Cheapest Car Insurance for Seniors in 2024

Image by GettyImages; Illustration by Bankrate

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 senior citizens 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.

What are the cheapest car insurance companies for seniors?

Car insurance rates tend to increase after 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.

Determining what carrier has the cheapest car insurance for seniors may require a bit of digging. Our research found that Auto-Owners, Travelers, Geico, USAA and Nationwide 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.

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, but many of the steps are similar to those for middle-aged drivers. Senior citizens may be able to get cheap car insurance by following these steps:

1. 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.
2. 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. You may also be able to save with pay-per-mile insurance, which typically includes a low flat rate plus a per-mile charge.
3. 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.
4. 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.
5. Compare quotes before buying a new car. You may be switching cars to adjust to your new lifestyle during retirement. Maybe you want a bigger car to accommodate your grandkids or you’re looking for increased safety features. Before you land on a new model, compare insurance quotes. Cars with high safety ratings, low theft rates, and accessible parts and repairs often have lower insurance costs.

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: Insuring both your home and car with the same carrier may offer the greatest discount on your policy. While this is the most common bundle, many insurers offer other bundles as well. Discounts are often available for combining car insurance with condo, boat or RV insurance, for instance.
• 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.
• Military and veteran: Military discounts often extend to veterans of the armed services. You might save on car insurance by providing proof of your service to your insurance provider.

Frequently asked questions

• What is the best car insurance company for senior drivers?
  

  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 for car insurance over the age of 70 may require some shopping around, as average rates tick up after this age. Comparing coverage options, available discounts and the price may help you find the best carrier with the lowest rates on the coverage you need.

• Is car insurance cheaper for senior citizens?
  

  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 cheap car insurance for seniors over 60.

• Should seniors carry full coverage or minimum coverage car insurance?
  

  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.

• Will my car insurance rate go down when I retire?
  

  There are a few factors that may decrease your car insurance rates when you retire. When you stop commuting for work, your insurance company may lower your rate based on your lower mileage. On the other hand, once drivers hit the age of 70, average rates start to increase. Older drivers often have slower reflexes and may be more likely to get into an accident. You may want to look into discounts to offset any age-related rate increases.

Methodology

Bankrate utilizes Quadrant Information Services to analyze November 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 40-70 (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.