How Much Does Car Insurance Cost for Veterans in Missouri?

When shopping for cheaper insurance for veterans, one of the many factors that influence rate quotes is where your residence is. Areas that are more densely populated like Saint Louis, University City, and Kansas City tend to have more expensive car insurance rates, whereas areas with lower crime rates and fewer weather claims can boast about having cheaper rates.

The table below illustrates the most expensive places in Missouri for veterans to purchase a policy in.

Premium costs are estimated as the garaging address in Missouri can alter coverage rates substantially.

Locating reasonably-priced insurance is easier said than done, and deciding which companies offer the best insurance rates for veterans will take more quotes for comparison. Each auto insurer has a unique formula to set policy rates, so we’ll take a look at the most affordable insurance companies in Missouri.

It’s important that readers know that Missouri insurance rates are based on many factors which can significantly increase or decrease the cost of coverage. Simply improving your credit score, moving to a different location, or getting a ticket for careless driving can cause premium changes that can now make some companies cheaper than competitors.

Cheap Insurance Rates for Vets

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USAA generally has some of the cheapest car insurance rates in Missouri at around $642 each year. The Hartford, Electric, Allied, and Auto-Owners also make the cut as some of the best Missouri insurance companies.

As shown above, if you are a customer of Electric and switched to USAA, you could realize annual savings of upwards of $225. Policyholders with Allied could save as much as $225 a year, and Auto-Owners policyholders might reduce rates by $365 a year.

Understand that those premium estimates are averaged across all drivers and vehicles in Missouri and do not take into consideration a rate discount for veterans. So the car insurance company that can offer the best rates for your situation may not even be in the list of companies shown earlier. That is why you need to get rate quotes using your own driver and vehicle profiles.

Impact of speeding/accidents on Missouri insurance rates

The easiest method to maintain cheap insurance prices for veterans is to drive safely and avoid accidents and traffic violations. The diagram below illustrates how traffic citations and at-fault collisions can drive up annual premium costs for each age group. The rates are based on a single female driver, comprehensive and collision coverage, $500 deductibles, and no discounts are taken into consideration.

google.charts.setOnLoadCallback(drawVioqcibChart);function drawVioqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘No Violations or Accidents’, ‘One Speeding Ticket and No Accidents’, ‘One Speeding Ticket and One Accident’],[‘Age 20’, 1777,1937,2379],[‘Age 30’, 1217,1379,1823],[‘Age 40’, 1135,1295,1737],[‘Age 50’, 995,1155,1597],[‘Age 60’, 965,1123,1565],[‘Age 70’, 1125,1285,1729]]);var options = {title: ‘Accidents, Violations, and Missouri Car Insurance Prices’,titleTextStyle: {color: ‘#333’, fontSize: 17, bold: true},width: ‘100%’,height: 600,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},colors:[‘#b2da64′,’#eed355′,’#e39e71’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in Missouri’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);formatter.format(data,3);var chart = new google.visualization.BarChart(document.getElementById(‘qcibvio’));chart.draw(data, options);}

The chart shows that the average cost of auto insurance per year with no accidents or violations is $1,202. Factor in one speeding ticket and the average cost swells to $1,362, an increase of $160 each year. Next add one accident along with the one speeding ticket and the yearly cost of insurance for veterans goes up to an average of $1,805. That’s an increase of $603, or $50 per month, just for a couple of infractions!

Rate difference between full and liability-only coverage

Finding cheap insurance for veterans in Missouri is important to most people, and one of the best ways to find cheaper insurance is to not buy comprehensive and collision coverage. The diagram below compares car insurance costs with full coverage compared to only the Missouri minimum liability coverage. The price estimates are based on no driving violations, no at-fault accidents, $500 deductibles, single status, and no discounts are factored in.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $500 Deductibles’, ‘Liability Only’],[‘Age 20’, 2877,1073],[‘Age 30’, 1493,591],[‘Age 40’, 1469,547],[‘Age 50’, 1343,513],[‘Age 60’, 1301,505],[‘Age 70’, 1605,673]]);var options = {title: ‘Full Coverage and Liability Only Rates’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in Missouri’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.BarChart(document.getElementById(‘qcibfcl’));chart.draw(data, options);}

If all age groups are averaged, full coverage costs an extra $1,681 per year more than insuring for liability only. That is a large expense which might make you wonder if buying full coverage is worth the expense. There is no definitive rule of when to exclude physical damage insurance, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is about 10% or more of any settlement you would receive from your insurance company, then it could be time to drop full coverage.