The vehicle you are insuring is probably the biggest factor that determines the availability of low-cost insurance for retired military. Vehicles with economical engines, advanced safety features, or low incidents of liability claims will cost much less to insure than adrenaline junky models.
The table below showcases coverage costs for a handful of the cheapest automobiles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX-L 4WD||$776|
|Ford Edge SEL AWD||$782|
|Toyota RAV4 Limited 2WD||$791|
|Chevrolet Equinox LT AWD||$800|
|Dodge Grand Caravan Hero||$791|
|Ford Escape Limited 4WD||$817|
|Hyundai Elantra Blue 4-Dr Sedan||$819|
|Ford Focus SEL 4-Dr Sedan||$825|
|Toyota Camry SE||$833|
|Jeep Grand Cherokee SRT-8 4WD||$848|
|GMC Sierra 2500HD SLE Regular Cab 4WD||$854|
|Kia Optima LX||$850|
|Nissan Rogue S AWD||$858|
|Hyundai Sonata GLS 4-Dr Sedan||$850|
|Dodge Ram Crew Cab ST 4WD||$865|
|Volkswagen Jetta LE 4-Dr Sedan||$867|
|Start Your Quote Go|
Price data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Nevada minimum liability limits. Discounts applied include safe-driver, multi-policy, multi-vehicle, homeowner, and claim-free. Rate quotes do not factor in specific garaging location which can modify rates greatly.
Based on these rates, we can expect makes and models like the Honda CR-V, Ford Edge, and Toyota RAV4 are most likely going to be the more affordable vehicles to insure for veterans.
One of the many factors that are used to help calculate insurance cost is where your car is garaged. Regions with larger populations or more claims like Winchester, Sunrise Manor, and Enterprise will most likely pay more, whereas areas with lower vehicle theft rates and fewer weather claims get the luxury of paying less.
The next table ranks the most costly cities in Nevada for retired military to purchase car insurance in.
|Rank||City||Average Per Year|
|6||North Las Vegas||$1,900|
|Find the Best Rates Go|
Table data uses approximated as specific location information can impact price quotes greatly.
Discounts on Nevada auto insurance rates
Insurance providers that offer quotes for retired military could also offer discounts that could lower prices by as much as 35% or more if you are eligible for them. A few of the larger companies and some of the discounts can be found below.
- Progressive may offer discounts for multi-policy, homeowner, multi-vehicle, good student, continuous coverage, online signing, and online quote discount.
- The Hartford has savings for vehicle fuel type, air bag, bundle, good student, driver training, defensive driver, and anti-theft.
- Mercury Insurance includes discounts for location of vehicle, ease of repair, professional/association, accident-free, multi-car, and multi-policy.
- GEICO offers premium reductions for defensive driver, membership and employees, good student, federal employee, and anti-lock brakes.
- AAA discounts include AAA membership discount, pay-in-full, multi-policy, good student, anti-theft, good driver, and education and occupation.
- State Farm offers discounts for defensive driving training, safe vehicle, Steer Clear safe driver discount, good student, and accident-free.
The illustration below shows the difference between auto insurance rates with and without policy discounts. The price estimates are based on a male driver, no claims or violations, Nevada state minimum liability limits, full physical damage coverage, and $1,000 deductibles.
The first bar for each age group shows the price with no discounts. The second bar shows the rates with multiple policy, claim-free, marriage, accident-free, anti-theft, and homeowner discounts applied. When drivers take advantage of discounts, the average amount saved each year on auto insurance for retired military is 28% or $359.
Should you buy full coverage?
Reducing premiums for auto insurance is the goal of most people, and one of the fastest ways to lower the cost of insurance for retired military in Nevada is to buy only liability coverage. The diagram below illustrates the difference between yearly insurance costs with full coverage compared to only the Nevada minimum liability coverage. The information is based on a clean driving record, no at-fault accidents, $250 deductibles, marital status is single, and no discounts are applied.
If we average all the age groups together, physical damage insurance costs an extra $1,791 per year over having just liability coverage. Many drivers will wonder if full coverage is worth the money. There is no clear-cut formula of when to phase out physical damage insurance, but there is a general convention. If the annual cost of having full coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, then you might want to think about dropping full coverage.
For example, let's say your vehicle's claim settlement value is $10,500 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most your company would pay you is $9,500 after the policy deductible has been paid. If premiums are more than $950 annually for full coverage, then you might want to consider buying only liability coverage.
Don't stick with an overpriced policy
Nevada auto insurance rates are determined by lots of factors that control the price you pay. Simply turning a year older, buying a different home, or getting a few speeding tickets can produce rate changes that can cause some rates to be much cheaper than others. Not only may things change on your end, but insurance companies file new Nevada auto insurance rates as needed to reflect underwriting profits or losses. A period of higher than normal claims may result in higher priced premiums, while profitable underwriting can result in lower-cost Nevada car insurance rates.
For instance, the graph below shows rates for the cheapest car insurance in Nevada for a 45-year-old male driver with a clean driving record, no accidents, and a high credit rating. If we estimate rates based on his current risk profile, Allied may have the most affordable car insurance rates in Nevada at $911 per year. This is $663 less than the average policy premium paid by Nevada drivers of $1,574. Travelers, Capital, Oregon Mutual, and American Family are also on the list of the cheapest Nevada auto insurance companies.
The example below compares rates after we give the driver from the above example a chargeable claim, poor credit, and a blemish on his driving record. Because each insurer has a proprietary method for filing rates in each state, analyzing rates will most likely result in a different list of cheap Nevada auto insurance companies as shown below.
GEICO now has the lowest car insurance rate in Nevada with USAA, Nationwide, Travelers, and Safeco now rounding out the top five. This illustrates why it is critical to perform a complete rate comparison to get affordable auto insurance rates for retired military. Rates are impacted by many factors and can change substantially, so the cheapest option the last time you compared rates may now be quite expensive.