Whether you have retired from serving your country or you are still in active service, you might want to consider looking for a new insurance provider if you are not receiving a military discount on your auto insurance policy. Here is a guide to auto insurance for veterans and military members
According to research, military personnel and veterans pay 2% less on their premiums than other professions. Many insurance companies offer military discounts to both veterans and those in active service and it is always important to mention a military connection so that your agent can apply any available discount. Discounts may also be available to members of your family.
Auto insurance providers that offer products to military personnel in active service understand the circumstances that these customers face. This might include storing a vehicle for a long period of time due to overseas deployment.
There are a number of other ways you can reduce your insurance premiums, including:
Deployment discount. Many car insurance providers offer deployment discounts. If you are facing deployment and need to arrange auto insurance, you will need to provide information for your provider. By gathering as many facts as you can, you can work with your insurance provider to determine what type of policy will be best.
Change your deductible payment. If you are not going to be driving your car for a while, you may want to consider raising your deductible payments to the highest possible level to reduce your premiums. You only need to pay deductible payments if something happens to your vehicle. If the car is going to be sitting in storage for months and not used, this can be a good way to save money. Just remember to change your deductible payment when you start driving again on your return.
Reduce your level of cover. If you have paid for your car in full, you could consider reducing a full coverage policy to liability and comprehensive cover only. Since your vehicle will be parked or stored while you are away, do you really need collision damage coverage? Only consider this option if you are absolutely certain that nobody will drive your car while you are away. In the event of an accident you will not be covered for any repairs.
Put your vehicle in storage. Many insurance companies offer storage insurance policies. These policies only offer comprehensive coverage and will significantly reduce your premiums. Some states don't allow this level of cover, so check with your insurance provider to see whether this is possible.
Are You Eligible For a Discount? The discount you receive will depend on the insurance provider you deal with and whether you are in active service or have retired.
Discounts will only be available if you have a fairly clean driving record. If your record was slightly blemished when you took out your existing policy, it could be time for a checkup. However, your insurance provider won't be aware when this happens and so you could be paying more than you need to for your insurance.
It is important that you maintain some level of auto insurance even if you are frequently deployed. If you stop paying for car insurance and allow your policy to lapse for 30 days, you could find that your premiums skyrocket when you take out another policy. Even if you don't currently own a car, you can purchase "non-owner's" insurance that will ensure no gaps in your policy history.
Another option is to consider is to grant somebody power of attorney (POA) while they are away on duty. This could be a friend, family member or colleague. POA allows that individual to manage an insurance claim your behalf and arrange the necessary repairs to your car. This is especially important if somebody else will be driving your vehicle while you are away.
Auto insurance discounts for military personnel and veterans is something you have earned. Even if you feel you have a good policy, it is always worth carrying out a "health check" each year. Many insurance companies offer great rates as a thank you for serving your country.