Best car insurance for seniors of 2024

Best senior car insurance companies of 2024

• Nationwide: Best car insurance for seniors
• USAA: Best car insurance for military
• Travelers: Great car insurance for new car owners
• Auto-Owners: Great car insurance for low customer complaints
• Erie: Best car insurance for claims
• Geico: Best car insurance for bad credit
• Progressive: Best car insurance for DUI

How much you pay for coverage will depend on several factors, including:

• Age.
• Gender (in most states).
• Location.
• Make and model vehicles.
• Driving record.
• Credit score (in most states).
• Type and amount of coverage desired.
• How many miles you drive.
• Applicable discounts.

Who has the cheapest car insurance for seniors?

Nationwide has the cheapest car insurance for seniors between 60 and 80 years old. Its average rate for drivers in this demographic is $1,402, nearly 35% less than the national average of $2,150.

Other insurers with below-average rates for senior citizens include USAA, Travelers, Auto-Owners, Erie, Geico, Progressive and State Farm.

Senior car insurance rates by insurer

How to find the cheapest car insurance for seniors

If you’re 60 or older and are looking for car insurance, here are some tips for finding the best coverage for the lowest price.

Shop around for a better policy

No matter your age, gender, driving record or location, it’s a good idea to shop around for better car insurance once in a while. Doing so can help you find the cheapest car insurance for your specific coverage needs.

Some drivers shop each time their policy is up for renewal while others wait every few years so they can take advantage of their provider’s loyalty discount.

Either way, experts agree: It never hurts to see how much you can save. It’s best to get and compare at least three car insurance quotes. Just make sure you’re looking at policies with the same level of coverage when comparing prices.

Our rating of the best car insurance for seniors is a good place to start. If you’re looking for the cheapest senior auto insurance, consider options like USAA, Auto-Owners, Geico and Westfield, all of which offer senior car insurance policies that average less than $2,000 a year.

“Multiple companies tie in to the senior market,” said Peter Schumacher, an independent insurance agent with many clients in the senior community. “They effectively tie in with senior member groups, such as AARP or AMAC.”

To get a fuller picture of the options available, you can use an online auto insurance marketplace. Provide some basic info, click a button and review all the insurance offers available.

Alternatively, you can work with an independent car insurance agent, who can generate multiple rates. The benefit of a good agent, according to Schumacher, is that they’ll “take the time to get to know a client to unearth additional savings programs.”

Take a defensive driving course

Showing your insurance provider that you take safe driving seriously, even if you’ve been driving for decades, could result in a discount. Ask your current provider if taking a defensive driving course would lower your rate.

In some states, the government mandates that insurers offer this discount to senior drivers who’ve completed an approved course. The discount is usually between 5% and 10%.

Ask about other discounts

Many auto insurers offer discounts — to drivers of all ages — for bundling auto coverage with homeowners insurance or renters insurance, switching to paperless billing and paying the full premium in advance, rather than monthly. Insurance companies may also offer loyalty, safe driving and vehicle safety feature discounts.

Learn more: Best auto and home insurance bundles

Consider usage-based insurance

Usage-based insurance is a type of coverage that allows insurance to track driving habits, such as your speed, acceleration, braking and even the time of day and how frequently you drive. Oftentimes, insurers reward good driving behavior with lower rates.

Seniors with a good driving record and practice safe driving habits may find this type of care insurance helps them lower their monthly rates. The same is true for seniors who spend less time on the roads.

Adjust your policy

There are a few policy adjustments that can lead to lower car insurance rates:

• Increasing your deductible, or the amount an insurer will subtract from a claims check for certain claims, such as collision or comprehensive claims. However, a higher deductible means you’ll be on the hook for higher out-of-pocket expenses after a claim.
• Decreasing your limits, or the maximum amount your insurer will pay out after a claim.
• Dropping unnecessary coverages, such as gap insurance if you’ve already paid off your vehicle or roadside assistance if you no longer need it or found coverage elsewhere. Just don’t drop so much coverage that you’re underinsured in the event of a claim.

Be car conscious

The vehicle you drive can also have an impact on your car insurance premiums. Sporty vehicles like convertibles and coupes fetch higher insurance rates while reliable vehicles equipped with advanced safety features are much more affordable to insure.

Why auto insurance is more expensive for senior drivers

Most car insurance companies use several factors to determine your rate, including your age or how many years of driving experience you may have. Traditionally, seniors and teens have higher rates, because past statistics show that they are more likely to get in an accident. From an insurer’s standpoint, that means they’re more likely to file a claim.

Why are seniors more likely to get in accidents? The reasons can vary, but senior drivers are more likely to suffer from declining vision, memory impairments, mobility issues and other conditions like arthritis and diabetes — all of which can impact driving ability.

In addition, senior drivers are more likely to be on medication with side effects that can make it more difficult to drive safely. Senior drivers may also have slower reaction times and diminished hand-eye coordination.

This reality for senior drivers doesn’t just lead to higher insurance premiums. It also leads to higher fatal crashes per mile for drivers over 70, according to the Insurance Institute for Highway Safety (IIHS).

But it’s not all gloom and doom: The IIHS reports that fatal collisions for seniors are on a decline. Despite there being more senior drivers on the road today than there were in the late ’90s, there are 22% fewer accidents resulting in fatalities for seniors.

That could be due to a number of features, including improvements in vehicle safety technology. But the IIHS points out that seniors are reportedly driving fewer miles, especially at night, which has also contributed to this decline in fatalities.