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Car insurance for 50-year-olds
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When buying car insurance as a 50-year-old, the price you pay may vary widely based on factors like your driving record, claims history and vehicle type. Understanding how much the average 50-year-old pays for car insurance and how to save on coverage might help you get the best deal on your auto insurance policy.
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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
How much is car insurance for a 50-year-old
Car insurance rates typically decline as you age until you hit your 60s. The average annual cost of car insurance for a 50-year-old is $1,881 for full coverage and $589 for minimum coverage, according to Bankrate’s study of quoted annual premiums. Several factors may influence your rates including vehicle type, ZIP code (in most states), how many miles you drive and your coverage choices.
Age is also a factor in most states, as insurance companies typically see you as lower risk as you have more experience driving. Hawaii, Massachusetts, Michigan, and California do not allow insurance companies to use age as a factor when it comes to car insurance. It should be noted that insurers in Massachusetts are allowed to use years of experience in driving as a factor, so average car insurance rates in that state tend to still follow the same age spectrum as in states that do allow age as a factor.
Best car insurance companies for 50-year-olds
We found that the best car insurance companies for 50-year-olds include USAA, Geico, State Farm, Erie and The Hartford. This list comes from extensive research using quoted annual premiums sourced from Quadrant Information Services and third-party rankings like the J.D. Power 2022 Auto Claims Satisfaction Study.
Other factors considered include financial strength, coverage options, available discounts and mobile and online accessibility. These metrics are considered when calculating each carrier’s Bankrate Score. Based on a five-point scale, the Bankrate Score may help auto insurance shoppers quickly compare companies during their search. Based on our research, 50-year-olds looking for the best car insurance may want to get a quote from these companies:
| Car insurance company | Bankrate Score | Average annual full coverage premium for 50-year-olds | Average annual minimum coverage premium for 50-year-olds | J.D. Power customer satisfaction score |
|---|---|---|---|---|
| Geico | 4.4 | $1,277 | $356 | 874/1,000 |
| USAA* | 4.3 | $1,268 | $354 | 890/1,000 |
| State Farm | 4.2 | $1,439 | $457 | 882/1,000 |
| The Hartford | 3.9 | $1,920 | $524 | 869/1,000 |
| Erie | 3.8 | $1,291 | $465 | 893/1,000 |
*USAA not officially ranked by J.D. Power due to eligibility restrictions.
Geico stands out for its competitive premiums and number of discounts. Geico offers potential savings for policyholders with affiliate discounts, safe driver discounts and a new vehicle discount, among others. The company’s digital tools may be another plus for tech-savvy drivers, with options to manage your account either over the phone, online or through its highly-rated mobile app. One drawback to Geico is the lack of add-on coverage options available, but this may not matter to drivers who do not need a highly specialized policy.
For those who qualify, USAA offers some of the most affordable average car insurance rates for 50-year-olds. In addition to a perfect 5.0 Bankrate Score and high J.D. Power score, USAA offers 24/7 online and mobile access for claims and policy maintenance. The company gives policyholders a number of ways to save, including living on base, driving safely and driving low annual miles. However, USAA only extends coverage to current and former military members and their eligible relatives. The carrier does not offer as many endorsements as some other companies on our list, but it does extend optional roadside assistance coverage and rental car reimbursement coverage.
State Farm has one of the highest average full coverage premiums on our list, but policyholders may be able to save with discounts for safe driving, bundling and insuring multiple cars under the same policy. State Farm is somewhat limited when it comes to auto policy add-ons, but it does offer emergency roadside assistance, rideshare coverage and rental car reimbursement. State Farm holds the highest possible rating from AM Best for financial strength and came in above average in the J.D. Power claims study.
The Harford may be a good option for retired drivers. Although it may not be the cheapest auto insurance company on average, it provides excellent customer service which is reflected in its higher-than average scores in many regions in the 2023 J.D. Power U.S. Auto Insurance Study. The Hartford auto insurance is available in all 50 states and offers standard coverage as well unique coverage options like RecoverCare, which can help pay for services you may need after an accident, such as dog dog walking. Keep in mind that in order to qualify for The Hartford, you must be a member of the American Association of Retired People (AARP).
Erie is a regional insurer offering policies in just 12 states. If available in your region, the carrier offers fairly competitive rates and a strong rating from J.D. Power for claims satisfaction. Erie only utilizes local agents, which could be one reason why customer satisfaction ratings tend to be higher with this company. Erie offers many options for policy customization with add-ons for ridesharing, new car protection, pet coverage and more. Erie also offers Rate Lock, which may help keep your premium steady year over year.
Cheapest car insurance for 50-year-old drivers
With so many auto insurance providers to choose from, cost may be an important factor in helping you determine which company offers the best car insurance for your needs. Bankrate has identified the cheapest car insurance providers for 50-year-old drivers based on our analysis of rates provided by Quadrant Information Services. Keep in mind that your costs will vary based on personal factors such as vehicle make and model, ZIP code, driving history, and endorsements you may need.
According to our research, the following companies may be a good choice if you’re looking for the best cheap car insurance for 50-year-olds:
| Car insurance company | Average annual minimum coverage premium for 50-year-olds | Average annual full coverage premium for 50-year-olds | J.D. Power score |
|---|---|---|---|
| Secura | $248 | $1,011 | Not rated |
| Auto-Owners | $309 | $1,277 | 865/1,000 |
| USAA | $354 | $1,268 | 890/1,000 |
| Geico | $356 | $1,277 | 874/1,000 |
| Amica | $410 | $1,398 | 860/1,000 |
*Not officially ranked with J.D. Power due to eligibility restrictions
Based on our study, Bankrate determined that Secura and USAA offer some of the cheapest car insurance for 50-year-old drivers. Secura provides a combo home and auto policy with one premium and deductible for combined losses. Add-on package coverages include travel coverage, roadside assistance and pet injury coverage. However, Secura is only available in 13 states, does not have a mobile app and is not rated by J.D. Power.
USAA offers multiple coverage options and ways to save, which include its telematics program, SafePilot. USAA also has eligibility restrictions, but Auto-Owners and Geico offer average rates that aren’t much higher and are available more widely.
Although price is important for many drivers, you may want to consider other factors when searching for car insurance. For instance, if you have assets, you may want higher liability limits and optional coverage choices that better protect your finances. While online and mobile options may not be at the top of your list, having 24/7 access to roadside assistance may be. Considering what is most important to you personally before you begin to shop may help you better narrow down your search.
How 50-year-olds can save on car insurance
There may be ways to lower your insurance premium if the price you initially receive is not ideal for your budget. Some of these strategies include:
- Maintain a clean driving record: Avoiding tickets and at-fault accidents may help you save on car insurance by avoiding surcharges and allowing you to access more discounts and incentives like safe driving and accident forgiveness.
- Take advantage of discounts: Car insurance providers may offer several ways to save money on your car insurance premium, including discounts like safe driver, paid-in-full, and vehicle safety discounts. 50-year-old drivers may find affiliation discounts especially appealing, depending on their social or employment situation.
- Consider a telematics program: If you already practice safe driving habits, you may be able to earn more savings by taking part in a telematics program. These programs monitor your driving habits and may reward you for safe behaviors.
- Bundle multiple policies: Drivers may be able to save money when they bundle their car insurance with other policies, like home insurance. This may be a big savings opportunity for 50-year-old drivers with multiple products to insure.
- Insure multiple vehicles: If you own more than one vehicle, you may be able to save money by insuring them on the same policy. If you have children or a spouse, adding their vehicles to your policy may earn your family a multi-line discount.
- Consider mileage-based policies: If you have a shorter commute or work from home, you may save with a policy based on miles driven.
- Increase your deductible: Your deductible is the amount for which you assume financial responsibility in the event of a claim. Increasing your deductible typically lowers your premium, but you will have to pay more out of pocket in the event of a covered incident. Most insurance professionals recommend approaching this strategy with caution as the price savings for a higher deductible may not outweigh the out-of-pocket costs if you file a claim.