Cheapest car insurance for seniors in 2024
Key takeaways
- Senior car insurance rates may be cheapest through Geico, Auto-Owners, State Farm, USAA or Erie.
- Auto-Owners and Geico show the smallest increase for seniors after a speeding ticket.
- For seniors with a DUI, Progressive and USAA may show the least impact on car insurance rates.
- Secura and Auto-Owners may be the best car insurance choice for seniors after an at-fault accident.
Senior drivers may find their insurance needs are changing, especially if they have purchased a new car or recently retired. Car insurance rates also tend to increase as you approach age 70, which may make it harder to find the right coverage for your budget. Finding cheap car insurance for seniors may take some work, but Bankrate is here to make it easier. We compared dozens of carriers to help you get the best senior car insurance rates for the coverage you need.
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Compare auto insurance rates
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.
What are the cheapest car insurance companies for seniors?
Car insurance rates tend to increase around age 70, as aging-related factors like eyesight may impact driving skills. However, not all carriers consider age in the same way when rating policies, so shopping around may help you save on your senior car insurance. It’s important to note that Hawaii and Massachusetts do not allow age as a car insurance rating factor, although carriers in Massachusetts can consider the number of years you’ve been a licensed driver.
Our research found that Geico, Auto-Owners, State Farm, USAA and Erie may be the cheapest car insurance companies for seniors based on average rates from Quadrant Information Services. Rates provided are for a 70-year-old driver with a clean driving record. These carriers were determined using several variables, including average annual premiums, coverage offerings and discount opportunities for seniors, financial strength and third-party rankings for customer satisfaction.
| Insurance company | Bankrate Score | Average annual minimum coverage premium | Average annual full coverage premium |
|---|---|---|---|
| Geico | 4.4 | $492 | $1,738 |
| Auto-Owners | 4.3 | $459 | $1,540 |
| State Farm | 4.3 | $531 | $1,634 |
| USAA | 4.2 | $522 | $1,701 |
| Erie | 4.0 | $544 | $1,504 |
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Bankrate utilizes Quadrant Information Services to analyze 2023 rates for 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 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
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Our 2024 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlight where they fall short.
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best, Demotech and the NAIC, were analyzed.
- Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
- Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.
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Cheapest auto insurance companies for seniors by driving record
The cheapest auto insurance for seniors is usually reserved for those with clean driving records. Seniors tend to be especially susceptible to accident risk on the road, as older age could lead to vision and physical impairments, including slower reaction time. Drivers 70 and older are more likely to be involved in fatal car accidents than those aged 35 to 54.
Cheapest car insurance companies with a speeding ticket
Regardless of your age, being convicted of a speeding ticket can cause your car insurance rates to increase. The rate increase you experience after a speeding ticket can vary widely by carrier, as shown in the table below. Any additional infractions on your driving record could also result in a rate increase, such as if you were to get another ticket in a short timeframe.
| Insurance company | Avg. annual min coverage premium after a ticket | Avg. annual full coverage premium after a ticket |
|---|---|---|
| Auto-Owners | $459 | $1,540 |
| Geico | $492 | $1,738 |
| USAA | $522 | $1,701 |
| State Farm | $531 | $1,634 |
| Erie | $544 | $1,504 |
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Rates were calculated by evaluating our 70-year-old profile with the following incidents applied: clean record (base) and single speeding ticket.
Cheapest car insurance companies with a DUI
Drivers with DUIs on their record may see significant rate increases. Depending on your state, you may also incur fines or jail time for driving under the influence. Additionally, not all companies will insure a driver with a DUI, so you may want to check with an insurance agent representing the company.
| Insurance company | Avg. annual min coverage premium after a DUI | Avg. annual full coverage premium after a DUI |
|---|---|---|
| Progressive | $797 | $2,316 |
| USAA | $832 | $2,710 |
| Secura | $840 | $3,380 |
| Erie | $922 | $2,427 |
| Allstate | $963 | $3,593 |
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Rates were calculated by evaluating our 70-year-old profile with the following incidents applied: clean record (base) and single DUI conviction
Cheapest car insurance companies with an at-fault accident
When you cause an accident, your rates may reflect an at-fault accident rate increase. How much your car insurance increases depends on the carrier, your recent driving history and the type of at-fault accident. Senior drivers with accident forgiveness may see less of an increase with their current insurer because of the accident, but may lose their safe driving discounts. The following companies offer the cheapest senior car insurance rates after an at-fault accident.
| Insurance company | Avg. annual min coverage premium after an accident | Avg. annual full coverage premium after an accident |
|---|---|---|
| Secura | $345 | $1,308 |
| Auto-Owners | $535 | $1,774 |
| State Farm | $598 | $1,804 |
| Geico | $601 | $2,094 |
| Erie | $610 | $1,635 |
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Rates were calculated by evaluating our 70-year-old profile with the following incidents applied: clean record (base) and at-fault accident.
How to get cheap car insurance as a senior
The best way to save money on your senior car insurance rates likely depends on your unique rating factors. Senior citizens may be able to get cheap car insurance by following these steps:
- Take a defensive driving course. In some states with approved defensive driving courses, car insurance carriers will offer a discount to seniors over 55 who complete one. You may want to check with your insurance company to see if this discount is an option before taking the course.
- Review your driving status. If you’re no longer commuting for work, updating your driving status to pleasure-driving rather than a commuter may save you money due to the lower mileage.
- Consider your mileage. If you don’t plan to drive much, you may be able to save with pay-per-mile insurance, which means you pay by usage and mileage rather than a flat rate.
- Avoid tickets and accidents. As demonstrated above, accidents and tickets can cause your insurance rates to increase. Maintaining a clean driving record may help keep those rates down as you age.
- Shop around. Shopping around with different carriers may offer you more savings than you’re getting with your current insurer. Just be sure to compare the same coverage types and limits to get a true comparison before switching carriers.
Car insurance discounts for seniors
Seeking out car insurance discounts is one way seniors may be able to get cheap car insurance rates. The discount types and amount of savings vary by carrier and policy, but consider asking about these discounts to see if you are eligible:
- Low mileage: Drivers who are retired or no longer commute to work may have an annual mileage that is below the national average of 13,000 miles. Some insurers offer discounts for having low annual mileage due to the decreased risk of accidents and claims.
- Bundling home and auto: Insuring both your home and car with the same carrier may offer the greatest discount on your policy.
- Vehicle safety equipment: The more safety features your car has, like anti-lock brakes, airbags and anti-collision technology, the lower your rate may be.
- Safe driving: Drivers who maintain a clean driving record by avoiding tickets and accidents may be able to save with this discount.
Frequently asked questions
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The best car insurance company for seniors will depend on their needs, age (in most states), driving record, claims history and other factors. For instance, some of the best car insurance options for seniors could come from carriers like Allstate, Geico, The Hartford or USAA. Shopping around and comparing coverage options, available discounts and the price may help you find the best carrier with the lowest rates on coverage.
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Senior citizens over age 60, especially over 70, often pay more for car insurance. Insurance companies view senior citizens as riskier to insure because they are more likely to be involved in accidents or have health issues that make it more difficult to drive safely.However, seniors don’t necessarily have the highest auto insurance rates. For instance, drivers under 25 might have higher rates since they are statistically more likely to be involved in an accident than other drivers. Shopping around to compare quotes may help you find a senior car insurance policy that meets your budget and coverage needs.
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As a senior driver, determine how much car insurance you need based on your personal factors. There are a few cases where you might be required to carry full coverage. For example, you’ll probably need full coverage if you lease or finance a car. However, if you drive an older car that you can afford to replace if it’s in an accident, you might consider going with minimum coverage, especially if you’re on a tight budget or fixed income. Either way, it might help to talk with your insurance agent or car insurance provider before you change the coverage on your vehicle.
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