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Did you know that if you have put your life on the line to serve in one of the branches of the Armed Forces, you may be entitled to receive certain discounts on your auto insurance?
Since not every car insurance provider offers these special discounts or rating assignments to veterans, it is important to research several companies to ensure you receive the most comprehensive coverage limits and options as well as the best car insurance rates.
If you never took the time to comparison shop for the best rates or if this is the first time you will be purchasing your own car insurance policy, now is the time to educate yourself.
You want to make sure you understand the potential discounted rates to which you may be entitled as a military veteran so that you can get the best rates possible.
This guide to car insurance for veterans will help provide you with the tools and knowledge you need to get the most affordable plans without compromising protection for yourself and your loved ones.
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Why are military veterans entitled to special discounts?
Many people believe that insurance companies offer these special military discounts to veterans as a way of saying “thank you” for sacrificing their lives to protect citizens’ freedom in the United States.
Although this is certainly one of the several reasons why most car insurance providers will offer veterans’ discounts, it is not the only one. Statistics show that those who have served in the military are typically considered to be less of a risk than civilian drivers.
Why do insurance companies consider veterans to be safer drivers?
When insurance companies are attempting to determine a driver’s risk class and his or her subsequent premium, they take risk into consideration before any other factor.
Although there are a number of different factors that can affect one’s risk class, studies indicate that there is a direct relationship between a driver’s profession and how likely he or she is to cause an at-fault accident.
Generally speaking, drivers who work in specific fields and who are highly trained are typically more cautious than the average motorist.
Since military personnel and veterans are taught to safely operate many different types of machinery and they receive intensive training during their time of service, these individuals have experience in a profession that qualifies them for car insurance discounts.
Many car insurance companies agree that the veteran’s disciplined past ultimately translates into good, cautious and careful driving habits.
How do you find car insurance companies that offer car insurance policies for veterans?
Now you are aware that veterans are entitled to special discounts on their car insurance policies and you understand why insurance providers offer these discounted rates.
The next step to obtaining a car insurance policy is to find an insurer that offers a policy that meets your unique needs without breaking the bank.
Unfortunately, not every provider offers discounted rates to veterans who have the following:
- a respectable driving record
- professional experience
- a lower risk class
However, even though some companies do not offer veterans car insurance policies, each state boasts a long list of providers that do.
The following are several tips to keep in mind before you trust an insurance company to provide you and your loved ones with financial protection:
– Step 1: Locating Companies That Offer Veterans Discounts
Veterans have access to a number of different resources that can help them to plan financially and assist them in resuming their daily lives after serving in the military.
One organization that can help find the best car insurance policies for veterans is the Veterans of Foreign Wars. The VFW indicates that USAA Insurance is the sponsored insurance provider for active service members, veterans, and their dependents.
While USAA may be the largest name that offers insurance policies for military veterans and personnel, there are other providers to keep in mind as well.
Therefore, it is important to compare rates with more than one carrier to ensure you are being offered the most competitive rate possible. Other insurance companies to keep in mind include:
- Allstate – Offers a safe driver bonus of five percent as well as a “55 and retired” discount of 10 percent.
- Esurance – Offers no-hassle car insurance for active-duty military personnel and veterans. Esurance waives cancellation fees for deployed customers and ensures that deployment time will not be considered a gap in coverage.
- Farmers – Offers a discount for active military personnel based in Louisiana as well as a business/professional group discount for individuals who are retired from an approved occupation and meet the eligibility criteria.
- GEICO – Offers a significant emergency deployment discount as well as a discount of up to 15 percent to individuals on active duty, retired military personnel and members of the National Guard or Reserves.
- Liberty Mutual – Offers a Veterans Advantage program that allows active-duty members and veterans to save up to 10 percent on their car insurance.
- MetLife – Offers some reduced rates for military members as well as several incentives for Navy Federal Credit Union members.
- SafeAuto – Offers discounts to Armed Forces members, veterans, and active-duty military personnel.
- Safeco – Offers discounts for highly educated and skilled workers, including veterans and military personnel. The amount varies depending on specific job industries and titles but, generally, falls between 10 percent to 15 percent.
- The General – Offers a discount to active military personnel who are based in Louisiana and serving full-time in the Air Force, Marine Corps., Navy, Army, Coast Guard, or National Guard.
When choosing a company, make sure that the one you select understands the ins and outs of military life and offers special policies should you be forced to deploy or relocate while you are an active service member.
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– Step 2: Determining Which Insurer is the Best Option for Your Needs and Budget
When you begin to comparison shop for cheap car insurance policies for veterans, the price is most likely your biggest concern. Although the cost of your insurance policy matters, an insurance policy is only as valuable as the reputation of the provider with whom you are insured.
For example, if you choose a car insurance company based solely on cost along, you could be left sitting with a damaged car and claims that have either been delayed for months or unpaid altogether.
Surreptitious car insurance companies may also attempt to deny a valid claim in order to avoid paying out on the policy, leaving you with a costly headache and unexpected expense of pursuing legal action to recoup your money.
To avoid wasting your valuable time and money on a dishonest provider, keep in mind the following indicators that will let you know an insurance company is more likely to fulfill its obligations to its policyholders:
- The provider has a high customer satisfaction with several consumer rating organizations and agencies.
- The provider offers more than just car insurance policies for discounts and convenience.
- The provider offers several methods of contact such as email, phone, fax and in-person offices for the convenience of its policyholders.
- The provider has no or few complaints filed with the National Association of Insurance Commissioners.
- The provider can show evidence of licensure and is in good standing with the U.S. Department of Insurance.
- The provider has either a good or excellent financial rating and is financially responsible.
– Step 3: Deciding on the Right Coverage Limits and Options
Above all, never let your desire to find cheap insurance rates compromise the amount of financial protection you buy.
Whether you are employed, own a home or have any other type of financial assets, you place everything at risk when you fail to purchase the right amount of car insurance.
For example, if you are not prepared with an adequate policy and coverage and you find yourself in an accident, you could be left without a vehicle, and you may find judgments and wage garnishments hanging over your head.
This is why it is so important to assess your need for optional coverage, compare the limits available for your car and situation, and build the best policy possible before considering the price.
After you understand your coverage needs inside and out, only then will you be able to make an unbiased decision as to where you purchase a policy.
The Importance of Comparing Rates When Shopping for a Car Insurance Policy
Car insurance coverage is one product that all veterans, active service members and civilians need if they own vehicles.
While it goes without saying that no one wants to pay high or inflated rates for coverage with one provider while another insurer offers discounted rates, comparison shopping is key to purchasing the best policy for your situation.
You can use an online rate comparison tool to find the best rates for veterans’ car insurance policies, and you will be able to clearly see how much you can benefit from your veteran status when you make the decision to purchase a car insurance policy.
If you are a veteran, it is always in your best interest to ask for and/or research discounts for car insurance policies when you are shopping for a new policy or renewing your current one.
Often, being a veteran will allow you a discount because, statistically, you are law-abiding, responsible, safe and, in many cases, have a steady source of retirement income.
This assures the insurance company that you will be able to make your monthly premium payments on time. While it is likely that you will be eligible for a discount, it is critical to avoid assuming that one is readily waiting for you.
Instead, shop around and do your research to ensure you will get the best policy and coverage to meet your needs. Enter your zip code below to compare rates today for free.