Table of Contents
- Do Car Insurance Rates Increase for Senior Drivers?
- Average Cost of Car Insurance for Seniors by Age
- Car Insurance Discounts Available to Seniors
- How to Lower Car Insurance Costs As a Senior Driver
- What To Look for in the Best Auto Insurance for Seniors
- How to Get Car Insurance As a Senior Citizen
- FAQ
For many drivers, car insurance premiums tend to decline through middle age, thanks to years of driving experience and a proven track record behind the wheel. But as you get older, especially after age 70, rates may begin to climb again. While age can influence the cost of coverage, it’s only one factor insurers consider. Your driving history, annual mileage, and available discounts can all have a significant impact on what you pay.
The good news is that higher premiums for senior auto insurance aren’t inevitable. By understanding how insurers evaluate senior drivers and taking advantage of available savings opportunities, you may be able to keep your coverage affordable without sacrificing the protection you need.
Key Points
• Car insurance premiums typically decline through middle age due to driving experience, but rates often begin to rise again after age 70 as insurers reassess risk.
• Seniors who drive less than average may qualify for low-mileage discounts or pay-per-mile programs, since fewer miles driven means fewer opportunities for accidents.
• Completing an approved mature or defensive driving course — typically available starting around age 50 or 55 — can unlock additional premium discounts from many insurers.
• Bundling auto insurance with home or renters policies, and maintaining a clean driving record, are two reliable strategies for keeping premiums as low as possible.
• Comparing quotes across multiple insurers is essential, as coverage options and pricing for older drivers vary widely, making it worthwhile to shop around before committing.
Do Car Insurance Rates Increase for Senior Drivers?
In general, middle-aged drivers in their 50s and 60s are offered the lowest rates on auto insurance of any other age group. After all, they’ve had decades of practice driving.
That said, the cost of car insurance for older adults, especially those who are 70 years of age or more, may go up. The reason: Research has shown that older adults may be more likely to be involved in an accident than younger adults.
Average Cost of Car Insurance for Seniors by Age
How much does auto insurance cost for older adults? The table below shows average annual costs for full coverage and minimum coverage:
| Age | Average Premium | Average Minimum Coverage Premium |
|---|---|---|
| 55 | $2,201 | $715 |
| 65 | $2,235 | $751 |
| 75 | $2,525 | $887 |
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Car Insurance Discounts Available to Seniors
There are several potential discounts available to seniors to help them lower their car insurance bills. Many seniors drive less than the average adult. Less time behind the wheel means fewer opportunities to get into accidents. Insurance companies recognize this lower risk, and many give breaks for low mileage or offer pay-per-mile programs.
Seniors who have completed an approved mature or defensive driving course could also qualify for a discount. These courses are typically available for seniors starting around age 50 or 55. The length of the course varies by state; some may be a couple of hours, while others may be up to six hours. The certification received is typically honored by insurance companies for three years. Over the length of that period, discounts may save drivers hundreds of dollars on their premiums.
And finally, becoming a member of a group, such as AARP, can help you unlock discounts from certain insurance companies as can being a retired military or government employee.
How to Lower Car Insurance Costs As a Senior Driver
Aside from discounts for seniors, several other strategies can help you lower your car insurance bill.
Bundling policies. Insurance companies will often offer discounts if you do more business with them. Consider bundling your auto insurance with other insurance policies, such as your home or renters insurance.
Increasing your deductible. Your deductible is the amount you have to pay before your insurance policy kicks in. If your deductible is $500 and you do $1,000 worth of damage to your car in an accident, you’ll pay the first $500, and your insurance company will step in and pay the rest. The larger the deductible, the less risk your insurance company is taking on. As a result, they will typically lower your premiums. Just remember you are now assuming that risk.
Maintaining a clean driving record. Avoid accidents and traffic violations. A single at-fault accident can raise your full-coverage premium by as much as 45%. Keeping your record as clean as possible is one of the best ways you can keep your insurance premiums low.
Comparing quotes. Coverage options for seniors vary between insurers. Before you select car insurance, be sure to get several quotes from different insurers to make sure you’re getting the best price.
Asking for a lower rate. If your insurance rates feel too high, it doesn’t hurt to call your insurance company to ask if there are ways to lower them. For instance, if you have an older vehicle, they may be able to help you figure out whether you’re paying too much for collision insurance—one common type of car insurance coverage. Or they may help you find that they’ve been charging you based on more miles than you actually drive. Correcting that overestimation can help bring your premium down.
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What To Look for in the Best Auto Insurance for Seniors
When hunting for the best car insurance, look for policies that are flexible and have strong customer service that’s there when needed.
Seek out policies that reward a good driving record and those that offer discounts for seniors, discounts for low-mileage driving, or discounts based on how frequently you use your car.
How to Get Car Insurance As a Senior Citizen
The process for getting car insurance as a senior doesn’t differ from other periods in life. It’s important to look for the best deal for the coverage you need, so be sure to compare policies and rates from multiple lenders. Ask each lender what discounts are available and be sure the policy reflects how much driving is actually done.
The Takeaway
Car insurance costs often change throughout retirement, but age alone doesn’t determine your premium. Maintaining a safe driving record, taking advantage of senior discounts, adjusting your coverage as your driving habits change, and comparing quotes from multiple insurers can all help reduce costs.
Reviewing your policy every year is a simple way to make sure you’re receiving the coverage you need at a competitive price, helping you stay protected on the road. And if you find a better policy at any point, don’t be afraid to switch your car insurance coverage.
When you’re ready to shop for auto insurance, SoFi can help. Our online auto insurance comparison tool lets you see quotes from a network of top insurance providers within minutes, saving you time and hassle.
SoFi brings you real rates, with no bait and switch.
FAQ
What age do car insurance rates start to go up for seniors?
In general, car insurance rates will likely start to go up once you reach age 70.
Do seniors get a discount on car insurance for taking a driving course?
A defensive driving course that focuses on safe driving techniques and how to avoid accidents can help many seniors lower their premiums. Courses for seniors typically begin around age 50 or 55. The length of the course varies by state, and certification typically lasts three years. Over the length of that period, discounts may save drivers hundreds of dollars on their premiums.
Can seniors save money by bundling car insurance with other policies?
Yes, insurers will often offer discounts for bundling car insurance with other policies, such as homeowner’s insurance, as an incentive for customers to do more business with them.
Does low-mileage driving lower car insurance costs for seniors?
Yes, when you drive less, you are at a lower risk of getting into a car accident. Insurance companies will often react to this lower risk by reducing car insurance costs.
What happens to car insurance rates after age 70?
After enjoying relatively low rates throughout middle age, individuals typically see their car insurance rates rise after age 70—the reason: Older adults are statistically more likely to be involved in car accidents.
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