When it comes to car insurance costs, age is a major factor. Because they have more driving experience, older drivers are likely to pay less for coverage. According to Bankrate’s 2021 study on average annual premiums, the average cost of full-coverage car insurance for 60-year old drivers is $1,544 annually.
Drivers between ages 60 and 69 file fewer car insurance claims than any other driver age group, and as a result, their average premium remains low. Premiums start to rise after age 69.
Lowest price car insurance for 60-year old drivers
The Bankrate editorial team has compiled the list of top five insurance companies that 60-year-old drivers should consider. We evaluated a variety of factors, including financial strength, customer satisfaction, and the most recent premium data from Quadrant Information Services.
Bankrate’s research shows that years of driving experience pays off in the form lower premiums. Insurance companies offer better rates for older drivers. Out of the most popular carriers by market share, the cheapest car insurance for 60-year-old drivers on average are the following:
USAA’s annual average full coverage rate for older drivers, at $1,073 per annum, is the lowest among all five carriers. USAA car insurance does not offer coverage to military personnel or their families. There may be discounts for safe driving, defensive driving training, and the length of USAA membership. You could reduce your annual cost by taking advantage of the discounts you are eligible for.
Erie is an option for those older adults who aren’t eligible for USAA membership. The rates are comparable to USAA’s, at an average of $1,157 per a year for full coverage. Erie also offers additional services that you won’t find anywhere else, including roadside assistance and locksmith service (upto $75 per event). The main drawback to Erie is availability — the carrier only operates in 12 Midwestern and Northeastern states.
For full coverage insurance, Auto-Owner charges drivers over 60 years old at $1,276 annually. The carrier’s Personal Automobile Plus package takes the guesswork out of car insurance by bundling 10 of the most popular options into a package, such as vehicle re-keying, identity theft protection and smartphone insurance. Bundling your car insurance with Auto-Owners’ home insurance policy can reduce your premiums.
Geico offers the best discounts among all the insurance companies on this list. Geico can lower your premiums if you are a safe driver and have not had any accidents in the past five years. In addition, drivers over 50 are automatically signed up for Geico’s Prime Time contract that may guarantee car insurance renewal as long as you remain with Geico.
You could be eligible for discounts on your premiums by enrolling in State Farm’s Drive Safe and Save program through the mobile app. This discount is based on how you drive and how many miles you drive. State Farm’s website as well as its mobile app are accessible 24/7 to help you manage your insurance coverage. But if you’re not as comfortable handling your insurance needs digitally, State Farm has 19,000 local agents ready to help you with your insurance needs the traditional way.
Car insurance costs for 60-year-olds
The cost of car insurance is not determined solely by age. Another primary factor that affects the average cost of car insurance for 60-year-old drivers is location. Certain states have higher vehicle coverage costs than others. The cost of insurance depends on the amount of coverage you need.
Because they are no-fault states, Florida and Michigan are the most expensive for car insurance. No-fault states allow each driver to pay their own medical bills, regardless of fault. These states require drivers to purchase PIP insurance as well as liability insurance.
Rates for car insurance based on gender
The average cost of car insurance for 60-year-old female drivers is generally lower than a male driver of the same age, since female drivers tend to get into fewer accidents than males. Among drivers aged 61 to 65, male drivers accounted for 64% of crash fatalities, while female drivers accounted for only 36%, according to the National Highway Traffic Safety Administration.
However, not all states take into account gender when determining your insurance premium. Your gender will not impact your insurance premium in California, Hawaii and Massachusetts.
How 60-year old drivers can save money on their car insurance
Fixed income could be available for older drivers nearing (or approaching) retirement age. Saving money on car insurance can help you stretch your budget. Here are some ways that older drivers might lower their premiums:
- Loyalty: Your loyalty to your insurance provider may be eligible for a discount.
- Automated payments: Your provider may offer a discount if you sign up for autopay.
- Low-mileage: This benefit is for those who drive less often. Low-mileage discounts are offered by some companies to customers who drive less than a certain amount of miles each year. This is usually between 5,000 and 7,000.
- Bundling: Many providers offer bundles that allow you to save money if you have life, car and home insurance policies.
- Driver training course: You may want to enroll your teen driver in a course that teaches safe driving habits. Your insurer may offer discounts on your premium.
Questions frequently asked
What is a driver training program?
Most insurance companies have a list that approves online driving courses. These courses can be completed in approximately eight hours and can reduce your car insurance premiums by up to three years.
How much does car insurance cost for 60-year old drivers?
Average car insurance costs for 60-year old drivers is $1,544 annually for full coverage. Prices can vary depending on many factors, including gender, credit score and number of claims filed. Drivers who are at fault in a car accident typically see an increase in their premium.
What are the best car insurance companies for older drivers.
There will be a wide range of car insurance companies that offer the lowest rates for 60-year old drivers. You can compare rates and get quotes from all of our top picks for car insurance to find the best rate. You may qualify for competitive discounts for safe drivers, safe vehicles, your professional/alumni group or bundling policies.
Are car insurance premiums lower after 60?
Insurance premiums for car insurance depend on many factors, including driving record, credit score (in most States) and location. Drivers between the ages 60 and 69 typically enjoy the lowest insurance premiums. Insurance premiums can increase slightly in your 70s due to drivers aged 70-79 taking on slightly more risk.