Fantastic savings for folks over 50, older families, and seniors on a fixed income.
Every day 10,000 Americans reach that magic retirement age of 65, according to the U.S. Census Bureau. In your 50s, you’re getting some of the best rates available. In your 60s and 70s, as you put more candles on your birthday cake, you’ll notice your car insurance rates creep over the hill.
The good news is that there are discounts and plans designed just for older drivers. So, you can use the extra cash to take a cruise, pursue a hobby, or spoil the grandkids.
Back in the day, there was so much hassle in comparing quotes and finding the best price. But now you can do it quickly and easily at Insurify.
Best Car Insurance Companies for Seniors
Top Choice Overall: The Hartford AARP Auto Insurance Program
The Hartford built this plan just for seniors, and that’s why it gets our Top Choice. You must be age 50 or older and an AARP member to qualify. Once you get started, the best part is you’re guaranteed renewal if you have a valid driver’s license and pay your premium.
It has a 4.8 out of 5 claims experience rating and a 24/7 hotline. The Hartford takes customer service benefits to the next level with RecoverCare. It gives up to $2,500 of pay for transportation, cooking, cleaning, and other help when you’re injured in an accident. Optional coverages include First Accident Forgiveness and Disappearing Deductible, which cause your collision deductible to be $0 when you have a clean driving record and renew yearly.
And you won’t have to pay extra for Towing and Labor or New Car Replacement coverages. Plus, your rate won’t jump because of 12-Month Rate Protection. As an AARP member, you’ll multiply the savings with discounts at restaurants, hotels, and other businesses.
Top Choice for Guaranteed Policy Renewal: GEICO
GEICO offers a unique program called the Prime Time contract to drivers age 50 and older. The contract guarantees you’ll be able to renew your auto insurance policy. How do you qualify? You must:
- Have no drivers under the age of 25
- Have no accidents or violations in the past three years
- Not use your vehicle for business
The Prime Time contract is available in the following states: Alabama, Alaska, Arizona, Arkansas, Colorado, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Minnesota, Mississippi, Missouri, Nebraska, New Mexico, North Dakota, Ohio, Oregon, South Carolina, Tennessee, Utah, Virginia, Washington, West Virginia, and Wisconsin.
On top of a guaranteed policy, GEICO is famous for 15 minutes that could save your pocketbook a pretty penny. Discounts for defensive driving, five-year good driving, retired government and military personnel, multi-car, and your place of employment can all get you closer to 15 percent or more savings. Its overall customer satisfaction rating was neck and neck with the competition with a 3 out of 5 from J.D. Power & Associates.
Top Choice for Veterans: USAA
USAA gives seniors some of the most aggressive rates in the industry. To qualify for a plan, you must either be a veteran or a veteran’s spouse. Widows, widowers, and un-remarried former spouses of USAA members may also sign up.
The company has superior customer service and a better than most 4 out of 5 overall customer satisfaction rating with J. D. Power & Associates. You’ll also receive discounts on car rental and purchases, travel, and shopping. USAA lets you bundle your home, health, and life insurance alongside options for banking and investing.
Top Choice for Occasional Drivers: Metromile
If you live in Arizona, California, Illinois, New Jersey, Oregon, Pennsylvania, Virginia, or Washington, Metromile is an excellent option if you drive fewer than 10,000 miles per year. It’s a pay per usage policy that can save you a lot if you rarely drive. Metromile provides a device that plugs in and measures your mileage to make it all simple. The company focuses on superior customer service and has an A+ rating with the Better Business Bureau.
Top Choice for Luxury Vehicle Drivers: Chubb
After years of work, you’ve bought the car of your dreams. Unlike other insurance companies, Chubb Masterpiece Auto Coverage lets you determine the value of your vehicle, so you pick the right amount. Another unique feature is the ability to drive your classic car without mileage limitations.
Regardless of whether your car is classic or not, you’ll have it restored with original equipment manufacturer (OEM) parts, and you’ll have up to $15,000 in rental insurance coverage to choose a vehicle that fits your lifestyle. Add in Chubb’s velvet glove customer service, and you might understand why 97 percent of its customers are highly satisfied with their experience.
Top Choice for Age-Disqualified Drivers: Dairyland
Some insurance companies will not insure drivers beyond a certain age. If you have an accident or violation that disqualifies you from a standard insurance policy, then Dairyland may be worth a look. The company has rates and payment options that you can customize to fit your budget. Dairyland is ready to help seniors in a tight spot, and it has a 4.5 out of 5 customer service rating.
Cheapest Car Insurance Quotes for Seniors
Mature drivers can often get surprisingly low rates because they qualify for exclusive discounts based on their age, and they no longer commute. Less driving usually means less need for coverage and lower insurance premiums. Check out these rates for senior drivers.
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Best Auto Insurance Discounts for Seniors
Insurers may have different names for these discounts, but here are eight that should be on your radar:
- Age and Retirement discount: A perfect example is the AARP program that’s only available to those over age 50. Let your insurer know when you retire and see if you qualify for added savings.
- New Driver discount: You qualify for this when you switch to a new company.
- Good Driver discount: You can get this discount when you’ve been in an accident or violation free for the past three years.
- Low Mileage discount: If you rarely drive, you may qualify for a special rate. Some companies might give a special discount if you drive under a set amount, such as 7,500 miles per year.
- Monitoring Device discount: Several insurance companies offer a simple device you can plug into your car to give you savings for safety and how little you drive.
- Multi-Policy discount: If you also insure your home, renters, R.V., boat, or even your golf-cart, you can qualify for added savings.
- Multi-Vehicle discount: If you and your spouse or other family member have more than one car, you can get this price break. It’s often cheaper to share one policy than to have two vehicles on separate plans.
- Paid-in-Full discount: If you don’t want to worry about the hassle of monthly payments, you can pay it off in full and save money while you’re at it.
Seniors vs. Others: Who Pays More?
The National Association of Insurance Commissioners (NAIC) says seniors are often eligible for discounts and don’t see their rates rise to after age 70. Once they reach that milestone, the likelihood of serious accidents escalates.
Seniors drive less often than the public and generally have better credit scores. Even with a violation or accident, a mature driver with an excellent credit score might receive a lower auto insurance rate than a driver with a better driving history and lower credit score.
Insurers love seniors because they have decades of experience behind the wheel, excellent credit ratings, and are loyal to carriers with good customer service.
Compare that to how much younger drivers are paying:
Car Insurance Tips for Seniors
- If you no longer make the commute or drive an older car, then you might talk to your insurer about dropping collision and comprehensive coverage.
- Choose the highest deductible you can afford to lower your overall car insurance premiums, and if you have a fixed income, factor that in before your choice.
- Is a family member your primary driver? See if you would save money by making your relative the primary on the plan.
- Tell your insurance company if you have retired or no longer commute. A quick conversation could save you cash.
- Think about a defensive driving course to qualify for discounts as you age.
- If you live in a neighborhood with high traffic or crime rates and think your car could be stolen or damaged. You should consider keeping your comprehensive and collision coverage.
- Auto insurance companies rate you based on your location. You can buy an anti-theft or tracking device to protect your vehicle and get discounts.
- You may bundle in your home, RV, boat, or other policies to unlock some of the most significant discounts available.
Buying a Car as a Retired Driver
- Most used cars have airbags and antilock brakes, but you also save for advanced safety features like passive restraints on newer vehicles.
- Consider the comprehensive and collision coverage 10 percent rule of thumb. If the yearly premium costs over 10 percent of the value of the car, then you might think about buying liability only. For example, paying more than $500 a year in extra premium to protect a $5,000 car may not be worth it. If you could easily replace the vehicle, then pocket the cash.
Retired Driver Car Insurance FAQs
When should I or my loved one stop driving?
There's no government-regulated age limit, but most states will require you to renew your license every four or five years once you reach age 65. You should think about handing over your keys if you've had multiple car accidents or tickets in the last two years; your sight, hearing, or another physical impairment makes it difficult to drive; you miss stops, traffic signals, or signs; or you get lost driving to familiar places. You may use paratransit, public transportation, community services for senior citizens, or ride-share to get around.
What car insurance discounts do I qualify for as a senior?
Seniors may get savings for being a safe driver, low-mileage discounts, or memberships to an organization such as AARP. Our list under the best auto discounts gives even more ways to save.
What car insurance company offers the best rate for seniors?
Every insurance company rates seniors a little differently. It might surprise you that the discounts one company offers over another. The best way to find the cheapest senior car insurance is to compare quotes from the insurance providers available in your area. Find a car insurance quote comparison tool like Insurify to compare up to 10+ real quotes for your driver profile and unlock savings and car insurance discounts. Rates can vary based on your driving history and personal profile, but you should be able to find a competitive price. Insurify provides the cheapest car insurance quotes and companies in your area in just a few minutes.
Conclusion: The best way to save on car insurance
Seniors have worked their entire life and definitely deserve a deal on car insurance. Sometimes when you’ve been around the block a few times, you resist change.
But it never hurts to check out your options and review your coverage, even if you end up with a better plan at your current company or insurance agent. Insurify makes it quick and easy to compare quotes, so you still have time for a matinee or getting a booth at the early bird special.
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