Although Alaska car insurance rates are among the highest in the nation, there has been a downward trend in annual premiums over the past few years. The most recent verifiable comparison data for 2010 shows that average Alaska auto premiums were $1,875, whereas the national average for the same time period was $1,538.
Annual Changes
Yet, premiums have actually fallen every year since 2007, and although Alaska will never be a state where particularly low premiums will be offered, the downward trend could well continue, at least for the best drivers. There is no fixed structure for car insurance rates in Alaska and insurers are therefore free to set their own rates. Using our site to monitor rates is an ideal way to be able to take advantage of any downward rate adjustments, and we recommend obtaining periodic online quotes to determine when it may be worthwhile to change insurers.
Seasonal Changes
Between 2009 and 2010, the average annual premium for car insurance in Alaska actually fell by 15%, and the average price also fell substantially between August and September of 2010. Between October, November and December rates actually climbed, until rates dropped sharply again in January 2011. Seasonal price changes often occur in Alaska, so that it always is a good idea to shop around and compare rates.
Insurance Requirements
Minimum insurance requirements in Alaska include personal liability coverage of $50,000 per person with a $100,000 limit per accident, and the minimum property damage liability coverage is set at $25,000. However, Alaska works under a tort system, where one party must be judged responsible for any accident and that party is then held liable for the entire cost of the accident. Higher limits are recommended to protect assets in the event of a lawsuit. Coverage to protect against damage caused by an uninsured or under-insured driver is available in Alaska. Although such coverage is not mandatory, it is usually recommended, especially because the minimum state requirements are rather low.
Advice for Getting the Best Deals
Alaska car insurance providers include both major national insurers and statewide insurers. Since each company uses different criteria to determine its specific premiums for each driver, it is not possible to determine which companies offer the lowest rates. Experts recommend obtaining multiple quotes from reliable insurance companies that are rated A or higher by A. M. Best, and consulting the J. D. Power ratings is advised for accurate consumer service related information.
Using our site to monitor rates and periodically obtain new quotes is the best way to get the lowest rates for car insurance in Alaska.
