How Much Does Car Insurance Cost in Fairbanks, AK?
Fairbanks, Alaska is where the northern lights dance in the sky and the need for reliable car insurance is a year-round reality. Nestled in the heart of the Last Frontier, Fairbanks is a city that embraces the wild beauty of the Arctic while facing the practical demands of everyday life. If you call Fairbanks home or are considering a move to this unique and vibrant community, you understand the importance of securing the right auto insurance coverage for the diverse climate and challenging road conditions of the region.
At InsuranceQuotes, we’re here to connect you with the best car insurance providers in Fairbanks, ensuring that your vehicle is protected against the elements and whatever adventures you seek in this remarkable part of the world.
How much should you expect to pay on average for car insurance in Fairbanks?
Average Fairbanks Car Insurance Rates:
- State Minimum Liability: You can expect to pay $55 a month or $664 a year.
- Full Coverage: You can expect to pay $202 a month or $2,422 a year.
InsuranceQuotes cost rates are pulled from our real-time auto insurance database from recent quotes in your city – Rates are based on a used car driver who is single, middle aged & has a clean driving record. Read on to learn about the cheapest local rates filtered by insurance providers, new cars, vehicle types and age.
Drivers in AK should compare multiple car insurance coverage options that may be cheaper than the average rates – we will breakdown costs throughout this guide. Knowing average auto insurance costs beforehand is helpful when using InsuranceQuotes to compare free local and national provider quotes so you can know what to expect when searching for a new policy.
Who are the Cheapest Car Insurance Providers in Fairbanks?
- In Fairbanks the cheapest auto insurance providers on average are Allstate, USAA and GEICO.
- State minimum liability car insurance starts at $29 a month or $346 a year.
- Full coverage car insurance would cost around $238 a month or $2,854 a year.
Here is a breakdown of average costs from the cheapest local insurance providers in the state from our data set of used-car drivers who are single, middle aged and have a clean driving record:
| Insurance Company: | Minimum Liability: | Monthly: | Full Coverage: | Monthly: |
|---|---|---|---|---|
| Allstate | $346 | $29 | $2,854 | $238 |
| USAA | $455 | $38 | $2,178 | $182 |
| GEICO | $603 | $50 | $1,990 | $166 |
| State Farm | $624 | $52 | $2,178 | $181 |
| Progressive | $1,295 | $108 | $2,909 | $242 |
| Average Cost: | $664 | $55 | $2,422 | $202 |
Auto Insurance Rates by Age in Alaska
Statistics show that younger drivers, particularly teenagers and drivers in their early twenties, are more likely to be involved in accidents due to their limited driving experience and potential risky behavior on the road. Drivers older than 25 will see a significant drop in their auto policy costs as they are moved into the middle aged cost tier group for coverage.
Alaska will use age as a factor that influences your auto rates and quotes you receive. Younger drivers tend to face higher annual premiums compared to mature, more experienced drivers.
* Full Coverage – Average Costs by Age:
- 17 – 25 years: $4,737 yearly – $395 monthly
- 25 – 54 years: $2,347 yearly – $196 monthly
- 55+ years: $2,498 yearly – $207 monthly
* State Minimum Liability – Average Costs by Age:
- 17 – 25 years: $1,280 yearly – $107 monthly
- 25 – 54 years: $626 yearly – $52 monthly
- 55+ years: $727 yearly – $61 monthly
Here is a full breakdown of the average costs for car insurance by age in Alaska:
| Age: | Minimum Liability: | Monthly: | Full Coverage: | Monthly: |
|---|---|---|---|---|
| 17 | $1,967 | $164 | $6,886 | $574 |
| 18 | $1,660 | $138 | $5,966 | $497 |
| 20 | $1,147 | $96 | $4,533 | $378 |
| 22 | $875 | $73 | $3,373 | $281 |
| 24 | $752 | $63 | $2,928 | $244 |
| 29 | $641 | $53 | $2,474 | $206 |
| 34 | $630 | $52 | $2,383 | $199 |
| 39 | $627 | $52 | $2,361 | $197 |
| 44 | $625 | $52 | $2,335 | $195 |
| 49 | $625 | $52 | $2,318 | $193 |
| 54 | $610 | $51 | $2,208 | $184 |
| 64 | $615 | $51 | $2,162 | $180 |
| 74 | $752 | $63 | $2,583 | $215 |
| 76 | $814 | $68 | $2,722 | $227 |
How Much Car Insurance Do I Need in Alaska?
Alaska is unique in the United States – drivers must carry a minimum of liability insurance, as long as you live in a part of the state that also required you to register your vehicle. That means, for more than 300 communities in rural Alaska, carrying auto insurance is not legally required for most drivers.
Here are the minimum amounts of liability you should have in Alaska for the parts of the states that do require it:
- Bodily Injury Liability Coverage:
- $50,000 per person for bodily injury.
- $100,000 per accident for bodily injury if multiple people are injured.
- Property Damage Liability Coverage:
- $25,000 per accident for property damage.
- Uninsured/Underinsured Motorist Coverage:
- $50,000 per person for bodily injury.
- $100,000 per accident for bodily injury if multiple people are injured.
We recommend purchasing higher levels of coverage, especially if you have assets to protect or if you want to ensure that you’re adequately covered in case of a severe accident. You may also want to consider additional types of coverage, such as:
- Collision Coverage: This covers the cost of repairs to your own vehicle in the event of an accident, regardless of who is at fault.
- Comprehensive Coverage: This coverage protects your vehicle from non-collision events, such as theft, vandalism, and natural disasters.
The right amount of car insurance for you depends on your individual circumstances, including your assets, budget, and risk tolerance.
How Much Does a Driving Record Violation Increase Insurance Costs?
Driving violations can have a significant impact on your car insurance costs in Alaska, as they indicate a higher level of risk to insurance providers. When you receive a driving violation, such as a speeding ticket or a DUI, your insurance company may consider you a higher-risk driver, which can lead to an increase in your insurance premiums for the foreseeable future.
Here is a breakdown of full coverage car insurance cost increases with driving violations:
- Clean Driving Record: Average annual premium cost of $2,685
- Speeding Tickets: 16% increase of an extra $419 a year at $3,104
- At-Fault Accident: 30% increase of an extra $816 a year at $3,501
- DUI/DWI: 35% increase of an extra $949 a year at $3,634
| Driving Violation: | Minimum Liability: | Monthly: | Full Coverage: | Monthly: |
|---|---|---|---|---|
| Clean Record | $741 | $62 | $2,685 | $224 |
| 1 Speeding Violation | $844 | $70 | $3,104 | $259 |
| 1 At-Fault Accident | $962 | $80 | $3,501 | $292 |
| 1 DUI Violation | $979 | $82 | $3,634 | $303 |
Popular Auto Insurance Cost Guides by City
See a more in depth guide for auto insurance costs broken down by other popular cities in Alaska.
