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Car insurance for 50-year-olds

Updated Apr 29, 2024
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How much is car insurance for a 50-year-old?

In most states, average car insurance rates decline as you age until you hit your 70s. In Hawaii, Massachusetts, Michigan and California, insurance companies are not allowed to use age as a car insurance rating factor (although Massachusetts carriers can use your years of driving experience).

The average annual cost of car insurance for a 50-year-old is $2,124 for full coverage and $614 for minimum coverage, according to Bankrate’s study of quoted annual premiums. Several factors influence your rates, including vehicle type, ZIP code (in most states), how many miles you drive and your coverage selections.

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 2023 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 Avg. annual full coverage premium for 50-year-olds Avg. annual min coverage premium for 50-year-olds J.D. Power customer satisfaction score
Geico 4.4 $1,621 $440 871/1,000
State Farm 4.3 $2,255 $684 891/1,000
USAA* 4.2 $1,589 $424 900/1,000
The Hartford 3.9 $2,325 $667 877/1,000
Erie 4.0 $1,549 $527 902/1,000
*USAA not officially ranked by J.D. Power due to eligibility restrictions.
Geico

Geico stands out for its competitive premiums and long list of discounts. Geico offers potential savings for policyholders with affiliate and membership 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.

State Farm

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.

USAA

For those who qualify, USAA offers some of the most affordable average car insurance rates for 50-year-olds.  In addition to a solid 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.

The Hartford

The Harford may be a good option for retired drivers. Although it may not be the cheapest auto insurance company on average, it has a reputation for good 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 as unique coverage options like RecoverCare, which can help pay up to $2,500 for services you may need after an accident, such as dog walking or cleaning services. 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

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 Avg. annual minimum coverage premium for 50-year-olds Avg. annual full coverage premium for 50-year-olds
Auto-Owners $405 $1,501
USAA $424 $1,589
Geico $440 $1,621
Secura $447 $1,410
Travelers $536 $1,630

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Advertising disclosure
This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

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 50-year-olds can save on car insurance

Whether you're shopping for a new policy or looking to save without switching carriers, here are some strategies that may help you save:

  • 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 incentives like safe driving discounts 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, are retired 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.

Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze April 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a single, 40-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 coverage that meets each state’s requirements. Our base profile drivers own a 2022 Toyota Camry, commute five days a week and drive 12,000 miles annually.

These are sample rates and should only be used for comparative purposes.

Age: Rates were calculated by evaluating our base profile with the age 50 (base: 40 years) applied. Drivers are homeowners on their own policy. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations.

Bankrate Score

Our 2024 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.

5
Rating: 5 stars out of 5
Overall Score
  • Cost & ratings 50%
  • Coverage & savings 30%
  • Support 20%
  • Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best, Demotech and the NAIC, were analyzed.
  • Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
  • Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.
Written by
Mary Van Keuren
Contributor, Insurance

Mary Van Keuren has written for insurance domains such as Bankrate, Coverage.com, and The Simple Dollar for the past five years, specializing in home and auto insurance. She has also written extensively for consumer websites including Reviews.com and Slumber Yard. Prior to that, she worked as a writer in academia for several decades.

Edited by Editor, Insurance