Zaneta Wood, Ed.S. has over 15 years of experience in research and technical writing bringing a keen understanding of data analysis and information synthesis to reach a wide variety of audiences. She studied adult education and instructional technology at Appalachian State University as well as technical and professional communication at East Carolina University. Zaneta has prepared technical p...

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Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP®

UPDATED: Oct 3, 2020

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Here's what you need to know...

  • Car insurance rates actually start to increase after the age of 60
  • The many existing discounts can help compensate for higher car insurance rates
  • In most states, your age and gender will affect your insurance

One good concession for seniors over 50 is auto insurance rates. Car insurance for seniors is very inexpensive for about 10 years for those around the age of 50.

Then rates start to creep up again because the percentage of incidents starts increasing around 60.

Many people in this age range may not even drive as much as they did in the past. For this reason, there are more ways seniors can save on car insurance coverage.

By age 70, things start to change again. Auto insurance for seniors over 80 or even 70 can get a little pricier. Things are not as easy as they used to be and issues like waning vision and slow reflexes can make your rates increase at that point.

Online over 50 car insurance quotes online today for FREE, and all you need is your ZIP code.

Table of Contents

Car Insurance Rates for Older Drivers

How does age affect auto insurance rates? Car insurance companies look at many factors to determine your rates, and one of them is age. Your driving record and credit history and very important, but the general rule is: the longer you’ve been driving, the safer insurers consider you to be. That’s why it’s incredibly expensive to insure teenagers, but rates drop as you age.

Your auto insurance rates are partially determined by age and gender.

Does car insurance go down at 50? Older drivers typically have the lowest rates of any age group, so affordable over 50 car insurance is standard. You can see below how rates for this age compare in this car insurance rates by age chart.

Car Insurance Rates by Age and Gender
CompanyMarried 60-year old femaleMarried 60-year old maleMarried 35-year old femaleMarried 35-year old maleSingle 25-year old femaleSingle 25-year old maleSingle 17-year old femaleSingle 17-year old male
USAA$1,449.85$1,448.98$1,551.43$1,540.32$1,988.52$2,126.14$4,807.54$5,385.61
GEICO$2,247.06$2,283.45$2,302.89$2,312.38$2,378.89$2,262.87$5,653.55$6,278.96
State Farm$1,873.89$1,873.89$2,081.72$2,081.72$2,335.96$2,554.56$5,953.88$7,324.34
American Family$1,992.92$2,014.38$2,202.70$2,224.31$2,288.65$2,694.72$5,996.50$8,130.50
Nationwide$2,130.26$2,214.62$2,360.49$2,387.43$2,686.48$2,889.04$5,756.37$7,175.31
Progressive$1,991.49$2,048.63$2,296.90$2,175.27$2,697.73$2,758.66$8,689.95$9,625.49
Farmers$2,336.80$2,448.39$2,556.98$2,557.75$2,946.80$3,041.44$8,521.97$9,144.04
Travelers$2,051.98$2,074.41$2,178.66$2,199.51$2,325.25$2,491.21$9,307.32$12,850.91
Allstate$2,913.37$2,990.64$3,156.09$3,123.01$3,424.87$3,570.93$9,282.19$10,642.53
Liberty Mutual$3,445.00$3,680.53$3,802.77$3,856.84$3,959.67$4,503.13$11,621.01$13,718.69

Who has the best and cheapest car insurance for seniors? Based upon these rates, USAA and State Farm have the best price to buy over 50 car insurance.

Sometimes it is hard to maintain car insurance monthly payments along with other responsibilities. It may even come to the point when you have to make the difficult decision to skip your insurance premium for one month.

Most insurance companies do not extend grace periods for car insurance premiums.

If you miss your car payment deadline, your policy will be canceled at midnight that night.

For a short period like this, you can notify your insurance agent and they may be able to make your renewal date retroactive as long as you do not go out and have an accident before the policy is renewed. Typically, you’ll have to sign a statement that you haven’t had any claims or losses during that period of time.

Often customers will send their premiums by mail, and it does not arrive by the deadline. These late arrivals may require the establishment of a new policy. If you choose to pay for a longer policy, this may save more in premiums.

Most states allow mail-in driver’s license renewals until you hit age 65 or 70, after which each renewal must be in person with a vision test. There’s a reason for that. The National Highway Traffic Safety Administration reports that 19 percent of all traffic fatalities in 2018 involved a driver over the age of 65 years.

That’s why your rates could go back up a little once you reach your 70’s.

Car Insurance Discounts for Drivers Over 50

In addition to senior eligibility for discounts on everything else, years of driving experience make them eligible for more. Over 50 car insurance discounts are available for club or organization memberships like AARP. Is AARP auto insurance a good deal? If you only drive on weekends, that qualifies for another discount and all-around good rates.

Many of the major insurers also offer senior driver discounts. The table below shows the availability of this discount to get the lowest auto insurance rates for seniors.

Senior Discount Availability for Car Insurance
CompanySenior Discount AvailabilityPercentage of Discount
21st CenturyYesUnknown
AAANo-
AllstateYes10%
American FamilyNo-
AmeripriseNo-
AmicaNo-
Country FinancialNo-
EsuranceYesUnknown
FarmersYesUnknown
GeicoNo-
Liberty MutualNo-
MetLifeYes10%
NationwideNo-
ProgressiveNo-
Safe AutoNo-
SafecoNo-
State FarmNo-
The GeneralYes5%
The HanoverYes5%
The HartfordYesUnknown
TravelersNo-
USAAYesUnknown

Already low rates plus exclusive discounts mean that, even on a low income, auto insurance for seniors is affordable. There’s even a government-mandated auto insurance discount for seniors after age 55 in some states. 

Antique cars and classic cars are eligible for specialty car insurance if you drive less than 15,000 to 25,000 miles per year and meet the other requirements for this type of coverage.

Safe driving courses will make you eligible for a discount on your premiums as well.

It may be a good idea for seniors who want to have a refresher course.

Over 50 Car Insurance Inclusions

Your state minimum requirements will determine your base amount of coverage, compiled here by the Insurance Information Institute. Most seniors own their vehicles free and clear, while others may have to carry collision and comprehension to protect the lien they carry. Some seniors may opt to lease a car and carry rental coverage.

Basic inclusions will include:

  • Personal injury protection
  • Bodily liability
  • Liability for damages

The amount of coverage will depend on your state and the car you drive.

Some minimum coverage packages are not enough to cover top models and luxury vehicles. You may have to purchase additional collision and comprehensive for these.

Riders or options translate to 24-hour towing, rental replacements, and several other optional selections. These options cost more in some policies whereas others includes them.

Some carriers may include incentives as well like shrinking deductibles. Each company that offers the program may offer a different variation.

Over 50 Driving Records

As young drivers, mistakes are made, and consequences are paid. Eventually, unless you live in and have Florida car insurance , your speeding tickets and DUIs will become a part of your history. If you learned from your mistakes, you will receive second chances at having a good driving record.

Shrinking deductibles are just one way of rewarding good drivers. 

Middle-aged drivers have fewer accidents than any other class of drivers according to statistics. These are drivers between 35 and 55. This group proves to be less of a risk and therefore pay less in insurance premiums.

Over 50 Car Insurance Policy Renewals

After age 65 or retirement age, reflexes start to slow and senses start to deteriorate.

This video from CBS This Morning goes over senior driving and how it can be dangerous for older drivers to be on the road but also how it’s an individual decision to continue to drive or turn in your keys.

There has been much debate on the subject as to what would be a good age to take away the privilege to drive.

As a precaution, after age 62 or 65 in some states, seniors are asked to come in and renew their driver’s licenses as opposed to mailing them in.

This way officials at the DMV can require a vision test and in some cases a road test. As more states consider this practice the law, more seniors fight the idea by proving they still have the reflexes and ability to drive as they did 20 years ago.

You can get FREE car insurance quotes for 50 years and over with no obligation. Enter your ZIP code into our free tool below.