Leaving active duty is often challenging for veterans. Most feel uncertain about their future, especially with families and relatives looking up to them for financial support. Fortunately, the government recognizes their efforts and provides great bargains on car, life, and home insurance. The guide below outlines these insurance bargains for veterans.
Car Insurance Bargains
If one is serving or served in the military before, they and their family can benefit from special veteran insurance bargains. However, note that veterans’ car insurance coverage varies depending on the company and type of coverage provided. Some companies solely serve military personnel and their families, while others provide bargains for their service.
Therefore, veterans who have been honorably discharged should take advantage of these bargains on auto insurance. Some of the great car insurance companies for veterans include;
USAA specializes in insurance products and services exclusive for active duty and retired military personnel and their families. Compared to other available companies, it is the most affordable car insurance company for veterans and military servicemen. Depending on one’s state, USAA provides up to 15% off on collision and comprehensive coverage for cars and trucks garaged on military bases. The company understands the nature of military work, and beneficiaries receive up to 60 percent of their car insurance if deployed.
The company also providess additional bargains for being a good student, safe driving, insuring multiple vehicles, and signing up with the company for extended periods. For instance, if the driver doesn’t get involved in an accident or faults in five years, they may benefit from no-charge accident forgiveness coverage.
USAA annual rates for a medium-tier car insurance policy is approximately $895, which is considerably affordable compared to other companies. However, these rates might vary from one person to another, depending on the location, gender, age, credit score, and more. For instance, a single female-aged 25 years might pay $1039, a one-accident driver $1200, individuals with poor credit at $1826, and a married retired female pays an average of $779.
Besides providing affordable military auto insurance, USAA is also well-known for its top ratings in customer service. Once someone has USAA insurance cover, they are definitely renewing their policy for life, provided they fully pay the premiums and maintain a valid driver’s license.
Lengthily known as Government Employees Insurance Company, Geico provides reduced insurance coverage to government employees, military personnel, and their families. Similar to USAA, Geico provides up to 15% bargain on auto insurance to active military personnel and veterans. To qualify for Geico insurance, one should be a member of the Fleet Reserve Association, National Infantry Association, or Association of the U.S. Army.
The company also provides military bargains to members of specific associations, including the Navy League of the United States, Armed Forces Benefits Association, American Society of Military Controllers, and the National Federal Credit Union. Members of these associations deployed to danger zones in an emergency often get bargains of up to 25%.
Geico also provides several alternatives that members can spend less money through auto insurance premiums. For instance, drivers get bargains for having some safety features in their vehicles, being a good driver, insuring multiple vehicles, bundling policies, and taking defensive driving courses.
Even then, Geico insurance rates are comparably higher than USAA. The average annual rate for medium-tier policies is approximately $1063. Drivers with one accident can pay premiums of $1690, those with poor credit pay about $1853, and 25 years old single females can pay up to $1160.
It is also worth noting that the Geico military insurance program is overly accommodative to veterans. This is probably because the staff are ex-military members, therefore they understand what their customers are going through and the types of relief that they need.
The Armed Forces Insurance
Similar to USAA car insurance, the Armed Forces Insurance is military-focused, serving active service members and veterans. However, prices and nature of services significantly vary between these two auto-insurance companies for veterans. For starters, AFI has a B++ financial rating, while USAA has an A++ global credit rating.
Secondly, active duty service members, former spouses, family members of military personnel, academy, and OTS candidates can connect USAA. However, AFI membership includes active and retired department of defense employees and current and former commissioned officers.
Life Insurance Bargains
Several of these companies also provide life insurance bargains for veterans and disabled veterans. Most companies provide a type of insurance which is called term life insurance, meaning that they are covered for a specific period. If someone happens to die within the period, their beneficiaries will receive due death benefits. Term insurance policies for veterans are considerably more affordable than whole life insurance for young veterans. However, they become expensive as one gets older.
Home Insurance Bargains
Veteran homeowners looking to purchase their homes can benefit greatly from home insurance bargains for veterans. The great part is that various homeowners’ insurance companies provide diverse policy benefits and great bargains for military service members. Those still on active duty should understand that homeowners’ insurance policies exclude some portions once deployed. However, one should choose the right insurer or include an endorsement to their policy to maintain their cover while deployed.
The Bottom Line
Insurance companies understand the special circumstances that military personnel and veterans face, such as overseas deployment. As such, active members of the military and veterans should compare various insurance provides and take advantage of the bargains provided by these companies. Finding a great insurance for veterans significantly depends on where one lives and their driving record. Be on the lookout for great bargains by getting quotes from various companies and comparing rates before deciding on an insurance policy that suits their needs.
 Keuren, Mary Van. “USAA Insurance: Car, Home & Renters.” Bankrate. Bankrate.com, May 29, 2020. https://www.bankrate.com/insurance/companies/usaa/.
 Marzullo, Dan. “Geico Insurance Company.” Bankrate. Bankrate.com, May 27, 2020. https://www.bankrate.com/insurace/companies/geico/.
 Hunt, Janet. “AFI: Insurance Coverage for Members of the Armed Forces.” The Balance. Accessed July 9, 2020. https://www.thebalance.com/review-of-the-armed-forces-insurance-company-4160917.
 “Top 5 Tips for Looking for Car Insurance for Veterans.” Veterans Auto Insurance, March 23, 2012. https://www.veteransautoinsurance.com/top-5-tips-for-looking-for-car-insurance-for-veterans/.