Cheap Alaska Auto Insurance Quotes
In this article, we will discuss the following points about Alaska auto insurance: state required coverage, optional coverage, and good companies for a motorist to consider in this state.
State Required Auto Insurance in Alaska
The Alaska Division of Insurance requires motorists to purchase liability automobile insurance only in the following amounts: $50,000/$100,000/$25,000 (50/100/25). These amounts are quite high in comparison to most other states. So as you see, finding cheap auto insurance in Alaska could be difficult. The only 2 states that require similarly high amounts of automobile liability coverage are: Maine (50/100/25) and Wisconsin (50/100/15). If you think about it, it seems that states with colder climate require larger amounts of liability insurance, while states with warmer climates require less liability insurance. For example, take a look at the low amounts of coverage required in these warm states: Louisiana - 15/30/25, Nevada - 15/30/10, and Arizona - 15/30/10.
Liability insurance is meant to protect a policyholder financially if they cause a vehicle accident and damage someone’s car or injure the driver/passengers in the other car. Their insurance company will pay up to the amount of liability they have purchased. So, if you go for cheap auto insurance quotes - being the minimum amounts of liability in Alaska, your insurer will pay on your behalf up to $50,000 for injuries to one person, $100,000 for all injuries, and $25,000 for all property damage. If the damages and/or injuries exceed these amounts, you may have to pay the rest from your own assets. If you don’t have enough money, you could have to liquidate some of your assets, or your wages could be garnished to pay the balance.
Optional Auto Coverage in Alaska
Optional coverage in Alaska includes: medical payments, work loss compensation, PIP (personal injury protection – it combines medical payments and work loss compensation), guaranteed asset protection (pays the loan balance if a car is totaled), rental car, roadside assistance, and others. Each optional coverage type provides a unique type of protection, and some of them can be exceptionally valuable for some drivers. The general advice is: learn about all the optional coverage types there are and see if some of them make sense for you to purchase. Once you know this, decide on the amounts that would make sense for your unique circumstances.
Cheap Auto Insurance Companies in Alaska
Following are some of the most recognized and popular cheap auto insurance carriers that service Alaska, with financial ratings given to them by AM Best: State Farm (A++), GEICO (A++), Allstate (A+), Progressive (A+), Country Financial (A+), Hartford (A), Safeco (A), Infinity (A), Foremost (A), and Fireman's Fund (A). As you can see, all of these carriers have high financial ratings, meaning that they are stable and good to go with. It’s also good to take a look at the consumer satisfaction rating for these carriers. Unfortunately, we could only find it for some of them, as our source (JD Power) only rates select insurers. Here are the overall consumer satisfaction ratings for 7 of the companies that we have mentioned above: State Farm (4), Country (4), GEICO (3), Allstate (3), Hartford (3), Progressive (3), Safeco (3), Infinity (not rated), Foremost (not rated), and Fireman's Fund (not rated).
