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Car Insurance Cost Calculator
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Apr, 17, 2024
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You can use MoneyGeek’s calculator to help you determine how much the car insurance you need will cost in Alaska. This way, you’ll have an idea of which insurer can give you the best deal when you’re comparing quotes.
MoneyGeek also explored how insurers calculate car insurance premiums in Alaska. Our guide can help you identify which factors significantly impact your car insurance costs.
Alaska Car Insurance Calculator: How it Gets You an Instant, Free Estimate
MoneyGeek’s car insurance calculator allows you to determine car insurance costs in Alaska in a short amount of time. Since you’ll need to put in some personal details, our car insurance calculator considers factors like your age, driving record, your car’s make and model and your preferred coverage levels.
In Alaska, adding a teen driver to a policy, the driver’s age and the chosen coverage levels all significantly affect car insurance costs. What impacts your premium the most may vary, depending on your profile.
Using a sample driver profile, we found that GEICO offers the cheapest widely available car insurance in Alaska at $473 per year on average. The most affordable insurer for you may be different, depending on your unique profile. Remember that price isn’t everything — you may want to consider a company that provides top-quality service and offers the coverages you need, even if it doesn’t have the lowest rates.
If you need to know how to calculate car insurance in Alaska, use MoneyGeek’s car insurance calculator or browse through our collection of sample driver profiles. Either will help you find the cheapest car insurance in Alaska.
MoneyGeek also determined the average cost of car insurance in Alaska to see how it compares to other states. The best car insurance companies in Alaska aren’t just affordable — they also provide quality service. MoneyGeek identifies these insurers for you.
How Car Insurance Premiums are Calculated in Alaska
Insurers use various factors to set car insurance premiums. The criteria that impact the cost of coverage the most can vary quite a bit from state to state.
The ones impacting car insurance rates the most in Alaska are adding a teen driver to a policy, the driver’s age and the preferred coverage levels. Adding a student driver has the biggest impact, as adding a young person to your family’s car insurance policy can increase your rate by 3.6x in Alaska.
How Much Adding a Teen Driver Matters in Calculating Car Insurance in Alaska
Insurers typically charge teen drivers a higher rate because they’re riskier to insure. Since they have less experience behind the wheel, they’re more likely to get into accidents. Compared to drivers older than 20, teen drivers are almost three times as likely to be involved in a fatal crash.
Out of the different factors insurers use to calculate premiums, adding a teen driver on a family policy has the most significant effect in the state of Alaska. It may raise your rate by 3.6x.
How Much Age of Driver Matters in Calculating Car Insurance in Alaska
Your age upon purchasing your policy may affect your premium significantly. In Alaska, it may increase your rate by an average of 2.4x.
For example, a 40-year-old driver in Alaska pays an average of $939 for car insurance per year. In comparison, a 19- or 20-year old spends around $2,220 annually for a similar policy.
How Much Coverage Levels Matters in Calculating Car Insurance in Alaska
The more protection your car insurance policy offers, the more expensive it may be. A liability-only policy with state minimum limits is your most affordable option in Alaska. In comparison, if you want a full coverage car insurance policy with liability coverage limits of 100/300/100, it costs roughly 2.3x more in premiums each year.
How Much The Car Model Matters in Calculating Car Insurance in Alaska
According to the Kelley Blue Book, your car’s model determines several factors that may affect how much you pay for car insurance in Alaska. These include engine size and the likelihood of theft, among others. The kind of car you have can roughly double the price of your premium.
How Much Credit Score Matters in Calculating Car Insurance in Alaska
Another factor insurers use to determine car insurance rates is your credit score. It can increase your premium in Alaska by around 1.7x.
The better your credit standing, the more affordable coverage becomes. Drivers in Alaska with excellent credit scores have the cheapest premiums. In comparison, those with poor credit scores often pay the most for car insurance, with much higher monthly premiums.
How to Calculate How Much Car Insurance You Need in Alaska
If you want to find the right balance between cost and coverage, it’s best to calculate how much car insurance you need in Alaska. At the very least, your policy needs to have liability insurance for bodily injury and property damage to satisfy state laws.
Depending on your situation, you may want to increase your limits. You may also opt to add comprehensive and collision insurance.
Understand Alaska car insurance requirements
To calculate how much car insurance you need in Alaska, you can look up the Alaska minimum car insurance requirements. If you purchase a policy with state minimum coverage, you’re only covered up to $100,000 for bodily injuries per accident, with a cap of $50,000 per person. Collision and comprehensive insurance, which aren’t required, also protect you against the cost of damages to your own car.
Consider Purchasing Additional Liability Insurance
You may need additional liability insurance to provide more protection if you cause an accident in Alaska. For example, let’s say that a policy with state minimum limits hypothetically costs an average of $435 per year. If you choose to increase your liability limits to cover up to $300,000 for bodily injury, your annual premium becomes $624 on average, a difference of $189.
Decide whether or not to buy comprehensive and collision insurance
Next, consider if you need full coverage car insurance that includes comprehensive and collision coverage. Although it’s not part of Alaska’s minimum state requirements, your lender might ask for it if you’re leasing or financing your car.
A full coverage policy in Alaska with a $1,000 deductible costs about $294 more on average per year than a state minimum policy. If your car is only worth a few thousand dollars, it may not be worth the additional amount you’re paying for comprehensive and collision coverage.
Consider buying additional protection besides these core coverages
16.1% of all drivers in Alaska don’t carry insurance, so purchasing uninsured/underinsured motorist coverage may be a wise choice. You also have the option to get medical payments coverage. If you or your passengers sustain injuries in an accident, it can help pay for medical treatments.
Frequently Asked Questions About How Car Insurance is Calculated in Alaska
There may be some confusion regarding how to calculate car insurance premiums in Alaska. Understanding the answers to the most commonly asked questions about auto insurance in Alaska can help you make an informed decision when purchasing coverage.
You can use MoneyGeek’s car insurance calculator in Alaska. It will give you a rough estimate of how much your coverage will cost.
In Alaska, adding a teen driver to your policy, the age of the driver and the chosen coverage levels are the top factors affecting car insurance costs.
Start with Alaska’s minimum car insurance requirements and determine whether you should purchase additional coverage and increase limits. These factors help you calculate how much insurance you need in Alaska.
Methodology
MoneyGeek partnered with Quadrant Data Services to get car insurance quotes from across Alaska. Our data science team analyzed how personal factors impacted cost and incorporated our findings into our calculator to provide users with an accurate estimate of their expected yearly auto insurance costs. Read more about our methodology here.
About Mark Fitzpatrick
sources
- Centers for Disease Control and Prevention. "Teen Drivers: Get the Facts." Accessed January 25, 2022.
- Kelley Blue Book. "What Are Most Expensive and Least Expensive Cars to Insure in 2019." Accessed January 25, 2022.