Affordable Insurance Options for Veterans
Veterans, like everyone, seek peace of mind through solid insurance coverage. However, no one wants to overspend on auto or homeowner policies. The good news is, many insurance carriers recognize and appreciate the service of veterans, providing competitive rates and special discounts.
Here’s a look at some top home and auto insurance providers offering valuable benefits for veterans, along with tips on how to secure the most advantageous rates.
USAA
USAA, founded by Army officers in 1922, focuses exclusively on serving the military community. While they don’t provide a specific discount for veterans, their rates are consistently excellent for members. Many people switching to USAA from other companies save an average of $725 annually on auto insurance. Also, if your parents were in the military and hold a USAA auto insurance policy, you may be eligible for a discount. Bundling home and auto insurance with USAA can also help you save money. US News & World Report recognizes USAA as the top car insurance carrier for affordable rates and customer satisfaction.
Farmers
Farmers Insurance, established in 1928, has expanded from its roots to serve a broad customer base nationwide. They provide special discounts on auto insurance to active duty personnel, reservists, and veterans. Customers who switch to Farmers auto insurance save approximately $413 on average. They also provide bundling discounts. It’s worth noting, however, that U.S. News & World Report ranks Farmers sixth due to its comparatively higher premiums.
GEICO
Originally established in 1936 as the Government Employees Insurance Company, GEICO initially catered to federal employees and select service members. They maintain their commitment to the military, offering discounts of up to 15% on insurance for active-duty members, retirees, and members of the National Guard or Reserves. They also offer a discount (unspecified) to members of the Association of the United States Army (AUSA), Armed Forces Benefit Association (AFBA), and Navy League of the United States (NLUS). GEICO ranks fourth (tied with Nationwide) on U.S. News & World Report’s list of top auto insurance carriers, owing to its low premiums, solid customer service, and diverse discount offerings.
American Family
American Family, founded in 1927 as Farmers Mutual Automobile Insurance Company, later adopted its current name in 1963. Although it doesn’t have a special military affiliation, it has a Veteran and Military Business Resource Group. Known for its claims handling, U.S. News & World Report ranks it as the second-best auto insurance carrier because of its impressive customer service. Forbes Advisor lists it as a low-cost home insurance option. Bundling home and auto insurance through American Family can result in savings of up to 23%.
Nationwide
Founded in 1926 as Farm Bureau Mutual Automobile Insurance Company, Nationwide underwent a name change in 1955 as it grew. They employ thousands of veterans, provide enhanced benefits for those on active duty, and have a Military Associate Resource Group to support military-connected employees. While Nationwide doesn’t provide specific discounts for veterans, Forbes Advisor recognizes them as one of the more affordable home insurance providers, and U.S. News & World Report highlights their auto insurance as a top-four choice because of its customer service. Their customers save approximately $646 on average when they bundle home and auto insurance.
State Farm
Established in 1922 to offer low-cost auto insurance to Illinois farmers, State Farm has expanded to become a leading national insurance provider. Although they don’t offer dedicated veteran discounts, they tend to provide affordable plans. U.S. News & World Report ranks State Farm third on its list of best car insurance carriers since their premiums are typically below the national average. State Farm also receives high customer service marks. Forbes Advisor ranks State Farm’s homeowners insurance premiums as among the lowest. Customers can save up to $1,073 by bundling auto and homeowners insurance.
Finding the right insurance involves comparing quotes and considering your individual circumstances. Take advantage of the options available, and explore the opportunities for savings. Remember to compare policies carefully and select the coverage that fulfills your needs while respecting your budget.
