What Extras Should I Consider
If youre retired, or approaching retirement, you might want to consider these optional extras:
I got a great price for my car insurance, I would definitely recommend to friend
So easy and fast. Got a great deal half of what my current insurers quoted.
Love the way your details are kept which make it easy to review and choose each.
Car Insurance For Seniors
Car insurance for seniors trends upward as you get older, but there are steps you can take to get the best rates possible.
“Seniors have experience driving, so it is not comparable to teens,” said Janet Ruiz, director of strategic communications at the Insurance Information Institute. “Many companies do have safe driving courses for seniors to alert them to the specific things they may encounter as they age. Some give a discount if you take the safe driving course, which is usually offered online.”
Shop Around For Coverage
Auto insurance rates tend to creep up over time, so its a good idea to shop yearly for car insurance. Compare multiple quotes to make sure youre still getting the best rate possible.
Rates vary widely by company, state and neighborhood. If youve retired and moved to a new location, the company that gave you the lowest prices in the past may not be the cheapest for you now. You can easily compare rates with NerdWallets car insurance comparison tool.
About the author:Ben Moore is an insurance writer at NerdWallet. Read more
Auto insurance ratings methodology
NerdWallets auto insurance ratings reward companies for customer-first features and practices. Ratings are based on weighted averages of scores in several categories, including financial strength, consumer complaints and discounts. Our ease of use category looks at factors such as website transparency and how easy it is to file a claim. Using our editorial discretion, we also consider customer satisfaction surveys. These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
Insurer complaints methodology
Average rates methodology
These are average rates, and your rate will vary based on your personal details, state and insurance provider.
For full coverage rates, sample drivers had the following coverage limits:
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Auto Insurance In Your 50s
Car insurance for people over 50 is usually cheaper than it is for younger and older drivers. That’s because drivers in their 50s are among the safest this group has lots of experience but still has good health, quick reflexes and reliable hearing and vision.
The average rate for full-coverage auto insurance for a 55-year-old is $1,517.
Car Insurance For Over 70s
Every driver has to reapply for their licence as soon as they reach the age of 70.After that, youll need to reapply every three years to prove your capability.At each renewal, youll have to disclose any medical condition changes. The DVLA can request more information and, in some cases, revoke your licence if its no longer safe for you to drive.DVLA-reportable medical conditions can mean you get fewer car insurance policies to choose between.Insurers may want to talk over the phone rather than quote online, as they need more information before deciding whether to insure you.
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How Can I Add A Senior Driver To My Insurance
If you have an aging parent or another senior who shares your home and plans to drive your vehicle, its important to let your car insurance company know.
If the senior plans to drive your vehicle, you must alert your car insurance company of their presence at your home and ask if you must add them to your insurance. An insurer may not require a senior to be added to your policy if the senior still has a car and insurance. However, it may ask for a copy of the seniors policy to make sure it is valid.
If the senior doesnt have a car or policy, youll definitely need to add him or her to your policy if the senior plans to drive your vehicle. Not doing so could result in significant out-of-pocket expenses or even worse, losing your insurance if the senior gets into an accident while driving your car. Claims in this situation would likely be denied.
Which Company Has The Best Car Insurance Rates For Seniors
At an average of just $77 per month, MAPFRE has the best car insurance rates for seniors. But coverage from MAPFRE is only available in 19 states.
Seniors who want affordable rates from a larger company or who dont live anywhere that MAPFRE offers coverage can also get cheap car insurance from State Farm. Its the cheapest company thats available to most seniors.
According to the Department of Veterans Affairs, 37% of veterans are 65 years or older. If youre a veteran of the armed forces, USAA is the company where youre most likely to find cheap senior car insurance.
We found that the difference between the cheapest and most expensive car insurance for senior citizens is more than $200 per month, which is a big gap, especially for older drivers who are living on a fixed income.
This is why its so important to compare quotes before you get coverage and re-shop every time your policy is up for renewal to find your best rates.
Cost for a full-coverage auto insurance policy.
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Best Cars To Save On Car Insurance Rates For Seniors
Something as simple and often overlooked as purchasing the correct vehicle type can get you the best auto insurance rates for seniors. Some cars are more expensive to insure than others.
Following are the ten best cars for those hoping to get cheap car insurance for seniors:
What Is Different About Car Insurance For Seniors
Car insurance for seniors is different because older drivers have different coverage needs. For instance, if you drive infrequently or have a much older car, you may need less coverage than a younger driver who commutes daily and drives a brand-new vehicle.
Older drivers may also be eligible for certain discounts that younger drivers cannot claim. Some insurance companies offer special savings for retired drivers, older drivers who complete an approved defensive driving course, or drivers who have had a clean driving record for a certain period of time.
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How To Get Cheap Senior Car Insurance Quotes
Though auto insurance rates typically go up for drivers older than 65, you may also gain new coverage and discount options. Senior citizens shopping for auto insurance should consider a variety of factors, including prices, discounts and whether an insurer can offer a renewal guarantee. There are many ways to keep your car insurance costs low.
Do I Have To Tell My Insurance Provider When I Retire
Yes, you should always tell your insurance provider about any change in your personal circumstances as this could affect your cover. Plus, your can make a big difference to how much you pay for your insurance.
Updating your policy will not only protect you if you need to make a claim, but could even mean you get a discount if, for example, youre driving less than you used to.
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Car Insurance For Over 80s
Premiums can be quite expensive for the over 80s and medical conditions and disabilities can make it harder to get quotes online.There are also fewer insurers willing to quote at all.Out of 344 comprehensive car insurance policies on Defaqto, 95 impose a maximum age limit between 70 and 80 years old – thats just over a quarter of them.Its not impossible to find the right policy for you though shop around and compare prices to get a competitive deal.
Tips For Paying Less For Car Insurance
While restrictions on older drivers vary by state, the cost of seniors car insurance is consistently higher than for other demographics. So, what ways could you cut the cost of car insurance? Ask yourself:
In short, things that save the insurance company money will also save you money. Being a lower risk driver means they don’t have to pay as much in claims, while doing things like signing up online reduces their administrative costs, which is why they’re happy to offer discounts for it.
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How Can I Find The Best Price For Senior Car Insurance
Shopping around and making sure youre receiving all of the discounts you qualify for are two of the best ways to get the best auto insurance price for a senior driver.
You can switch car insurance companies at any time, so you can shop at any time for lower prices. Typically the easiest time to shop around is right before youd renew your current policy. You should have a renewal notice listing your rates, coverage types and limits, making it easy to shop for the same coverage.
Make sure your quotes include all of the discounts youre eligible to receive so that you can compare total prices among companies.
Who Offers The Best Insurance Rates For Seniors With Low Income
An annual Insure.com survey found that Progressive offers the lowest average annual insurance costs. So, if you are on a tight budget, Progressive might be the right insurer for you.
Many insurers offer senior citizen auto insurance discounts that can lower your costs if you are an older driver.
As always, the best way to lower the cost of car insurance for the elderly is to shop around and compare quotes, says Gusner. Your specific situation will determine your rates, so what we offer is a jumping off point for you to go on and compare rates with multiple companies to see who is cheapest based on your specific situation.
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What Exactly Is Seniors Car Insurance
Every insurer offers cover for seniors, but some car insurance policies that are tailored to meet the needs of seniors and pensioners. Insurers that cater specifically for older drivers include APIA, Australian Seniors and National Seniors Insurance.
Car insurance does get more expensive for drivers over the age of 60. That’s because people in older age groups are more likely to have health issues that can impact their driving. But there are a number of discounts that can lower the cost of cover from no-claim bonuses to discounts on your Seniors Card.
Car Insurance Discounts For Seniors
Most insurers offer discounts to help you save money on your car insurance. Although discounts vary by company, many insurers offer discounts for seniors who take defensive driving courses. You can also find discounts for retired drivers over a certain age, typically starting at age 55.
Here are some other car insurance discounts you might be able to benefit from:
- Bundled or multi-policy discount: If you insure your home and vehicle with the same insurance company, you may qualify for a sizable discount.
- Safety equipment discount: Newer model vehicles often come with factory-installed safety equipment such as airbags, anti-lock brakes and anti-collision technology which could qualify you for more savings.
- Safe driving history discount: If you have an accident-free driving history, insurers may provide you with a discount on your premium.
It never hurts to ask your agent or company representative about the discounts you might be eligible for.
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Car Insurance For Over 50s
There are no major changes for your car insurance or driving licence when you turn 50, except that you might be enjoying lower insurance premiums due to your experience.Broadly speaking, car insurance for over 60s doesnt change either, but you may find your premiums start to creep up as you near 70.
Senior Auto Insurance Rates By Age
While auto insurance for drivers 60 and older is much cheaper than it is for, say 21-year-olds, costs do start to go up slightly after 60. Thats because, as they age, older drivers gradually become more likely to get into accidents and file claims for damage.
We found that 60-year-old drivers pay slightly less for car insurance than drivers just five years younger. But a 65-year-old’s car insurance will cost 3% more than a 60-year-old’s. And a senior who is 70 pays 5% more than a 65-year-old 8% more for insurance than someone aged 60.
Average cost of full-coverage car insurance for drivers ages 60, 65, and 70 years old.
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Compare Best Car Insurance For Seniors
|State FarmBest Overall and Best on a Budget||$880||Homeowners, renters, life, boat, ATV, motorhome, farm and ranch, identity theft, health, disability, commercial, pet|
|USAABest for Veterans|
|The HartfordBest for AARP Members||$1,178||Homeowners, renters, life, classic car, commercial, renters, umbrella, flood|
Cheapest Car Insurance For Seniors: Geico
Why it’s great
Geico has the lowest rates for most senior drivers.
Geico has the most affordable car insurance rates for seniors. The company also offers a guaranteed auto insurance renewal program called the Prime Time contract. The program is available to drivers over the age of 50 who meet certain criteria and guarantees that your policy won’t be canceled, even if you receive multiple traffic violations.
Seniors can expect to receive average customer service from Geico the company earned average scores on both the J.D. Power claims satisfaction study and NAIC Complaint Index. Geico does underwrite its homeowners insurance policies and offers fewer additional products than its competitors, which means that seniors looking to bundle policies may want to consider other insurers.
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Take A Defensive Driving Course
Drivers 50 and older can receive a government-mandated auto insurance discount for seniors by taking a defensive driving course in participating states. The eligible age, as well as the discount amount, varies by state. Some of these classes can be taken online from the comfort of your home, while others are offered in person.
You can also get senior discounts on auto insurance by taking courses through companies like AAA and AARP. Most courses cost around $20. Remember, the discount amount will depend on where you live and your insurance provider.
Youre Not Ready To Give Up Your Keys Just Yet
Just because you may not be working or working less, doesnt mean you want to give up your mode of transportation. And you shouldnt have to either, as long as youre safe and healthy.
We believe driving can give seniors a sense of independence. If you have your own car, you dont have to rely on family or friends to get around you can continue to take care of yourself instead of depending on others.
More seniors are driving later in life, enjoying their Golden Years. According to 2019 data from the U.S. Department of Transportations Federal Highway Administration which is the most recent available here is the breakdown of how many senior drivers are on the road by age group:
- There are 19,243,268 licensed drivers between the ages of 60 and 64
- There are 16,241,884 licensed drivers between the ages of 65 and 69
- There are 12,763,368 licensed drivers between the ages of 70 and 74
- There are 8,345,610 licensed drivers between the ages of 75 and 79
- There are 4,880,480 licensed drivers between the ages of 80 and 84
- There are 4,066,741 licensed drivers 85 and older
Thats approximately 65.5 million senior drivers, aged 60 and up. According to the U.S. Centers for Disease Control and Prevention , one in five drivers is 65 or older.
If you fall into this group, youll need a car insurance policy that matches your driving habits and lifestyle.
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Inexperienced Drivers: Saving Money For Drivers Under 25
When youre under 25, car insurance is very expensive. Although it may feel like youre being penalized for being young, you are really just paying the price for the risk that goes along with being an inexperienced driver. That means that if youre under 25, car insurance is expensive but there are ways to reduce…
When youre under 25, car insurance is very expensive. Alt…
No Claims Discounts For Drivers Over 60
One of the best ways to sever the cost of your premiums on your car insurance policy is to build up a no claims discount. By going for as long as possible without making a claim, even if this means paying for certain minor repairs yourself, you can reduce the cost of your premiums by up to 75%.
As a driver over 60, the likelihood is that you’ve been driving for a long time, and will have had the opportunity to build up a good no claims discount. If you’re looking to renew your policy with a different provider, make sure that the new insurance company allows you to take your no claims discount with you when you switch.
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Among The Best For Accidents: State Farm American Family And Erie
State Farm was among the best when we looked at rates for seniors after an accident. An accident claim on your policy can result in a dramatic premium increase, but our analysis found that State Farm will only push your rates up 30%. State Farm is consistently ranked as one of the best insurance companies for seniors.
Other companies that senior drivers with an accident on their record should look at are American Family and Erie.
Regardless of the insurer you use, make sure you are getting all the discounts that you are qualified to receive. Ask your agent to conduct a discount review to make sure all discounts are being applied to your policy.
Among the best car insurance company for older driver with an accident: