Auto Insurance for Older Adults
Older drivers pay more for car insurance but can save by comparing prices and getting discounts. Read on to learn how to get the best deals on senior car insurance.
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UPDATED: Sep 9, 2022
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- How much you drive will change over the years, which means your coverage should change as well
- GEICO and State Farm offer the cheapest auto insurance options for seniors
- You can lower what you pay for insurance by choosing the right vehicle and the right amount of coverage
No matter what age you begin driving, the way that you drive will change over the years, especially as you get older.
Lifestyle changes for seniors can often affect their driving, whether it’s moving to a new state, getting a different make and model of a car, or a change in the amount of time spent driving.
It’s not always a change for the worse, as you could invest in a pleasure car after retirement, or take a job closer to home so that you have a shorter commute. However, this also means that the amount of coverage you need should change as well.
How to Find the Best Auto Insurance for Seniors
Qualifying for senior citizen auto insurance often means that a driver has hit a certain age bracket. Companies pay close attention to age when it comes to insurance rates, which means that a senior driver will need to know what questions to ask and why it’s necessary to revisit their car insurance policy after reaching a specific age.
There are many reasons why car insurance for seniors is advertised by different auto insurance companies, given how a senior driver’s life can change.
Different companies will charge different rates depending on their preferred factors, so it’s important to research more than one to get a better idea of what price you’ll pay. Here’s a look at the average annual full coverage auto insurance rates by state for older drivers.
The amount you pay for car insurance is heavily affected by your age, with seniors often seeing a rise in their premiums. But other factors will include your driving habits, such as where you live, what kind of car you drive, and the amount of coverage you will need.
These are all things that an auto insurance company will look at when giving you a quote.
However, this means that you’ll also be able to take advantage of the car insurance discounts that are available for seniors, as long as you know which companies offer them.
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Which companies offer the lowest auto insurance rates for seniors?
Many auto insurance companies provide car insurance to seniors, though knowing which ones provide the best auto insurance for seniors will require a little bit of research.
Senior drivers should be on the lookout for discounts, but you shouldn’t forget about reviewing customer service ratings and claim to handle times as well to ensure you’re working with a reputable company that will take good care of you.
According to the Department of Motor Vehicles (DMV), senior drivers can qualify for multiple discounts, such as a mature driver discount, low-mileage discount, mature driver training course discount, retired military member discount, or senior organization membership discount.
As a senior, knowing more about the numerous companies that offer the best prices can help you save money and clue you into what you should be paying if you already have an auto insurance policy. However, it may take some comparison shopping to find a policy at a price that suits your budget.
Companies will also vary with what age a driver is considered to be a senior, with some selecting 55, while others deem a senior driver as anyone over the age of 60.
The best auto insurance for seniors can be found through the following insurers:
- State Farm
Note that USAA is a specialty company that offers auto insurance only to active duty military members, military veterans, and their families.
On average, GEICO has the most affordable coverage for senior drivers.
The table below shows the average prices for car insurance for seniors across different companies. The difference between the prices is based on whether or not you need a bare-bones policy or one with additional coverage.
The table shows that GEICO has the lowest prices for auto insurance for seniors at $63 per month on average for minimum coverage and $121 for maximum coverage.
State Farm is in second place at an average of $89 per month for minimum coverage and $152 per month for maximum coverage.
The following chart details full coverage options for seniors at different age levels in the country.
Allstate and Liberty Mutual are the most expensive for both types of coverage levels.
Lowering Your Car Insurance As a Senior Citizen
Money might be tight when purchasing auto insurance for seniors, or you may be a senior driver interested in saving as much money as possible in general. This doesn’t mean that you need to sacrifice your safety while driving.
Below are some of the few ways you can get the best car insurance rates for seniors.
Comparison Shop for Coverage
When looking to save money, comparison shopping can be key because it will allow you to obtain multiple quotes and find the one that’s right for you. Rates are affected by a number of factors, including your location, type of vehicle driven, and age.
As mentioned above, some companies will say you must be over the age of 60 in order to qualify for any senior discounts.
All of these factors can change with time, especially if you’re a senior looking into retirement. So it’s a good idea to keep your insurance up to speed with your current lifestyle.
Drop Coverage You No Longer Need
If your car is getting older, you may want to consider what coverage will and will not still be necessary. In situations where your car isn’t worth much on the market, dropping collision and comprehensive coverage on your vehicle might be a good idea.
You should also take a look at your current policy and make sure you’re not paying for things like rental coverage or GAP insurance, which you wouldn’t need if you no longer owe much on your car loan.
Bundle Your Policies
Consider bundling your insurance policies with one company if you haven’t done this already.
Many companies will offer select types of insurance, including home, auto, and life, as well as specialty insurances such as boat or RV coverage. It’s a great way to save money and keep a close eye on your rates.
Plus, some companies will provide bundling discounts that could help you save on senior car insurance.
Raise Your Deductible
Your deductible is the amount of money you would pay before your insurance company steps in to pay the rest.
So if you’re in an accident and the cost to repair your vehicle is $5,000, and your deductible is $1,000, you would pay $1,000, and your insurance company would pay the remaining $4,000.
The choice to raise your deductible will always depend on whether or not you can afford to pay for collisions out of pocket if they happen. Choosing a higher deductible will reduce your overall premium, which means you pay less monthly or annually.
Let Your Insurance Company Know if You Drive Less
As a senior citizen, you may drive a lot less due to a shorter commute or no longer having to commute if you’ve retired. Letting your insurance company know about the change in your driving habits can reduce what you pay for your car insurance.
You can also look into pay-per-mile coverage if you don’t drive as often as you used to, though only a few companies provide this option.
The following insurers offer mileage-based coverage:
- Mile Auto
Keep in mind that these programs are often based on location so you’ll want to make sure this option is offered in your state.
Also, this type of coverage usually requires an app or a plug-in for your vehicle to track how much you drive. Your rate is then based on your mileage.
Protecting your vehicle from theft and damage is a great way to reduce your insurance rates because it’s less of a liability in the eyes of your insurance company.
Consider using anti-theft devices to prevent your vehicle from being stolen, especially if you drive infrequently and have your car parked in the same location every day. Alarms and other deterrents are always a good idea. And visible tracking devices installed in your vehicle can dissuade a potential thief.
You can also have your vehicle identification number engraved into your windshield so that in the event the car is stolen, it’s easy to track.
Switch to an Affordable Car
One factor that affects what you pay for insurance is the type of vehicle you drive. Newer vehicles that are expensive to repair will be accompanied by higher insurance rates because they’re going to cost the insurance company more money in the event of a claim.
By switching to a car that is cheaper to insure, senior drivers may see a drop in their auto insurance prices.
When shopping for a vehicle, also consider safety features. Safety features not only include airbags and anti-lock brakes but also any features that protect both the passengers and the driver. Having a vehicle with these safety features can lead to discounts.
Take Driving Courses
Defensive driving courses are another way to obtain discounted car insurance for seniors. These courses are offered through groups like AARP, AAA, and The National Safety Council.
Defensive driving classes can be affordable and provide a lot of updated information regarding how aging and certain medications can affect your drive. You’ll also be able to learn how to alter your driving style to be safer on the road and handle other potentially difficult driving scenarios.
Check with your state insurance department to see if these courses are available where you live.
The Final Word on Auto Insurance for Seniors
Car insurance for seniors over 60 is available and affordable from many different insurance companies. The factors that affect what you pay will include your age, what type of vehicle you’re driving, and how often you drive.
Other ways to ensure you maintain cheap car insurance rates include staying accident-free and avoiding tickets. Discounts are often made available for seniors, which means that once you qualify as a senior driver you may see a reduction in your rates.
Senior drivers can also keep their coverage costs low by staying up to date with driving classes and bundling their home, life, and auto insurance together.