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With rising auto insurance rates (the average annual spending for car insurance increased to $1,070.47 in 2019), you might be wondering what you can do to lower your premiums and save on auto insurance.1 If you’re a senior, you can take advantage of insurance providers that offer affordable rates, accident forgiveness, and incentives for taking defensive driving courses or installing anti-theft equipment to save on premiums.
These discounts can add up in the long run, saving you as much as 40 percent on your monthly premiums. We’ve come up with a list of some of the best cheap car insurance providers for seniors that offer affordable rates, bundling options, and plenty of discounts to lower your premiums.
Overall, State Farm has excellent customer service and is a great choice for seniors, thanks to the numerous discounts and savings from bundling insurance. Keep in mind that discounts and savings may vary depending on the state you reside in and the vehicle you’re driving. For the most part, State Farm offers several savings and discounts for auto insurance, including perks for loyal customers and anti-theft and passive restraint discounts. If you’re looking for an auto insurance provider with vast coverage and ample savings, you might want to consider State Farm.
Did You Know: For all things insurance, don’t forget to check out our latest guide to insurance for seniors!
Nationwide is a reliable car insurance provider for seniors, whether you’re looking to insure a new or classic car, RV, or even a boat. When you bundle your home and auto insurance policy, you can save up to $646 a year, according to the company. There are other discounts available, such as a state-approved defensive driving course for adults over 55, and anti-theft discounts. Although their pay-per-mile insurance program is not available in some states, we still think Nationwide offers robust savings and discounts — regardless of your age, driving history, and coverage needs.
Travelers provide cheap car insurance for seniors with higher coverages. Adding umbrella insurance coverage can provide peace of mind for seniors and additional personal liability protection in the event of an unexpected situation. Another thing to remember: not all discounts or coverage options are available in every state, so contact a local agent to learn more.
Since 1928, Farmers Insurance has been a trusted name in the insurance industry. When it comes to cheap auto insurance, Farmers may not be at the very top of the list. However, they help keep premiums from rising after an accident. Although Farmers doesn’t offer a senior-specific discount, you may be eligible for multi-policy, safe driver, and other discounts.
In addition to bundling incentives and a variety of coverages for different types of vehicles, Progressive offers other insurance options, including life, umbrella, and travel insurance. We’re also fans of their Name Your Price Tool, an exclusive savings tool that helps you find the best and cheapest car insurance rates based on how much you’re able to pay.
Filing car insurance claims can be a headache, but it doesn’t have to be. The Hartford from AARP offers a fast and efficient claims process for seniors. Plus, you’ll receive exclusive discounts, benefits, and add-on coverage designed for your needs. While the perks are great, just know that you’ll need to pay for an annual AARP membership to sign up. Memberships cost $16 per year, and you’ll gain access to hundreds of discounts and benefits across several categories like travel, insurance, health care, and more.
All of the providers had to meet certain criteria in order to make our list.
Typically, older adults ages 65 or higher tend to pay more for auto insurance due to driver risk, the state you reside in, certain health conditions that may put you at risk on the road, or vision and hearing loss impairments. The exact time when rates will increase varies from person to person and provider to provider. According to Progressive, car insurance premiums tend to increase starting at age 75, with an average increase of $101 per year, or 4 percent more than previous years.3 We recommend taking advantage of defensive driving discounts or usage-based insurance to lower your auto insurance costs.
Here are a few of our top tips for getting the best deal on your car insurance:
As we’ve mentioned, you can take advantage of discounts as you shop for cheap car insurance. Even if a company doesn’t offer senior-specific discounts, there are likely still discounts you’ll be eligible for. Below is a list of some of these discounts from our top providers.
Since graduating from Harvard with an honors degree in Statistics, Jeff has been creating content in print, online, and on television. Much of his work has been dedicated to informing seniors on how to live better lives. As Editor-in-Chief of the personal… Learn More About Jeff Hoyt
Insurance Information Institute. (2022). Facts + Statistics: Auto insurance.
Progressive. (2022). Progressive Reports January 2022 Results.
Progressive. (2022). At what age does car insurance go down?