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Car insurance for 60-year-olds
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With age comes experience, or so they say, and driving experience is no exception. Most drivers in their 60s have been on the road for many years and may be more comfortable handling the various challenges that can come with driving. As such, 60-year-old drivers tend to pay lower prices for car insurance. The average cost of full coverage car insurance for 60-year-old drivers is $1,544 per year, according to Bankrate’s 2021 study of average annual premiums. Compared to the national average of $1,674 per year for full coverage, the premium for 60-year-olds is quite a bit lower.
Cheapest car insurance for 60-year-old drivers
Bankrate’s editorial team compiled the top five insurance companies for 60-year-old drivers, listed below. We chose providers based on diverse factors including financial strength, customer satisfaction and the latest premium data provided by Quadrant Information Services.
Based on Bankrate’s findings, years of driving experience pay off in the form of lower premiums. Some insurance carriers provide better rates to older, experienced drivers. Out of the most popular carriers by market share, the cheapest car insurance for 60-year-old drivers on average are the following:
USAA’s average full coverage rate for older drivers is the lowest of all five carriers, averaging $1,073 per year. The main drawback is USAA car insurance is only available for former and current military personnel and qualifying family members. Discounts that may be available include safe driver, defensive driving training and length of USAA membership. Taking advantage of all the available discounts that you qualify for could help you reduce the cost of coverage each year.
Learn more: USAA Insurance review
Erie is an alternative for older adults who don’t qualify for USAA membership. Rates are close to USAA’s at $1,157 per year on average for full coverage. The company also offers extras you may not find elsewhere, such as roadside assistance and locksmith service (up to $75 per event). The main drawback to Erie is availability — the carrier only operates in 12 Midwestern and Northeastern states.
Learn more: Erie Insurance review
Auto-Owners’ average rate for drivers in their 60s is $1,276 per year for full coverage insurance. The carrier’s Personal Automobile Plus package can help take the guesswork out of car insurance by bundling 10 of the most popular options into a package, such as vehicle re-keying, identity theft protection and smartphone insurance. In addition, bundling car insurance with an Auto-Owners home insurance policy may reduce your premiums on both.
Learn more: Auto-Owners Insurance review
Geico has the most discounts of all the insurance carriers on this list. If you’re a good driver with an accident-free driving record with no claims in the last five years, Geico could lower your premiums by up to 22%. In addition, drivers over 50 are automatically signed up for Geico’s Prime Time contract that may guarantee car insurance renewal as long as you remain with Geico.
Learn more: Geico Insurance review
Enrolling in State Farm’s Drive Safe and Save program by downloading the mobile app could qualify you for discounts on your premiums based on your driving habits and the number of miles you drive. In addition, State Farm’s website and mobile app are available 24/7 when you need to manage your coverage. But if you’re not as comfortable handling your insurance needs digitally, State Farm has 19,000 local agents ready to help you with your insurance needs the traditional way.
Learn more: State Farm Insurance review
Cost of car insurance for a 60-year-old
Age is not the only factor that determines the cost of car insurance. Another primary factor that affects the average cost of car insurance for 60-year-old drivers is location. Some states are more expensive for vehicle coverage than others. Each state’s car insurance requirements affect the cost of insurance based on how much coverage you need to legally drive.
Florida and Michigan are among the most expensive places for car insurance because they’re no-fault states. In a no-fault state, each driver pays for their own medical bills regardless of fault. In these states, drivers must buy PIP insurance and liability insurance.
|State||Average annual premium for full coverage|
|District of Columbia||$1,773|
*Hawaii does not use age as a rating factor
Car insurance rates by gender
The average cost of car insurance for 60-year-old female drivers is generally lower than insurance for male drivers of the same age, since female drivers tend, on average, to get into fewer accidents than males. Among drivers aged 61 to 65, male drivers accounted for 64% of crash fatalities, while female drivers accounted for only 36%, according to the National Highway Traffic Safety Administration.
However, not all states consider gender when determining your insurance premium. In California, Hawaii, Massachusetts, Michigan, Montana, North Carolina and Pennsylvania, your gender should not affect your insurance premium.
|Average annual premium for 60-year-old male||Average annual premium for 60-year-old female||% difference|
How 60-year-old drivers can save on car insurance
Older drivers who are close to (or at) retirement age could be on a fixed income. Taking the time to find savings on car insurance may give your budget some breathing room. A few ways older drivers may be able to lower their premiums include:
- Loyalty: You may qualify for a discount based on the amount of time you have patronized your insurance provider.
- Automatic payments: If you enroll in autopay, your provider may discount your premium.
- Low-mileage: If you drive infrequently, you may want to look into low-mileage benefits. Some companies offer low-mileage discounts to any customer who drives below a certain number of miles per year, usually 5,000 to 7,000.
- Bundling: If you carry car, home and life insurance policies, many providers allow you to bundle them and save.
- Driver training course: If you insure a teen driver, you may want to consider enrolling them in a course that teaches safe practices behind the wheel. Your insurer could offer you discounts on your premium.
Frequently asked questions
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 coverage that meets each state’s requirements. Our base profile drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles annually.
Rates were calculated by evaluating our base profile with the ages 18-60 (base: 60 years) applied.
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.