Is It Possible for Elderly Drivers to Find Cheap Auto Insurance?
Last Updated on December 17, 2022
Elderly drivers have plenty of good, affordable options for car insurance in the United States.
As an older adult, you may have different insurance needs. Some older adults want maximum protection for peace of mind. Others want the cheapest possible minimum liability insurance policy – say, for an older vehicle with low actual cash value.
Yes, it’s possible for elderly drivers to find cheap auto insurance. Keep reading to find some of the best cheap auto insurance options for older adults.
How to Find Cheap Auto Insurance for Elderly Drivers
It’s easier than ever to find cheap auto insurance as an elderly driver.
In fact, many insurers welcome older adults into their insurance pool. They like how older adults have decades of driving experience. They also like how older adults tend to have a lower risk of accidents than younger adults.
By searching online or contacting insurance agents in your area, you can find the best cheap auto insurance as an elderly driver.
Some of the best strategies for finding cheap auto insurance as an elderly driver include:
- Use insurance comparison websites to quickly compare insurance quotes from providers in your area.
- Contact a local independent insurance agent. Local insurance agents can recommend the best insurance products for your unique needs.
- Continue to review your insurance needs annually. Check for new deals and discounts in your area.
- Remember that there’s no penalty for switching insurance companies. Many insurers even offer refunds on premiums you have already paid. Most insurers do not charge a cancellation fee, and all insurers allow you to easily end your policy at your scheduled renewal date.
By practicing the above strategies, you can find the best insurance as an elderly driver – or as a driver of any age.
Top 10 Best Car Insurance Companies for Senior Drivers
As an older adult, you have unique insurance needs. Some insurers recognize those unique needs and provide superior service to older adults. Other insurers dislike having older adults in their insurance pool, and they charge comparatively high rates.
Based on pricing, claims satisfaction, coverage, and overall customer service, here are the top 10 best car insurance companies for senior drivers:
- State Farm
- The Hartford
- Liberty Mutual
USAA is one of the best-rated insurance companies for older adults. However, USAA membership is exclusively available to active or retired military personnel and certain qualifying family members. If you qualify, USAA could be the best insurance company as an elderly driver.
Other insurers offer great coverage for elderly drivers at an affordable price. GEICO and State Farm, for example, are known for charging affordable premiums. For older adults who want to pay as little as possible for car insurance, GEICO and State Farm could be the best options.
Some insurers charge higher rates for superior customer service and claims handling. The Hartford and Erie, for example, are two of America’s best-rated insurers for claims satisfaction. They may charge slightly higher rates than competitors, but many customers are willing to pay higher prices for superior coverage.
Overall, elderly drivers in the United States have plenty of options for cheap auto insurance.
How Elderly Drivers Can Get Even Cheaper Auto Insurance
It’s easy to save money on car insurance by shopping around and comparing quotes. However, you can save even more money with certain tips.
Here are some of the best ways to get the cheapest possible auto insurance premiums:
Remove Collision & Comprehensive Coverage on Older Vehicles: If you drive an older vehicle, then you may want to drop collision and comprehensive coverage. Collision and comprehensive coverage cover your vehicle up to its actual cash value. However, an older vehicle may have a low actual cash value, which limits the usefulness of this insurance. Dropping collision and comprehensive coverage can help you save 50% or more per year on car insurance.
Adjust Liability Limits: Some drivers carry over $1 million of liability coverage, while other drivers only meet minimum liability insurance requirements in their state. Most states require liability insurance limits of around 25/50/10, which means you have $25,000 of bodily injury liability coverage per person, $50,000 of bodily injury liability coverage per accident, and $10,000 of property damage liability coverage. If you have significant assets, then your liability coverage should cover those assets. If you don’t, then you may want to reduce liability coverage to save money.
Consider Umbrella Coverage: If you have significant assets worth protecting, consider umbrella insurance. Instead of carrying an auto insurance and home insurance policy with high liability limits, for example, you can carry a single umbrella policy to cover your overall liability. An umbrella policy can protect you from damages for which you are liable – like car accident injuries or accidents occurring on your property.
Take Advantage of Discounts: Car insurance companies offer discounts to senior drivers. By taking advantage of these discounts, you could save hundreds per year on car insurance. Popular discounts for senior drivers include low mileage discounts, defensive driving course discounts, and safe driving discounts, among others.
Adjust Coverage to Match Needs: Do you need roadside assistance coverage? Do you need rental car reimbursement coverage? Do you want a vanishing deductible? Insurers may add certain perks to your policy that cost extra – but don’t provide much value to you. Adjust your coverage to match your needs to ensure you’re paying for the optimal policy.
Buy Usage-Based Insurance as a Low-Mileage Driver: If you drive significantly fewer miles than the average American, you could save money with usage-based insurance. With usage-based insurance, you pay a fixed rate per each mile you drive, and your insurer tracks your mileage with an app or device installed in your vehicle.
Consider Location & State Insurance Laws: If you’re deciding where to retire, then car insurance prices could play a role. Florida is a popular destination for retirees, for example, but it also has some of the highest car insurance premiums in the country. Certain ZIP codes also have higher insurance premiums than others due to accident rates and other factors. Consider location and state insurance laws, among other factors, when deciding where to retire – especially if you’re on a fixed income.
Take Advantage of AARP Affiliation: The American Association of Retired Persons (AARP) partners with The Hartford to provide discounted auto insurance to members across the country. If you are a member of the AARP, then you could qualify for discounted rates on car insurance through The Hartford.
Best Auto Insurance Discounts for Senior Drivers
To get the cheapest possible auto insurance as a senior driver, you need to take advantage of auto insurance discounts.
Here are some of the best auto insurance discounts for elderly drivers in the United States:
- Defensive Driving Course Discounts: Many states now require insurers to provide defensive driving course discounts to older adults. Just like teens can take defensive driving courses to save money, older adults can take a course to reduce their premiums. Instead of raising rates as you get older, your insurer could continue to charge cheap premiums because of your defensive driving course.
- Low Mileage Discounts: Many elderly drivers drive significantly less than the US average. The average American drives around 14,000 miles annually, and insurers use this number when calculating premiums. If you drive fewer than 5,000 or 7,000 miles per year, then you could qualify for a low mileage discount.
- Good Driving Discounts: Many elderly drivers have decades of safe driving experience. Insurers value this experience. If you have 5 to 7 years of claim-free, accident-free driving history, then you could qualify for a good driving or safe driving discount. Safe drivers could save 50% or more.
- Bundling Discounts: Many older adults own homes or multiple vehicles. By bundling insurance policies together, you could save hundreds per year. Keep your home and auto insurance under the same umbrella to save money.
- Affiliation, Alumni, Professional Organization, or Membership Discounts: Are you a member of a specific organization? Are you an alumnus of a specific school? Are you a member of a professional employment organization? You could qualify for special car insurance savings through alumni groups, professional associations, and other organizations.
Final Word on Cheap Insurance for Elderly Drivers
Yes, it’s possible for elderly drivers to find cheap auto insurance.
In fact, it’s easier than ever for seniors to find cheap auto insurance anywhere in the United States. Online comparison websites allow you to safely and quickly check dozens of insurers in your area, for example. Other seniors like the experience of dealing with an independent agent.
However you shop for auto insurance, you can find cheap auto insurance as an elderly driver in the United States.