What Are the Best Auto Insurance Companies for Seniors?
Last Updated on December 9, 2022
Seniors have plenty of options for car insurance – from large providers to smaller agencies.
Some seniors want the cheapest possible auto insurance. Others want the best-value coverage. Some want insurance with all of the bells and whistles, while others want minimum liability coverage.
According to our research, some of the best auto insurance companies for seniors include USAA, The Hartford, and GEICO.
Keep reading to discover the best auto insurance companies for seniors – including some of the top-rated providers, best-value insurers, and companies with unique perks for senior drivers.
- Top 10 Best Auto Insurance Companies for Seniors
- Things to Look for in a Car Insurance Company for Seniors
- Average Cost of Car Insurance for Seniors
- How Age Impacts Insurance Premiums
- Factors that Impact Car Insurance Prices for Seniors
- How to Get Cheap Car Insurance as a Senior
- Final Word – Best Car Insurance for Seniors
Top 10 Best Auto Insurance Companies for Seniors
According to our research, the top 10 best auto insurance companies for seniors for overall pricing, availability, customer service, and coverage include:
- The Hartford
- State Farm
- Auto-Owners Insurance
However, insurers vary across the United States. GEICO may be the best option for senior drivers in Ohio, for example, but it may be a worse option for drivers in California compared to regional providers.
Below, we’ll break down some of the reasons why like the insurance companies above – and some of the most important things to look for when comparing car insurance for seniors.
Things to Look for in a Car Insurance Company for Seniors
Some of the most important things to look for in a car insurance company for seniors include the following:
Limited Price Increases with Age: Drivers in their 40s, 50s, and 60s tend to pay the lowest possible rates for car insurance. Statistically, they’re the safest drivers to insure. However, drivers in their 70s, 80s, 90s, and beyond may pay higher rates as they age. Studies show older drivers have worse reaction times and higher accident rates. Some insurers increase prices substantially with age, while others have few price increases. The best auto insurance companies for seniors maintain competitive prices as you get older.
Additional Discounts Available with Age: Some states have passed laws requiring insurers to offer discounts to senior drivers who complete a defensive driving course. Other companies offer discounts regardless of state laws. The best auto insurance companies offer seniors plenty of discounts as they get older – from defensive driving course discounts to bundling discounts and more.
Strong Claims Satisfaction: The three companies at the top of our list are known for their high rates of claims satisfaction. USAA, The Hartford, and Erie all rank among the best insurers in the country for claims satisfaction. That means customers are generally satisfied with how the company processed its claim, how much money they received for the claim, and their overall customer service experience.
Coverage Availability: Some seniors want a full coverage car insurance policy loaded with add-ons and extra coverage. Other seniors want a basic plan with standard coverage. Some seniors want coverage for classic cars and RVs, while other seniors want basic liability plans. The best auto insurance companies for seniors have diverse car insurance options, making it easy to customize coverage based on your unique needs – and adjust coverage for any future changes in your life.
Average Cost of Car Insurance for Seniors
The average senior in the United States pays around $1,519 per year for full coverage car insurance, according to our research.
In comparison, the average adult driver in the United States pays around $1,450 per year for full coverage car insurance. Because seniors have a slightly higher accident risk as they age, they tend to pay slightly higher rates.
Rates vary widely, however, based on state insurance laws, driving history, vehicle make and model, and other factors.
How Age Impacts Insurance Premiums
Insurance is all about risk. Because age impacts the risk of a claim, insurers consider your age when calculating premiums.
Here’s how insurers use age to calculate insurance premiums:
- Young men and women (say, drivers under age 25) pay the highest rates for car insurance. Teenage males pay higher car insurance premiums than drivers in any other age group.
- Men and women pay the lowest average rates for car insurance between ages 25 and 65, with rates bottoming out as drivers reach their 40s, 50s, and 60s.
- Insurers start to increase premiums as drivers reach their late 60s and beyond.
- Some insurers start to increase premiums as drivers hit their late 60s and early 70s. Other insurers avoid raising rates until drivers reach their late 70s or early 80s.
You can’t control your age. However, you can control other factors. By comparing quotes online and researching available insurance options, you can pay the lowest possible rates for car insurance even in your 70s, 80s, and beyond.
Factors that Impact Car Insurance Prices for Seniors
The average senior in the United States pays $1,519 for full coverage car insurance, according to our research. However, some drivers pay significantly more or less than that amount.
Florida, for example, is not just a retirement haven: it’s also notoriously expensive for car insurance premiums. The average senior driver in Florida pays around $1,946 for full coverage car insurance, which is hundreds of dollars more than the nationwide average. In comparison, senior drivers in Idaho could pay less than $1,000 per year for similar coverage.
Similarly, your ZIP code impacts insurance premiums. If you live in a ZIP code with high rates of accidents and high traffic density, for example, then you could pay more for car insurance.
Here are some of the factors that impact the cost of car insurance for seniors:
- State insurance laws, including minimum insurance requirements
- Your ZIP code
- Local traffic density and crime rates
- Annual mileage
- Driving record and claim history
- Availability of discounts
- Vehicle make, model, and value
How to Get Cheap Car Insurance as a Senior
Here are some of the best and most proven tips for getting cheap car insurance as a senior driver:
Compare Quotes Once Per Year: America has hundreds of major car insurance companies serving customers with different needs. By comparing quotes once per year, you can ensure you’re continuing to pay the cheapest possible rates.
Don’t Be Afraid to Switch Insurers: you may be comfortable with your current insurer or agent, but switching insurers can save money. Some insurers welcome older, experienced drivers into their pool to balance risk, while others charge comparatively high rates. By comparing quotes and switching insurers, you can save hundreds per year on car insurance.
Take a Defensive Driving Course: Just like teen drivers, senior drivers could save money by taking a course. Many states have passed laws requiring insurers to provide a discount to seniors who complete a defensive driving course. Sometimes, this course is a simple online program you can complete at home – and it can help you save hundreds per year. Ask your insurer about defensive driving course discounts and similar opportunities.
Take Advantage of Discounts: Many insurers don’t tell you about discounts until you ask or apply. Check your insurance company’s available discounts. Many top-rated insurers offer bundling discounts, safe driving discounts, and other discounts that could lower insurance by 50% or more.
Take Advantage of Affiliation Discounts: Are you a member of an alumni organization, professional group, AARP, or other organization? Many insurers offer affiliation discounts. Take advantage of these affiliation discounts to save 10% or more.
Ask About Low Mileage Discounts: The average American drives around 14,000 miles annually. The average American also has a daily commute. As a senior, you may drive significantly fewer miles than the average American, which means you could qualify for low mileage discounts. Ask your insurer about low mileage discounts, usage-based insurance, and other perks. If you drive fewer than 8,000 miles per year, then you could save considerably on car insurance.
Final Word – Best Car Insurance for Seniors
America’s seniors have plenty of good options for car insurance.
Whether you want to pay the cheapest possible rates for car insurance or get the best customer service, you can find a good auto insurance company that meets your unique needs.
Compare car insurance quotes online today to find the best car insurance companies for seniors like you.