Finding reliable, cost effective insurance is hard enough, and finding out which companies quote the cheapest car insurance rates for drivers over age 70 involves additional perseverance.
Each auto insurance company has their own guidelines for determining prices, so we’ll take a look at the car insurance companies that tend to be cheaper in Cincinnati. It’s a good idea to know that Cincinnati car insurance rates are impacted by many things that control the price you pay for coverage. This price variability is why consumers need to shop around with many companies to get the best auto insurance rates for drivers over age 70. Rates can be determined by many factors and can increase or decrease at any time, so the cheapest company two years ago may now be one of the higher cost companies.
Compare Cheap Insurance Quotes for Age 70+
Utica National may offer some of the cheapest car insurance rates in Cincinnati at around $647 a year. Erie, Frankenmuth, Allied, and USAA also rank well as some of the best Cincinnati, OH auto insurance companies.
As shown in the table above, if you are currently insured with Allied and switched to Erie, you could earn yearly savings of around $10. Ohio drivers with USAA could save as much as $32 a year, and Travelers policyholders might lower prices by up to $39 a year.
To get a quick, customized rate comparison, click here to start your custom quote or quote prices from the following companies.
Bear in mind that those policy rates are averaged for all ages of drivers and types of vehicles and do not take into consideration an exact location for drivers over age 70. So the company that fits your age and vehicle best may not even be in the top 33 companies shown above. That illustrates why you need to get rate quotes using your own specific driver information and vehicle.
For older drivers, one of the big things that are looked at to determine the amount you pay each year for auto insurance is where you call home. Larger areas tend to have more expensive auto insurance rates, whereas areas with lower crime rates and fewer weather claims tend to receive slightly lower rates.
The table below sorts the most expensive areas in Ohio for drivers over age 70 in which to buy car insurance. Cincinnati is ranked at #4 with an annual premium of $1,210 for the average policy, which is around $101 per month.
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Rate information is approximated as specific location information can modify auto insurance rates noticeably.
Choosing the best auto insurance company is difficult considering how many different companies sell coverage in Cincinnati. The rank data shown below may help you decide which car insurance companies to look at when shopping your coverage around.
The rankings below include companies that insure vehicles across America, so companies that only write business in Ohio or surrounding areas are not factored into this list. If you would like to check rates and find cheaper insurance for drivers over age 70, follow this link.
Top 10 Large Auto Insurance Providers Overall in Cincinnati
- 21st Century
- AAA Insurance
- Liberty Mutual
- Safeco Insurance
- State Farm
- American Family
How accidents and violations affect rates in Cincinnati
The best way to score cheap car insurance premiums in Ohio for older drivers is to drive carefully and maintain a clean driving record. The illustration below shows how speeding tickets and at-fault collisions impact car insurance costs for different categories of driver ages. The data is based on a single female driver, full physical damage coverage, $250 deductibles, and no policy discounts are applied.
In the previous example, the average cost of an auto insurance policy in Ohio per year with no violations or accidents is $1,257. Get one speeding ticket and the average cost jumps to $1,423, an increase of $166 each year. Then add one accident along with the one speeding ticket and the yearly cost of car insurance for drivers over age 70 goes up to an average of $1,891. That’s an increase of $634, or $53 per month, just for not driving responsibly!
Rate comparison of full coverage and liability-only
Finding the cheapest car insurance is probably important to most vehicle owners, and an easy way to pay lower rates for insurance for drivers over age 70 is to not buy full coverage. The example below illustrates the comparison of yearly insurance costs with full coverage and liability only. The premiums are based on no violations or claims, $250 deductibles, single status, and no other discounts are factored in.
Averaged for all ages 20 through 70, comp and collision coverage costs $1,601 per year more than buying just liability insurance. That is a large expense and it proposes the question when is the right time to remove full coverage. There is no definitive formula that works best for making the decision to drop comprehensive and collision coverage on your policy, but there is a general guideline. If the annual cost of comprehensive and collision coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, the it may be a good time to stop paying for full coverage.
For example, let’s assume your vehicle’s book value is $4,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $3,000 after paying your policy deductible. If it’s costing you more than $300 annually for physical damage coverage, then you might want to consider buying only liability coverage.
There are some situations where dropping physical damage coverage is not financially feasible. If you still have a lienholder on your title, you have to maintain full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle if your current one is damaged, you should keep full coverage on your policy.
Here’s why you should shop around
Cincinnati car insurance rates are determined by lots of factors which can substantially change your annual premium. Improving your credit rating, having a teen driver, or getting a DUI can produce rate changes that can make some companies affordable when they were higher priced. Not only that, but insurance companies file new rates multiple times each year to reflect underwriting profits or losses. Significantly higher losses may cause higher priced premiums, while profitable underwriting may result in cheaper Cincinnati car insurance rates.
To illustrate this point, the graph below shows the company with the cheapest car insurance in Cincinnati, OH for a 40-year-old male driver with no prior claims, no tickets, and a high credit rating. If we estimate rates based on his current situation, Utica National offers the most affordable car insurance rates in Cincinnati at $764 per year. This is $276 less than the average rate paid by Ohio drivers of $1,040. Erie, Allied, Frankenmuth, and Travelers are the remaining most affordable Cincinnati, OH auto insurance companies.
Now we will give the driver from the above example a claim or two, a lower credit rating, and a speeding citation. Since each insurance company has their own guidelines to establish rates, comparing rates could result in a different list of affordable Cincinnati car insurance companies as shown below.
Merchants Insurance Group now has the best car insurance rate in Cincinnati, OH with Cincinnati Insurance, Motorists Mutual, Grange Mutual, and General Casualty now being in the top five. This shows why drivers need to compare as many rates as possible when trying to get the lowest auto insurance quotes for drivers over age 70.
Auto insurance prices are determined by many things and change substantially, so the most economical option the last time you shopped your coverage around may now be one of the more expensive options.