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Cheap Car Insurance for Seniors: Costs and Companies (2022) – MarketWatch

  • Attorney Daniel Albert

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According to our data, USAA generally offers the cheapest senior car insurance at an average rate of $1,158 per year, or $97 per month for full coverage.
We found that USAA tends to offer the cheapest car insurance for 65-year-old drivers at an average cost estimate of $1,057 per year, or $88 per month for full-coverage car insurance.
Our research shows that USAA typically offers the cheapest rates for full coverage for 75-year-old drivers at an estimated $1,260 per year, or $105 per month.
While finding affordable car insurance for senior citizens is important, your provider should also be helpful and reliable. We determined the following providers have the best auto insurance with cheap rates for older drivers.
To determine our ratings and awards for these providers, we considered customer reviews across multiple sites and ratings from the Better Business Bureau (BBB), AM Best and the J.D. Power 2022 U.S. Insurance Shopping StudySM.
*The numerical ratings in this table are based on the provider’s performance in our overall study. The provider rankings, however, are based on how well providers serve senior drivers.
Availability: All 50 states
AM Best rating: A++
BBB rating: A+
J.D. Power score: 853/1000
Geico consistently offers some of the cheapest car insurance for seniors. The insurer earned our Editor’s Choice award due to its high-level performance in all categories in our industry-wide study.
Geico is also one of several to offer specific car insurance for senior drivers. Geico’s Prime Time program is available to certain drivers over the age of 50. Essentially, this program guarantees your policy can be renewed.
Keep reading: Geico insurance review
Availability: All 50 states
AM Best rating: A++
BBB rating: A+
J.D. Power score: 875/1000
USAA may be the first place you want to look for cheap car insurance for seniors — but only if you’re eligible. The company’s coverage and its affordable rates are only available to military members and their families.
If you do qualify, however, you can expect to find some of the best rates for senior drivers with USAA. The company consistently performs at or near the top of insurance studies and has a robust selection of insurance products to choose from.
Keep reading: USAA insurance review
Availability: 48 states
AM Best rating: A++
BBB rating: A
J.D. Power score: 885/1000
State Farm is the country’s largest insurance provider, with a large network of local agents that’s convenient for anyone who prefers to do business in person. State Farm’s accessibility is just one example of its great customer service. That’s evidenced by the fact that the company earned the top ranking for customer satisfaction among large insurers in the J.D. Power study.
State Farm offers a large number of car insurance discounts in addition to its already-affordable coverage for senior drivers. Policyholders who enroll in a safe or defensive driving program can get a discount on their monthly or annual premiums. State Farm also offers a discount for staying accident-free for three years.
Keep reading: State Farm insurance review
Availability: 45 states
AM Best rating: A++
BBB rating: A
J.D. Power score: 853/1000
Senior drivers looking for cheap car insurance with lots of choices should consider Travelers. The company has one of the largest selections of coverage options among providers in our study.
Senior drivers who don’t own cars but rent them often while traveling may find non-owner insurance cheaper than the rental company’s insurance. In addition, Travelers’ accident forgiveness program could be a useful add-on for drivers worried about their car insurance premiums increasing.
Keep reading: Travelers insurance review
Availability: 50 states
AM Best rating: A+
BBB rating: A+
J.D. Power score: 858/1,000
Nationwide has relatively cheap insurance rates for seniors. Senior drivers may be able to take advantage of the company’s usage-based SmartMiles program. People who don’t drive as much — such as retirees — could pay up to 40% less for coverage, according to Nationwide.
Keep reading: Nationwide insurance review
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:
Most insurance companies have a large number of coverage options to choose from. To legally drive in most places, you’ll at least need to meet the state minimum coverage requirements. These vary between states, but they typically include a combination of liability insurance and other standard coverages:
Insurers also have policy add-ons that cover other costs related to owning and driving a car, many of which can be useful for older drivers. Here are a few of the most common:
Auto insurance discounts are a good way for mature drivers to save money on coverage. Insurers offer savings opportunities for a wide range of reasons. However, you aren’t likely to find a senior discount based solely on your age, as your age group is one of the main factors in your premiums.
But there are still plenty of opportunities to save for other reasons. Here are some of the most common discounts in the car insurance industry:
You can’t do anything about your age or what insurers charge senior drivers. But there are some things you can do to try to get the best rates.
Many insurance companies offer policy discounts for taking a safe driving course. You may see this referred to as a “safe driver discount” or something similar. Taking these courses can help you avoid accidents and violations, which would cause your rates to go up.
If you’ve recently retired and stopped commuting to work, you may be able to save money on car insurance by changing your status. Many companies offer a discount when you switch from being a commuter to someone who drives their car for pleasure.
Usage-based car insurance policies that charge by the mile rather than on a flat rate are becoming increasingly popular. For low-mileage drivers, this kind of policy could help you get cheap car insurance. However, if you drive more than you planned on, you could pay more than you would with a flat rate.
Car insurance companies typically offer a wide range of discount opportunities. Depending on the provider, you may be able to combine more than one of them. As a result, you could see substantial savings on your policy. Before signing up for your next policy, ask an insurance agent which discounts are available to you.
Some insurers offer special insurance packages that are designed for senior drivers. These options may better fit your needs and cost less than general car insurance for all ages.
No one company will have the cheapest rates for all senior drivers, so your best bet for finding the cheapest auto insurance for senior citizens is to compare free quotes from providers. These days, getting car insurance quotes online is easy, fast and free.
You can find cheap car insurance for seniors with many major providers. We found the cheapest coverage for senior citizens with USAA, Geico, Nationwide, State Farm and Travelers. But you may want to check with local providers as well. It’s always good to get quotes from a variety of providers and compare car insurance rates before making a decision.
The cost of car insurance is likely to increase at age 70. In general, insurance premiums tend to go up as drivers get older and move out of the middle-age category.
We rated Geico as the best car insurance for seniors. The company tends to offer some of the cheapest rates for senior drivers and has a strong reputation among customers and industry professionals.
The AARP recommends its own insurance program for its members, sold and administered by The Hartford. The company offers special rates for AARP members and additional perks and discount opportunities.
Because consumers rely on us to provide objective and accurate information, we created a comprehensive rating system to formulate our rankings of the best car insurance companies. We collected data on dozens of auto insurance providers to grade the companies on a wide range of ranking factors. The end result was an overall rating for each provider, with the insurers that scored the most points topping the list.
Here are the factors our ratings take into account:
*Data accurate at time of publication
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