Our Favorite Auto Insurance Providers for Seniors
AARP Auto Insurance
Since 1984, AARP has offered auto insurance to its members through a partnership with The Hartford. The Hartford is a well-known, fortune 500 insurance company known for high-quality customer service.
AARP auto insurance provides a variety of coverage options, including 24/7 roadside assistance, a 24/7 claims hotline, lifetime car repair assurance, and 12-month rate protection. This means you get to keep the premium you start with for a full year, as opposed to six months, which is standard for other providers. There is also a new-car replacement option allowing drivers who total a car within the first 15 months – or 15,000 miles – to get a new car.
While AARP auto insurance isn’t the cheapest out there, the company offers bundles for seniors that could lead to significant savings. You can save up to 5% on auto insurance and 20% on condo, renters, or home insurance when you combine the two packages. Some providers allow you to pay your six-month or annual premium in full upfront, and others offer discounts for driving environmentally-friendly cars and having a vehicle with safety features like side airbags.
You Should Know: Older adults can purchase the AARP Advantage Plus policy, which offers first-accident forgiveness. This is nice because it means the first accident you get in won’t impact the premiums. That being said, this policy is more expensive than the basic package.
Whenever I hear Geico, which was founded in 1936 and considered one of the best insurance companies in the country, I think of the little, green gecko. While the gecko explains that 15 minutes could save 15 percent on car insurance, there are many other ways older adults can save money with Geico.
For example, adults over 50 are eligible for discounts if they complete a defensive driving course, have a 5-year good driving record, or are retired military or government. Geico also has accident forgiveness, another way to possibly save money in the long run.
Additionally, Geico has a Prime Time contract, specifically for adults 50 and over, that offers automatic renewal. In order to be eligible for this contract, drivers must not have anyone under the age of 25 using their car. They must also have a clean driving record for three years prior to enrolling in the program and must not use their car for commercial reasons.
Geico offers some of the lowest rates for seniors while still providing all the basic coverage needs such as roadside assistance, rental reimbursement, mechanical breakdown insurance, and glass coverage.
USAA is only available to veterans or veteran spouses and is considered one of the best insurance companies in the United States. The company offers all the basic coverage types, like roadside assistance, towing coverage, and rideshare coverage. One of their most unique offerings is payment flexibility, meaning customers can select individualized payment schedules that best suit them.
There are also a variety of discounts for seniors, like the Senior Bonus, a special discount for veterans who remain USAA members for more than 40 years. There are also discounts for drivers who only drive a few miles per month as well as ones for drivers who own cars less than three years old.
Finally, USAA members can bundle insurance packages together, which can result in savings. Bundles can include car, home, renters, life, and boat insurance.
For almost a century, Allstate has offered drivers some of the best insurance policies on the market. And when it comes to drivers over the age of 55, the company offers some of the deepest discounts.
Allstate looks at your driving record and will give discounts based on how well you drive. If you use the company’s app, called Drivewise, you automatically get a 10% discount. This app looks at driving habits and offers additional discounts based on how well you drive. For example, it monitors adherence to speed limits. These savings can be up to 25% for driving safely. Additionally, retired policyholders who are 55 and over receive a senior discount, as do people who have multiple cars or multiple policies.
Finally, the company offers basic coverage like roadside assistance and new-car replacement, as well as many perks that other companies charge extra for, such as accident forgiveness, deductible rewards, and claim satisfaction guarantee.