Military car insurance is an insurance policy designed for active members of the military and veterans. As NerdWallet points out, these demographics often have different insurance needs than civilians. Many car insurance rates offer service members and veterans special rates and discounts not available to other customers.
Advantages of Military Car Insurance
Car insurance companies realize that military families face different circumstances than civilian customers, which is why they offer policies specific to their needs. If you’re a military member, you can take advantage of a military car insurance policy that makes car ownership easier for your particular situation. According to NerdWallet, military insurance offers the following benefits:
- Deployment Discounts: Your military car insurance provider understands that military life often comes with disruptions, including deployment. Many providers, such as GEICO and USAA, offer deployment discounts of up to 15% with proof of deployment.
- Vehicle Storage Discounts: Deployment usually means that you’ll have to leave your vehicle behind, often in storage. Some military families may choose to store their vehicles when they move out of state if it’s a temporary move. If you’re keeping your vehicle in storage while you’re away, you can qualify for a discount of up to 60% for the time that you’re not driving your car. If your family uses your car while you’re away, your provider will make it easy to transfer coverage.
- Coverage Options: Deployment and vehicle storage mean that you have more car insurance options to consider. If your vehicle is out of use for an extended period of time, you may only need liability-only insurance instead of comprehensive and collision. These requirements depend on the laws in your state.
Which Provider Is Right for You?
When shopping for military car insurance, you’ll find that not all providers are the same. If you’re unsure about which company to purchase a policy from, MoneyGeek suggests you consider the following:
- Price: Even if you qualify for military discounts, you’ll find that some companies are more expensive than others. It’s important to go with a company that won’t break the bank.
- Customer Service: You want to purchase military car insurance from a company that offers excellent customer service. Your provider should be transparent about prices and coverage. They should also be able to answer any questions you have in a timely manner.
- Coverage Options and Needs: When you’re on deployment, your insurance needs will change, so you need a company that offers the coverage you need. You also want a provider that makes the process of decreasing or upping your coverage hassle-free.
- Claims Satisfaction: Your insurance company should have a history of customer claims satisfaction. This means that they make it easy to file a claim and make payouts in a reasonable amount of time.
- Discounts Offered: Make sure that your military car insurance provider offers discounts for storage and deployment. If other family members plan on using your vehicle, it’s a good idea to look into safe driver and good student discounts.
How Active Military Members and Veterans Can Save on Car Insurance
There are several ways for military members, veterans, and their families to save money on auto insurance. If you want quality car insurance at a reasonable price, The Zebra recommends that you take the following steps:
- Shop around. When shopping for military car insurance, you should get a minimum of three quotes. Make sure you get quotes for the same coverage limits and deductibles from each company. This makes it easier to compare prices.
- Ask about discounts. As a military member or veteran, you should qualify for military-specific discounts. If you add family members to your policy, they may be eligible for safe driver or good student discounts.
- Bundle your insurance. You can bundle your home insurance, life insurance, and other insurance policies with your car insurance policy. Customers who bundle their policies with the same company can get a discount of up to 25 percent.
- Review your coverage. If you already have car insurance and don’t want to shop for a new policy, you can still lower your rates. Married drivers tend to pay lower rates, so if you’ve recently gotten married, you should contact your insurance company. Moving to another state can also trigger a decrease.
The Best and Cheapest Car Insurance for Military Families and Veterans
In an analysis of the country’s leading insurance companies, MoneyGeek concluded that USAA and GEICO provide the most affordable rates for military families and veterans. Military members can save up to $883 on a policy from USAA and up to $890 on a policy from GEICO. According to MoneyGeek, USAA:
- Only offers coverage to people who have a military affiliation (Active Duty, Guard, Reserve, eligible family members, veterans, cadets, midshipmen).
- Allows members to use the USAA website and app to view policies and documents, make claims, check status, and make payments.
- Offers coverage options for vehicle storage and moving.
- Offers discounts for safe driving, military status, family members, and customer loyalty.
- Offers accident forgiveness for new customers.
- Offers flexible payment options at no extra cost.
- Allows customers to bundle renter insurance or home insurance for additional discounts.
- Provides a 15 percent discount for customers who keep their vehicles on a military base.
- Reduces rates by 60 percent for customers who have vehicles in storage.
- Excels in customer satisfaction ratings.
The MoneyGeek study also found that GEICO:
- Has a dedicated phone number for military members so that they can talk to agents (former military members) specializing in their specific automotive insurance needs.
- Provides a 15 percent discount for military members.
- Offers emergency deployment discounts.
- Offers discounts for professional organization members.
- Employs veterans in its military insurance department.
- Offers a 15 percent discount for retired service members, National Guard members, and people enlisted in the Reserves.
- Provides emergency deployment discounts for members serving in “imminent danger pay areas,” as defined by the U.S. Department of Defense
- Offers storage protection plans.
Esurance For Military Members
While USAA and GEICO are the most affordable insurance companies for service members and their families, they aren’t the only companies that provide military benefits. NerdWallet points out that while Esurance doesn’t offer a military discount, it does allow customers who are deployed to cancel their policies for the duration of their deployment. When they return from deployment, they can reinstate their insurance at the same rates. This policy feature saves military members money while helping them maintain their insurance history.
Now that you know about the different car insurance options for military members, you can decide which company is right for you.
Sources:
Best Car Insurance for Veterans and Military Personnel
Finding the Best Car Insurance for Active Duty Military Members and Veterans
Military Car Insurance Discounts
What Is GAP Insurance on a Car?
What Happens If Car Insurance Is Canceled?
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