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Cheapest Car Insurance Companies for Senior Drivers
MoneyGeek reviewed the car indemnity companies that write policies in most of the state to find the cheapest car indemnity for seniors. On average, the cheapest companies for a 70-year-old senior are :
- State Farm: $1,145 per year
- GEICO: $1,151 per year
USAA was the cheapest car insurance company overall, but it alone offers coverage to active and retire military members and their families.
9 Cheapest Car Insurance Companies for Senior Drivers
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- company annual premium
- 1 .State Farm $ 1,145
- 2 .GEICO $ 1,151
- 3 .Nationwide $ 1,345
- 4 .Allstate $ 1,377
- 5 .Progressive $ 1,547
- 6 .Farmers $ 1,655
- 7 .Travelers $ 1,658
- 8 .MetLife $ 1,665
Loading … The cost of car insurance for seniors depends on several person factors, including long time, credit score, driving history, where you live and the type of car you drive. As you get older, historic period can make a boastfully difference in the rate quotes you get from cable car indemnity companies. consequently, comparing cable car indemnity quotes from several companies can help you find the best rates for your circumstances. We calculated the most low-cost rates based on a cable car indemnity policy with 100/300/100 liability insurance and comprehensive and collision coverage for a 70-year-old driver.
Cheapest Car Insurance Companies for Senior Drivers – By State
policy is regulated by states, so the cheap car indemnity for seniors might be different in your state than it is at the national degree. For the most part, GEICO ( cheapest in 20 states ) and State Farm ( 16 states ) remain the cheapest options on average. These insurers offer the cheapest indemnity in Florida, Georgia and California for example. But there are many other insurance companies that rank top for affordability in individual states. Erie and Farm Bureau insurance affiliates are the cheapest options in three states each. MetLife is the cheapest car insurance for seniors in Michigan and New Mexico. USAA is excluded from this analysis because of its eligibility requirements, but if it were included it would be the cheapest in 35 states, so eligible drivers should get a quote. Rates in this analysis are based on a sample distribution 70-year-old driver with 50/100/50 liability indemnity and comprehensive and collision coverage.
Best Car Insurance Companies for Senior Drivers in 2021
Finding cheap car insurance for seniors is not a one-size-fits-all procedure. Each car insurance company evaluates drivers based on their individualized factors, such as age, placement, vehicle type, driving history and accredit score. consequently, it ’ second significant to get customize quotes from respective different companies to find the cheapest policy available. While State Farm was the most low-cost option for most categories in our research, this could vary based on your circumstances, so always get and compare your individualized quotes to find the cheapest elder car indemnity.
Best Overall: State Farm
Although State Farm doesn ’ triiodothyronine offer a senior discount rate specifically, the company does offer several discounts that can reduce your car insurance premiums .
State Farm Ways to save with State Farm include an accident-free deduction, a good drive discount and discounts for cars with specific safety features. You besides can enroll in State Farm ’ s Drive Safe & Save broadcast, which monitors your drive and rewards you for estimable drive habits. For elder drivers who drive less these days, State Farm besides offers a premium decrease if you drive less than 7,500 miles per year.
Car Insurance Rates for Seniors – Average Driver
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- company annual premium
- 1. country farm $ 1,145
- 2. GEICO $ 1,151
- 3. countrywide $ 1,345
- 4. Allstate $ 1,377
- 5. progressive $ 1,547
- 6. Farmers $ 1,655
- 7. Travelers $ 1,658
- 8. MetLife $ 1,665
Best for Senior Drivers With a DUI: State Farm
unfortunately, having a DUI on your record will adversely affect your car insurance rates for an unspecified menstruation. For customers with a DUI on their driving record, State Farm offers the cheapest aged car policy rates .State Farm Getting cheaper rates with State Farm could be particularly valuable if you travel frequently, as the company offers coverage on motorhomes, boats and off-road vehicles. Your State grow policy may provide coverage on lease cars so you can avoid that costly expense at the rental counterpunch.
Car Insurance Rates for Seniors With a DUI
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- company annual premium
- 1. submit farm $ 1,991
- 2. USAA $ 2,008
- 3. progressive $ 2,490
- 4. nationally $ 2,574
- 5. Allstate $ 2,684
- 6. Farmers $ 2,685
- 7. GEICO $ 2,911
- 8. Travelers $ 3,535
- 9. MetLife $ 4,924
Best for Senior Drivers With Tickets: State Farm
Having a recent tag on your criminal record — or several tickets over the years — can result in an increase in your car insurance costs .State Farm For seniors, State Farm offers the most competitive rates for drivers with a ticket. In fact, State Farm ‘s average annual premium is more than $ 500 lower than MetLife, the most expensive insurance company for this class in MoneyGeek ‘s analysis.
Car Insurance Rates for Seniors With a Ticket on Their Record
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- company annual bounty
- 1. state farm $ 1,379
- 2. GEICO $ 1,554
- 3. nationally $ 1,558
- 4. Allstate $ 1,689
- 5. MetLife $ 1,964
- 6. Farmers $ 2,188
- 7. progressive $ 2,296
- 8. Travelers $ 2,435
Best for Senior Drivers With Accidents: State Farm
According to the Insurance Institute for Highway Safety, Highway Loss Data Institute, drivers senesce 70 and older have higher crash rates per sea mile traveled than middle-aged drivers. alone young drivers have a higher crash rate .State Farm On average, State Farm provides the lowest car indemnity rates for seniors with an accident on their record. That ’ s good newsworthiness as there is an increase risk of accidents for drivers senesce 65 and older.
Car Insurance Rates for Seniors With an Accident on Their Record
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- ship’s company annual bounty
- 1. state grow $ 1,455
- 2. USAA $ 1,551
- 3. GEICO $ 1,865
- 4. nationally $ 1,950
- 5. Allstate $ 2,075
- 6. Farmers $ 2,617
- 7. Travelers $ 2,661
- 8. MetLife $ 2,877
- 9. progressive $ 2,903
Best for Military Families and Veterans: USAA
specifically for active and withdraw military members and their families, USAA continually offers the lowest rates on senior car indemnity .
USAA USAA offers safe driver discounts for those with good force records for at least five years. You besides can receive discounts based on the total of miles you drive each class, which could prove solid if you no longer drive much.
Car Insurance Rates for Seniors With a Military Background
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- company 50/100/50 CC
- 1. GEICO $ 1,030
- 2. state farm $ 1,030
- 3. Allstate $ 1,252
- 4. nationally $ 1,272
- 5. progressive $ 1,366
- 6. Farmers $ 1,527
- 7. Travelers $ 1,529
- 8. MetLife $ 1,593
Average Senior Car Insurance Rates by Coverage Type
aged cable car indemnity coverage ranges from basic liability car policy coverage, normally required by state law, to full coverage car insurance for damages and expenses for both you and the other driver if you are at fault. Full coverage besides protects you for damage to your car not sustained in a car accident and larceny. How much coverage you need depends on your circumstances, but full coverage with higher maximum limits could protect your nest egg. The best cable car indemnity option for you depends on your individual situation and needs, including your vehicle type, income, savings and more. If you ’ re looking to save money, reducing your coverage or raising your deductible could result in lower car policy premiums. For a 70-year-old driver, the average cost of minimum liability indemnity is $ 797, while full coverage with 50/100/50 limits costs an average of $ 1,334, which is an increase of 67.4 % .
average CAR INSURANCE FOR A SENIOR
Minimum indebtedness annual monetary value : $797
Comprehensive/Collision ( 50/100/50 ) annual cost : $1,334
Comprehensive/Collision ( 100/300/100 ) annual cost : $1,454
How to Lower Your Car Insurance Premium After Turning 55
For the most part, drivers in middle-age brackets typically have the lowest car policy rates, but there are ways to lower your bounty after turning 55. While it may be time-consuming to implement some of these steps, the savings could be worth it when you find bum cable car policy for senior citizens .
- Shop around for a new policy. Companies continually change how they evaluate drivers; therefore, when you’re ready to renew your policy, always shop around with at least three companies to get personalized quotes. Switching car insurance companies could help you save.
- Update your driver status. If you haven’t updated your policy in a while, double-check the “listed drivers.” Removing people who no longer drive your vehicle from your policy could reduce your rates.
- Take a defensive driver class. Many car insurance companies offer discounts for drivers who complete a certified defensive driver class. Check with your car insurance company for recommended courses.
- Choose a cheaper car to insure. Car insurance companies evaluate risk based on the type of vehicle you have, so choosing a less risky car — say a four-door sedan rather than a sports car — could result in significant premium savings.
- Increase your deductible. If you have the financial means to pay a higher car insurance deductible if you file a claim, you could reduce the amount of your premium.
- Bundle your insurance coverage. Most car insurance companies offer multi-car and multi-policy discounts if you insure more than two vehicles or purchase both your car and homeowners insurance from the same company.
- Add protective technology. Many car insurance companies offer discounts if your car contains safety features like a car alarm or air bags.
- Apply discounts. Most car insurance companies offer various discounts, ranging from safe driver discounts for good driving history to discounts for automatic premium payments. Many companies also now offer discounts based on your driving habits, monitored using technology installed on your car and your smartphone.
Expert Advice
- Are seniors charged more for car indemnity ?
- What are ways seniors can save money on car policy ?
- What should seniors expect for in car indemnity companies to find the best coverage ?
Heidi Petschauer, CIC President, Petschauer Insurance Loading …
Learn More About Car Insurance
About the writer
Karon Warren is a professional diarist who has covered personal finance, health indemnity, base indemnity, car policy, mortgages, banking and more for two decades. Karon earned her bachelor of arts degree in journalism from the University of Southern Mississippi. She is besides a penis of the american Society of Journalists and Authors. Karon uses her journalist skills to create in-depth, well-researched finance stories that educate people so they can make informed fiscal decisions that best serve their fiscal goals.
Read more: The 7 Best Car Insurance Companies (2022)