Wouldn’t it be awesome if you could just know the best company in Honolulu that has the cheapest coverage for retired military? Regrettably, it’s not quite that easy, as there are many unknown aspects like how far you drive each year, if you need full coverage or liability-only, your marital status, and how many years you have been driving, that all factor into the price you pay. We will attempt to cover some of these things and also should give you a jump start in finding the best auto insurance in Hawaii.
Establishing which companies have the best insurance rates for retired military will require a little more effort than just comparing rates from one or two companies.
Each auto insurer uses their own formula for determining rates in each state, so we’ll take a look at the most affordable insurance companies in Honolulu, HI.
Best Auto Insurance Prices for Vets
|Rank||Company||Cost Per Year|
|6||First of Hawaii||$1,928|
|Compare Rates Now Go|
USAA normally has some of the lowest car insurance rates in Honolulu at around $954 a year. State Farm, GEICO, Liberty Mutual, and Progressive would also be considered some of the lowest-priced Honolulu, HI auto insurance companies.
As shown above, if you are currently insured with Liberty Mutual and switched to USAA, you could earn a yearly price reduction of approximately $495. Policyholders with Progressive could save as much as $622 a year, and First of Hawaii customers might lower prices by up to $974 a year.
To see if your current coverage is too expensive, click here or click several companies below for low rates.
It’s important to note that these policy rates are averaged for all types of insureds and vehicles and and are not calculated with an exact location for retired military. So the auto insurance company that is best suited for you may not even be in the list above. That points out the importance of why you need to get car insurance quotes using your own driver data and vehicle information.
The car, truck, or SUV needing coverage is probably the largest consideration when trying to find cheaper coverage for retired military. Vehicles with lots of horsepower, poor safety features, or an increased likelihood of liability claims will cost more to insure than more economical and safe models.
The list below presents coverage premiums for some of the most budget-friendly vehicles to insure.
|Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLT 4WD||$845|
|Ford Edge Limited 2WD||$958|
|Honda Civic DX 4-Dr Sedan||$967|
|Nissan Altima 2.5 4-Dr Sedan||$977|
|Toyota Tacoma Double Cab 4WD||$995|
|Honda CR-V LX 4WD||$1,014|
|Hyundai Elantra SE 4-Dr Sedan||$1,028|
|Kia Optima LX||$1,047|
|GMC Sierra 2500HD SLE Regular Cab 4WD||$1,052|
|Honda Odyssey LX||$1,111|
|Ford Fusion Sport AWD 4-Dr Sedan||$1,115|
|Dodge Grand Caravan Hero||$1,117|
|Honda Accord EX-L 2-Dr Coupe||$1,127|
|Toyota RAV4 4WD||$1,117|
|Find Cheaper Rates Go|
Prices above based on single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Hawaii minimum liability limits. Discounts applied include homeowner, multi-policy, multi-vehicle, safe-driver, and claim-free. Price estimates do not factor in garaging location in Honolulu, HI which can modify prices significantly.
Based on these rates, we can infer that makes and models like the Ford Escape, Ford Edge, Honda Civic, Nissan Altima, and Toyota Tacoma are likely to be the cheapest vehicles to insure for veterans.
Get discount Honolulu car insurance
Insurance providers that sell policies for retired military could also offer premium discounts that could lower prices by as much as 25% or more if you meet specific eligibility requirements. A list of insurance companies and a partial list of their discounts are outlined below.
- GEICO has discounts for anti-lock brakes, five-year accident-free, driver training, multi-policy, anti-theft, membership and employees, and daytime running lights.
- SAFECO may have discounts that include multi-car, homeowner, accident prevention training, safe driver, and bundle discounts.
- State Farm offers premium reductions for Steer Clear safe driver discount, defensive driving training, multiple autos, accident-free, and Drive Safe & Save.
- MetLife may offer discounts for good driver, defensive driver, accident-free, multi-policy, good student, and claim-free.
- 21st Century includes discounts for 55 and older, student driver, early bird, defensive driver, and driver training.
- Progressive offers discounts including good student, online signing, continuous coverage, multi-policy, online quote discount, and homeowner.
The diagram below shows the difference between premium costs with and without discounts. The price estimates are based on a male driver, no claims or violations, Hawaii state minimum liability limits, comp and collision included, and $500 deductibles.
The first bar for each age group shows premium with no discounts. The second bar shows the rates with defensive driving course, accident-free, multiple vehicle, homeowner, marriage, and anti-theft discounts applied. In this example, the average amount saved each year on insurance for retired military is 28% or $470.
Does it make sense to buy full coverage?
Reducing the cost of insurance is the goal of most drivers, and a good way to lower the cost of insurance for retired military is to not buy full coverage. The diagram below shows the difference between yearly insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The premium estimates are based on no violations or claims, $500 deductibles, drivers are single, and no discounts are applied to the premium.
As an overall average, comp and collision coverage costs $1,372 per year over and above liability only. At some point, every insured wonders when is the right time to remove full coverage. There is no specific rule of when to phase out comp and collision coverage, but there is a general guideline you can use. If the annual cost of coverage is more than 10% of the settlement you would receive from your company, then you might want to think about dropping full coverage.
Why you should be shopping around
Hawaii insurance rates are calculated based on many things that may substantially change your annual premium. Simply having a birthday, getting married, or having an at-fault accident may cause policy rate changes resulting in some rates now being cheaper than competitors.
Not only that, but auto insurance companies modify pricing as needed to adjust for heavy claims or excess profits. An unexpected high level of claims may result in more expensive premiums, while profitable underwriting may cause more affordable Honolulu car insurance rates.
To illustrate this point, the graph below shows which companies have the cheapest car insurance in Honolulu, HI for a 45-year-old male driver with a clean driving record, no accidents, and a good credit history. If we estimate prices based on his personal profile, USAA may have the lowest car insurance rates in Honolulu at $993 each year. This is $603 less than the average price paid by Hawaii drivers of $1,596. State Farm, GEICO, Liberty Mutual, and Progressive also make the list of the top five cheapest Honolulu, HI auto insurance companies.
Now we will pretend the driver from above a claim surcharge, a lower credit score, and a speeding ticket. Since each auto insurance company has their own formula for determining rates, getting updated rate quotes could now result in a different list of affordable Honolulu car insurance companies as shown below.
State Farm now has the best auto insurance rate in Honolulu, HI with USAA, GEICO, First of Hawaii, and Liberty Mutual also being competitive. This illustrates why Honolulu drivers need to compare many different companies to find affordable car insurance rates for retired military.
Insurance rates are made up of many things and change frequently, so the lowest-price company when you last compared rates may now be costing you a lot of money.
The insurance agencies listed below can aid you in deciding which auto insurance policy fits you best, since some drivers wish to get help from a professional when shopping for the best coverage for veterans. It can be difficult to find coverage yourself, and professional agents can give peace of mind knowing your policy gives you sufficient coverage for your assets.
To locate a Honolulu auto insurance agent in your neighborhood, click the button link following the list.
- Marilyn Jacobe – State Farm Insurance Agent
1125 N King St #303 – Honolulu, HI 96817 – (808) 254-7028
- Gary Nakamura – State Farm Insurance Agent
1016 Kapahulu Ave #250 – Honolulu, HI 96816 – (808) 734-3265
- Kaina Kauahi – State Farm Insurance Agent
560 N Nimitz Hwy #217f – Honolulu, HI 96817 – (808) 524-9997