Car insurance in Anchorage costs an average of $984 annually, the same as the state average. The cheapest widely available insurer is GEICO, at an average of $882 annually. MoneyGeek analyzed the cheapest options based on several driver profiles and coverage levels. MoneyGeek ranked the best insurance companies in Anchorage to help drivers looking to balance cost and quality service.
Compare the Cheapest Car Insurance Quotes in Anchorage, AK
The Cheapest and Best Car Insurance in Anchorage
The Cheapest Car Insurance Companies in Anchorage
The companies in Anchorage with the cheapest average rates for a full coverage auto insurance policy are:
- USAA: $619 annually (only for current and former military)
- GEICO: $882 annually
If you’re looking for cheap car insurance in Anchorage, USAA’s average annual premium is the lowest, but their products are only available to military members and their families. With this in mind, the best widely available cheap auto insurance in this city is from GEICO, which has an average annual premium of $882.
MoneyGeek collected average insurance rates in Anchorage based on a sample driver profile with a full coverage policy, including liability insurance and comprehensive and collision coverage.
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Average Cost of Car Insurance in Anchorage
The average car insurance rate in Anchorage is $984 per year. This rate is equal to the state annual average but much lower than the national average rate of $1,424. When comparing the national annual premium to the Anchorage and Alaska rates, there’s a notable 30.9% difference. Clearly, you're more likely to get a good deal for your auto coverage if you live in Anchorage compared to many American cities.
The Best Car Insurance Companies in Anchorage
For drivers looking for a provider that balances affordability and quality service, MoneyGeek ranked the best providers in Anchorage. According to MoneyGeek’s scoring system, the best companies in the city for most drivers are:
- GEICO: MoneyGeek score of 93 out of 100
- Country Financial: MoneyGeek score of 90 out of 100
USAA received the highest score in Anchorage by MoneyGeek's rating system. However, because USAA is only available to military members, veterans and their families, it is not listed as best overall.
To calculate these final scores out of 100, MoneyGeek used various factors, including J.D. Power customer satisfaction, affordability and financial stability metrics.
Personalized Quotes to Get You the Cheapest Car Insurance in Anchorage
Insurance rates aren’t the same for everyone, even if you purchase the same packages from a single provider. There are other factors that affect insurance rates, such as your driving history and experience, car make and model, credit score, location and miles driven per year. Even your gender, profession and age affect your car insurance rate.
Therefore, to find the best and most accurate car insurance rates in Anchorage, it is recommended that you shop around and compare personalized quotes.
Shopping around for car insurance in Anchorage could save you $102, which is enough to buy:
Cheapest Car Insurance in Anchorage by Coverage Amount
In Anchorage and elsewhere, a very important factor that determines the cost of a policy is your chosen coverage level. For instance, a state minimum liability policy in Anchorage costs an average of $554, while a full coverage policy with higher liability limits costs an average of $984. That is a difference of $431.
Alaska Minimum Liability Requirements
- Bodily Injury and Property Damage$50,000 per person, $100,000 per accident and $25,000 for property damage. A more protective level is 100/300/100.
There are ways to upgrade your minimum liability insurance, especially if you want added benefits like comprehensive coverage, collision coverage and uninsured motorists coverage. GEICO offers the cheapest policies for a variety of different coverage levels. They charge an average $458 per year for 50/100/50 liability-only policies, $805 for 50/100/50 full-coverage plans and $882 for 100/300/100 full-coverage packages.
Liability-only means that the policy only covers the damage you cause to other people, while full coverage extends the coverage to your vehicle as well. The added coverage you get for the average $347 it costs to upgrade from 50/100/50 liability-only to full coverage is significant. If you can afford to do so, upgrading your car insurance in Anchorage is worth exploring.
Average Car Insurance Premiums: Liability-Only vs. Full Coverage
- CompanyState Minimumper year50 / 100 / 50per year
- Company50 / 100 / 50per year100 / 300 / 100per year
Cheapest Car Insurance in Anchorage if You Have Driving Violations
One factor that influences the personalized car insurance quote you receive is your driving history. An individual with a clean record in Anchorage will spend far less than someone with violations.
For example, GEICO’s $882 no-violation average rate can increase to $2,112 if you have a DUI. This goes to show that for drivers, maintaining a clean record is key to saving money on auto insurance.
- CompanySpeeding Ticketper yearAt-Fault Accidentper yearDUIper year
Average Cost of Car Insurance by Postal Code
Your ZIP code also affects your personalized car insurance quote. The higher the rate of risk factors in your area, the higher your quote will be. Some risk factors include the frequency of car thefts in the area, the rate of accidents and the rate of fatalities, among others.
In Anchorage, ZIP code 99508 has the cheapest average annual premium at $979, compared to $995 in ZIP code 99504. Although there’s not much difference between the rates in each ZIP code in Anchorage, it is still important to take note of this factor.
- Zip CodeState Minimumper year
Factors That Impact Insurance Costs in Anchorage
In addition to individual driver needs and history, location-specific factors like the percentage of uninsured motorists and the rate of fatal accidents also contribute to car insurance rates in Anchorage. How Anchorage ranks compared to the 300 most populous cities in the United States can have a significant impact on premium costs.
Methodology and Assumptions
MoneyGeek’s average premium rates for Anchorage are based on 100/300/100 comprehensive collision coverage with a $1,000 deductible for a 40-year-old male driver. The average driver profiled drives a 2010 Toyota Camry LE and has no tickets or accidents on their record. Additional premiums are added based on coverage type, location and driving record. Learn more about MoneyGeek’s data and methodology here.
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