The idea of car insurance for military and veterans can mean a wide range of ideas depending on which company you’re looking at. Some companies, like USAA, carter solely to active military, veterans, and their families. More broadly, other companies will simply offer you a discount for your service. Either way, if you’re a veteran or active duty, you should consider the wide range of auto insurance that are specifically designed for you.
Why is there a specification for military?
In addition to insurance companies wanting to serve those who have served their military, the circumstances surrounding military members present unique opportunities for insurance companies. This means mainly overseas deployments. During deployment, the long separation between driver and car usually results in the long-term storage of the vehicle, or the suspension or cancelation of coverage.
If you do plan on keeping your policy active, your insurance company will require you to store your vehicle in a secure location or even a military base during this time. However, the savings can be a high as 90% on your premium. The exact requirements and savings for storage options vary by underwriting department, so if you’re planning on putting your vehicle into storage for a reduction of coverage, you should speak with your local agent for details.
Moreover, if you are going to be storing your vehicle long-term, you should also consider the registration implications. Most insurance companies will recommend you to file an affidavit of non-use with your state DMV department. This affidavit allows you to maintain registration on a vehicle that is both not in use and not currently insured for liability coverage. Like your insurance company, the DMV will require you to securely store this vehicle in order for you to qualify for the affidavit. Check with your state DMV department for details.
Most Notable Carriers
There are a lot of insurance companies that offer special accommodations for military members and their families. Some have programs built entirely around past and present military members, and others that recognize military status and reward these customers with a discount.
Probably the most notable provider for car insurance for military members is USAA. Their clientele is exclusively active or retired military members as well adult children or surviving spouses of USAA members. USAA is ranked pretty high in customer satisfaction. They came in second in JP Power Insurance Shopping Rating Survey for 2017 overall satisfaction rate. Available nationwide, they offer a few different types of additional discounts for their clients. If you garage your vehicle on a secured military base, USAA can offer 15% off your premium. Moreover, if you’re currently deployed and you store your vehicle on a secured location, you can receive up to 90% off your premium.
Another big company that provides discounts for military members is Geico through their Military Center. It groups active, retired, and National Guard or reserve members into a general umbrella of military personnel as well as the accompanying discount of up to 15%. Geico also offers more options through their Emergency Deployment Discount when members are deployed.
Other companies that offer varying discounts
If you're an active duty military member or a veteran, you should search for the wide range of products that are available and cater specifically for you. Even if you're already getting a military discount, you should consider that the absolute best way to save on auto insurance is to shop around every 6 months for the best possible deals.