Deciphering which insurers offer the best auto insurance rates for retired military will involve a bit more effort in order to find the lowest price quote. Every auto insurer uses their own formula for determining rates, so to begin we’ll rank the auto insurance companies with the overall best prices in Oregon.
It’s important to know that Portland, OR auto insurance rates are impacted by many things that can increase the cost of a policy. Simply getting older, getting divorced, or getting a couple of tickets may cause policy rate changes resulting in some companies being much cheaper than others.
Find the Cheapest Auto Insurance for Vets
Grange offers some of the cheapest car insurance rates in Portland at around $687 annually. This is $791 less than the average price paid by Oregon drivers of $1,478. Oregon Mutual, Country, Travelers, and USAA would also make the list of some of the lowest-priced Portland, OR car insurance companies.
As illustrated above, if you are a policyholder with Travelers and switched to Oregon Mutual, you could earn an annual savings of roughly $133. Customers with USAA may save as much as $151 a year, and State Farm policyholders might cut rates by $210 a year.
Understand that those policy rates are averages across all insureds and vehicles and and are not calculated with an exact location for retired military. So the insurer that can offer you the best price may not even be in the top 22 companies shown above. That illustrates why you need to quote rates from many companies using your own driver and vehicle profiles.
The car, truck, or SUV you are insuring is a large consideration when comparing the most affordable insurance for retired military. Vehicles with limited top-end speed, an excellent safety record, or a low likelihood of having liability claims will cost quite a bit less to insure than adrenaline junky models. The next table ranks insurance costs for a number of the more affordable vehicles to insure.
|Make and Model||Estimated Cost for Full Coverage|
|Ford Escape Limited 4WD||$1,500|
|Toyota Tacoma 2WD||$1,604|
|Chevrolet Equinox LS AWD||$1,636|
|Toyota RAV4 Sport 4WD||$1,645|
|Jeep Grand Cherokee Laredo 4WD||$1,636|
|Chevrolet Malibu LT||$1,666|
|Dodge Grand Caravan Crew||$1,671|
|Honda CR-V EX-L 4WD||$1,738|
|GMC Sierra SLE Regular Cab 4WD||$1,751|
|Ford Edge SEL AWD||$1,839|
|Ford Focus S 4-Dr Sedan||$1,847|
|Chevrolet Impala LT||$1,874|
|Ford Explorer XLT 2WD||$1,901|
|Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr||$1,941|
|Toyota Camry XLE||$1,973|
|Hyundai Elantra GLS 4-Dr Sedan||$1,978|
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Data rating is based on single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Oregon minimum liability limits. Discounts applied include homeowner, multi-vehicle, safe-driver, multi-policy, and claim-free. Premium costs do not factor in specific location information which can modify rates noticeably.
Looking at the data, you can expect models like the Ford Escape, Toyota Tacoma, Chevrolet Equinox, Toyota RAV4, and Jeep Grand Cherokee are most likely going to be the more affordable vehicles to insure for veterans.
How to find a good Portland auto insurance company
Buying coverage from the best car insurance company is difficult considering how many different companies sell coverage in Portland. The company rank data in the lists below could help you analyze which car insurance providers you want to consider when insurance shopping for retired military.
These rankings are for companies with a national presence, so smaller companies are not factored into this list. If you wish to compare rates from these companies and more, click this link.
Top 10 Large Auto Insurers Overall in Portland
- American Family
- State Farm
- The Hartford
- AAA Insurance
- The General
Comparison of full coverage and liability-only policies
Lowering the price of auto insurance is probably important to most vehicle owners, and one of the easiest ways to lower the cost of insurance for retired military is to not insure for full coverage. The information below shows the comparison of yearly insurance costs with liability coverage only compared to full coverage. The rates are based on no claims or driving citations, $500 deductibles, single status, and no discounts are taken into consideration.
Averaged out for all age groups, physical damage coverage costs $1,509 per year over liability only. That raises the question if buying full coverage is a good investment. There is no exact formula of when to phase out comprehensive and collision coverage on your policy, but there is a general convention. If the annual cost of having full coverage is more than 10% of the replacement cost minus the deductible, then it may be the right time to buy liability only.
For example, let’s say your vehicle’s replacement cost is $11,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $10,000 after the deductible is paid. If it’s costing you more than $1,000 annually to have full coverage, then it might be time to consider dropping full coverage.
There are some cases where dropping physical damage coverage is not financially feasible. If you haven’t paid off your loan, you have to keep full coverage to protect the lienholder’s interest. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should maintain full coverage.
If you like to have a professional recommendation when comparing insurance rates for retired military, the insurance agencies listed below can most likely help you decide which policy is best.
To locate a Portland insurance agent close to you, click the button below the list or click here to compare price quotes now.
- Matthew K Barnett Agency
3332 N Lombard St – Portland, OR 97217 – (503) 285-2546
- Allstate Insurance: Peggy Romero
7825 SE Foster Rd – Portland, OR 97206 – (503) 255-7828
- Steve Ching – State Farm Insurance Agent
1018 NW 13th Ave – Portland, OR 97209 – (503) 222-7771
How to find low-cost auto insurance for retired military
The list below summarizes many penny-pinching solutions that can help Oregon drivers get lower-cost auto insurance.
- Speeding tickets and other violations increase rates
- Safe vehicles cost less to insure
- Avoid accidents and claims
- Claim-free policyholders usually earn a discount
- Home or renters coverage can save on auto insurance
- Compare rates regularly to ensure the best deal
That final tip is incredibly critical, as was noted in this article. Insurance prices fluctuate considerably, so don’t be hesitant to switch to a new company if a more affordable rate is found. Many drivers have brand loyalty and that’s fine, but we do not recommend it if it’s costing you hundreds of dollars year after year. If you have a few minutes, now is a great time to compare rates to find cheaper auto insurance for retired military in Portland.