Do You Need Senior Car Insurance
When shopping for car insurance, you wont find any companies selling policies specifically for older drivers. However, its a good idea to look for car insurance companies that offer special perks or unique discounts for seniors. Older drivers sometimes pay higher car insurance rates than younger drivers, but that doesnt mean you have to pay a fortune for insurance.
If you can qualify for senior driver discounts you might be able to get a much lower premium, whether you choose a minimum coverage or full coverage policy. In addition, senior drivers can often save money with traditional discounts, like policy bundling, taking a defensive driving course, and paying the annual premium in full.
Do You Qualify For Senior Car Insurance
Some car insurance companies have requirements for seniors. For example, to get insurance from The Hartford, you must be an AARP member. But even if you choose a car insurance company without eligibility requirements, you might have to meet certain criteria to take advantage of senior discounts. For example, some carriers offer savings for drivers over 60, but only if they are retired or work less than 25 hours per week. Similarly, some senior driver discounts are only available in select states.
Tips For Senior Car Insurance Buyers
You cant stop the gradual increase of car insurance costs that all senior drivers see but there are ways to minimize them.
Comparison shop with multiple companies. The top tip is to shop around with multiple car insurance companies. Each company has its own rating system, and finding the one with the best prices for your specific situation is your goal when comparing car insurance quotes with at least three companies.
Ask for discounts. Dont be bashful about contacting your insurance agent or insurer to make certain youre getting all of the car insurance discounts youre eligible to receive. Some simple ones to obtain are for bundling multiple policies from the same company, paying in full and going paperless.
Take a defensive driving course. Many car insurance companies will give you a discount if you take an approved defensive driving class. Some states mandate this discount for drivers ages 50 and up as a way to persuade older drivers to sign up and sharpen their skills.
Drive less and save. If youre retired, work less or just overall drive less, inform your auto insurance company. Driving your car fewer than a certain number of miles annually can earn you a low-mileage discount.
Maintain a good driving record. Keeping your driving record clear of traffic violations and accidents will indicate you pose less risk and, when available, get you a good driver discount to lower your rates.
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Why Do Car Insurance Rates Go Up For Senior Drivers In Florida
Car insurance premiums go up for most senior drivers in their mid-60s, according to 2022 CarInsurance.com data analysis, and then continue to climb. The average car insurance cost for a 60-year-old driver in Florida is $2,311 for a full coverage policy. Drivers age 70 pay $2,632 for the same coverage.
CarInsurance.com found that 70-year-old drivers pay 14% more than 60-year-old drivers in Florida, and 75-year-old drivers pay 30% more for a full coverage policy.
The table below shows the annual average rate increase for senior drivers by age in Florida for different coverage levels:
- Full Coverage: 100/300/100 liability with $500 comprehensive/collision deductible
- Liability Only: 50/100/50 liability only
- State Minimum: State minimum coverage
Best Cheap Car Insurance For Seniors In 2023
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With rising auto insurance rates , you might be wondering what you can do to lower your premiums and save on auto insurance.1 If youre a senior, you can take advantage of insurance providers that offer affordable rates, accident forgiveness, and incentives for taking defensive driving courses or installing anti-theft equipment to save on premiums.
These discounts can add up in the long run, saving you as much as 40 percent on your monthly premiums. Weve come up with a list of some of the best cheap car insurance providers for seniors that offer affordable rates, bundling options, and plenty of discounts to lower your premiums.
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Where Can You Find The Cheapest Car Insurance
The average annual auto insurance premium across the country is $1,442, according to U.S. News analysis. Anything at that price point or below can be considered cheap car insurance. USAA offers the cheapest rate among all major car insurance providers at $1,000, almost a third lower than the national average. It also provides the least expensive premiums in almost every category. The insurer, however, has a restricted customer base, offering coverage only to active and former members of the US military and their families.
Among conventional insurers, GEICO has the cheapest car premiums, averaging $1,148 yearly. It is also the most affordable option for teens, seniors, safe drivers, and those with a poor credit history.
State Farm, meanwhile, ranks third on the list, with annual rates at $1,267. The countrys largest car insurer is also the cheapest choice for motorists with traffic violations, outside of USAA.
Here are the top five insurers offering the cheapest car insurance premiums based on U.S. News study.
Cheap car insurance for teens
Car insurance premiums are higher for teen drivers than for any other age group. There is no way around it. Due to their inexperience, young drivers are more frequently involved in accidents than their adult counterparts. This puts them in a higher risk category, driving up their rates.
Cheap car insurance for seniors
Cheap car insurance for minimum coverage
State Laws Specific To Senior Drivers
Some state motor vehicle departments treat you differently once you meet their definition of “older driver.” You may no longer be allowed to renew your license by phone or online. Your renewal period may be shortened, and you may be required to pass extra screenings.
Here is information from the Governors Highway Safety Association about the differences by state:
If you realize that you may have passed your prime as a driver, talk to your physician. You may come up with a plan of how to address your limitations, decide that it is time to give up driving or get a license with limits. Some states offer a restricted license, such as not driving at night if that is your problem area.
It may also be time to look at alternative modes of transportation, such as community offered senior rides, Lyft or Uber. If you sell your vehicle, you could easily offset other transportation costs from the savings you receive from no longer owning and maintaining a vehicle.
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The Hartford: Best Overall Seniors’ Car Insurance
The Hartford AARP® Auto Insurance Program has been providing automobile insurance solely to AARP customers since 1984. While this suggests that The Hartford caters solely to the 50 and older demographic, it does not take away from the great reviews the company has. A regular feature on the J.D. Power list, Hartford regularly receives above-average customer loyalty scores, and the financial strength of the firm remains high.
Pros & Cons
- RecoverCare can help with household support in the event of an injury arising from an accident
- Policies in most states that are only open to AARP members
- Do not have the lowest base prices
Thanks to an agreement with The Hartford, AARP provides car insurance to its customers whose auto insurance plans have comparable coverage to most insurers’ regular policies. Regardless of this, the Hartford plans of the AARP® Car Insurance Program offer a range of additional incentives, including:
Deals on Seniors’ Car Insurance
Since the Hartford policy’s AARP Auto Insurance Package is primarily aimed at AARP holders, their vehicle insurance plans are already at a reduced rate. The following discount opportunities can support drivers aged 50 and older:
Availability and Limitations
Customer Satisfaction Information
See what you could save on auto insurance
Among The Best For Seniors With Speeding Tickets: Chubb Erie And Allstate
If you have been ticketed for speeding recently, Chubb, Erie and Allstate are among your best bets to keep your premium affordable. When we ran the numbers, Chubb increased rates about 14% while Erie increased rates by roughly 22% after a speeding ticket.
Among the best car insurance companies for senior citizens with speeding ticket:
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What Factors Affect Senior Car Insurance Rates
Your age is just one of the many factors insurance companies use to determine your premiums. These are the most significant factors other than age that affect the cost of car insurance:
- Driving history: Any at-fault accidents or violations such as speeding tickets and DUIs can result in higher premiums. People with good driving records get access to the cheapest rates.
- : In most states, insurance companies are allowed to use your credit history as a factor in your rates. Drivers with lower tend to see higher premiums.
- Location: Insurance rates vary from state to state, but they also vary within states based on risk factors such as population and climate. For example, drivers in rural areas tend to pay less than those in urban areas.
- Gender: Most states allow insurers to adjust their rates based on the gender listed on your drivers license.
- Deductible: A higher deductible usually means a lower premium, but youll have to pay more out of pocket when you file a claim.
- Vehicle: The make, model, mileage and value of your vehicle also impact your insurance rates.
- Coverage options: The types and amount of coverage you have also influence how much you pay. As your coverage increases, so does your premium.
- Discounts: Most insurance companies offer discounts for a variety of situations and drivers.
How To Save On Senior Car Insurance
If you’re a senior driver paying too much for car insurance coverage, you may be able to lower your premiums by taking the following steps:
Sign up for a driving safety course: Seniors can get a discount on their car insurance by completing eligible driving courses, which may be offered by AAA, AARP, the National Safety Council, or even by your state. Even if you’ve never had an accident, these classes are an easy way to lower your insurance costs.
Check how often you actually drive: Insurance companies usually offer lower rates to drivers who use their cars infrequently. If you’re no longer commuting every day and you’re driving less, find out how many miles per year your car travels and report it to your insurer you may get a discount if its lower than average.
Sign up for usage-based insurance: If you have a clean driving history, consider signing up for a usage-based insurance or telematics program. Your insurance company will monitor your driving for a set period, then adjust your rates based on how you drive. This can be one of the best ways to get more affordable insurance.
Search for discounts for senior drivers: Some insurance companies offer car insurance discounts specifically for senior drivers, or even drivers older than the age of 50.
In addition to these cost-saving steps, the best way to get cheap insurance quotes is by comparing rates from multiple companies in your area. That way you can be sure youre finding your cheapest option.
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How Seniors Can Find Cheap Insurance Rates
One way to get cheap auto insurance for seniors is to get all the discounts you’re eligible for. Several auto insurance companies offer discounts that are particularly applicable to mature drivers.
Being loyal to your auto insurance company can earn you up to 30% off your premium. Geico, Nationwide, American Family and Progressive are among those companies that promote loyalty savings programs. Be careful, though. Most experts agree that a loyalty savings rarely outweighs saving either by switching providers or negotiating with your current provider.
Good driver and safe driver discounts are available to all ages, and from most companies, and can get you between 5% and 25% in savings. The insurance company usually requires that you have a clean driving record for at least three years. That means no DUIs, no moving violations and no at-fault collisions.
AARP offers mature driver courses that can reduce your premiums from 5% to 15% in some cases. In fact, most states require states to offer a discount.
Daniel Ferrara, an emeritus sales rep at Liberty Mutual, has several suggestions for getting the best rates as a senior driver:
Car enhancements can also help seniors.
“Newer cars have many benefits for seniors with automated driving assistance features, back-up cameras, etc. IIHS Safety ratings are often considered by insurance companies when putting together the cost of the auto policy, the Insurance Information Institutes Ruiz says.
Will My Health Affect My Car Insurance
When you are over 70, your drivers license will need to be renewed every 3 years to ensure your medical information is kept up-to-date. You can report medical conditions that may affect your driving to the DVLA.
Remember you need to inform your insurance provider of any changes to your medical health. If you dont inform your provider, then your insurance could be invalid. Health conditions can impact your vehicle premium depending on the individual.
The NHS provides free eye tests if you are 60 and over to ensure the legal requirements are met for driving. Prescribed glasses or lenses that enable you to see clearly are acceptable.
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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.”
Some companies even cater specifically to senior drivers, like The Hartford, which partners with AARP for it’s auto insurance program.
Average Senior Car Insurance Rates By Coverage Type
Senior car insurance coverage ranges from basic liability car insurance coverage, usually required by state law, to full coverage car insurance for damages and expenses for both you and the other driver if you are at fault. Full coverage also protects you for damage to your car not sustained in a car accident and theft. How much coverage you need depends on your circumstances, but full coverage with higher maximum limits could protect your nest egg.
The best car insurance option for you depends on your individual situation and needs, including your vehicle type, income, savings and more. If youre looking to save money, reducing your coverage or raising your deductible could result in lower car insurance premiums. For a 70-year-old driver, the average cost of minimum liability insurance is $797, while full coverage with 50/100/50 limits costs an average of $1,334, which is an increase of 67.4%.
AVERAGE CAR INSURANCE FOR A SENIOR
Minimum liability annual cost: $797
Comprehensive/Collision annual cost: $1,334
Comprehensive/Collision annual cost: $1,454
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Taking Advantage Of Discounts
Car insurance providers offer a range of discounts, which motorists can take advantage of to reduce their annual premiums. Drivers can often avail of these through:
- Bundling of auto policies with homeowners or renters insurance
- Insuring multiple vehicles in a single policy
- Paying premiums in full instead of monthly instalments
- Installing security and safety features
- Taking defensive driving courses
- Maintaining good grades for students
Finding Cheap Car Insurance And How To Lower Your Quote
Advice that many industry experts give motorists who are searching for cheap car insurance is to never assume that one company is the low-price leader for everyone. Because each drivers profile and circumstances are different, an auto insurer that offers the cheapest policy for one person may be the most expensive option for another. And often, the best way for motorists to ensure that they are getting the lowest rates possible is to shop around and compare quotes.
This is what the media outlet U.S. News did in its latest study. To help drivers find out which auto insurers offer the least expensive policies, the firm compared premium prices in all 50 states using a range of parameters, including age, gender, driving history, credit score, and vehicle make and model. The results are revealed below.
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Best Car Insurance Rates For Seniors With A Dui: State Farm
Unfortunately, having a DUI on your record will adversely affect your car insurance rates for an unspecified period. For customers with a DUI on their driving record, State Farm offers the cheapest senior car insurance rates.
Getting cheaper rates with State Farm could be especially valuable if you travel often, as the company offers coverage on motorhomes, boats and off-road vehicles. Your State Farm policy may provide coverage on rental cars so you can avoid that costly expense at the rental counter.
Car Insurance Rates for Seniors With a DUI
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The cost of car insurance for seniors depends on several individual factors, including age, credit score, driving history, where you live and the type of car you drive. As you get older, age can make a big difference in the rate quotes you get from car insurance companies. Therefore, comparing car insurance quotes from several companies can help you find the best rates for your circumstances.
We calculated the most affordable rates based on a car insurance policy with 100/300/100 liability insurance and comprehensive and collision coverage for a 70-year-old driver.