Purchasing car insurance as a 50-year-old may look a bit different compared to other stages of life, as insurers will take drivers’ well-established driving histories into account. For example, a driver may have multiple vehicles to insure or various members of the household to purchase coverage for, which can affect policy needs and costs. Because individuals and families can be more complex at this stage of life, purchasing car insurance as a 50 year old may be easier with a bit of guidance, especially when exploring rates and coverage options.
How much is car insurance for a 50-year-old
The average cost of car insurance depends on the type of coverage that 50-year-old drivers purchase, plus other personal factors such as the vehicle type, miles driven and location. For context, a full coverage policy for drivers of this age averages about $1,596 per year according to Bankrate’s 2022 study of quoted annual premiums. If you elect to purchase additional coverage, you could pay more for your total annual premium. This is an estimation, but exact rates can be confirmed by obtaining custom quotes online or from an agent.
Best car insurance companies for 50-year-olds
When shopping for car insurance, comparing multiple companies is an effective way of finding the ideal company for your financial goals and personal needs. Our insurance editorial team’s research determined Allstate, Auto-Owners, Erie, Geico and State Farm to be some of the best providers for drivers in this age group because of their competitive premiums, customer satisfaction scores and coverage options. When you compare these companies — or others — you can start to see which ones might be the best fit for you at this stage of life.
|Car insurance company||Average annual full coverage premium for 50-year-olds||J.D. Power customer satisfaction score|
Allstate is one of the largest national insurance providers, with a strong reputation and a good track record of paying out claims. Allstate offers helpful add-on coverage like accident forgiveness and roadside assistance. You can also get insurance for specific needs, such as sound system insurance and rideshare coverage. Although Allstate may not be the least expensive provider on average for insurance for 50 year olds, it does offer the standard discounts you might expect. Additionally, its Milewise program may be great for 50-year-old drivers who only want to pay for the miles they’re driving, if they have low annual usage.
Learn more: Allstate Insurance review
With Auto-Owners, options for coverage include gap insurance, roadside assistance, new car replacement and rental car coverage. It also offers specialty insurance for classic cars and coverage for modified vehicles. Auto-Owners offers an array of discounts with highly-rated customer satisfaction to match. For additional savings and financial protection, 50-year-old drivers could take advantage of features like its Collision Coverage Advantage, which waives the collision deductible when your accident is with another vehicle insured by Auto-Owners. While the company’s app does not have claim filing functionality, Auto-Owners customer service representatives are available to assist in the process.
Learn more: Auto-Owners Insurance review
Erie is a regional insurer, offering both competitive rates and an overall positive customer service experience to drivers of all ages. Erie only utilizes local agents, which could be one reason why customer satisfaction ratings tend to be higher with this company. The primary disadvantage with Erie is the limited availability of coverage, as it operates in only 12 states. However, if you are a 50-year-old driver who does live where coverage is available, the savings and personalized service could be a considerable benefit.
Learn more: Erie Insurance review
Geico stands out for its competitive premiums and for the number of discounts offered. Geico offers a variety of ways for drivers in their 50s to save, including affiliate discounts, savings for being a safe driver and a discount if you own a new vehicle, among others. The digital insurance experience is another plus for tech-savvy drivers, with options to manage an account either over the phone, online or through its highly-rated mobile app. One drawback to Geico is the lack of optional or speciality coverage options available, but this may not matter to drivers who do not need a highly specialized policy.
Learn more: Geico Insurance review
State Farm offers multiple options for bundling other policies with your auto insurance, including home, renters and life insurance policies, plus specialty vehicle coverage like RV and motorcycle insurance. State Farm is somewhat limited when it comes to auto policy coverage add-ons, but it does offer features like emergency roadside assistance and rideshare coverage. State Farm offers two discount programs to encourage safe driving. In particular, the Drive Safe and Save program monitors driving habits to reward safe driving behavior, which may be appealing to 50-year-old drivers. Other discounts are also available to help drivers further reduce their premiums.
Learn more: State Farm Insurance review
Cheapest car insurance for 50-year-old drivers
With so many auto insurance providers to choose from, cost may be an important factor to help you determine which is the best car insurance company for 50-year-old drivers. The following companies were deemed the cheapest according to our annual average premium research:
|Car insurance company||Average annual full coverage premium for 50-year-olds|
Based on our study, Bankrate determined USAA offers the cheapest car insurance for 50-year-old drivers, at an average of $1,093 per year for a full coverage policy, but has eligibility requirements which may exclude non-military affiliated drivers. Erie also offers affordable coverage, with the average 50-year-old driver’s policy totaling $1,180 per year for full coverage. Auto-Owners is another competitively-priced insurer, averaging $1,343 per year for a full coverage policy. While affordability can be a priority for many drivers, 50 year olds may find other aspects of an insurer more critical, such as customer service or personalized policy options.
How 50-year-olds can save on car insurance
There are plenty of ways to lower your insurance premium if the price you initially receive is not ideal for your budget.
- Increase your deductible: Your deductible is the amount for which you assume financial responsibility for in the event of a claim. Increasing your deductible lowers your premium, as the insurer is at less financial risk, but be sure you can afford the deductible amount you choose.
- Take advantage of discounts: Car insurance providers often offer several ways to save money on your car insurance premium, including discounts like safe driver, paid-in-full, military and vehicle safety discounts. 50-year-old drivers may find affiliation discounts especially appealing, depending on their social or employment situation.
- Bundle multiple policies: Drivers can save money when they bundle their car insurance with other policies, like home insurance. For 50-year-old drivers with multiple products to insure, this can be a big savings opportunity advantage.
- Insure multiple vehicles: If you own more than one vehicle, you may be able to save extra money by using the same insurance provider for each one to receive multi-policy discounts.
- Consider mileage-based policies: If you have a shorter commute or work from home, you may benefit from a policy based on miles driven, instead of the traditional coverage-based policies.
Frequently asked questions
What is the best car insurance company?
The best car insurance company for each driver will vary based on their needs. This is why it is important to get multiple quotes to compare the coverage and premium that each company can offer you. For 50-year-old drivers, the best car insurance company may be one that offers policy personalization or savings opportunities based on having multiple products with one insurer. A licensed agent can also help advise you on what aspects of the company are most relevant to your situation and stage of life.
What impacts the cost of car insurance for 50-year-olds?
When figuring, “How much is car insurance for 50-year-olds,” it’s important to know that rates depend on a few factors. Fortunately, the average cost of car insurance tends to decrease with age — up until around age 60 — compared to younger drivers. Where you live, the kind of car that you drive and the coverage you choose all impact your insurance premium. Car insurance providers will also consider things like your claims history to assess your risk as a policyholder before giving you a quote. A 50-year-old driver may have a stronger, more positive and established history in each of these areas, resulting in a more affordable premium.
How can I save money on my car insurance?
Shopping around and comparing multiple car insurance providers is always one of the best ways to save money on premiums. Before you choose a provider, be sure to inquire about any discounts that can earn you extra savings. For cost-savings opportunities, aim to apply several different ways to save on car insurance.
Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 21-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 sample drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles annually.
These are sample rates and should be used for comparative purposes only. Your quotes may be different.