Cheap Car Insurance for Seniors: Best Providers and Discounts
Car insurance generally gets cheaper as you age, but it can begin to creep up again once you hit 60, as statistics suggest you’re more likely to be involved in an accident than someone in their 30s and 40s. However, with the right information and the right providers, you can get cheap car insurance beyond the age of 65.
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The Cheapest Insurance Companies for Seniors
The following companies all have cheap senior car insurance policies and should be considered when you apply for a new policy.
You could be forgiven for thinking that we had some sort of affiliation with Geico. After all, this provider tops many of our lists of the cheapest insurance coverage.
But the simple fact is that Geico consistently has the cheapest rates for applicants with clean driving records.
Geico offers something known as a Prime Time contract, which guarantees renewal and offers fantastic rates. It’s available in most (but not all) states, and is offered to drivers who meet the following criteria:
- Are aged 50 or over
- Have no drivers below the age of 25 in their household
- Have been accident-free for at least 3 years
- Do not use any vehicles for commercial reasons
In addition to consistently cheap rates and senior discounts, Geico offers other driver discounts and benefits, including:
- Accident forgiveness program
- Defensive driving course discount
- Multi-car and multi-policy discount
- A good driving history for at least 5 years
- Discount for current and former members of the military
A couple of car insurance providers are cheaper than Allstate, but if you can take advantage of their multi-policy discount, known as “bundling”, you’ll make some substantial savings. Allstate also offers the follow car insurance discounts:
- Discount when you pay in full or autopay
- Discount for cars that have safety equipment and anti-theft devices (anti-lock brakes, front and side airbags) as well as new cars.
- Safe driving discounts
- Multi-policy and multi-car discounts
Progressive is one of the cheapest car insurance companies for mature drivers. In addition to a host of discounts, Progressive offers something known as the SnapShot program. This is a type of usage-based insurance. The insurer will install a telematics device in your car to track your mileage and your driving habits, before adjusting your rates based on the information recorded.
If you’re a safe driver and a good driver and/or you don’t spend a lot of time behind the wheel, this could be a great way to get lower rates. Like Allstate, Progressive also reduces rates if you purchase multiple policies with them (such as life insurance and home insurance).
Other Cheap Providers
The Hartford, Farmers Insurance Group, and State Farm are also worth considering and may offer cheaper rates than the insurers above depending on your location and driving habits.
Military veterans should also consider the USAA, as they will nearly always offer the best rates, while occasional drivers should look into Metromile. This insurer offers low mileage discounts for all drivers, but it is not available in all states.
How to Find the Cheapest Insurance Quotes as a Senior
A little research and preparation go a long way and where car insurance is concerned, it could save you hundreds of dollars. Keep these top tips in mind when applying for car insurance as a senior:
1. Compare Auto Insurance Rates
Older drivers are more likely to renew their policies and stay with the same auto insurance companies. But as you age, it’s even more important to keep comparing and to make sure you get the absolute best auto insurance quotes available to you.
Fortunately, it has never been easier to get free quotes and to quickly compare rates from all available providers.
2. Join a Club
Club membership discounts are some of the best ways to save money on your car insurance. For instance, as a member of the AARP, you are entitled to special discounts from The Hartford, and can secure a host of other benefits as well.
3. Think About Your Car
Your vehicle is one of the main things influencing your car insurance premiums. If you drive a car fitted with a host of safety features, you’re less likely to crash and to suffer serious injuries, which means the insurer will reward you with discounts and cheaper rates. You can also get discounts for driving a new car.
At the same time, however, a new car may need collision coverage and comprehensive coverage, and you may be more inclined to set a lower deductible. All these things need to be considered when shopping for a new car and looking to get it insured.
4. Bundle Policies and Cars
If you have several cars and drivers in your household, consider adding them all to the same policy. Your current insurer can discuss this option with you and give you an idea of how much you can save. What’s more, if you’re dealing with one of the bigger providers, you can add several different insurance products together and secure “bundling” discounts.
5. Check all Discounts
Insurers offer a wealth of discounts. Some of these are big, such as military discounts and good driver discounts, but others are small, such as discounts offered for paying in full or setting up autopay. The more of these you get, the more you will save, so ask your insurance agent or provider about all of them and see how much you can save.
Average Cost of Senior Auto Insurance by State
The average senior driver spends between $1,400 and $1,500 on car insurance premiums per year. The state minimum requirements are much less, around $600 per insurance policy, but many senior citizens choose additional coverage options, which bumps the costs up a little.
As we have discussed before, car insurance quotes differ considerably from state to state. For an idea of how much you can expect to pay based on your location, take a look at these averages:
- Alabama = $1,400
- Alaska = $1,300
- Arizona = $1,450
- Arkansas = $1,450
- California = $1,850
- Colorado = $1,600
- Connecticut = $1,850
- Delaware = $1,650
- Florida = $2,300
- Georgia = $1,300
- Hawaii = $1,000
- Idaho = $1,050
- Illinois = $1,150
- Indiana = $1,150
- Iowa = $1,000
- Kansas = $1,300
- Kentucky = $1,500
- Louisiana = $2,500
- Maine = $850
- Maryland = $1,700
- Massachusetts = $1,150
- Michigan = $2,700
- Minnesota = $1,200
- Mississippi = $1,300
- Missouri = $1,200
- Montana = $1,500
- Nebraska = $1,100
- Nevada = $1,800
- New Hampshire = $1,200
- New Jersey = $1,450
- New Mexico = $1,300
- New York = $1,750
- North Carolina = $1,150
- North Dakota = $1,000
- Ohio = $950
- Oklahoma = $1,650
- Oregon = $1,400
- Pennsylvania = $1,450
- Rhode Island = $2,300
- South Carolina = $1,600
- South Dakota = $1,100
- Tennessee = $1,200
- Texas = $1,600
- Utah = $1,200
- Vermont = $1,000
- Virginia = $900
- Washington = $1,250
- West Virginia = $1,300
- Wisconsin = $1,050
- Wyoming = $1,300
Bottom Line: Best Car Insurance for Seniors
Seniors can be considered a high-risk and if you’re over the age of 75 and have a few blemishes on your record, you may find yourself in this category. However, most drivers won’t face any issue when applying for car insurance and with the right preparation, there’s no reason they can’t save hundreds of dollars on their insurance premiums.