The car, truck, or SUV you are insuring is a large consideration when trying to find the best insurance for veterans. Vehicles with higher performance, poor crash test ratings, or a history of substantial liability claims will cost significantly more to insure than safer, lower-performance models.
The next table showcases insurance premiums for a handful of the most budget-friendly vehicles to insure.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLT 4WD | $819 |
| Honda CR-V LX 4WD | $878 |
| Ford Edge SE 2WD | $880 |
| Toyota Prius | $888 |
| Hyundai Elantra GLS Touring Station Wagon | $906 |
| Jeep Grand Cherokee Laredo 2WD | $948 |
| Ford F-150 SVT Raptor Super Cab 4WD | $967 |
| Ford Focus SES 4-Dr Sedan | $983 |
| Toyota Camry XLE | $1,001 |
| Toyota Corolla S | $1,006 |
| Nissan Rogue S 2WD | $1,015 |
| Volkswagen Jetta SEL 4-Dr Sedan | $1,019 |
| Dodge Grand Caravan CV | $1,021 |
| Honda Civic EX-L 4-Dr Sedan | $1,051 |
| Dodge Ram 3500 Crew Cab ST 2WD | $1,055 |
| Hyundai Sonata SE 4-Dr Sedan | $1,068 |
| Honda Accord EX 2-Dr Coupe | $1,076 |
| Toyota RAV4 4WD | $1,070 |
| GMC Sierra 2500HD SLT Extended Cab 4WD | $1,076 |
| Nissan Altima 2.5 S 2-Dr Coupe | $1,086 |
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Data rating is based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Hawaii minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, claim-free, and safe-driver. Rates do not factor in vehicle location which can affect prices noticeably.
Based upon the table data, you can figure that vehicles like the Ford Escape, Honda CR-V, Ford Edge, and Toyota Prius should be the less-costly vehicles to insure for veterans.
One of the many considerations that are looked at to help calculate the cost of insurance is your address. More densely populated places tend to have more expensive car insurance rates, whereas areas with lower vehicle theft rates and fewer weather claims get the luxury of paying less.
The next table shows the most expensive places in Hawaii for veterans to buy an auto insurance policy in. Honolulu comes in at #13 costing $1,036 for the average insurance policy, which is approximately $86 monthly.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Hilo | $1,098 |
| 2 | Kailua | $1,094 |
| 3 | Makakilo | $1,057 |
| 4 | Royal Kunia | $1,057 |
| 5 | Schofield Barracks | $1,047 |
| 6 | Kaneohe | $1,047 |
| 7 | Pearl City | $1,047 |
| 8 | Waianae | $1,047 |
| 9 | Mililani Town | $1,047 |
| 10 | Nanakuli | $1,047 |
| 11 | Wahiawa | $1,047 |
| 12 | Ewa Beach | $1,046 |
| 13 | Honolulu | $1,036 |
| 14 | Kihei | $1,026 |
| 15 | Waipahu | $1,026 |
| 16 | Kahului | $1,016 |
| 17 | Kapolei | $1,016 |
| 18 | Wailuku | $1,016 |
| 19 | Ewa Gentry | $1,015 |
| 20 | Mililani Mauka | $1,005 |
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Premium amounts are comparative as the specific area where the vehicle is garaged can influence premiums considerably.
Finding out which company has the most affordable insurance rates for veterans takes a little more work in order to find a policy that fits your budget. Every car insurance company has a unique formula for determining rates, so let’s rank the most competitive insurance companies in Honolulu, HI.
Keep in mind that Hawaii insurance rates are impacted by many things which can substantially decrease or increase the cost of a policy. Simply improving your credit, buying a new vehicle, or getting a driving violation can trigger changes in premium that can make some companies affordable when they were higher priced.
Best Auto Insurance Prices for Vets
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $964 |
| 2 | State Farm | $1,087 |
| 3 | GEICO | $1,348 |
| 4 | Liberty Mutual | $1,449 |
| 5 | Progressive | $1,576 |
| 6 | Allstate | $1,984 |
| 7 | First of Hawaii | $1,987 |
| 8 | AIG | $2,445 |
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USAA offers some of the most affordable car insurance rates in Honolulu at around $964 a year. State Farm, GEICO, Liberty Mutual, and Progressive are also some of the cheaper Honolulu, HI insurance companies.
In the above example, if you are insured with GEICO and switched to USAA, you might realize annual savings of approximately $384. Hawaii drivers with Liberty Mutual may save as much as $485 a year, and Progressive customers might lower prices by $612 a year.
These policy prices are averages across all types of drivers and the different vehicles they drive and are not factoring in a specific location for veterans. So the auto insurance company that fits your needs best may not even be in the list above. That emphasizes why you need to get quotes using your own personal information and vehicle type.
Get discounts on Honolulu insurance rates
Insurance companies that offer coverage for veterans may also provide special discounts that can reduce rates by 40% or more if you meet specific criteria. A list of insurance companies and their offered discounts are shown below.
- Progressive includes discounts for online quote discount, online signing, good student, multi-policy, and homeowner.
- AAA may have discounts that include good student, good driver, AAA membership discount, education and occupation, and anti-theft.
- Farmers Insurance policyholders can earn discounts including alternative fuel, electronic funds transfer, distant student, early shopping, and good student.
- GEICO has savings for driver training, daytime running lights, membership and employees, anti-lock brakes, and federal employee.
- Esurance offers premium reductions for paid-in-full, emergency road assistance, homeowner, Pac-12 alumni, defensive driver, online quote, and safety device.
- SAFECO offers discounts for drive less, homeowner, bundle discounts, anti-theft, accident prevention training, teen safe driver, and multi-car.
- State Farm discounts include multiple autos, accident-free, passive restraint, defensive driving training, Steer Clear safe driver discount, Drive Safe & Save, and safe vehicle.
The illustration below compares insurance costs with and without discounts applied to the rates. The costs are based on a male driver, no violations or accidents, Hawaii state minimum liability limits, comp and collision included, and $1,000 deductibles. The first bar for each age group shows the average annual price with no discounts. The second bar shows the rates with accident-free, vehicle safety, multiple vehicle, multiple policy, anti-theft, and homeowner discounts applied. When taking advantage of discounts, theaverage amount saved on insurance for veterans is 28% or $334.
Should you buy full coverage?
Reducing the cost of insurance should be important to the majority of vehicle owners, and one of the fastest ways to buy cheap insurance for veterans is to not buy full coverage. The example below illustrates the difference between insurance prices with full physical damage coverage compared to only buying liability only. The data assumes no violations or claims, $500 deductibles, drivers are not married, and no policy discounts are applied.
As an average for all age groups, comprehensive and collision coverage on your policy costs $1,671 per year over liability only. A very common question is if physical damage coverage is worth the money. There is no clear-cut rule to drop comprehensive and collision coverage on your policy, but there is a general 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 $10,500 and you have $1,000 policy deductibles. If your vehicle is totaled, the most your company will settle for is $9,500 after the deductible is paid. If you are paying in excess of $950 a year for physical damage coverage, the it may be a good time to stop paying for full coverage.
There are some circumstances where dropping full coverage is not in your best interest. If you have an outstanding loan on your vehicle, you have to keep full coverage to protect the lienholder’s interest in the vehicle. Also, if you don’t have enough money to buy a different vehicle in the even your car is totaled, you should keep full coverage.
Tips for finding low-cost insurance for veterans
Below you’ll find a few thrifty solutions that can help you locate cheaper car insurance.
- Serious violations like DUI or careless driving can make car insurance unaffordable
- Full coverage may not be needed on older vehicles
- Raise deductibles to save money
- Having at-fault accidents will increase rates
- Try to not file small claims
- Shop around for lower rates once a year
That last tip is extraordinarily vital, as was stressed in this article. Rates in Honolulu change a lot, so drivers shouldn’t be reluctant to buy a different policy if a cheaper price is available.
Many drivers tend to have loyalty to a certain company, but it’s not a good idea if that stubbornness costs you a wad of cash every year. Spend a few minutes and compare rates to find cheaper car insurance for veterans.
The agents shown below can probably provide answers to your questions and help you determine which policy fits your needs best, since some drivers wish to have a little guidance when trying to find lower insurance rates for veterans. It’s not always easy to find the cheapest rates, and a licensed agent can give peace of mind knowing your policy gives you sufficient coverage at claim time.
To locate a Honolulu car insurance agency nearest to you, click the button link following the list.
- Herb Fujikawa – State Farm Insurance Agent
3538 Waialae Ave #205 – Honolulu, HI 96816 – (808) 732-1076 - Allstate Insurance: Kirk Paterson
1259 S Beretania St Ste 1 – Honolulu, HI 96814 – (808) 593-8844 - Doug Kam-Young – State Farm Insurance Agent
2841 Kaonawai Pl – Honolulu, HI 96822 – (808) 988-7011