Cheapest Car Insurance Companies in Anchorage, AK (2024 Rates)


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Updated: May 20, 2024

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Your driving profile and needs will determine your cheapest provider. GEICO offers the cheapest minimum and full coverage auto insurance in Anchorage, Alaska. It's also the cheapest for teens, young adults, seniors and drivers with speeding tickets. USAA has the cheapest military-affiliated plans, whereas Allstate has the cheapest poor-credit policies. State Farm is cheapest for drivers with a DUI or at-fault accidents.

MoneyGeek also analyzed the best auto insurance in Anchorage for affordability and service.

MoneyGeek Logo IconCheapestCar InsuranceAnchorage
2024

Why Trust MoneyGeek? Our study of auto insurance rates in Alaska is based on data and information from Alaska's Division of Insurance and Quadrant Information Services.

7,908Quotes Analyzed
 
6Companies Compared

Cheapest Minimum Coverage Car Insurance in Anchorage

The most affordable auto insurance providers in Anchorage for a minimum coverage policy are:

  • GEICO: $442 per year
  • Allstate: $447 per year

Meanwhile, Progressive offers the most expensive minimum coverage policy in Anchorage at $730 per year. As of October 2022, the cheapest auto insurance in Alaska is offered by State Farm, highlighting how location can affect which company has the cheapest rates.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
Coverage:
Coverage:Minimum Coverage
GEICOAnnual Premium$442Monthly Premium$37
AllstateAnnual Premium$447Monthly Premium$37
State FarmAnnual Premium$454Monthly Premium$38
Umialik InsuranceAnnual Premium$548Monthly Premium$46
ProgressiveAnnual Premium$730Monthly Premium$61
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In Alaska, minimum coverage policies only include coverage for bodily injuries and property damage with the following limits:

  • $50,000 bodily injury liability per person
  • $100,000 bodily injury liability per accident
  • $25,000 property damage liability per accident

If you have a minimum coverage policy and cause an accident, your insurer will only pay up to $50,000 in medical expenses per victim, up to a maximum of $100,000 per accident, regardless of how many are injured. You would need to pay for any additional expenses out of pocket.

Cheapest Full Coverage Car Insurance in Anchorage

For a full coverage policy, the following auto insurance providers offer the lowest rates in Anchorage:

  • GEICO: $837 per year
  • State Farm: $859 per year

Progressive is the most expensive for full coverage, with average yearly premiums of $1,238. As of October 2022, although State Farm ranks second in Anchorage, it is the cheapest full coverage car insurance provider in Alaska — highlighting, once again, how location can have a significant impact on auto insurance rates.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
Coverage:
Coverage:Full Coverage
GEICOAnnual Premium$837Monthly Premium$70
State FarmAnnual Premium$859Monthly Premium$72
AllstateAnnual Premium$1,031Monthly Premium$86
Umialik InsuranceAnnual Premium$1,091Monthly Premium$91
ProgressiveAnnual Premium$1,238Monthly Premium$103

When you choose full coverage, your plan will include both collision and comprehensive insurance in addition to liability coverage.

  • Collision insurance: Pays for repairs to your vehicle if it is damaged in a collision with a stationary object or other cars.
  • Comprehensive insurance: Covers the cost of repairs if your car is damaged by something other than a collision, such as a fire or a flood.

Keep in mind that the additional expense of full coverage insurance may not be worth it for older vehicles with low value.

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Cheapest Car Insurance in Anchorage After a Driving Offense

Drivers with a violation on their record will find the cheapest rates from the following companies:

  • Speeding ticket: GEICO ($956 per year)
  • At-fault accident: State Farm ($1,063 per year)
  • DUI: State Farm ($972 per year)

Progressive is the most expensive company for motorists with a history of at-fault accidents ($1,836) and speeding tickets ($1,636), while GEICO charges the most for drivers with a DUI record ($1,602).

Poor driving records can substantially impact car insurance rates — the cheapest company's rates for bad records typically won't be cheap relative to safe driving rates.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
Coverage:
Coverage:Full Coverage
Incident:
Incident:Speeding
GEICOAnnual Premium$956Monthly Premium$80
State FarmAnnual Premium$972Monthly Premium$81
Umialik InsuranceAnnual Premium$1,091Monthly Premium$91
AllstateAnnual Premium$1,252Monthly Premium$104
ProgressiveAnnual Premium$1,636Monthly Premium$136

In general, more severe violations usually result in higher auto insurance rates. Anchorage drivers with a DUI pay an average of $322 more per year for insurance, while drivers with a ticket pay an average of $170 more. Even so, shopping around can help you find cheap car insurance for bad driving records.

Cheapest Car Insurance in Anchorage for Teens and Their Families

The following companies offer the cheapest car insurance for teens on a family policy in Anchorage:

  • GEICO: $2,227 per year for female teens; $2,396 per year for male teens
  • State Farm: $2,416 per year for female teens; $3,085 per year for male teens

Progressive has the most expensive policies for teens on a family plan, charging $4,525 annually for female teens and 4,952 for male teens.

Rates are often higher for male teens since they are considered riskier to insure. In Anchorage, GEICO charges male teens $169 more per year than female teens. This difference levels off in early adulthood.

Data filtered by:Results filtered by:
Age:
Age:16
Gender:
Gender:Female
GEICOFamily Plan Annual Premium$2,227Individual Plan Monthly Premium$7,550
State FarmFamily Plan Annual Premium$2,416Individual Plan Monthly Premium$5,265
AllstateFamily Plan Annual Premium$3,104Individual Plan Monthly Premium$4,552
ProgressiveFamily Plan Annual Premium$4,525Individual Plan Monthly Premium$13,407

Auto insurance rates for teenagers are much higher if they get an individual policy. In Anchorage, an individual policy costs an average of $1,930 more per year than a family policy. Adding a teen to a family policy will help you get the cheapest teen auto insurance.

Cheapest Car Insurance in Anchorage for Military Drivers

The following companies offer the most affordable auto insurance for military households with a full coverage policy in Anchorage:

  • USAA: $549 per year
  • GEICO: $837 per year

USAA and GEICO also offer the cheapest rates for minimum coverage policies at $269 and $442 per year, respectively.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
Coverage:
Coverage:Full Coverage
USAAAnnual Premium$549Monthly Premium$46
GEICOAnnual Premium$837Monthly Premium$70
State FarmAnnual Premium$859Monthly Premium$72
AllstateAnnual Premium$1,031Monthly Premium$86
Umialik InsuranceAnnual Premium$1,091Monthly Premium$91
ProgressiveAnnual Premium$1,238Monthly Premium$103

How to Compare Cheap Anchorage Car Insurance Quotes Online

Getting an online quote from a car insurance company in Anchorage requires entering a lot of personal information and can take at least 15 minutes.

MoneyGeek's auto insurance calculator can quickly give you a rough estimate of your costs based on only your age, driving history, level of coverage needed and vehicle type.

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Rates updated:

Jul 12, 2024

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Cheapest Car Insurance in Anchorage for Young Adults

The cheapest auto insurance companies for young adults with a full coverage policy in Anchorage are:

  • GEICO: $830 per year
  • State Farm: $1,008 per year

Umialik Insurance charges the most at $1,605 per year. While they pay less than teens, younger drivers typically pay more for car insurance than middle-aged drivers since they have less driving experience. In Anchorage, the average annual rate for 25-year-old drivers is $214 more than the rate for 40-year-old drivers.

Data filtered by:Results filtered by:
Age Group:
Age Group:22-29
Coverage:
Coverage:Full Coverage
GEICOAnnual Premium$830Monthly Premium$69
State FarmAnnual Premium$1,008Monthly Premium$84
AllstateAnnual Premium$1,181Monthly Premium$98
ProgressiveAnnual Premium$1,503Monthly Premium$125
Umialik InsuranceAnnual Premium$1,605Monthly Premium$134

Cheapest Car Insurance in Anchorage for Seniors

The most affordable full coverage auto insurance for seniors in Anchorage is offered by the following providers:

  • GEICO: $742 per year
  • State Farm: $793 per year

The most expensive option is from Progressive, which charges $1,341 per year. Seniors in Anchorage pay $12 more per year on average for auto insurance than drivers in their 40s. Rates generally continue to increase after age 65 as driving becomes more risky.

Data filtered by:Results filtered by:
Age Group:
Age Group:60 +
Coverage:
Coverage:Full Coverage
GEICOAnnual Premium$742Monthly Premium$62
State FarmAnnual Premium$793Monthly Premium$66
Umialik InsuranceAnnual Premium$1,006Monthly Premium$84
AllstateAnnual Premium$1,232Monthly Premium$103
ProgressiveAnnual Premium$1,341Monthly Premium$112

Cheapest Car Insurance in Anchorage for Poor Credit

The cheapest auto insurance companies for drivers with bad credit in Anchorage are:

  • Allstate: $1,341 per year
  • GEICO: $1,594 per year

Progressive charges $1,770 for policyholders with poor credit — the most expensive rate in the city. In Anchorage, drivers with good credit pay an average of $1,011 per year, while drivers with poor credit pay about 60% more with an average annual premium of $1,623 — that's a $612 difference.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
Coverage:
Coverage:Full Coverage
AllstateAnnual Premium$1,341Monthly Premium$112
GEICOAnnual Premium$1,594Monthly Premium$133
State FarmAnnual Premium$1,702Monthly Premium$142
Umialik InsuranceAnnual Premium$1,706Monthly Premium$142
ProgressiveAnnual Premium$1,770Monthly Premium$148

Insurance companies believe that customers with low credit scores are more likely to file claims, so they charge them higher rates. Those with bad credit can take several steps to reduce the cost of their insurance, such as bundling policies, looking for common discounts and comparing prices from several insurers. You can also work to improve your credit score over time.

Cheapest Car Insurance in Anchorage for Sports Cars

The following companies offer the cheapest full coverage auto insurance for sports car drivers in Anchorage:

  • GEICO: $717 per year
  • State Farm: $1,060 per year

The most expensive auto insurer for sports car owners is Progressive, which charges $1,406 annually. In Anchorage, sports car drivers pay an average of $110 — or about 11% — more per year than drivers of standard cars.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
Coverage:
Coverage:Full Coverage
GEICOAnnual Premium$717Monthly Premium$60
State FarmAnnual Premium$1,060Monthly Premium$88
AllstateAnnual Premium$1,302Monthly Premium$109
ProgressiveAnnual Premium$1,406Monthly Premium$117

MoneyGeek used a Ford Mustang when analyzing rates for sports cars, but prices can vary by model. Luxury, electric and sports cars typically have the highest insurance costs, and this holds true in Anchorage.

Average Cost of Car Insurance in Anchorage

In Anchorage, the average annual cost of auto insurance is $1,011, which is $99 more than the average cost of auto insurance in Alaska. However, it's cheaper than the national average auto insurance cost of $1,265 per year.

These rates apply to full coverage policies with $100,000 in bodily injury liability per person, $300,000 in bodily injury liability per accident and $100,000 in property damage liability per accident.

AnchorageFull Coverage Average Annual Premium$1,011Minimum Coverage Average Annual Premium$524

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.