Posted by As you get older, your needs change. And those changes signify more than just a number; they can have a big impact on your premiums. That’s why people who are over the age of 60 and own a car need to understand their specific needs and shop around for car insurance for seniors over 60.
This is because they may have access to limited income as they are now approaching or in their retirement stage.
Your car insurance prices may not rise much during your early 60s, but between the ages of 70 and 80, you are expected to pay about a 20% premium more than those who are below 70.
Considering the data above, you can see that auto insurance rates may increase once you are in your 70s. Given these factors, you must consider comparison shopping to find the best rates before making any purchase.
What is Car Insurance for Seniors?
Just like other types of vehicle insurance, car insurance for seniors provides you with financial protection in case of an accident.
However, there are some special considerations that you have to keep in mind as a senior when shopping for car insurance. For example, seniors may need to consider additional coverage, such as coverage for medical expenses or long-term care.
In addition, they may need to factor in their driving habits and any health conditions they have. It’s important to find a policy that provides the right coverage at a price that fits within their budget.
Factors that Affect the Rates of Car Insurance for Seniors Over 60
The following are factors that determine the car insurance premium rates for seniors:
Age
Age is one of the biggest factors that affects car insurance rates for seniors. In general, car insurance rates increase as we get older.
This is because, as we age, we’re more likely to have medical conditions that can impact our driving ability, which could make us more likely to be involved in accidents.
Driving History
If you have a clean driving record, you’re likely to pay less for car insurance. This is because insurers view people with a clean record as less likely to be involved in an accident.
On the other hand, if you have a history of accidents or traffic violations, you’ll likely pay more for car insurance.
Location
Location is another factor that can affect car insurance rates for seniors. Car insurance rates vary from state to state and even from city to city.
This is because each area has its own unique set of risks and hazards. So if you live in an area with a high crime rate, you may pay more for car insurance as your car is more likely to be stolen or vandalized.
On the other hand, if you live in a rural area, you may pay less for car insurance. This is because there are fewer cars on the road, which means a lower risk of accidents.
Vehicle Type
The type of vehicle you drive can also affect your car insurance rates. For example, luxury vehicles and sports cars tend to have higher insurance rates.
On the other hand, vehicles that are considered to be more practical and affordable, such as sedans and hatchbacks, tend to have lower insurance rates.
Credit Score
Insurance companies use your credit score to predict how likely you are to file a claim. They also believe that people with good credit scores are more likely to be responsible drivers and therefore less likely to be involved in an accident.
As a result, they charge these drivers lower rates.
Gender
Believe it or not, your gender can also affect your car insurance rates. On average, men pay more for car insurance than women.
This is because, statistically speaking, men are involved in 71% of road accidents, while women account for 29%. One of the reasons for this is that men are more likely to drive expensive, high-powered vehicles and are more likely to be involved in an accident.
Women, on the other hand, are considered to be safer drivers, and they typically drive less expensive, lower-powered vehicles.
As a result, they’re viewed as a lower risk by insurance companies, and they pay less for car insurance.
List of Car Insurance for Seniors over 60
Below is a list of the top 15 car insurance companies for adults over 60 years of age:
- Auto-Owners
- Nationwide
- Travelers
- American Family
- Erie
- USAA
- Westfield
- Progressive
- GEICO
- Allstate
- Hartford
- Farmers
- State Farm
- Amica
- NJM.
Overview of the Best Car Insurance for Elders Over 60 Years of Age
1. Auto-Owners
- Annual Average Premium: $1,775
- Year Founded: 1916
- Location: USA
Pros
- Their premium for senior drivers is below average
- They have low collision coverage rates
- Above-average claims processing score from CRASH Network.
Cons
- They have above-average rates for drivers with poor credit.
Description
The company has a reputation for providing quality service and fair rates to its customers. Auto-Owners is known for its excellent claims service, and it has an A+ rating from the Better Business Bureau.
If you’re considering Auto-Owners Insurance, it’s important to compare its rates and coverage options with those of other insurance companies to make sure you’re getting the best deal.
2. Nationwide
- Annual Average Premium: $1,397
- Year Founded: 1884
- Location: USA
Pros
- They have one of the lowest average annual rates for senior drivers
- There are very few consumer complaints
- Offers both usage-based insurance and pay-per-mile insurance.
Cons
- High rates for drivers with a DUI and drivers who caused an accident with injuries
- They do not offer rideshare insurance to their policyholders.
Description
Nationwide’s competitive rates for senior drivers are based on robust collision and comprehensive coverage, which puts them among the best when you discuss top car insurance providers for seniors.
It’s also one of the few companies that offers both usage-based and pay-per-mile coverage.
3. Travelers
- Annual Average Premium: $1,586
- Year Founded: 1853
- Location: USA
Pros
- Excellent competitive rates for senior drivers
- Accident forgiveness and forgiveness for minor violations
- Low number of customer complaints to state insurance departments.
Cons
- High rates for drivers with a DUI
- Their RideShare insurance program is only available in some states in the US.
Description
Travelers has excellent rates for senior drivers and is one of the cheapest insurance companies we have evaluated.
For that reason, we can say that it is a great option if you finance or lease a new vehicle and want to protect the investment.
4. American Family
- Annual Average Premium: $1,970
- Year Founded: 1927
- Location: USA
Pros
- Their premium rates for seniors are very low and very affordable
- Very low level of consumer complaints
- Wide range of coverage options, including gap insurance and vanishing deductible
Cons
- Their coverage is only available in 19 states in the United States of America.
Description
American Family Insurance is an insurance company that offers auto insurance to its customers in the United States.
This firm is known for its customer service, and it offers a variety of discounts and multiple bundling policies.
If you’re looking for an insurance company with a good reputation and competitive rates, American Family is worth considering.
5. Erie
- Annual Average Premium: $1,887
- Year Founded: 1795
- Location: USA
Pros
- They have an excellent reputation for customer service
- This insurance provides a wide range of coverage options
- There are various discounts available.
Cons
- Their coverage is limited to only 12 states
- Some policies may not be available in all states
Description
Erie offers a variety of auto insurance policies, including liability, comprehensive, and collision coverage.
The company also offers several additional coverages, such as roadside assistance, rental car reimbursement, accident forgiveness, and many more.
They have a program known as Your Choice Auto Repair. It is a unique feature that allows customers to choose their repair shop if they need repairs after an accident.
6. USAA
- Annual Average Premium: $1,551
- Year Founded: 1776
- Location: USA
Pros
- USAA has excellent customer service
- There are a variety of discounts available
- They offer some unique features, like roadside assistance and accident forgiveness.
Cons
- It is limited to those who are eligible for membership.
Description
USAA is a company that offers car insurance products to active military members, veterans, and their families.
The company has a strong reputation for customer service, and it offers several unique features, such as roadside assistance and accident forgiveness.
When it comes to car insurance for seniors over 60, USAA is a good option to consider because of its excellent customer service and the discounts it offers.
7. Westfield
- Annual Average Premium: $2,057
- Year Founded: 1960
- Location: USA
Pros
- They are financially buoyant
- Excellent customer service.
Cons
- There are a limited number of discounts available
- This insurance is not available to everyone.
Description
Westfield Insurance is another company that offers car insurance for seniors over 60. The company has a strong financial rating, which means it’s financially stable and able to pay out claims.
In terms of discounts, Westfield offers a few that may be of interest to seniors, such as a discount for having multiple policies with the company and a discount for completing a defensive driving course.
However, it’s worth noting that, compared to other top insurers, Westfield doesn’t have as many discounts available.
8. Progressive
- Annual Average Premium: $1,899
- Year Founded: 1937
- Location: USA
Pros
- They have a unique “Snapshot” program
- Solid reputation for customer service.
Cons
- It may not be the cheapest option in every state
- Has a slightly lower financial rating than some competitors.
Description
The company’s “Snapshot” program allows you to save money by sharing information about their driving habits, such as speed and mileage.
They also have discounts for bundling policies and for being a long-term customer. One potential downside of Progressive is that it may not be the cheapest option in every state.
9. GEICO
- Annual Average Premium: $1,457
- Year Founded: 1936
- Location: USA
Pros
- A variety of discounts are available
- Unique “DriveEasy” program
- Good financial rating
- 24/7 customer service.
Cons
- May not offer as much personalized service as a local company
- Some customers have reported issues with claims processing
Description
GEICO is a well-known car insurance company that has several features that may be of interest to seniors.
It has a “DriveEasy” program that allows customers to save money by using a mobile app to track their driving habits.
Additionally, the company’s customer service is top-notch, and they are 24/7 active. When it comes to financial capability, GEICO is one of the top contenders.
However, it’s worth noting that GEICO doesn’t offer the same level of personalized service as some smaller, local insurance companies.
10. Allstate
- Annual Average Premium: $1,297
- Year Founded: 1931
- Location: USA
Pros
- Drivewise program for savings
- A variety of discounts are available
- Good financial rating.
Cons
- Customer service has received mixed reviews
- May not offer as many coverage options as some other companies.
Description
Allstate is another large car insurance company that offers several features that may be of interest to seniors.
It also offers a variety of discounts, including those for having a safe driving record and being a loyal customer.
However, it’s worth noting that Allstate’s customer service has received mixed reviews.
11. Hartford
- Annual Average Premium: $1,213
- Year Founded: 1635
- Location:
Pros
- They have a strong financial rating
- Their customer service is active 24/7
- It’s specifically designed for seniors.
Cons
- Rates may be higher than those of other insurance companies
- Some customers have reported issues with claims processing
Description
Hartford is a car insurance company that specifically caters to seniors. The company offers several features and benefits that may be of interest to seniors, such as accident forgiveness, new car replacement, and coverage for car rentals.
Hartford also has a strong financial rating, and it offers 24/7 customer service.
12. Farmers
- Annual Average Premium: $2,017
- Year Founded: 1928
- Location: USA
Pros
- They have a special program for their policyholders known as Driveology
- Good financial rating.
Cons
- It’s not the most affordable option
- May not offer as many coverage options as some other companies.
Description
Another car insurance company that offers coverage to seniors is Farmers. This insurance company has a good financial rating and offers a variety of discounts.
In addition, Farmers has a program called “Driveology” that provides online tools and resources to help seniors improve their driving skills and stay safe on the road.
13. State Farm
- Annual Average Premium: $2,052
- Year Founded: 1922
- Location: USA
Pros
- An excellent financial rating
- A variety of discounts are available.
Cons
- They don’t have a top-notch customer service
- May not offer as many coverage options as some other companies.
Description
State Farm is a well-known insurance company that offers a variety of products, including car insurance for seniors.
It has a good financial rating and offers several discounts, including those for seniors and good drivers.
The company also has a program called “Drive Safe & Save,” which uses a mobile app to track driving habits and provide discounts based on safe driving.
14. Amica
- Annual Average Premium: $1,824
- Year Founded: 1907
- Location: USA
Pros
- Amica has excellent customer service
- There are a variety of features and benefits
- A variety of discounts are available.
Cons
- Rates may be higher than some other companies
- May not be the best option for those looking for the lowest possible rates
Description
Amica is known for its excellent customer service, and it has several features that may be of interest to seniors, including roadside assistance, rental car reimbursement, and accident forgiveness.
It also offers a variety of discounts, including those for good drivers and seniors. However, one potential downside of Amica is that its rates may be on the higher side.
15. NJM
- Annual Average Premium: $1,132
- Year Founded: 1913
- Location: USA
Pros
- They have an easy-to-use online platform
- 24/7 customer service.
Cons
- Limited availability
- Not as well-known as some other insurance companies
- May not have as many features and benefits as some other companies.
Description
NJM is a relatively new insurance company that specializes in car insurance for seniors. It’s known for its competitive rates and easy-to-use online platform.
NJM also offers 24/7 customer service and a variety of features, including roadside assistance, rental car reimbursement, and accident forgiveness.
However, NJM is only available in a few states and may not have the same name recognition as some of the larger insurance companies.
Tip to Get the Best Car Insurance Rates for Seniors
- Take a driving class
- Protect your car
- Choose a car that’s inexpensive to insure
- Get credit for driving less
- Raise your deductible
- Consider bundling your insurance policies.
Take A Driving Class
Seniors who take a driving course stand a good chance of earning a car insurance discount on their auto policy.
These classes are usually cheap and cover a lot of ground, such as teaching you how aging and medications affect your driving, how to accommodate those changes safely, how to navigate common but challenging driving situations, and many more.
Protect Your Car
When you install some modern devices in your car, it doesn’t only help you avoid theft and losses; it also helps reduce the amount of premium you pay by granting you discounts.
Some of these devices that could save you money include alarms, disabling devices (which don’t allow the car to start if someone tries to steal it), and vehicle tracking systems such as OnStar.
A lot of insurance companies also offer discounts for etching the vehicle identification number onto a car’s windshield.
Choose a Car That’s Inexpensive to Insure
Normally, car insurance rates largely vary depending on the type of car you drive. You have to first check out the quotes for the type and model of the car you want to buy before buying it.
The cheapest cars to insure usually don’t cost a lot to repair and replace and are built to protect drivers and passengers in case of crashes.
Get Credit for Driving Less
Did you just retire? or do you drive less? Let your insurer know. You will see that your premium rate will go down if you no longer commute to a job every day and log fewer miles.
If you don’t drive that frequently, you might have to consider pay-per-mile insurance, which bases premiums in part on how many miles you drive.
Raise Your Deductible
This is the amount of money you have to pay first before your insurer will start to pay for your claims.
Let’s say for instance, if car repairs cost $10,000 and your deductible is $2,000, the insurer will pay $8,000.
Consider raising your deductible if you can afford to pay more out-of-pocket in the event of a claim, this will help reduce the amount of premium you get to pay.
7. Consider Bundling Your Insurance Policies
Insurance providers often give discounts for buying multiple policies from the same insurer. A typical bundle combines your auto and other types of insurance, but some insurers also offer price breaks for bundling a car policy with boat, RV, motorcycle, renters, or life insurance.
FAQs on Car Insurance for Seniors over 60
How do age and driving history affect my car insurance rates?
Age and driving history can both affect your car insurance rates in the sense that the older you get, your rates may go up, but they can also go down if you have a good driving record.
What kind of car insurance discounts are available to seniors?
Some car insurance discounts for seniors include multi-policy discounts, safe driver discounts, good student discounts, etc.
Do I need special coverage for my car if I'm a senior?
Seniors don't need any special coverage that's different from what other drivers need. However, you may want to consider getting additional coverage to protect your assets if you're in an accident.
What if I have a health condition that affects my driving?
What if I have a DUI on my record?
If you have a DUI on your record, you may have a harder time finding affordable car insurance. This is because most companies will charge you higher rates, and some may even deny you coverage altogether. However, some companies specialize in providing insurance for drivers with DUIs, and you may be able to get a policy with them.
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Conclusion
Car insurance for seniors over 60 can be more expensive than it is for younger drivers. However, there are still ways to get affordable coverage.
Make sure to shop around and compare rates, and take advantage of any discounts that you’re eligible for.
If you have a health condition that affects your driving, talk to your doctor and insurance agent about your options.
And if you have a DUI on your record, there are still some companies that can provide you with coverage. With a little bit of research, you can find the right policy to fit your needs.