Car Insurance in Anchorage

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Here's what you need to know...
  • Anchorage has unusual statistics about gender roles in accidents as well as high-theft vehicles
  • Anchorage has higher annual insurance rates than other states in the U.S.
  • Anchorage has very specific requirements concerning auto insurance
  • Anchorage has various insurance providers, so do your research before selecting one

When people think of Alaska, many times their thoughts turn to long cold winters, moose, and past vice-presidential candidates.

Rarely do large cities and vast populations come to mind, yet Anchorage stands tall as the largest city in the state boasting nearly 375,000 residents living in and around the greater Anchorage area.

In addition, many people may also be surprised to learn nearly two-thirds of those individuals are licensed drivers.

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Important Facts and Statistics for Anchorage Car Insurance

Although the United States is continually working toward gender equality, gender may still play a role in annual car insurance rates. In this area, however, Anchorage is somewhat of an anomaly compared to other cities throughout the United States.

Historically, males have received higher rates due to being involved in more automobile accidents and being cited for more traffic violations than females.

According to a 2008 Fatalities Analysis Reporting System (FARS), 55.56% of all accidents in Anchorage were caused by female drivers.

Although this is not a guarantee of higher rates for females, it could be considered when determining car insurance rates for both males and females. Although in Alaska, drivers are evenly split with males making up 50.60% and females making up 49.40% of the driving population

Other facts to keep in mind is that the type of vehicle being insured will also play a part in how much Anchorage car insurance rates will run.

While bigger engines, sportier models, and even specific colors may lead to higher premiums, a vehicle’s rate of theft is also considered.

In every major city, car insurance companies have a list of the top stolen vehicles for that particular city, and if their customers happen to drive a vehicle on that list, the chance they will be paying higher premiums greatly increases.

In Anchorage, companies offering car insurance a few vehicles on that list that may not seem like “high-theft” vehicles include the following:

  • 1997 Ford F150 Pickup
  • 1991 Subaru Legacy
  • 1990 Chevrolet Pickup (Full Size)
  • 1997 Honda Civic

None of these vehicles are the typical luxury model cars one would expect to find on a Top Ten list for stolen vehicles, but owning one of them in Anchorage may lead to paying higher car insurance rates.

Average Car Insurance Rates in Anchorage

Alaska car insurance rates will vary based on some of the aforementioned facts above, as well as driving records and credit histories.

On average, a driver in Anchorage can expect to pay $2,095 annually to insure their vehicle.

This is well over the national average by being about $600 more a year, and nearly double the average car insurance rates the rest of Alaska.

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Legal Requirements for Anchorage Car Insurance

With the Anchorage car insurance rates listed above and amidst one of the worst recessions the country has experienced in some time, many drivers may consider driving without insurance.

However, such an approach is fiscally irresponsible. If a driver is involved in an accident and found to be at-fault, without insurance, his personal assets can be taken in a lawsuit leaving him with nothing.

In those instances, the money saved by not paying monthly car insurance rates will not be worth it when everything else is lost.

An important thing for Anchorage drivers to understand is the Alaska Mandatory Auto Insurance Act which dictates the following regulations for all registered drivers within the state:

  • Insurance companies in Alaska have the right to choose who they want to offer auto insurance coverage to.
  • All drivers are placed into classifications. Classifications are determined by such factors as age, sex, marital status, and driving record.
  • Some insurance companies may specialize in certain driver classifications, including teenagers, drivers with clean records, or high-risk drivers.
  • Except for certain reasons, an Alaska auto insurance policy may not be canceled by the insurer.
  • On top of that, Alaska and Anchorage require by law that all registered drivers carry a minimum level of car insurance, as well as carry proof of that insurance while operating any motor vehicle they may find themselves operating.
  • Law enforcement officers within the state of Alaska are required to request proof of insurance at any and all traffic stops or traffic accidents where the damage is over $500.

Alaska, including the city of Anchorage, also has heavier restrictions towards those requiring SR-22 insurance, or “high-risk” insurance, and those who have one or more DUI convictions.

Below is a breakdown of variations of SR-22 Insurance and the length of time an Anchorage driver may be required to carry that type of insurance.

  • “High-risk” = 3 Year Minimum Coverage on SR-22
  • First DUI Offense = 5 Year Minimum Coverage on SR-22
  • Second DUI Offense = 10 Year Minimum Coverage on SR-22
  • Third DUI Offense = 20 Year Minimum Coverage on SR-22
  • Fourth or more DUI Offense = SR-22 Coverage for Life.

It is also important to note these car insurance requirements are not progressive, so if a judge is free to determine if a longer term on SR-22 insurance is necessary after a lesser numbered offense or not.

Minimum Requirements for Anchorage Car Insurance

Welcome to Alaska and the Gateway to the Klondike sign

In Anchorage, registered motorists must carry at minimum $50,000 to cover any one person in any one accident and $100,000 to cover any injuries that took place as a result of that accident. They also by law must carry a minimum $25,000 to cover any property damages.

All of these minimums are higher than the U.S. National Average.

Although the minimum coverage listed above is higher than the national average, unlike many other states, citizens of Anchorage are not required to carry additional varieties of coverage such as Collision, Uninsured Motorist Bodily Injury or Comprehensive coverage.

Even though these additional forms of coverage are note required by law, the addition of these forms may provide additional protection against frivolous lawsuits in the event a driver finds themselves at-fault in an automobile accident.

Comparing these different forms of coverage is a good way to see which companies offer the best coverage for each individual driver.

Different Anchorage Car Insurance Companies and Agencies

Much like many other metropolitan cities throughout the United States, there are a number of different car insurance companies and agencies in Anchorage.

Although not many of the standard insurance companies throughout the country are also be found in Anchorage, a quick search of the Internet will quickly direct Anchorage residents to their nearest agents and the companies those agents do business with.

One thing to consider is although a cheaper deal may be found outside of the Anchorage area, one needs to be sure that company can quickly have a claims adjuster on the ground in Anchorage in the event they are needed.

It is also important to remember that usually the services offered by one Anchorage car insurance company are offered by many other companies also.

Taking some time to look into each company and meet with multiple agents to determine which package is right for one’s specific needs is the key to finding the best overall insurance company.

Doing side-by-side comparisons will ensure the consumer will be able to make the best decision as to which Anchorage car insurance company is right for them. Don’t wait any longer!

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