Reading: Car Insurance for Seniors | Bankrate
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the adept advice and tools needed to succeed throughout liveliness ’ s fiscal journey. Bankrate ’ s editorial team writes on behalf of YOU – the subscriber. Our goal is to give you the best advice to help you make chic personal finance decisions. We follow hard-and-fast guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no steer recompense from advertisers, and our content is thoroughly fact-checked to ensure accuracy. so, whether you ’ re reading an article or a review, you can trust that you ’ re getting credible and dependable information. We measure your trust. Our deputation is to provide readers with accurate and indifferent information, and we have column standards in place to ensure that happens. Our editors and reporters thoroughly fact-check column subject to ensure the information you ’ re read is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Bankrate follows a nonindulgent editorial policy, so you can trust that we ’ ra putting your interests first base. Our award-winning editors and reporters create honest and accurate content to help you make the right fiscal decisions. All providers discussed on our site are vetted based on the respect they provide. And we constantly review our criteria to ensure we ’ rhenium putting accuracy beginning. Our policy team is composed of agents, data analysts, and customers like you. They focus on the points consumers care about most — price, customer avail, policy features and savings opportunities — so you can feel convinced about which provider is right for you. Bankrate follows a stern editorial policy, so you can trust that we ’ re putting your interests first. All of our content is authored by highly modify professionals and reviewed by subject matter experts, who ensure everything we publish is objective, accurate and worthy of your trust. Founded in 1976, Bankrate has a farseeing track record of helping people make chic fiscal choices. We ’ ve maintained this reputation for over four decades by demystifying the fiscal decision-making process and giving people confidence in which actions to take next. While we adhere to strict editorial integrity, this mail may contain references to products from our partners. here ‘s an explanation for how we make money. This content is powered by HomeInsurance.com ( NPN : 8781838 ). For more data, please see our Insurance disclosure. car indemnity is legally required in most states, careless of your age. As you get older, though, your car indemnity needs can change. For case, you might stop commuting to work, move to a new submit or trade in your class ’ randomness honest-to-god SUV for a smaller sedan. If you ’ re a elder driver, it ’ randomness crucial to reevaluate your car indemnity needs based on your current life style. In general, cable car indemnity premiums are typically cheaper for seniors than they are for younger drivers, but in the states of Hawaii and Massachusetts, senesce is not a rating factor for insurance. In these states, premiums may be fairly floor for both younger and older drivers. In other states, there are some car indemnity carriers that are well suited for senior drivers than others. You may even find particular discounts aimed at seniors and retired drivers. If you are trying to find the best cable car indemnity for seniors, Bankrate ’ s inquiry may be able to help .
Best auto insurance for seniors
Bankrate ’ s policy editorial team obtained average premiums from Quadrant Information Services looking at the largest indemnity companies by market parcel. We analyzed the premiums for senior drivers, combined with each company ’ south fiscal military capability rat, customer atonement scores from J.D. Power, available coverages and discounts. If you are looking for the best car policy for seniors, these four major insurers might be a good identify to start : *Not formally ranked by J.D. Power due to eligibility restrictions
Although its average full moon coverage premium is the second-highest on our list, Allstate, the fourth-largest U.S. car insurance company based on market partake according to the Insurance Information Institute ( Triple-I ), makes the tilt of better car insurance for seniors for the assortment of discounts it offers. Allstate ’ s above-industry-average customer atonement score means that clients are generally satisfied with its level of service. The company is besides financially solid and is rated A+ ( Superior ) by AM Best. You can not change how a company rates your policy based on age, but you could take advantage of numerous discounts to offset a higher bounty. Some Allstate discounts that might reduce the cost of car indemnity for seniors include :
- Drivewise program: Downloading the Drivewise app and allowing the usage-based telematics program to track your driving habits could earn you up to a 10% discount. If you are able to improve your driving habits, you might receive up to a 25% discount after six months.
- Multiple policy discount: If you insure your home and auto with Allstate, you could save on both policies with a bundling discount.
- Responsible payer discount: Seniors are generally more financially stable than younger drivers. If you paid your premium on time over the past year, Allstate may give you a discount.
Allstate offers several optional coverages on its car policy product as well, which may help you tailor your coverage to your needs. Learn more: Allstate Insurance follow-up
Geico, the second-largest U.S. car insurance company, systematically has some of the lowest average car insurance prices on the market. The company ’ s standard policies are fairly basic with only a few addition coverages, but Geico offers plenty of discounts that might appeal to you if your primary concern is keeping your policy costs low. Seniors will appreciate Geico ’ s Prime Time Contract, an automatic refilling policy ensuring you have coverage equally long as you are a license driver, do not have any drivers under 25 on your policy, do not use your vehicle for commercial enterprise purposes and have not had an at-fault accident in the final three years. On top of already first gear average prices, you may be able to take advantage of Geico ’ s numerous discounts such as :
- Defensive driving course: Seniors who have completed a virtual defensive driving course might be eligible to receive 5% to 10% off their policy, depending on the state.
- Retired military or government employee discount: If you are a military veteran or government employee, you might get an additional discount on your car insurance.
- Membership discounts: If you are a member of certain organizations, including professional trade associations and alumni groups, you may get a discount on your car insurance policy.
Geico offers numerous early discounts that could help you save money on your car insurance costs. The company carries an A++ ( Superior ) fiscal military capability rate from AM Best, the highest degree possible. Learn more: Geico Insurance reappraisal
Read more: Best Car Insurance For Young Adults
The American Association of Retired Persons ( AARP ) is closely 40 million members strong. You must be an AARP penis in order to get an car indemnity policy through The Hartford, which does have a cost. however, AARP members, who are typically age 50+, have exclusive entree to special cable car policy rates for seniors underwritten through The Hartford, one of the top 20 car insurers in the nation with gamey customer atonement ratings from J.D. Power and an A+ ( Superior ) fiscal persuasiveness rate from AM Best. The Hartford ’ randomness car indemnity policies may not be the cheapest on our list, but the insurance company provides exclusive senior car policy benefits. This includes RecoverCare, which will reimburse you up to $ 2,500 for the expenses of family services you can ’ t complete because of a cover car accident wound. Some of The Hartford ’ s car indemnity discounts that can be leveraged by seniors discounts are :
- Alternative fuel discount: Save money on your policy when you insure an electric or hybrid vehicle.
- Defensive driving course discount: You might qualify for savings if you complete a virtual defensive driving course.
- Paid-in-full: If you pay your premium in full, you might qualify for a discount.
You can besides ask your Hartford autonomous agent about how you can further lower your rate. Learn more: The Hartford Insurance inspection
USAA sells indemnity entirely to active-duty military members, veterans and their eligible family members. USAA systematically receives the highest scores from J.D. power but does not qualify for official ranking due to its eligibility restrictions. however, the company carries an A++ ( Superior ) fiscal strength rat from AM Best. If you qualify for USAA car insurance, you may have access to some of the cheapest average premiums across the country, a well as numerous discounts to help you save even more. USAA premiums are already priced competitively. The company besides offers numerous senior-focused discounts to save even more, including :
- Defensive driving: If you pass a virtual defensive driver course, which could help reduce your chance of getting in an accident, you might receive a discount on your premiums.
- Low mileage: If you no longer need to commute to work, and drive less than 7,500 miles a year, you could save on your car insurance.
- Length of membership: The longer you are a member with USAA, the more you will likely save based on your insurer loyalty.
If you are an active-duty military penis, the company besides offers discounts for garaging your vehicle on a military base and for storing your vehicle while you are deployed. Learn more: USAA Insurance review
Cost of auto insurance for seniors
On average, 70-year-old drivers pay $1,685 annually for full coverage car insurance. This is about equivalent to the national average monetary value of car indemnity, which is $ 1,674 per year for full coverage. however, keep in mind that car indemnity rates are based on more than a twelve individual rat factors, according to the Triple-I. Seniors tend to be relatively safe drivers, but if you have had an at-fault accident, moving irreverence or DUI conviction in the by respective years, you may pay higher premiums. The character of car you drive, the coverages you choose and the discounts you qualify for will besides impact your rates, so you may pay more or less than the average .
Optional car insurance coverages for seniors
As you old age, your car insurance needs may change. Coverages or policy features that made sense for you in years past may no longer be right for your needs and could require adjustments. As you reach your senior years, you may want to consider the take after coverage changes :
- Higher liability limits: You may have more wealth and assets to protect in your senior years than you did when you were younger. Choosing higher liability limits gives you more financial protection if you cause an accident.
- Car rental reimbursement: Many seniors downsize their cars if all members of the household are retired. If you only have one vehicle, this coverage could be helpful. If you are in an accident and your car is not driveable, this coverage will pay for a rental car up to your policy limits.
- New car replacement: If you have purchased a new vehicle, you may want to consider adding this option. Each company’s new car replacement coverage works a bit differently, but typically this endorsement will pay to replace your totaled vehicle with a comparable new vehicle, rather than paying you the depreciated value which is what a standard policy would include.
- Accident forgiveness: Although the specifics will vary by company, this optional coverage typically forgives one at-fault accident every three to five years, which could help keep your premium from increasing if you cause an accident.
Talking to your agent or a representative from your policy company about your switch car insurance needs could help you identify gaps in your coverage or electric potential features you should take advantage of .
Car insurance discounts for seniors
Most insurers offer discounts to help you save money on your car indemnity. Although discounts vary by company, many insurers offer discounts for seniors who take defensive drive courses. You can besides find discounts for retire drivers over a certain age, typically starting at age 55. here are some other cable car insurance discounts you might be able to benefit from :
- Bundled or multi-policy discount: If you insure your home and vehicle with the same insurance company, you may qualify for a sizable discount.
- Safety equipment discount: Newer model vehicles often come with factory-installed safety equipment such as airbags, anti-lock brakes and anti-collision technology which could qualify you for more savings.
- Safe driving history discount: If you have an accident-free driving history, insurers may provide you with a discount on your premium.
It never hurts to ask your agent or company representative about the discounts you might be eligible for .
Other ways senior drivers can save on car insurance
other ways aged drivers can save on car insurance admit :
- Shop around: Every insurance company offers different rates, so you may find the same coverage for a lower price. When shopping for auto coverage, it’s typically suggested to get a minimum of three quotes from a mix of national and regional insurers.
- Update your driver information: If you are retired, you might get a discount on your policy. You may also receive a discount if you update your policy to designate your vehicle for pleasure use, rather than commute use.
- Pay your premium in full: If you can afford to pay your premium in full, you might save money.
- Reconsider the car you drive: You may be able to save on car insurance by downgrading the vehicle model you own or buying a newer model with more safety equipment. Just be sure to get an auto insurance quote for a vehicle before you buy it, to make sure it saves you money on insurance.
By going through this summons, you may be able to save money on your premiums. even a small share of savings can add up over meter .
Frequently asked questions
Do seniors pay higher rates for auto insurance?
On average, car indemnity premiums decrease as you old age but can begin to increase again approximately long time 70. however, the cost of car policy for seniors typically varies based on several individual rate factors, including your motor vehicle record, the make and exemplary of your car and the coverages and deductibles you choose. other factors, like the state and specific ZIP code you live in, your credit-based insurance score, your car policy claim history and how many miles you drive per year may besides affect your premium, depending on your submit ’ randomness regulations .
What is the best car insurance for seniors?
The best car insurance company will be unlike for everyone because each driver has unique rating factors and is looking for different things from an insurance company. Getting quotes from several companies can help you to compare the premiums, coverages, discounts, customer avail scores, fiscal force ratings and policy features. This could help you to find a ship’s company that fits your needs .
How does a defensive driver course for seniors work?
Some companies offer discounts for seniors who take a virtual defensive drive class. If you are considering taking advantage of this discount rate, you may want to first contact your company or agent to confirm your car insurance company offers this discount and to check what courses are approved. once you know what courses will qualify, you can sign up and complete the class on-line in the ease of your home. You will likely receive a completion certificate that you can present to your insurance company to qualify for the discount .
How can seniors lower their car insurance premiums?
Accidents, tickets and DUI convictions on your drive vehicle record ( MVR ) can cause your car premiums to increase substantially, as indemnity companies will rate you as a higher hazard driver. As such, you can normally save money on your car indemnity premiums by maintaining a scavenge MVR. In addition to maintaining a uninfected driving criminal record, there are a count of ways that seniors can get a more low-cost car insurance price. Make certain you are taking advantage of all the discounts your insurance company offers. Some discounts are easy to claim, like enrolling in automatic rifle payments or signing up for paperless policy statements .
Do insurance companies give seniors special discounts?
particular discounts available to elder drivers depend on your company. Some carriers may have mature driver discounts. Seniors may be more likely to take advantage of commitment discounts, which reward you based on how long you have stayed with your current insurance company. Each company ’ randomness deduction offerings differ, so speaking with our indemnity agent or caller representative is the best means to learn what savings opportunities are available to you.
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 70-year-old male and female driver with a blank drive record, good credit and the follow broad coverage limits :
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverages that meet each state ’ second requirements. Our base visibility drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles annually. These are sample rates and should lone be used for comparative purposes .