Car insurance rates often rise around age 70 due to age-related factors like declining eyesight that can affect driving abilities. To choose the best car insurance for seniors, you will need to consider several factors and compare rates.
However, not all insurance companies weigh age the same way when determining rates, so comparing different providers can help you save on senior car insurance. Notably, Hawaii and Massachusetts prohibit using age as a factor in car insurance rates. Here is our top pick for the best car insurance for seniors.
As you age, car insurance rates may rise, but there are still plenty of ways to save. Here are some of the best car insurance rates for seniors.
NJM: Best Overall Car Insurance for Seniors
NJM according to Nerdwallet earned 5 star rating out of 5 for overall performance. It is among the best car insurance for 2024 for seniors. However, it is only available in 5 states. Why it is among our top picks is because they offer great discounts and very high customer satisfaction. Also, Policyholders may receive dividends.
It is the best choice for seniors looking for an all-around insurance company. In some areas, NJM provides a mature driver discount for seniors who take a certified driving course.
But, NJM car insurance is only available in five states: New Jersey, Ohio, Maryland, Connecticut, and Pennsylvania.
Pros
- High customer satisfaction rate.
- Complaints are very low.
- New Jersey Policyholders may receive dividends.
Cons
- No mobile app for managing your policy from your phone.
- Not available in many states.
Country Financial: Best car insurance for seniors: fewest complaints
Country Financial has the lowest complaint rate from customers, which makes it a suitable option for seniors. The low rate of complaints indicates that its insurance policy is highly satisfactory. The company provides full insurance products for both city and rural dwellers in 19 states in the United States.
Aside from home insurance, car insurance, life insurance, and other insurance policies, Country Financial company provides retirement and college savings plans.
Pros
- Offers rideshare insurance in Oregon.
- Fewer customer complaints about car insurance.
Cons
- Not available in all states.
State Farm: Best Car Insurance for Seniors ease of use
State Farm scores the highest for ease of use out of many companies. They have an easy-to-navigate website that is suitable for filing claims stressless and easily. Seniors can file for claims without going through hard processes. State Farm is also rated as the highest app store rating for iOS and Android devices.
Also, State Farm provides numerous discounts and bonuses including travel expense coverage making it a good choice for senior drivers.
Pros
- Many discount offers.
- Great rental car and travel expenses coverage.
- High customer satisfaction rating for buying car insurance.
Cons
- Does not offer gap insurance.
Amica: Robust Insurance Products and Policy
Amica offers excellent customer service and a vast coverage option. First, Amica is a great choice for seniors who ae looking for quality customer service. The insurance company earned the top spot on J.D. Power’s 2023 Auto Claims Satisfaction Study and provides a strong option for drivers who want to build their car insurance policy. They also offer extras such as free lock replacement when you lose your car key, gap insurance, roadside assistance, and rental car reimbursement.
Pros
- Excellent customer service.
- Robust insurance policy.
- Perks and extras.
Nationwide: The Cheapest Car Insurance Policy for Seniors
Nationwide offers budget-friendly insurance rates for seniors. They also have low complaint rate and other bonuses and add-on coverage features such as accident forgiveness, vanishing deductible, and new car replacement which can help you save money on your insurance.
Pros
- Offers lowest car insurance costs for senior drivers of ages 65 to 80 years.
- The SmartMiles program is a good fit for seniors who drive less.
- Non-owner insurance is available.
Cons
- Rates for drivers with DUI are higher compared to top competitors.
How Much is Car Insurance for Seniors?
The average cost of car insurance for seniors cost $2,150 annually fir drivers withing the age range of 65 to 80. This Is just an estimated cost because senior car insurance cost varies among insurance companies. We have different companies that offers both cheap car insurance for seniors and expensive insurance for seniors. The cheapest insurance company for seniors is Nationwide, costing an average of $1,402 according to Forbes.com.
Read Also: Car Insurance for Smart Cars
How to Get the Best Car Insurance Rates for Seniors
Just because rates might go up as you age doesn’t mean you can’t save. Here are some tips for seniors to lower their car insurance costs:
Take a Driving Class
Seniors can often get a discount by completing a defensive driving course. Many of these classes are available online through organizations like AAA, AARP, and The National Safety Council. Check with your state insurance department to see which ones qualify for a discount. These courses are affordable and cover topics like how aging and medications affect driving and how to handle tricky driving situations safely.
Choose an Affordable Car to Insure
Insurance rates vary based on the car you drive. When shopping for a new car, get insurance quotes for the models you’re considering. The cheapest cars to insure are usually inexpensive to repair or replace and have good safety features. Look for discounts on cars with anti-lock brakes and airbags.
Protect Your Car
Anti-theft devices can reduce your insurance costs. Alarms, disabling devices, and vehicle tracking systems like OnStar can earn you discounts. You can also get discounts for etching the vehicle identification number onto the windshield.
Get Credit for Driving Less
If you’re driving less after retirement, inform your insurer. Your premium may decrease if you no longer commute daily. Consider pay-per-mile insurance, which bases premiums on your mileage. This typically involves using a device or app to track your driving.
Raise Your Deductible
Increasing your deductible can lower your premium. The deductible is the amount subtracted from a claim payout. For example, with a $1,000 deductible on a $6,000 repair, the insurer pays $5,000. Choose a higher deductible if you can afford to pay more out-of-pocket for repairs.
Drop Unnecessary Coverage
Review your policy to see if you can drop certain coverages. If you drive less, you might not need rental car coverage. If you owe little or nothing on your car loan, gap insurance isn’t necessary. For older cars, consider dropping collision and comprehensive insurance if the combined cost of your policy and deductible exceeds the car’s value.
Consider Bundling Policies
Bundling multiple policies with the same insurer can save you money. Common bundles include auto and home insurance, but some insurers offer discounts for combining car insurance with boat, RV, motorcycle, renters, or life insurance.
Shop Around for Coverage
Insurance rates can increase over time, so it’s wise to compare quotes annually. Rates vary by company, state, and neighbourhood; if you’ve moved to a new area, the company with the lowest rates before might not be the cheapest option anymore.
Frequently Asked Question
Companies that offer Affordable Car Insurance for Seniors?
Our research indicates that Geico, Auto-Owners, State Farm, USAA, and Erie may offer the most affordable car insurance options.
Which Companies offer the Cheapest Insurance coverage for seniors?
The cheapest insurance company for seniors is Nationwide, costing an average of $1,402, according to Forbes.com.
Does Auto Insurance go down when you retire?
No, auto insurance does not go down when you retire. Car insurance costs are likely to increase between the ages of 65 and continue to rise as you increase in age.
