As seniors age, finding affordable car insurance becomes increasingly important. While rates tend to go up after retirement age, there are still options for finding cheap car insurance with quality coverage. MarketWatch Guides conducted a study to determine the best car insurance companies for senior drivers based on affordability, coverage options, reputation, and customer service. Here are the key takeaways from our research:
Travelers offers the cheapest full-coverage insurance for seniors at $1,753 per year or $146 per month. USAA provides affordable full-coverage insurance for military-affiliated seniors at $1,840 per year or $153 per month. Nationwide is also a great choice for seniors in need of usage-based car insurance.
Our study focused on seniors aged 65 to 75 and found that Travelers generally offers the cheapest senior car insurance at an average rate of $1,753 per year or $146 per month for full coverage. This is lower than the national average of $2,606 per year or $217 per month for seniors.
For minimum coverage, USAA and Geico offer the cheapest rates nationally. USAA averages $47 per month or $561 per year, while Geico averages $59 per month or $705 per year. Travelers, Nationwide, and Progressive also offer competitive rates for minimum coverage.
When looking at specific age groups, Travelers tends to offer the cheapest car insurance for 65-year-old drivers at an average cost estimate of $1,624 per year or $135 per month for full coverage. For 75-year-old drivers, Travelers also provides the most affordable full-coverage rates at an estimated $1,882 per year or $157 per month.
The cost of car insurance can vary significantly by state for seniors. For example, in Hawaii, a 65-year-old driver may pay as low as $132 per month for full coverage, while in Michigan, the cost could be as high as $386 per month.
In terms of coverage options, most insurance companies offer a variety of choices, including liability insurance, personal injury protection, collision insurance, comprehensive insurance, and more. Seniors should consider their specific needs and driving habits when selecting coverage.
To get cheap car insurance for senior citizens, drivers can take defensive driving courses, change their driver status, consider usage-based insurance, look for discounts, and shop around for quotes from multiple providers. It’s also worth exploring specialty car insurance packages designed for seniors.
In conclusion, finding affordable car insurance for seniors is possible with the right research and comparison. Travelers, USAA, Nationwide, Geico, and Progressive are among the top choices for senior drivers based on our study. By understanding coverage options, discounts, and factors that affect rates, seniors can make informed decisions when selecting car insurance. Remember to compare quotes and consider all available options before making a final decision.