USAA Named Best Insurer for Veterans
Clearsurance.com recently published a guide to the best car insurance for veterans. The top spot went to USAA.
As a company that exclusively offers policies to military members, veterans, and their eligible family members, USAA has demonstrated an understanding of veterans’ needs and the ability to provide policies that meet those needs.
Top Ten Companies for Veterans
Below are the top ten car insurance companies for veterans. Each has strengths and weaknesses, and comparing quotes between companies is the best way to determine which is the best fit for each individual driver:
- USAA
- Geico
- Liberty Mutual
- Farmers
- State Farm
- Nationwide
- Progressive
- Allstate
- Erie
- Travelers
These companies offer a military discount. These discounts range between 10% and 35%. Nationwide offers a deployment discount that can help make the policy affordable while the military policyholder is deployed.
Best Company Offerings
USAA is at the top of the list. Its average rates for liability-only coverage for veterans are $80 a month, with full coverage averaging $140 a month. USAA is also the top choice for veterans with disabilities.
The next cheapest is Erie Insurance. Unfortunately, Erie only writes policies in a few states, but its average rates are $85 for minimum coverage and $145 for full coverage. Erie also gets high ratings on customer service.
Travelers offers a popular accident forgiveness program that veterans can opt into. If you’re enrolled in accident forgiveness, premiums will not increase following an accident.
Allstate’s usage-based program, Drivewise, is a good option for veterans with good driving habits who could benefit from significant discounts.
Liberty Mutual has a discount of up to 60% for vehicles kept in storage while a veteran is deployed. That can greatly ease the financial burden of being overseas. Its vanishing deductible program is another perk for customers who go years without filing a claim.
Ways for Veterans to Save on Auto Insurance
Clearsurance.com recommends veterans look into the following avenues to save money on car insurance:
- Military Installation Discount – for vehicles garaged on a military base
- Defensive Driving Discount – savings up to 15% for completion of approved courses
- Pay Per Mile Insurance – driving fewer than 10,000 miles annually may lead to significant savings
- Deployment Discounts – during deployment, a vehicle in storage could cost 60% less to insure
The standard discounts available across the board may also be good options for veterans. Some of the best discounts include bundling, good-driver, usage-based, and safe-vehicle.
Melanie Musson, a nationally recognized insurance expert with Clearsurance.com, reminds veterans, “Don’t be afraid to ask what kind of special options are available for special circumstances. Saving money makes it worth asking.”
Basic Insurance Info for Veterans
Veterans need appropriate car insurance coverage for their vehicles. That won’t always mean top-of-the-line coverage, but it might. Veterans with new cars should choose full coverage, but veterans with a car that’s over 10 years old may be better off with liability-only coverage.
Liability-only coverage is required by each state. The minimum requirements may not provide adequate coverage, but limits of 100/300/100 should be sufficient. Liability coverage only covers damage done by the policyholder to another person or property. Liability-only coverage is the least expensive option.
Full coverage includes comprehensive and collision coverage. It covers the cost of damage to the policyholder’s vehicle. Collision and comprehensive coverages have a deductible that the policyholder is responsible for. The insurer will cover the cost to repair or replace the vehicle minus the deductible.
Uninsured and underinsured motorist coverage is a valuable option that helps drivers avoid the financial burden of an accident caused by an uninsured driver.
Read Clearsurance.com’s entire report here: 10 Best Car Insurance Companies for Veterans (Top Providers Ranked)