Who Has the Cheapest Car Insurance for Seniors?
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Brad Larson
Licensed Insurance Agent
Brad Larson has been in the insurance industry for over 16 years. He specializes in helping clients navigate the claims process, with a particular emphasis on coverage analysis. He received his bachelor’s degree from the University of Utah in Political Science. He also holds an Associate in Claims (AIC) and Associate in General Insurance (AINS) designations, as well as a Utah Property and Casual...
Licensed Insurance Agent
UPDATED: Nov 27, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident car insurance decisions. Comparison shopping should be easy. We are not affiliated with any one car insurance company and cannot guarantee quotes from any single company.
Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from top car companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Nov 27, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident car insurance decisions. Comparison shopping should be easy. We are not affiliated with any one car insurance company and cannot guarantee quotes from any single company.
Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from top car companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- State Farm offers the cheapest car insurance rates for seniors in most states
- At least 34 states mandate that drivers aged 55 or older who pass a driver safety test must be given a senior discount
- Car coverage for seniors is determined on the assessment of risk
Aging doesn’t come without perks. There’s the financial security, the greater wisdom—and of course, the prospect of senior discounts on goods and services.
When it comes to car insurance, however, the truth is that 65-year-olds often spend significantly more for coverage than their 55-year-old counterparts. In fact, despite causing far fewer fatal accidents than young drivers, seniors can see their auto insurance rates increase for no reason other than age.
While all’s fair in love and car insurance, that doesn’t mean you can’t find a plan that is comprehensive and offers affordable rates.
Because of its size and customer service, State Farm offers the cheapest car insurance for seniors in most states. But that isn’t true across the board. Simply put, there just isn’t a one-size-fits-all solution to finding the cheapest car insurance for seniors. That’s why we’ve assembled this guide on affordable car insurance for seniors.
Companies With Low Rates and Special Discounts
First things first: Geico, State Farm, and USAA tend to offer the cheapest car insurance rates across the board. As we’ve noted, State Farm is often the most affordable option for seniors. In contrast, USAA offers the best discounts for veterans. Finally, Geico offers low car insurance rates nationwide.
But keep in mind there are other companies that offer significant discounts for eligible seniors.
The most important thing to do when shopping for car insurance, especially for seniors, is to compare rates and communicate your specific needs to an insurance agent. In doing so, you might discover that you’re eligible for specific perks related to your employment history, driving record, or age. For example, at least 34 states mandate that drivers aged 55 or older who pass a driver safety test must be given a senior discount on their auto insurance.
A handful of insurers actually provide car insurance discounts specifically designated for seniors, including:
- 21st Century – 21st Century’s mature driver discount offers an average of 2% in savings for drivers aged 55 and older.
- Allstate – Allstate offers up to 10% in savings for qualified drivers who are both retired and aged 55 or older.
- Esurance – Esurance provides both a senior driver discount and a defensive driver discount for people aged 50 or older who complete a driver safety course.
- Farmers – Farmers offers a senior defensive driver discount for drivers aged either 55 or older or 65 or older, depending on the state, who have completed a driver education course approved by the Department of Motor Vehicles.
- The Hanover – The Hanover offers a defensive driver discount to drivers aged 55 and older who take a safety course with AARP.
- The Hartford – The Hartford’s AARP Auto Insurance Program offers significant savings to eligible members aged 50 and up.
But many more insurers offer other perks available to seniors and other drivers, such as low mileage discounts, retired discounts, and defensive driver discounts.
It’s important to compare these options before choosing the right car insurance plan for you or your loved one.
How Personal Driving History Affects Rates
Even if you and your neighbor are the same age, that doesn’t mean you’ll pay the same car insurance rate.
Like most insurance policies, automobile coverage for seniors is determined based on an assessment of risk. While it may seem unfair that seniors are charged more on average for coverage despite accounting for fewer fatal accidents and having presumably decades of experience behind the wheel, insurers typically determine their rates based on the higher risk of mental or physical impairment that accompanies the process of aging.
Other personal factors that affect your car insurance rate include:
- Credit score – A higher credit score is associated with greater trustworthiness. If your score is less-than-ideal, keep in mind that some car insurers cater specifically to drivers with low credit scores.
- Homeownership – Likewise, people who own their homes are considered less risky investments. You might also get a discount by bundling your car insurance with your homeowner’s insurance.
- Location – Driving in urban areas can increase the risk of an accident. Insurers will consider the number of claims filed in your geographic area to determine your rate.
- Driving record – Safe drivers with a clean driving record pay less for insurance than those with recent traffic violations and accidents on their records.
- Car make and model – It’s less expensive to make repairs on an economy vehicle than on an antique luxury vehicle. This is reflected in your rate.
- Gender – Despite accounting for fewer accidents, women pay more on average for car insurance than men. While this is certainly not fair, this disparity can actually prove beneficial to senior women, who are statistically more likely to be eligible for safe driving discounts.
- Who else is on the policy – If you’re sharing your family auto insurance policy with a high-risk driver—whether a teenager or a loved one with a recent DUI—their driving record could be the main factor driving up rates. Look for insurers who can offer the best rate for all covered drivers.
After taking a look at such factors as your age, gender, marital status, credit score, and driving record, an insurer might offer you car insurance discounts for safe driving, company loyalty, purchasing a bundle plan, or even owning multiple vehicles.
Check with an agent and be sure to give them as much personal information as possible in order to take advantage of as many deals as you can.
Comparing Costs to Get the Right Rate
Don’t settle for the first car insurance quote you get. Compare it with other offers in order to make sure you’re optimizing both your own specific discount qualifications and the unique options each insurer has to offer to seniors looking for car insurance.
By comparing costs, you can make the best and most informed decision based on your own needs. We understand that shopping for insurance can be both difficult and time-consuming, but we promise that patience is key.
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What Can Older Drivers Do to Lower Costs?
Beyond taking advantage of the discounts mentioned above, senior drivers can make use of the Centers for Disease Control and Prevention’s guide on transportation safety, which provides handy advice and simple steps for ensuring safety on the road.
In addition to such universal precautions for drivers as wearing a seatbelt, avoiding unsafe conditions, and never operating a vehicle while intoxicated, the CDC suggests that older drivers follow these steps to drive safely:
- Use routine exercise and a healthy diet to keep yourself strong and agile
- Check with your pharmacist about any side effects from medication
- Get your vision checked once a year and wear glasses or contacts if necessary
- Plan your route with safety in mind and try to learn it in advance
- Don’t tailgate the car in front of you
- Avoid distractions such as cell phone use or eating food while driving
- Use rideshare services or public transit whenever possible
While most of these steps are important for any driver to follow, they are even more crucial for seniors. Not only will they keep you and others safe, but they will also help you to keep your car insurance cost down by taking advantage of any relevant driver safety discounts you might find while comparing car insurance quotes.
Additionally, you’ll want to make sure that your car’s safety features, such as air bags and alarm systems, are both up to date and functional.
Deciding When to Hang up the Keys
If your main goal is reducing costs, you might also consider whether you want to maintain the costs of owning and operating a car at all.
Fortunately, the Constitution protects seniors from age-based discrimination. This applies most commonly with employment disputes, but also often extends to seniors who face driving restrictions.
What this means, however, is that seniors and their loved ones must make an informed decision regarding their ability to drive safely. While this might be difficult for those who see driving as an essential aspect of their independence, it is certainly something that should be considered at some point for any driver.
The good news is that there’s never been a better time to take advantage of public transportation of ridesharing services. Additionally, there’s no sense in paying for car insurance as a senior if you no longer operate a vehicle!
Find the Right Policy With Car Insurance Comparison
With car insurance and with life, the right decision is often the most difficult one to make. That certainly applies when it comes to comparing rates to ensure you get the right coverage and a competitive price for car insurance, either for yourself as you age or for a loved one.
With so many factors to consider, it’s important to do as much research as possible to find who has the cheapest car insurance for seniors. That means comparing rates and coverage options for large national chains like State Farm, USAA, and Geico alongside local and regional options.
The easiest way to see your rates is Car Insurance Comparison’s free online tool. Just input your personal information and view rates side-by-side. That way, you’re sure to take advantage of all discounts to find the right insurance provider for you and your family.
Sources:
Forbes. Here Are Factors That Affect Your Car Insurance Rates. https://www.forbes.com/advisor/car-insurance/factors-in-rates/
Centers for Disease Control and Prevention. Older Adult Drivers. https://www.cdc.gov/transportationsafety/older_adult_drivers/index.html?CDC_AA_refVal=https%3A%2F%2Fwww.cdc.gov%2Fmotorvehiclesafety%2Folder_adult_drivers%2Findex.html
Case Studies: Finding the Cheapest Car Insurance for Seniors
Case Study 1: State Farm’s Affordable Rates
John, a 65-year-old retiree, wanted to find the cheapest car insurance option for seniors in his state. After comparing quotes from different insurance providers, John discovered that State Farm consistently offered the most affordable rates for his age group. With their size and excellent customer service, John felt confident that he was getting the best value for his car insurance coverage.
Case Study 2: USAA’s Veteran Discounts
Sandra, a 70-year-old veteran, was specifically looking for car insurance that catered to her needs. She found that USAA, a provider specializing in coverage for military members and their families, offered competitive rates and significant discounts for veterans. By taking advantage of these discounts, Sandra was able to secure affordable car insurance that recognized her service.
Case Study 3: Personalized Discounts and Perks
Robert, a 60-year-old retiree, wanted to find car insurance that rewarded his safe driving record and other personal factors. He contacted several insurance companies and discovered that many of them offered discounts and perks tailored to seniors.
From low-mileage discounts to retired discounts and defensive driver discounts, Robert found multiple ways to lower his car insurance costs based on his individual circumstances.
Frequently Asked Questions
What are some factors that can affect the cost of car insurance for seniors?
Several factors can influence the cost of car insurance for seniors. These factors include the senior’s age, driving experience, driving record, type of vehicle, location, and coverage needs. Insurance companies consider these variables when determining premiums.
Are there any specific insurance companies that offer cheaper car insurance for seniors?
While insurance rates can vary based on individual circumstances, several insurance companies are known for providing competitive rates for seniors. Some popular insurance companies that often offer affordable car insurance options for seniors include GEICO, USAA (available to military members and their families), and The Hartford (which specializes in coverage for older drivers).
Do seniors qualify for any discounts on car insurance?
Yes, seniors may be eligible for various discounts on car insurance. Some common discounts for seniors include mature driver discounts, low-mileage discounts (if they drive fewer miles), and defensive driving course discounts. It’s recommended for seniors to inquire about available discounts when obtaining car insurance quotes.
How can seniors find the cheapest car insurance rates?
To find the cheapest car insurance rates for seniors, it’s advisable to compare quotes from multiple insurance providers. Many insurance companies offer online tools that allow seniors to obtain quotes quickly and easily. By comparing rates, seniors can identify the insurance companies that offer the most competitive prices based on their individual circumstances.
Are there any specialized car insurance programs specifically designed for seniors?
Yes, there are specialized car insurance programs designed for seniors. For example, AARP (American Association of Retired Persons) offers auto insurance through The Hartford, catering specifically to the needs of older drivers. These programs often provide tailored coverage options and additional benefits that may be advantageous to seniors.
Free Car Insurance Comparison
Enter your ZIP code below to view companies that have cheap car insurance rates.
Secured with SHA-256 Encryption
Brad Larson
Licensed Insurance Agent
Brad Larson has been in the insurance industry for over 16 years. He specializes in helping clients navigate the claims process, with a particular emphasis on coverage analysis. He received his bachelor’s degree from the University of Utah in Political Science. He also holds an Associate in Claims (AIC) and Associate in General Insurance (AINS) designations, as well as a Utah Property and Casual...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.