When compared to civilians, current military troops and veterans have different insurance needs. The finest vehicle insurance companies provide specific coverage, low prices, and excellent customer service. Using these parameters, MoneyGeek discovered three vehicle insurance firms that stand out above the rest:
- USAA is the top standard in auto insurance. It provides low prices, a good customer service record, and coverages that are tailored to the needs of active and past service members.
- GEICO: GEICO offers a military discount, making its low rates even more accessible to service personnel. It also has an army service team comprised of veterans. Esurance: This company is ideal for military personnel summoned to active duty because it allows them to terminate their automobile insurance without penalty.
Best and Most Affordable Auto Insurance for Military Families and Veterans
USAA has the best vehicle insurance rates for active military and veterans and has been doing it since 1922. They only provide insurance to persons with military affiliation, such as:
- Reserve Eligible Family, Veterans Cadets and Midshipmen Cadets.
Why it’s the best: USAA car insurance members get access to some of the most affordable auto insurance on the market. It also boasts excellent customer service, earning a five-star rating from MoneyGeek for customer satisfaction based on J.D. Power Research. Most significantly, USAA has features that appeal to service members: when you’re deployed, you can obtain a discount of up to 60% on keeping your vehicle or a discount of up to 15% on your comprehensive coverage if you garage your vehicle on base.
For veterans and active service members, GEICO boasts the second-lowest vehicle insurance prices. Members can call a dedicated military phone line (1-800-MILITARY) to discuss their specific vehicle insurance needs. Why it is a runner-up: GEICO isn’t relatively as cheap as USAA on average, but it comes close when you factor in the 15% military discount.
Esurance does not provide a military discount, but they provide a perk that can save active duty military personnel a significant amount of money on vehicle insurance. Why military members should consider Esurance: Esurance allows anyone summoned to active duty to terminate their automobile insurance without penalty while on active duty. When they return and need to drive their automobile again, they can reinstate their insurance. Most insurance companies will only provide you with fair rates if you are continuously insured. Thus cancelling your policy while on deployment will cost you money.
Active-duty military members must meet specific standards to be eligible for this programme. They must produce either the DD214 release documentation or a letter on military stationery from the policyholder’s commanding officer stating that they were stationed overseas. Once in the United States, the service member has 30 days to seek coverage. Before being stationed overseas, the policyholder must have been insured. The policyholder is not required to have previously been insured with Esurance. The disadvantage of Esurance is that it is more expensive than USAA or GEICO; its rates are closer to the national average.
Military & Veteran Car Insurance at the Lowest Prices
MoneyGeek did a study comparing major insurance providers in the United States and discovered that USAA and GEICO were by far the cheapest insurance for active military and veterans. USAA has the lowest total rates, at an average of $883 per year. When you factor in GEICO’s maximum military discount of 15%, their rates come in second at $890 per year.
Rates are for a representative driver. Other big insurers do not provide a particular military discount. They may, however, give discounts to certain military members in specific states. It’s also feasible to get substantially lower prices for certain insurers by combining non-military discounts. The only way to find out which insurance is the most affordable for you is to acquire an accurate quotation.
What Is the Difference Between Car Insurance for Military Personnel and Veterans?
Car insurance coverage for military personnel is essentially the same as that for the general public. However, some automobile insurance firms provide special coverages or reductions to account that active-duty service members may use their vehicle less frequently than most drivers. For example, GEICO provides emergency deployment discounts to service members deployed inside Department of Defense-defined imminent hazard pay zones. As a result, deployed drivers will not have to spend as much while not using their vehicles.
What to Consider When Storing a Vehicle During Deployment?
If you want to store your automobile while deployed, you should take advantage of any available reductions from your insurer. However, you should only carry as much coverage as is necessary to keep your automobile safe while decreasing your monthly premium. You can, for example, get liability-only automobile insurance by dropping comprehensive and collision coverage. If you’re ready to register your automobile again after returning from deployment, you can even get rid of liability insurance.
Before deployment, determining the right vehicle insurance coverage and needs can ensure you get the most outstanding coverage at the best price.