The type of vehicle requiring insurance is a significant factor when quoting cheaper coverage for retired military. Vehicles with economical engines, a great safety record, or a track record of few liability claims will cost substantially less to insure than adrenaline junky models. The next list outlines auto insurance rates for the cheaper automobiles to insure.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLT 2WD | $2,448 |
| Honda Accord LX-P 4-Dr Sedan | $2,680 |
| Jeep Wrangler Sahara 4WD 2-Dr | $2,744 |
| Honda CR-V LX 2WD | $2,761 |
| Honda Odyssey EX | $2,846 |
| Toyota Prius | $3,058 |
| Ford Edge Limited 2WD | $3,114 |
| Ford Fusion SE 4-Dr Sedan | $3,121 |
| GMC Sierra SLE Crew Cab 2WD | $3,114 |
| Dodge Grand Caravan Hero | $3,178 |
| Toyota RAV4 2WD | $3,186 |
| Chevrolet Impala LS | $3,195 |
| Volkswagen Jetta 2.0T Station Wagon | $3,209 |
| Toyota Tacoma Double Cab TRD Off-Road Package 4WD | $3,241 |
| Ford Explorer Limited 2WD | $3,251 |
| Chevrolet Equinox LS AWD | $3,266 |
| Hyundai Elantra Blue 4-Dr Sedan | $3,287 |
| Toyota Camry Hybrid | $3,319 |
| Kia Optima EX | $3,328 |
| Ford F-150 Lariat Crew Cab 4WD | $3,340 |
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Premium data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Louisiana minimum liability limits. Discounts applied include multi-policy, safe-driver, claim-free, homeowner, and multi-vehicle. Rate information does not factor in specific New Orleans, LA garaging location which can alter premiums considerably.
Based upon the rates shown, vehicles like the Ford Escape, Honda Accord, and Jeep Wrangler are most likely going to be some of the less-costly vehicles to insure for veterans.
Finding dependable, cost effective car insurance is challenging, and deciding which companies offer the most affordable insurance rates for retired military calls for additional perseverance.
Each auto insurance company uses slightly different criteria to set policy rates, so let’s begin by taking a look at the insurance companies with the most affordable rates in New Orleans. It’s important to know that New Orleans, LA insurance rates are impacted by many things that control the cost of having a policy. Taking a driver safety course, filing a claim, or getting a driving violation may prompt premium changes that may make certain companies cheaper than competitors.
Find the Best Cheap Insurance for Vets
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $1,642 |
| 2 | MetLife | $1,892 |
| 3 | Progressive | $1,946 |
| 4 | GEICO | $1,965 |
| 5 | Safeway | $2,154 |
| 6 | Southern Farm Bureau | $2,204 |
| 7 | California Casualty | $2,338 |
| 8 | State Farm | $2,455 |
| 9 | Safe Auto | $2,549 |
| 10 | Allstate | $2,975 |
| 11 | Encompass | $3,170 |
| 12 | Liberty Mutual | $3,756 |
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USAA may have some of the lowest car insurance rates in New Orleans at around $1,642 a year. MetLife, Progressive, GEICO, and Safeway are also some of the cheaper New Orleans, LA insurance companies.
In the above example, if you buy coverage from Safeway and switched to MetLife, you might achieve an annual savings of in the vicinity of $262. Drivers with Southern Farm Bureau could save as much as $312 a year, and California Casualty insureds might lower prices by $446 a year.
Be aware that those estimates are averages for all drivers and vehicles in Louisiana and and are not figured with a specific vehicle garaging location for retired military. So the car insurance company that fits your needs best may not even be in the top 12 companies in the list above. That emphasizes why you need to compare prices as often as possible using your own personalized driver profile and vehicle information.
Full coverage or liability only
Reducing the cost of insurance is important to most vehicle owners, and a great way to find cheap insurance for retired military is to not insure for full coverage. The example below illustrates the difference between annual premium costs with liability coverage only compared to full coverage. The information is based on no claims or driving citations, $1,000 deductibles, drivers are not married, and no additional discounts are factored in.
If we average the cost for ages 20 through 70, comp and collision coverage costs $1,944 per year more than insuring for liability only. At some point, about every driver wonders if buying full coverage is a good investment. There is no set rule of when to stop paying for physical damage coverage on your policy, but there is a guideline you can use. If the yearly cost of full coverage is about 10% or more of the replacement cost minus the deductible, then you might want to consider buying only liability coverage.
For example, let’s say your vehicle’s book value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, you would only receive $8,000 after the deductible is paid. If you are paying over $800 annually to have full coverage, then it’s probably a good time to buy liability coverage only.
Violations and accidents raise rates
The easiest way to enjoy low insurance rates in Louisiana for veterans is to be a safe driver and avoid at-fault accidents and violations. The diagram below shows how traffic citations and at-fault fender-benders can influence insurance costs for different categories of driver ages. The rates are based on a married female driver, full physical damage coverage, $100 deductibles, and no additional discounts are factored in.
The data charted above shows the average cost of auto insurance in Louisiana per year with a clean driving record and no accidents is $2,047. Factor in one speeding ticket and the average cost increases to $2,381, an increase of $334 each year. Then include one accident along with the one speeding ticket and the annual cost of insurance for retired military increases to an average of $3,327. That’s an increase of $1,280, or $107 per month, just for not driving attentively!
The example below highlights how deductible choice can change yearly insurance costs when quoting cheap insurance for retired military. The prices are based on a single male driver, comp and collision included, and no discounts are factored in.
The data above shows that a 40-year-old driver could reduce rates by $518 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $776 by choosing a $1,000 deductible. Young drivers, like the 20-year-old category, could potentially save as much as $1,724 every year just by using higher deductibles. When raising deductibles, it will now be necessary to have enough funds in savings to allow you to pay the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
How to find the cheapest insurance for retired military
The list below shows some thrifty solutions that can help Louisiana drivers locate cheaper auto insurance.
- Buying car and homeowners insurance together can save money
- Avoid getting tickets or violations
- Buy a safer vehicle
- Try to pay small claims out-of-pocket
- Having at-fault accidents will increase rates
- Compare quotes from other companies often
That last tip is certainly important, as was stressed in this piece. Insurance prices can change significantly in a year, so don’t be tentative to buy a different policy if a more affordable rate is found.
Staying with the same company for years is fine, but it’s not recommended if it’s costing you a lot of money every month. Take a couple minutes and shop around to find cheaper auto insurance for retired military in New Orleans.