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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.
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 $1,657 for full coverage and $516 for minimum coverage, according to Bankrate’s 2022 study of quoted annual premiums. Several factors may influence your rates including vehicle type, your ZIP code, how many miles you drive and your coverage choices. You could pay more for your total annual premium if you elect to purchase additional coverage, like an endorsement.
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 Travelers. 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|
*Not officially ranked by J.D. Power due to eligibility restrictions.
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.
Learn more: USAA Insurance review
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.
Learn more: Geico Insurance review
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.
Learn more: State Farm Insurance review
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.
Learn more: Erie Insurance review
Travelers may be a good car insurance company for drivers looking to customize their policy. Add-ons include gap insurance, new car replacement, rideshare coverage and decreasing deductible. The carrier’s average rates fall below the average car insurance cost for 50-year-olds, but it is the most expensive option on our list for minimum and full coverage insurance. Policyholders with newer vehicles may be interested in Travelers as the carrier extends a discount for new cars and hybrid or electric vehicles. Unfortunately, the carrier scored below average in J.D. Power’s claims satisfaction study.
Learn more: Travelers 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 in helping you determine which company offers the best car insurance for your needs. If price is your key metric, we’ve got some recommendations. 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||Bankrate Score||Average annual full coverage premium for 50-year-olds||Average annual minimum coverage premium for 50-year-olds||J.D. Power score|
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.
Frequently asked questions
Bankrate utilizes Quadrant Information Services to analyze 2022 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 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 2020 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 ages 18-60 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations.
Bankrate Scores are calculated on a five-point scale and primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for drivers to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.
To determine how well the best car insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moody’s had the most impact on the companies’ Bankrate Scores. As price is a common consideration for drivers, we analyzed quoted premiums based on 40-year-old male and female drivers with a 2019 Toyota Camry. This profile, assessed across nearly 35,000 ZIP codes in the U.S., provided a basis on which drivers may compare each provider.
While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.