Auto insurance can get expensive for older adults because drivers over 75 have higher crash rates than middle-aged drivers due to declining cognitive function, vision, and hearing.
But that doesn’t have to stop you from driving. Car insurance policies can be personalized to suit your specific lifestyle, whether you drive across the country or only across the neighborhood. With a little research, it’s easy to lower your monthly premium with senior discounts and other options that allow older adults to purchase an affordable policy.
Did You Know: If this is your first time purchasing a policy, then check out our comprehensive guide to car insurance for seniors.
How We Chose the Best Cheap Car Insurance for Seniors
When choosing the best affordable car insurance for seniors, we examined many criteria.
Affordable premiums: Every premium on our list is under $100 per month for basic coverage, even for adults over 80.
Additional discounts: Every provider offers many ways to save on your insurance policy, including senior discounts and safe-driving credits.
Low deductibles: These insurers offer personalized policies with low deductibles so you don’t have to pay much out of pocket if you get in an accident.
Financial strength: Each provider is financially stable and highly rated by AM Best, so they are able to cover claims if you get in an accident.
Bundling: Purchasing multiple insurance products from one company can help protect all your assets. These providers allow you to bundle multiple products so you can consolidate bills and lower your rates.
Discounts offered for both seniors and low-mileage driving
Pay-per-mile plans let you drive as much or as little as you want
Intuitive website and service setup
Metromile is a new insurance startup that offers pay-per-mile plans, which means you pay based on how much you drive. You pay a base rate plus a per-mile rate — your distance is tracked through a smartphone app — of around $0.60, so your rate may change each month depending on how much you drive. This is the perfect plan for people who drive only occasionally.
Metromile is designed to save drivers money by offering lower rates to people who drive less. They also offer discounts for:
Vehicles with antitheft devices
Individuals who have recently taken safe-driving courses
Better-than-average rates for drivers with imperfect records
Provides non-owner insurance
State Farm is one of the biggest and most affordable auto insurance companies in the nation, and it’s known for great customer service. As a policyholder, you are assigned to a local agent with specialized knowledge of your area. If disaster strikes, you can call and speak with a person you trust as opposed to a call-center agent unfamiliar with your situation, coverage, and circumstances. State Farm also offers discounts for safe driving, so you can get a low monthly rate if you have a clean driving record.
One of the great things about State Farm is the number of discounts it offers qualifying drivers, especially those who drive minimally and safely. State Farm offers a program in which your smartphone tracks your driving habits, including speed and braking, and it lowers your rates accordingly.
State Farm values safety, and it offers discounts for:
Passing a defensive driving course
Remaining accident-free for at least three years
No moving violations or at-fault accidents for at least three years
New vehicles with safety features and antitheft devices
Geico is a nationwide insurance company known for offering affordable monthly premiums. Its website and mobile app are especially easy to use, so you can get a quote, purchase a policy, and pay your bills without picking up the phone or writing a check. Geico is one of the only affordable nationwide companies that offers discounts for drivers over 50, so it’s perfect for seniors.
Geico offers discounts to qualifying individuals over 50 years old as long as they have no violations in the past three years and do not use the vehicle for business purposes. Government retirees and veterans also receive a discount, in addition to the typical discounts for bundling policies and practicing safe driving.
Geico also offers discounts if individuals belong to certain organizations or companies, including:
University alumni associations
Berkshire Hathaway subsidiaries
Associations for attorneys, scientists, and other professionals
Military personnel and government employees
Low monthly premiums
Quick claim process
Inexpensive option for people with low credit scores
Offers gap insurance to protect your auto lease or loan
Easy claims process
Travelers is a nationwide insurance company with competitive rates and a focus on making the claims process stress-free. In business for more than 165 years, Travelers offers much more than just auto insurance. If you’re looking to bundle several insurance products, then you’ll stand to save significant money.
Travelers offers discounts if you have a lot of assets to protect. You may qualify for a discount if you:
Insure multiple cars
Own a home or condominium
Drive an electric or hybrid vehicle
Purchase a new car
Bundle insurance products
24/7 customer service
Offers gap insurance to protect your auto lease or loan
One of the nation’s largest auto insurers, Progressive offers an easy online quote calculator for more than 30 insurance products. It even offers optional insurance such as gap coverage that covers a lease or loan, accident forgiveness, and rental reimbursement. What sets Progressive apart is that it offers insurance for rideshare drivers, a part-time job for many seniors. If you drive for Uber or Lyft, Progressive offers insurance that covers ridesharing.
Progressive doesn’t offer senior discounts, but it does offer myriad other perks, including:
Obtaining a quote and signing up online
Paying upfront for six-month or year-long coverage
Before you do anything, take stock of your health and determine if it is still safe for you to drive a car. If you still feel comfortable driving, consider your lifestyle and driving habits. Premiums can be higher for seniors, but it’s possible to find an affordable rate. Before choosing a policy, ask yourself these questions:
How often do you drive?
Do you have an auto loan or lease that needs additional insurance?
What is your monthly budget for auto premiums?
Do you need other insurance products (home, rental, life, etc.)?
Once you determine your insurance needs, start looking at policies. Get quotes from more than one company, since pricing varies greatly. Insurance rates also change based on your driving habits, gender, occupation, and location. Laws, rates, and coverages vary by state, so the product you want may not be available where you live.
FYI:Medication management is very important for safe driving. Make sure you’re not on medications with side effects associated with motor vehicle crashes before you get in the car.
Research discounts for each company, since you may qualify for further deals based on your lifestyle. It may be possible to bundle insurance products for a consolidated rate for lower premiums and fewer bills to pay. Finally, speak with a friend, family member, or financial adviser about your budget and needs before making a big purchase.
To learn more about insurance options for seniors, check out our helpful guides.
The cheapest car insurance for seniors is Geico. The company’s base rates are low and it offers senior discounts to qualifying drivers over 50. Metromile may also be less expensive if you do not drive your car very often.
Some car insurance companies offer discounts for seniors. Seniors typically drive less than other age groups, and most companies offer discounts for safe and minimal driving. Rates tend to become more expensive for people over 80 years old.
Progressive no longer offers AARP discounts, but it does offer discounts for drivers who take defensive driving courses offered by AARP.
Amie has been writing about senior care products and services for the last decade. She is particularly passionate about new technologies that help improve the quality of life for seniors and their families. Seeing her parents and grandparents age made Amie ask herself, “Would this be good enough for my loved ones?” In her spare time, Amie enjoys outdoor adventures and spontaneous road trips. Learn more about Amie here