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Car insurance for 60-year-olds
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Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
How much does car insurance cost for 60-year-olds?
According to quoted premiums from analytics company Quadrant Information Services, the average cost of a full coverage car insurance policy for a 60-year-old driver is $2,097 per year. Minimum coverage averages $600. It’s important to note, however, that age is not a rating factor used to price premiums in Hawaii and Massachusetts due to state law (although carriers in Massachusetts can consider how long you've been licensed for).
You may also want to keep in mind that, while important, age is not the only factor that can impact the average cost of car insurance. Car insurance underwriting models typically use more than a dozen rating factors when determining your premium, such as your location, driving history, vehicle type and, in most states, your gender and credit history. Still, average premiums may provide a baseline to help you decide if a quote is competitive while shopping around for affordable coverage.
Car insurance for 60-year-olds by state
Where you live has an impact on your car insurance rates. Each state’s minimum car insurance requirements affect the cost of insurance based on how much coverage you need to drive legally.
Florida, Michigan and New York are among the most expensive places for car insurance, partly because they’re no-fault states. In a no-fault state, each driver pays for their own medical bills regardless of fault. In these states, drivers must buy PIP insurance to account for these laws. No-fault states also have a high level of litigated claims compared to at-fault states, which can drive up the cost of coverage.
Additionally, differences in weather patterns, vehicle crime rates, accident frequency, uninsured motorist rates, population density and more make some states riskier to extend coverage in than others. For instance, Floridians may be more likely to file comprehensive claims because of the state’s propensity for flooding and hurricanes.
| State | Annual average full coverage premium | Annual average minimum coverage premium |
|---|---|---|
| Alabama | $1,892 | $474 |
| Alaska | $2,121 | $463 |
| Arizona | $2,258 | $723 |
| Arkansas | $1,824 | $396 |
| California | $2,487 | $630 |
| Colorado | $2,492 | $533 |
| Connecticut | $2,053 | $784 |
| Delaware | $2,155 | $837 |
| Florida | $3,271 | $1,066 |
| Georgia | $2,457 | $750 |
| Hawaii* | $1,650 | $413 |
| Idaho | $1,183 | $297 |
| Illinois | $1,867 | $537 |
| Indiana | $1,503 | $388 |
| Iowa | $1,505 | $295 |
| Kansas | $2,137 | $529 |
| Kentucky | $2,280 | $705 |
| Louisiana | $3,334 | $886 |
| Maine | $1,402 | $365 |
| Maryland | $2,339 | $940 |
| Massachusetts* | $1,553 | $442 |
| Michigan | $2,621 | $907 |
| Minnesota | $1,949 | $620 |
| Mississippi | $1,841 | $455 |
| Missouri | $2,418 | $655 |
| Montana | $2,126 | $359 |
| Nebraska | $1,811 | $465 |
| Nevada | $2,753 | $851 |
| New Hampshire | $1,495 | $408 |
| New Jersey | $2,086 | $869 |
| New Mexico | $2,053 | $484 |
| New York | $3,472 | $1,496 |
| North Carolina | $1,632 | $486 |
| North Dakota | $1,485 | $332 |
| Ohio | $1,367 | $360 |
| Oklahoma | $2,284 | $472 |
| Oregon | $1,690 | $719 |
| Pennsylvania | $2,277 | $448 |
| Rhode Island | $2,628 | $804 |
| South Carolina | $1,644 | $581 |
| South Dakota | $1,809 | $299 |
| Tennessee | $1,672 | $443 |
| Texas | $2,392 | $694 |
| Utah | $1,829 | $692 |
| Vermont | $1,197 | $281 |
| Virginia | $1,674 | $580 |
| Washington | $1,418 | $457 |
| Washington, D.C. | $2,319 | $775 |
| West Virginia | $1,707 | $464 |
| Wisconsin | $1,494 | $386 |
| Wyoming | $1,508 | $246 |
Car insurance rates for 60-year-olds by gender
Car insurance at age 60 for female drivers is generally lower than insurance for male drivers of the same age. Female drivers typically practice safer driving habits and tend to get into fewer accidents than males. In 2021, males aged 60 to 64 had an accident fatality rate of 9.8 per 100,000 people. This is quite a bit higher than the fatality rate for 60- to 64-year-old women (4.5 per 100,000 people). But the difference between genders usually narrows as drivers age further, and so do fatality rates.
However, not all states consider gender when determining your insurance premium. In California, Hawaii, Massachusetts, Michigan, North Carolina and Pennsylvania, carriers are not allowed to consider your gender when calculating your insurance premium.
| Average annual full coverage premium | Average annual minimum coverage premium | |
|---|---|---|
| 60-year-old male | $2,106 | $599 |
| 60-year-old female | $2,087 | $601 |
| Percent difference | 1% | 0% |
What is the cheapest auto insurance for seniors?
When looking for the best cheap insurance companies for 60-year-old drivers, Bankrate's insurance editorial team looked beyond average rates. We chose providers based on diverse factors, including financial strength, customer satisfaction, digital tools, coverage options and advertised discounts.
Based on our findings, some insurance carriers provide better rates to older, experienced drivers. Our research shows that the carriers below offer some of the cheapest car insurance for 60-year-olds.
| Car insurance company | Avg. annual minimum coverage premium | Avg. annual full coverage premium |
|---|---|---|
| Auto-Owners | $402 | $1,478 |
| USAA | $417 | $1,559 |
| Geico | $442 | $1,641 |
| Erie | $517 | $1,542 |
| Amica | $639 | $2,522 |
Although Auto-Owners is only available in 26 states, the company’s average minimum and full coverage rates for drivers in their 60s are among the cheapest of all the carriers we analyzed. The carrier’s Personal Automobile Plus package may help take the guesswork out of car insurance by bundling 10 of the most popular options into a package, such as vehicle re-keying, identity theft protection and smartphone insurance. In addition, bundling car insurance with an Auto-Owners home insurance policy may reduce your premiums on both.
In addition to low average rates, drivers eligible for USAA car insurance may enjoy unique military-focused benefits that may not be found with other carriers. This carrier's main drawback is USAA car insurance is only available to former and current military personnel and qualifying family members. However, eligible drivers may want to explore the company’s many discount opportunities and membership perks, such as potential price breaks on travel, car repairs and more.
Geico has the most advertised discounts of all the insurance carriers on this list. If you’re a good driver with an accident-free driving record with no claims in the last five years, Geico could lower your premiums by up to 22 percent. In addition, eligible drivers over 50 are automatically signed up for Geico’s Prime Time contract. This unique feature may guarantee car insurance renewal as long as you remain with Geico (and meet other requirements, such as not listing any drivers on your policy under the age of 25).
Erie is one of our picks for the cheapest car insurance for 60-year-olds looking for full coverage. The regional company is only available in 12 states and Washington, D.C., but it offers extras you may not find elsewhere. These include roadside assistance and locksmith service coverage. Erie earns strong customer satisfaction scores from J.D. Power in regions where it writes policies, so it may be a good choice for shoppers who value service. However, Erie does not have robust digital tools, so it may not be the best choice for tech-savvy shoppers.
Amica sells car insurance in prebuilt coverage packages, which some drivers may find convenient. Drivers looking for robust coverage may be especially interested in the company’s Platinum Choice Auto package, which includes free credit monitoring, new car replacement coverage and rental reimbursement with no daily limit. Additionally, according to J.D. Power, Amica offers stellar customer satisfaction. If you are interested in getting a quote from Amica, you can visit its website at amica.com or call the company directly.
How 60-year-old drivers can save on car insurance
When approaching retirement age, budgeting can be essential for maintaining your quality of life. With that in mind, we’ve compiled a list of strategies that may help you save money on car insurance and take some of the pressure off your budget.
- Bundle insurance policies: At 60, you might have multiple types of coverage, such as home and auto insurance. Consolidating them under one provider could yield multi-policy discounts that simplify insurance management and lower overall costs.
- Maintain a clean driving record: As an experienced driver, staying ticket and accident-free could make you eligible for safe driving discounts and help keep your rates low.
- Review vehicle usage: With potential changes in driving habits, like reduced commuting or leisure travel, consider adjusting your policy for lower mileage. This can qualify you for low-mileage discounts or pay-per-mile policies, both of which cater to drivers logging fewer miles.
- Look for discounts: Some insurance companies offer discounts specifically for seniors. Other common discounts include safe driving courses, affiliation savings and premium paid-in-full.
- Choose your vehicle carefully: If you're in the market for a new vehicle, comparing sample quotes for the models you're considering could help you find one with low coverage costs. Safety features might earn you additional discounts.
- Monitor your credit: Maintaining good credit becomes beneficial for reducing insurance costs at any age. If you've spent decades building creditworthiness, continue managing it carefully to retain or enhance lower insurance premiums.
Frequently asked questions
Methodology
Bankrate utilizes Quadrant Information Services to analyze April 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a single, 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2022 Toyota Camry, commute five days a week and drive 12,000 miles annually.
These are sample rates and should only be used for comparative purposes.
Age: Rates were calculated by evaluating our base profile with the ages 60 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations.
Gender: The following states do not use gender as a determining factor in calculating premiums: California, Hawaii, Massachusetts, Michigan, North Carolina, Pennsylvania.
