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The best car insurance company for your senior years will not necessarily be the company you had in your 40s and 50s. We analyzed coverage offerings and rates for senior drivers from large insurers to find the best car insurance companies for drivers age 65 and older.
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Best Car Insurance For Seniors Of 2023
Summary: Best Senior Car Insurance
| COMPANY | FORBES ADVISOR RATING | AVERAGE ANNUAL RATE FOR SENIOR DRIVERS | COLLISION REPAIR GRADE | COMPLAINT LEVEL | LEARN MORE |
|---|---|---|---|---|---|
 Geico | 5.0  | $1,197 | C- | Low | Compare Rates Compare rates from participating partners via EverQuote's secure site. |
 Nationwide | 5.0 | $1,611 | C | Very low | Compare Rates Compare rates from participating partners via EverQuote's secure site. |
 Travelers | 5.0 | $1,515 | C+ | Very low | Compare Rates Compare rates from participating partners via EverQuote's secure site. |
 USAA | 5.0 | $1,299 | C+ | OK | Compare Rates Compare rates from participating partners via EverQuote's secure site. |
 Auto-Owners | 4.5 | $1,633 | B+ | Low | Compare Rates Compare rates from participating partners via EverQuote's secure site. |
 Erie | 4 | $1,525 | A- | Higher than the industry average | Compare Rates Compare rates from participating partners via EverQuote's secure site. |
 State Farm | 4 | $1,423 | C | Low | Compare Rates Compare rates from participating partners via EverQuote's secure site. |
 Allstate | 3.5 | $2,244 | C- | Low | Learn More Compare rates from participating partners via EverQuote's secure site. |
 Progressive | 3.5 | $1,940 | C | OK | Learn More Compare rates from participating partners via EverQuote's secure site. |
 Farmers | 2.5 | $2,385 | C | Higher than the industry average | Compare Rates Compare rates from participating partners via EverQuote's secure site. |
How Much Is Car Insurance for Seniors?
Senior car insurance costs vary significantly among the insurance companies we analyzed, with a difference of $1,188 between the least and most expensive companies.
Geico has the cheapest car insurance for senior drivers (an average of $1,197 a year), based on our analysis. The most expensive is Farmers (averaging $2,385 a year).
The average senior car insurance rate for an 80-year-old female is $1,766 a year. That’s 13% higher than the average rate for a 30-year-old female good driver ($1,569 a year), our analysis found.
We also analyzed rates as you move from one age bracket to the next as a senior driver. Between ages 65 and 85, you’ll likely find that auto insurance rates start to trend upward around age 65.
Our analysis shows you can expect an increase of around 6% to 12% every five years after you reach age 65. It’s a slight bump up of 6% for car insurance rates from age 65 to 70. Costs gradually increase until, at age 85, you’re at a relatively large cumulative increase of 43% compared to your rates at age 65.
Car insurance rate increases for senior drivers
Why Do Auto Insurance Rates Increase for Seniors?
Car insurance companies take age into account when calculating rates because some age groups are more likely to have accidents and file claims than others. Generally, teenagers and seniors pay more for car insurance than other drivers, all else being equal, when you average auto rates by age. (Note that age is not a factor in setting auto rates in California, Hawaii or Massachusetts due to state laws.)
Auto insurance rates begin to increase as you hit age 65 because insurance companies deem this part of the senior set to be more at risk for accidents and claims. The Center for Disease Control and Prevention (CDC) says that adults ages 65 and older are more than twice as likely to report experiencing a medical issue that makes it more difficult to drive than motorists ages 24 to 64.
Senior drivers are far more experienced on the road than teens, but age-related physical and mental changes can make it more challenging to be a safe driver.
The main age-related issues that can cause seniors to have trouble driving include declining vision and cognitive abilities, muscle disorders and changes in general physical fitness. Medication and its side effects can also increase risk by affecting concentration and impairing driving abilities.
The aging body’s diminished coordination, flexibility and strength can affect reaction times, making it difficult for older drivers to avoid accidents. Also, the CDC finds that the risk of being killed or injured in a traffic accident increases as drivers age.
The Insurance Institute for Highway Safety observes that fatal crashes increased notably at ages 70 to 74 and then are highest in drivers 85 and older. That is mainly because senior drivers in this age range are more susceptible to crash injuries, especially chest injuries and other medical complications. More severe accidents for older drivers then result in higher car insurance rates.
Trying to stay in top shape physically and mentally as you get older may help. Also, adjusting your driving habits to remain a safe driver can assist you in keeping your car insurance rates more reasonable. Having a driving record free of accidents or traffic violations is a great signal to car insurance companies that you’re still sharp behind the wheel and deserve reasonable rates.
Tips for Senior Car Insurance Buyers
You can’t stop the gradual increase of car insurance costs that all senior drivers see but there are ways to minimize them.
Comparison shop with multiple companies. The top tip is to shop around with multiple car insurance companies. Each company has its own rating system, and finding the one with the best prices for your specific situation is your goal when comparing car insurance quotes with at least three companies.
Ask for discounts. Don’t be bashful about contacting your insurance agent or insurer to make certain you’re getting all of the car insurance discounts you’re eligible to receive. Some simple ones to obtain are for bundling multiple policies from the same company, paying in full and going paperless.
Take a defensive driving course. Many car insurance companies will give you a discount if you take an approved defensive driving class. Some states mandate this discount for drivers ages 50 and up as a way to persuade older drivers to sign up and sharpen their skills.
Drive less and save. If you’re retired, work less or just overall drive less, inform your auto insurance company. Driving your car fewer than a certain number of miles annually can earn you a low-mileage discount.
Maintain a good driving record. Keeping your driving record clear of traffic violations and accidents will indicate you pose less risk and, when available, get you a good driver discount to lower your rates.
Methodology
To identify the best car insurance companies we took a holistic view of each company that incorporates scores for auto insurance rates, the coverage options offered, complaints against the company, collision repair and how easy it is to understand the information on their websites.
Auto insurance rates: 50% of score. We used data from Quadrant Information Services to find average rates from each company for senior drivers ages 65 to 85.
Car insurance coverage options: 25% of score: Any auto insurance company can provide the basics of liability insurance, collision and comprehensive coverage and other standard offerings. But it’s also important to have access to additional coverage types that can provide greater protection or cost savings. In this category we gave points to companies that offer accident forgiveness, new car replacement, vanishing deductibles, usage-based or pay-per-mile insurance, and SR-22s.
Complaints (20% of score): We used complaint data from the National Association of Insurance Commissioners. Each state’s department of insurance is in charge of logging and monitoring complaints against the companies that operate in their states. Most auto insurance complaints center on claims, including unsatisfactory settlements, delays and denials.
Collision repair (5% of score): Auto body shop professionals have an insider view of each company’s approach to repairs. The better insurers don’t apply pressure to cut costs or install lower-quality repair parts. Some insurers also have processes that help speed up repair and claims processes, making for more happy customers. We used data provided by CRASH Network, a weekly newsletter covering the collision repair and auto insurance market segments. CRASH Network’s 2021 Insurer Report Card used grades from more than 1,000 collision repair professionals to gauge auto insurers on the quality of their collision claims service.
Website readability: Bonus points. Forbes Advisor asked VisibleThread to analyze the readability of insurance company websites. VisibleThread is a language analysis platform that improves the efficiency, clarity and compliance of mission-critical business writing. Read VisibleThread’s Forbes Advisor Research Report.
It’s important to understand the coverage you’re buying, and insurance company websites should help you do that. But many insurer websites don’t do a good job explaining the products they sell. Many insurer sites are filled with passive voice, jargon, complex words and long sentences.
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