Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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Benjamin Carr was a licensed insurance agent in Georgia and has experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. Benji is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Oct 1, 2020

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As a veteran, you risked your life to keep the country safe and to protect the freedom of the people at home. To honor you for that service, there are a number of insurance companies that are interested in offering veteran specific insurance discounts. But, before you buy veteran’s car insurance just because it is called “veteran’s”, there are a few things that you should know to make sure that you are actually getting what you want and need. Remember, a policy can be given virtually any name but may not reflect any real benefit or discount.

Veteran’s Car Insurance Should Be Actually Meant for You

Before you choose your veteran’s car insurance first, determine that it is actually insurance that is meant for veterans. There are some companies that just use the name without making any changes in the coverage that they offer from person to person. So, the insurance that you are buying could be the same coverage that a teacher or a doctor is getting as well. You would know it is veteran’s car insurance if the following is true:

  • The policy is written by a company that is affiliated in some way with the US military, including the Coast Guard, the Reserves and the National Guard
  • You have to show some proof that you are in fact a veteran
  • Special discounts for service is offered
  • The company is listed among military benefits through your branch’s web site or other information
  • The company is recommended by an affiliate of your armed service branch

Choosing the Right Terms for Veteran’s Car Insurance

Not all veterans are fully retired from the military. Some may still be active in the Reserves or may be part of the National Guard. No matter how active or inactive your enlistment in the Armed Forces is, you should still get the insurance that you need at the right price. Some things to consider about your potential coverage:

  • Do you need “full coverage or liability only and do you understand the difference?
  • Do you want to pay a lower premium by agreeing to a higher deductible cost?
  • Should you add specialty coverage to the vehicle that you drive?
  • Are there special vehicle needs that you have that might be important to consider when insuring it?
  • Do you need additional benefits from the insurance company that might influence the cost of coverage?
  • Do you know the difference between collision and comprehensive coverage?
  • Do you know the real value versus the replacement value of your current car and why that is important?

Lower Your Veteran’s Car Insurance With a Higher Deductible: Good Idea or Not?

As a veteran, you can qualify for several different types of discounts. Another way to bring your insurance costs down is with a higher deductible. The deductible is the payment you will have to make in case of an accident or other insurable loss, before the insurance company will pay for damages. Before you choose a deductible, keep these thoughts in mind.

  • Will you actually have that much cash in your bank account at the time of an accident or event?
  • If you choose a higher deductible and then have a minor accident that requires repairs, it is likely that you will end up paying the bulk of those repairs out of your own pocket.
  • A lower deductible may be tempting but will drive your premium costs much higher.
  • Aim for a deductible amount that is in the middle ground- not too high to be affordable but not too low either.

Replacement Value: Why Veteran’s Car Insurance Protects Your Investment

  • There is a difference between the cost of replacing your vehicle and its actual worth. This is especially true in the eyes of the insurance company. Before you buy the insurance coverage, make sure that you are actually covered for what it would cost to replace your car.
  • The older your car is, the lower its actual value becomes. The insurance company will give you a payout equal to its current market value, not what it would cost to replace it.
  • If you upgrade or change your car in any way, it may not change the value according to the insurance company. For instance, if you spend two days painting the car, that may not be considered when writing your check.
  • Certain types of policies will not cover personal belongings or other items inside of the car, even in the case of a total loss. That should be considered when buying veteran’s car insurance as well.