Age is one of the biggest factors that affects your car insurance premiums. Drivers between the ages of 35 and 40 are around half as likely to be involved in a fatal crash as teen drivers. 40-year-old drivers are typically viewed as less risky by car insurance companies, so the companies charge lower premiums for these drivers, on average. The average cost of full coverage car insurance for 40-year-old drivers is $1,674 per year.
If you are a 40-year-old driver looking for the best cheap car insurance, you might be overwhelmed by the options. Bankrate’s insurance editorial team seeks to make the process easier by compiling the top five auto insurance picks for your money.
Cheapest car insurance for 40-year-old drivers
Erie offers the cheapest full coverage insurance for 40-year-old drivers, based on our research. USAA, Auto-Owners, Geico and State Farm also made our list for offering cheap average rates to 40-year-olds.
We began our research by choosing the most popular carriers by market share and broke them down based on average annual premium for full coverage insurance, using the latest premium data from Quadrant Information Services. On top of these low rates, these companies offer diverse discounts that could apply to you.
| Car insurance company | Average annual premium for full coverage |
|---|---|
| Erie | $1,233 |
| USAA | $1,255 |
| Auto-Owners | $1,351 |
| Geico | $1,405 |
| State Farm | $1,457 |
Erie
Full coverage car insurance with Erie averages $1,233 per year but comes with plenty of added perks. Erie generally offers pet coverage that pays for up to $500 of vet expenses per pet injured in a covered accident, physical damage coverage for belongings in the vehicle, roadside assistance, locksmith coverage up to $75 per incident and deductible-free auto glass replacement or repair.
Learn more: Erie Insurance review
USAA
USAA’s average annual insurance rate for 40-year-old drivers is the second lowest-cost on the list. However, USAA car insurance requires membership, exclusive to veterans, active-duty and retired military personnel and their eligible family members. If you can qualify for membership, coverage options include accident forgiveness and rideshare insurance.
Learn more: USAA Insurance review
Auto-Owners
Auto Owners provides full coverage for 40-year-old drivers for $1,351 per year on average. Auto Owners offers gap and diminished value coverages that could help protect you financially if there are any differences in the car’s market value and its cash value. For the most robust coverage, you may want to consider the Personal Automobile Plus package. It includes 10 coverages including smartphone replacement and vehicle re-keying.
Learn more: Auto-Owners Insurance review
Geico
Geico provides affordable rates for full coverage car insurance. One of the most unique options from Geico is mechanical breakdown insurance, which generally can be purchased for leased or new vehicles less than 15 months old and with less than 15,000 miles. Once you add the coverage, car repairs are included for most everything except wear and tear with a $250 deductible.
Learn more: Geico Insurance review
State Farm
State Farm’s car insurance for 40-year-old drivers is available online or through the carrier’s network of 19,000 local agents. State Farm is the largest car insurance company by market share in the country. With State Farm, you can bundle other coverages such as homeowners and life insurance, as well as get access to financial products and investor services for maximum savings and convenience.
Learn more: State Farm Insurance review
Cost of car insurance 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. Based on our research, Maine, Vermont and Idaho are the cheapest states for 40-year-old drivers. Louisiana, Florida and Michigan are the most expensive states.
| State | Average annual premium for full coverage |
|---|---|
| Alabama | $1,623 |
| Alaska | $1,559 |
| Arizona | $1,547 |
| Arkansas | $1,914 |
| California | $2,065 |
| Colorado | $2,016 |
| Connecticut | $1,845 |
| Delaware | $1,775 |
| District of Columbia | $1,855 |
| Florida | $2,364 |
| Georgia | $1,982 |
| Hawaii | $1,127 |
| Idaho | $1,045 |
| Illinois | $1,485 |
| Indiana | $1,254 |
| Iowa | $1,260 |
| Kansas | $1,698 |
| Kentucky | $2,128 |
| Louisiana | $2,724 |
| Maine | $965 |
| Maryland | $1,877 |
| Massachusetts | $1,223 |
| Michigan | $2,309 |
| Minnesota | $1,643 |
| Mississippi | $1,782 |
| Missouri | $1,661 |
| Montana | $1,737 |
| Nebraska | $1,531 |
| Nevada | $2,245 |
| New Hampshire | $1,275 |
| New Jersey | $1,757 |
| New Mexico | $1,419 |
| New York | $2,321 |
| North Carolina | $1,325 |
| North Dakota | $1,264 |
| Ohio | $1,034 |
| Oklahoma | $1,873 |
| Oregon | $1,346 |
| Pennsylvania | $1,476 |
| Rhode Island | $2,018 |
| South Carolina | $1,512 |
| South Dakota | $1,642 |
| Tennessee | $1,338 |
| Texas | $1,823 |
| Utah | $1,306 |
| Vermont | $1,207 |
| Virginia | $1,304 |
| Washington | $1,176 |
| West Virginia | $1,499 |
| Wisconsin | $1,186 |
| Wyoming | $1,495 |
Car insurance rates by gender
Male drivers are more likely to be involved in a serious car accident than female drivers. Even so, male and female drivers pay around the same amount for full coverage car insurance. Keep in mind that some states do not factor in gender. In California, Hawaii, Massachusetts, Michigan, Montana, North Carolina and Pennsylvania, your gender will not affect your premium.
| Average annual full coverage premium for 40-year-old male | Average annual full coverage premium for 40-year-old female | % difference |
|---|---|---|
| $1,648 | $1,701 | 3.2% |
How 40-year-old drivers can save on car insurance
Besides choosing the most affordable car insurance company, there are other ways 40-year-old drivers can save on vehicle coverage:
- Bundle car, homeowners or renters insurance.
- Choose a carrier that offers accident forgiveness to help prevent your premiums from increasing after an accident claim.
- Sign up for a carrier’s telematics program that tracks and rewards you with a premium reduction if you drive safely.
- Review your rates by getting several car insurance quotes to compare rates.
- Increase your comprehensive and collision deductibles, if your budget allows you to pay more in the event of an at-fault loss.
Frequently asked questions
What car insurance discounts are available for 40-year-old drivers?
The best discounts for 40-year-old-drivers will vary based on individual circumstances. If you recently purchased a car with safety features such as anti-lock brakes or side airbags, you may qualify for a safe car discount. If you sign up for a telematics program that monitors your driving in real time, you may be rewarded for safe practices in real time.
What is the cheapest car insurance for 40-year-olds?
Bankrate’s findings of cheapest car insurance for 40-year-olds narrows the list of carriers down to Erie, USAA, Auto-Owners, Geico and State Farm. Your car insurance premium may be influenced by several factors including gender, driving history and credit score. To find the cheapest car insurance for you, you may want to search for discounts that apply to you and compare quotes from multiple providers.
What does full car insurance include?
Full car insurance builds on basic liability coverage by adding comprehension and collision coverage. Comprehensive insurance protects your vehicle against theft, fire, bad weather, vandalism and striking an animal. Collision insurance covers your car if it is damaged or totaled in a crash.
How much car insurance is recommended for a 40-year-old driver?
How much car insurance you need will vary based on your circumstances. As a first step, you may want to check your state’s minimum insurance requirements. However, most insurance experts recommend purchasing higher liability limits to provide greater financial protection. If you have a loan or lease, you will likely be required to carry full coverage.
Methodology
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 20-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverages that meet each state’s requirements. Our base profile drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles annually.
Age: Rates were calculated by evaluating our base profile with the ages 18-60 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner.
Gender: The following states do not use gender as a determining factor in calculating premiums: California, Hawaii, Massachusetts, Michigan, Montana, North Carolina, Pennsylvania.
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