Figuring out what car insurance to buy is a necessary part of car ownership. Although insurance can be a costly investment, many states require all drivers to have it. You can research different insurance companies and policies to find one that has the coverage you need at an affordable cost. Veterans may even qualify for special discounts or policy options in appreciation of their military service.
What Is Insurance?
Insurance protects against unexpected and unaffordable expenses resulting from a car accident. Insurance is a contract a driver makes with a company where the driver agrees to pay a monthly fee, or premium, in exchange for financial support in the event of an accident. The insurance company then pays a pre-agreed amount toward any covered damage to protect the driver from incurring debt or paying the cost out-of-pocket.
Different policies provide insurance against various acts of nature, collisions, or accidents involving other drivers. The protection you can get as a driver depends on what kind of coverage is included in your contract with the insurance agency. Here are some examples of coverage you can opt into:
Bodily Injury and Property Damage Liability
Bodily injury and property damage liability insurance covers accidents you cause. If you’re the at-fault driver in an accident involving another person’s property or vehicle, your insurance can cover any repair costs or injury costs resulting from the accident. This is one of the most common types of insurance because it offers some protection against financial liability.
Uninsured or Underinsured Motorist Coverage
Just as your insurance may cover the costs or repairs or hospital bills related to an accident that is your fault, another motorist may be responsible for your expenses if they’re at fault. However, if they don’t have insurance or don’t have enough insurance to cover the bills, you may incur costs even though the accident was not your fault. That’s where uninsured or underinsured motorist coverage comes in. With this coverage, your insurance company will help cover repair or medical bills that result from an accident where an uninsured or under-insured driver was at fault.
People who are renting or leasing a car are often required to purchase collision coverage. Collision coverage will pay the cost of repairing or replacing the vehicle if it is involved in a collision with another vehicle or an object like a mailbox, tree, or fence.
Comprehensive coverage provides insurance against a wide range of accidents that are out of your control. This includes hitting an animal, weather-related damage, vandalism, and theft. Comprehensive coverage is essentially a catch-all insurance policy covering all other issues that may cause damage to your vehicle.
Medical coverage refers to any hospital bills that you or another motorist may incur due to an accident. Medical bills can be costly and difficult to afford on your own, so this insurance provides coverage to prevent you from going into medical debt.
Many policies include a combination of some or all of these types of insurance. You can select the coverage you want based on your needs and what you can afford.
Insurance for Veterans
Veterans shopping for car insurance can access discounts for current or former service members. These rates can dramatically decrease the premiums you pay for your insurance, so it’s worth getting quotes from various insurance companies to discover what rates may be available to you. For example, in Louisiana, all automotive insurance companies are required to offer a 25% discount to active duty members and their dependents.
In addition to special discounts, specific insurance companies also cater exclusively to veterans. These insurance companies may be more familiar with the factors at play for a veteran and their dependents, improving their customer experience for veterans and making their policy offerings more appropriate for your needs. Rates are often dependent on where you live and your driving history, but being a veteran can be an essential factor in improving your premium rate.
Best Car Insurance for Veterans
The best insurance for you can depend on what coverage you need and how much money you can pay for a monthly premium. You can start by reaching out to local companies for custom quotes. However, using general metrics, here are some of the best car insurance providers for veterans:
USAA caters exclusively to current and former service members and their dependents. It has unique offerings curated with service members in mind, including special discounts and coverage for motorcycles, RVs, and boats. It’s also available in all 50 states.
Geico is a large insurance company that offers impressive discounts for current and former military members. It also has extensive coverage options and is available in all 50 states. Geico even offers a service where they will store your vehicle if you’re deployed to an area of imminent danger.
Armed Forces Insurance
Armed Forces Insurance is another insurance company that caters specifically to military members and their families. It was created in 1887 and provides competitive coverage for military members, including civilians who work for the military. It’s also available in all 50 states.
How To Pick Insurance for Veterans
To pick the right insurance for you and your family, here are some factors to keep in mind when selecting the best car insurance:
- Price: Getting a quote from as many insurance companies as possible can help you understand which companies offer military discounts and provide coverage within your price range.
- Coverage: Consider what coverage you need and look for plans that offer all the benefits you want for yourself and your family.
- Bundles: Consider bundling different types of insurance, like renters, house, or boat insurance, with your car insurance for a multi-policy discount.
- Location: Not all insurance policies are available in all areas, and rates vary by location, so ensure you’re getting an accurate quote for your state.
As a veteran, you can find many companies that offer affordable coverage to meet your needs. Finding the right insurance can take time and research, though. Take advantage of the information readily available online and through insurance agents to find the right plan for you.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.