Your car insurance premiums will be affected by your age. Drivers between the ages of 35 and 40 are around half as likely to be involved in a fatal crash as teen drivers. Car insurance companies tend to view 40-year old drivers as less risky, which means that they charge lower premiums. For 40-year-old drivers, the average annual cost for full coverage car insurance is $1,674
You might feel overwhelmed by all the choices if you’re a 40-year old driver searching for cheap car insurance. Bankrate’s editorial team has compiled the best five auto insurance options for you money.
Car insurance for drivers aged 40 years old is the cheapest
Based on our research, Erie is the best full coverage insurance company for 40-year old drivers. Our list also included Auto-Owners USAA, Geico, State Farm, and Geico, which offer low average rates for 40-year-olds.
Our research began by selecting the most well-known carriers based on market share. We then broke them down by average annual premiums for full coverage insurance using the latest premium data from Quadrant Info Services. These companies may offer discounts to you in addition to their low rates.
Erie
Erie offers full coverage car insurance for an average of $1,233 per the year. However, there are many perks. Erie offers pet coverage which covers up to $500 in vet bills for any pet that is injured in an accident. It also provides coverage for personal property, such as roadside assistance and locksmith coverage.
USAA
The average annual insurance rate of USAA for drivers aged 40 years old is the second-lowest on the list. USAA car insurance is only available to eligible veterans, active-duty, and retired military personnel, and their families. You can be eligible for membership if you are eligible.
Auto-Owners
Auto Owners offers full coverage for drivers aged 40 and over for an average of $1,351 annually. Auto Owners provides gap and diminished value coverages to help you financially in case of a difference between the car’s cash value and its market value. The Personal Automobile Plus package offers the best coverage. This package includes 10 coverages, including vehicle re-keying and smartphone replacement.
Geico
Geico offers affordable rates on full-coverage car insurance. Mechanical breakdown insurance is one of Geico’s most exclusive options. It can be purchased for new or leased vehicles with less than 15,000 mile and less than 15 months old. Once you add the coverage, car repairs are included for most everything except wear and tear with a $250 deductible.
State Farm
State Farm offers car insurance for drivers aged 40 years old online and through its 19,000 agents in the local area. State Farm holds the highest market share of any car insurance company in the country. State Farm allows you to bundle additional coverages, such as homeowners or life insurance. You also have access to financial products, investor services, and other financial products for maximum savings.
Car insurance costs for a 40 year-old
When you take a closer look at the cost of full coverage car insurance for a 40-year-old driver, you will find that premiums may be more or less expensive than the average of $1,674 per year, depending on the state you live in. Our research shows that Idaho, Maine, and Vermont are the most affordable states for 40-year old drivers. The most expensive states are Louisiana, Florida, and Michigan.
Rates for car insurance based on gender
Male drivers are more likely to be involved in a serious car accident than female drivers. Female and male drivers still pay the same amount for full-coverage car insurance. Some states don’t consider gender. Your gender will not impact your premium in California, Hawaii and Massachusetts, Massachusetts, Michigan Montana, North Carolina, North Carolina, North Carolina, Pennsylvania, and North Carolina.
How drivers over 40 can save money on their car insurance
There are many ways that 40-year-old drivers can save money on their vehicle coverage, in addition to choosing the most affordable auto insurance company.
- Bundle homeowners, renters and car insurance.
- To help reduce your premiums after an accident, choose a carrier that offers accident forgiveness.
- Register for a telematics program with your carrier that tracks and rewards you for safe driving.
- Compare rates by getting multiple quotes on car insurance to review your rates.
- If your budget permits, increase your collision and comprehensive deductibles in the event that you are at fault.
Questions frequently asked
What car insurance discounts are offered to 40-year-old drivers
Based on your individual circumstances, the best discounts for 40 year-old drivers will differ. You may be eligible for a safe car discount if you have recently bought a car that has safety features like side airbags or anti-lock brakes. You may receive a reward for safe driving habits if you sign up to telematics programs that track your driving in real-time.
What is the best car insurance for 40-year olds?
Bankrate’s 40-year-olds found the cheapest car insurance. This narrows down the number of carriers to Erie and USAA, Geico, Auto-Owners and Geico. You may have several factors that influence your car insurance premium, such as gender, driving record and credit score. You can search for discount codes and compare prices from several providers to find the best car insurance.
What is full car insurance?
By adding collision and comprehension coverage to your basic liability coverage, full car insurance can be added to your basic coverage. Comprehensive insurance covers your vehicle against theft and fire, vandalism, bad weather, vandalism, and striking an animal. Collision insurance protects your vehicle in the event that it is totaled or damaged in an accident.
What amount of car insurance do you recommend for a 40 year-old driver?
Your individual circumstances will determine how much you need to insure your car. You may first want to verify your state’s minimum requirements for insurance. Insurance experts recommend that you purchase higher liability limits to give you greater financial protection. You will need to have full coverage if you have a loan, lease, or other financial obligation.