What is the best car insurance for seniors?

Insurance companies consider more than a dozen rating factors when calculating a premium. For this reason, the company that gave your neighbor a great deal may not be the right choice for you. The best company for you likely depends on your personal rating factors and your insurance priorities. To find the best company for your circumstances, you could consider narrowing down a list of companies that meet your criteria and requesting quotes to see which might offer you the lowest rate.

Do I need car insurance if I no longer drive?

You do not legally need to maintain insurance for a car in storage that is not being driven. However, removing coverage means you would not have financial protection in place if the vehicle were to be damaged or stolen while stored. If your car is no longer being driven, you may be able to reduce your coverage levels and obtain a more affordable policy while still keeping some coverage in place to financially protect your vehicle from potential hazards while in storage. If you no longer drive, but someone else drives your vehicle regularly, your vehicle does need to be insured and you may want to speak with your insurance agent about having them listed as a driver on your policy.

Do insurance companies give seniors special discounts?

Discounts may be available to senior drivers depending on the car insurance company. Although carriers do not typically have age-related discounts, some extend discounts for circumstances commonly experienced by seniors. For example, The Hartford only writes auto and home policies for AARP members and may extend a 5 percent auto discount and up to 20 percent discount on condo, renters or home insurance through the AARP Auto and Home bundle. If you own your home or another vehicle, ask about bundling or multi-policy discounts regardless of the carrier you choose. Some carriers also have legacy discounts for policyholders who have been insured with a company for a set period of time.

What are the cheapest car insurance companies for seniors?

Based on Bankrate’s analysis of recent rate data, some of the cheapest car insurance companies for seniors include Geico, Auto-Owners, State Farm and Erie. These companies have average premiums that are cheaper than the U.S. national average. However, these carriers might not be the cheapest for all drivers. To find the most affordable car insurance policy for your situation, it is important to shop around and compare personalized quotes from multiple insurance companies.

Car Insurance for Seniors

Best auto insurance for seniors

Bankrate’s insurance editorial team obtained average premiums from Quadrant Information Services for dozens of auto insurance companies. However, we know that the best car insurance companies for senior citizens don't only offer low rates. We also analyzed coverage availability, discount opportunities, digital tools, financial strength ratings from AM Best and customer satisfaction scores from J.D. Power. These factors all contributed to each company's assigned Bankrate Score, out of five points.

If you are looking for the best car insurance for seniors, you might start by getting quotes from these five carriers:

Car insurance company	Bankrate Score	Average annual full coverage premium for 70-year-olds	J.D. Power score
Amica	4.6	$2,579	909/1,000
Geico	4.4	$1,852	871 /1,000
USAA*	4.2	$1,734	900/1,000
The Hartford	3.9	$2,475	877 /1,000
Allstate	3.9	$2,783	882/1,000

*USAA is not officially ranked by J.D. Power due to eligibility restrictions.

Amica tied with Geico in the 2024 Bankrate Awards for Best Auto Insurance Company Overall. Seniors who value customer service may be interested in Amica. The carrier also earned the top spot in J.D. Power's 2023 Auto Claims Satisfaction Study and offers a long list of endorsements for drivers looking to build a more robust car insurance policy. Potential policy add-ons include free lock replacement if you lose your car keys, roadside assistance, gap insurance and rental car reimbursement.

Geico is one of our 2024 Bankrate Awards winners for Best Auto Insurance Company Overall, in part due to its low rates and long list of potential discounts. Seniors with good driving records might qualify for Geico’s Prime Time contract, which ensures automatic policy renewal for life, provided they meet the terms of the program. Other discounts that may help seniors save include membership and employee discounts, military discounts and the DriveEasy telematics program.

USAA offers some of the cheapest average premiums for seniors on our list, but coverage is only available to active-duty and retired military members and their families. USAA consistently scores highly with J.D. Power for customer satisfaction, and policyholders may be able to help their children save on a USAA policy with a family discount. Endorsement options include roadside assistance and rental car reimbursement. USAA does not have local agents available for face-to-face service, which may be a drawback for drivers who prefer to work with an in-person insurance agent.

You must be an American Association of Retired Persons (AARP) member in order to get an auto insurance policy through The Hartford. The Hartford’s auto insurance policies may not be the cheapest on our list, but the insurer provides exclusive senior auto insurance benefits. These include RecoverCare, which may reimburse you for the expenses of household services you can’t complete because of a covered auto accident injury. Drivers with hybrid or electric cars may also be interested in The Hartford's alternative fuel discount. However, The Hartford scored slightly below the industry average for claims satisfaction with J.D. Power, so potential policyholders may want to speak with existing customers about their experience.

Although Allstate has high average premiums for seniors, the company received a strong claims satisfaction score from J.D. Power and boasts an A+ (Superior) financial strength rating from AM Best. Policyholders may save with Allstate's Deductible Rewards program, which reduces your collision deductible for every year without an accident. Safe drivers may also earn a Safe Driving Bonus for every six months without an accident. Allstate's endorsement options are limited, but it does offer classic car insurance, rideshare coverage and rental car reimbursement.

How much is auto insurance for seniors?

On average, 70-year-old drivers pay $2,257 per year for full coverage car insurance. This is lower than the national average cost of car insurance, which is $2,314 per year for full coverage. For minimum coverage, 70-year-old drivers pay an average of $673 annually, just slightly above the $644 annual national average.

However, keep in mind that car insurance rates are based on more than a dozen individual rating factors. Your rates may be higher if you have accidents or speeding tickets on your record, if you drive a luxury or sports car or if you live in an area with high instances of extreme weather or theft, among other reasons.

Do seniors pay higher rates for auto insurance?

Seniors can pay higher rates for auto insurance than younger adults, but that is not always the case. The average full coverage car insurance premium for 70-year-old drivers is about 2.5% lower than the U.S. national average rate for all drivers. For minimum coverage, 70-year-old drivers pay about 4.5% higher than the U.S. average.

While average rates can help you understand what you might pay for car insurance, age is just one of the factors that can affect your premium. For seniors, the cost of car insurance will also depend on location, credit history, driving record, marital status, vehicle type, coverage limits, deductibles and other rating factors.

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This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

Insurance disclosure

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 seniors can save on car insurance

If your rates have started to increase as you enter your 70s, you may be looking for ways to save on your car insurance. Fortunately, there are a few strategies you could try to potentially bring down your premium:

Shop around: Every insurance company has its own algorithms for calculating rates, so you may receive lower or higher quotes for the same coverage selections from different carriers. Requesting and comparing quotes from a handful of carriers may help you narrow down which one can offer you the lowest rates for your circumstances.
Maintain a clean driving record: Your driving record is a key metric used by car insurance companies to determine your rates. Avoiding accidents and tickets may help keep your rates down and even potentially offset age-related premium increases.
Evaluate your coverage selections: If you've recently retired, you might be driving substantially less than you used to. Reviewing your stated annual mileage and coverage selections may help you ensure you have the right amount of coverage in place and aren't overpaying for insurance. Speaking with a licensed insurance agent may help you pinpoint your needs and secure better rates.
Consider increasing your deductible: If you have enough savings to cover a higher deductible in the event of a claim, adjusting your full coverage deductible (e.g., from $500 to $1,000) may result in lower premiums.

Car insurance discounts for seniors

Many car insurance companies offer discounts that can help drivers reduce their car insurance premiums. While most carriers do not offer savings for seniors specifically, you might be able to find discounts for retired drivers or people over a certain age who complete a defensive driving course. When comparing car insurance companies, it’s a good idea to consider the discounts available so you can maximize your savings and get the best rate possible.

Frequently asked questions

Insurance companies consider more than a dozen rating factors when calculating a premium. For this reason, the company that gave your neighbor a great deal may not be the right choice for you. The best company for you likely depends on your personal rating factors and your insurance priorities. To find the best company for your circumstances, you could consider narrowing down a list of companies that meet your criteria and requesting quotes to see which might offer you the lowest rate.
You do not legally need to maintain insurance for a car in storage that is not being driven. However, removing coverage means you would not have financial protection in place if the vehicle were to be damaged or stolen while stored. If your car is no longer being driven, you may be able to reduce your coverage levels and obtain a more affordable policy while still keeping some coverage in place to financially protect your vehicle from potential hazards while in storage. If you no longer drive, but someone else drives your vehicle regularly, your vehicle does need to be insured and you may want to speak with your insurance agent about having them listed as a driver on your policy.
Discounts may be available to senior drivers depending on the car insurance company. Although carriers do not typically have age-related discounts, some extend discounts for circumstances commonly experienced by seniors. For example, The Hartford only writes auto and home policies for AARP members and may extend a 5 percent auto discount and up to 20 percent discount on condo, renters or home insurance through the AARP Auto and Home bundle. If you own your home or another vehicle, ask about bundling or multi-policy discounts regardless of the carrier you choose. Some carriers also have legacy discounts for policyholders who have been insured with a company for a set period of time.
Based on Bankrate’s analysis of recent rate data, some of the cheapest car insurance companies for seniors include Geico, Auto-Owners, State Farm and Erie. These companies have average premiums that are cheaper than the U.S. national average. However, these carriers might not be the cheapest for all drivers. To find the most affordable car insurance policy for your situation, it is important to shop around and compare personalized quotes from multiple insurance companies.

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 age 70 (base: 40 years) applied. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations.

Bankrate Scores

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 highlighting where they fall short.

5

Overall Score

Cost & ratings 50%
Coverage & savings 30%
Support 20%

Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average 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.

Car insurance for seniors