting quotes for cheap insurance for retired military. The data is based on a married female driver, comp and collision included, and no policy discounts are applied.
In the chart above, a 30-year-old driver could pocket $476 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $712 by changing to a $1,000 deductible. Young drivers, like the Age 20 category, could roll back prices up to $1,008 annually just by choosing higher deductibles. If you make the decision to raise deductibles, it will be important to have enough in a savings account to enable you to cover the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.
Full coverage versus liability-only
Buying cheaper insurance is the goal of the majority of vehicle owners, and one good way to lower the cost of insurance for retired military is to only buy liability insurance. The information below shows the comparison of car insurance costs with full physical damage coverage and with liability coverage only. The price estimates are based on no claims or violations, $500 deductibles, drivers are single, and no policy discounts are applied.
If we average the cost for all age groups, physical damage coverage costs $2,075 per year over liability only. That is a big expense that brings up the question when is it safe to stop buying full coverage. There is no specific rule to eliminate full coverage, but there is a guideline you can consider. If the yearly cost of full coverage is about 10% or more of the replacement cost minus the deductible, then you might want to think about dropping full coverage.
California insurance company ratings
Finding the best auto insurance provider can be rather challenging considering how many choices you have in California. The information shown below can help you pick which coverage providers to look at putting your business with. The ratings below only include companies that insure vehicles across America, so smaller companies that only insure vehicles in California are not included in these rankings.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
|AAA of Southern California||91||94||97||92%||A+||94.1|
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Data Source: Insure.com Best Car Insurance Companies