Car insurance for 60-year-olds

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It is hard to pin down the cost of car insurance due to the number of variables that can affect the rate. However, age is one of the most significant factors. How much is car insurance for a 60-year-old? Car insurance for 60-year-old drivers averages $1,544 per year, the lowest average of all age groups including teens, 20-, 30- and 40-year-olds.

Cheapest car insurance for 60 year old drivers

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:

Car insurance company Average annual premium for full coverage
USAA $1,798
Erie Insurance $1,847
Geico $2,064
Auto Owners $2,075
State Farm $2,102

USAA

USAA’s rate for older drivers is the lowest of all five carriers, averaging $1,798 per year. The main drawback is USAA car insurance is only available for former and current military personnel and qualifying family members. Discounts for senior adults include safe driver, defensive driving training and length of USAA membership. Taking advantage of all the available discounts can help you reduce the cost of coverage each year.

Erie Insurance

Erie Insurance is a good alternative for older adults who don’t qualify for USAA membership. Rates are close to USAA’s at $1,847 per year on average. Full car insurance includes 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.

Geico

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 will 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.

Auto Owners

Auto Owners Insurance’s rates for drivers in their sixties is $2,075 per year. The carrier’s Personal Automobile Plus package takes 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 life insurance policy can reduce your premiums on both.

State Farm

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.

Cost of car insurance for a 60-year-old

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 — each driver must pay for their own medical bills, regardless of fault, forcing drivers to buy PIP insurance in addition to liability insurance.

State Average annual premium for full coverage
ALABAMA $1,559
ALASKA $1,491
ARIZONA $1,440
ARKANSAS $1,726
CALIFORNIA $1,991
COLORADO $1,808
CONNECTICUT $1,469
DELAWARE $1,611
DISTRICT OF COLUMBIA $1,773
FLORIDA $2,400
GEORGIA $1,887
HAWAII $1,216
IDAHO $1,009
ILLINOIS $1,339
INDIANA $1,189
IOWA $1,102
KANSAS $1,538
KENTUCKY $1,988
LOUISIANA $2,600
MAINE $792
MARYLAND $1,655
MASSACHUSETTS $1,176
MICHIGAN $2,342
MINNESOTA $1,510
MISSISSIPPI $1,561
MISSOURI $1,545
MONTANA $1,673
NEBRASKA $1,319
NEVADA $2,064
NEW HAMPSHIRE $1,046
NEW JERSEY $1,683
NEW MEXICO $1,341
NEW YORK $2,142
NORTH CAROLINA $1,341
NORTH DAKOTA $1,136
OHIO $1,023
OKLAHOMA $1,694
OREGON $1,265
PENNSYLVANIA $1,474
RHODE ISLAND $1,724
SOUTH CAROLINA $1,350
SOUTH DAKOTA $1,489
TENNESSEE $1,223
TEXAS $1,703
UTAH $1,225
VERMONT $967
VIRGINIA $1,165
WASHINGTON $1,095
WEST VIRGINIA $1,405
WISCONSIN $1,069
WYOMING $1,329

Car insurance rates by gender

The average cost of car insurance for 60-year-old female drivers is generally lower than a male driver of the same age. The difference is small but is based on historical accident statistics. Insurance companies consider female drivers safer than male drivers.

Average annual premium for 60 year old male Average annual premium for 60 year old female % difference
$1,552 $1,537 0.98%

How 60-year-old drivers can save on car insurance

Older drivers who are close to (or at) retirement age are typically 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 discounts based on length of time with a carrier
  • Automatic payments
  • Low-mileage
  • Bundling car, home and life insurance
  • Driver training course

Frequently asked questions

What is a driver training course?

Insurance companies typically have a list of approved online driving courses. They can usually be completed in roughly eight hours and can reduce your car insurance premiums for up to three years.

What is the average cost of car insurance for 60-year-old drivers?

Car insurance for 60-year-old drivers averages $1,544 per year. Actual prices depend on several factors such as gender, state and driving record.

What are the cheapest car insurance companies for older drivers?

The cheapest car insurance companies for 60-year-old drivers are USAA, Erie, Geico, Auto Owners and State Farm. To find the best rate, get quotes to compare from all five carriers.

Methodology

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 coverages that meet 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.