Wouldn’t it be easy if you could know instantly the one perfect auto insurance company that has the best insurance prices for drivers over age 60? It’s just not that easy, however, as there are many unknowns such as if you own your own home, whether you are male or female, and whether you just need liability insurance, that all have an effect on the price. This article covers these things and will hopefully give you a good start to your coverage search.
The make and model of vehicle you are trying to insure is probably the biggest factor when trying to find the best cheap coverage for drivers over age 60. Vehicles with more horsepower, poor safety features, or a high likelihood of having liability claims will cost significantly more to insure than safer models. The next list presents car insurance premiums for some of the most budget-friendly automobiles to buy insurance for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda CR-V LX 4WD||$1,179|
|Ford Escape XLT 4WD||$1,204|
|Toyota Tacoma 4WD||$1,318|
|Dodge Grand Caravan SE||$1,326|
|Ford Focus S 4-Dr Sedan||$1,368|
|Toyota RAV4 Sport 4WD||$1,392|
|Toyota Camry LE||$1,402|
|Volkswagen Jetta S 4-Dr Sedan||$1,392|
|Chevrolet Impala LT||$1,398|
|GMC Sierra SL Extended Cab 2WD||$1,392|
|Ford Explorer Limited 4WD||$1,417|
|Chevrolet Malibu LT||$1,426|
|Ford F-150 XLT Crew Cab 4WD||$1,417|
|Jeep Wrangler Unlimited Sport 4WD 4-Dr||$1,435|
|Toyota Corolla XLE||$1,467|
|Honda Odyssey EX-L||$1,476|
|Ford Edge Sport 2WD||$1,467|
|Nissan Altima 2.5 S 4-Dr Sedan||$1,475|
|Hyundai Elantra SE 4-Dr Sedan||$1,467|
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Premium data assumes single male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include multi-vehicle, homeowner, safe-driver, multi-policy, and claim-free. Price estimates do not factor in vehicle location which can raise or lower premium rates considerably.
Based on these rates, you can assume that vehicles like the Honda CR-V, Ford Escape, Toyota Prius, Toyota Tacoma, and Dodge Grand Caravan are most likely going to be some of the most affordable vehicles to insure for older drivers.
Finding decent, low-priced insurance is difficult, and deciding which company offers the cheapest auto insurance rates for drivers over age 60 will take even more work. Each auto insurance company has a unique approach for establishing rates, so let’s take a look at the most competitive auto insurance companies in Ohio.
It’s a good idea to be aware that Ohio auto insurance rates are impacted by many things that may substantially change the cost of coverage. Turning one year older, having a claim, or getting a DUI can trigger rate changes resulting in some rates now being less affordable than competitors.
Best Car Insurance Prices for Age 60+
|Rank||Company||Cost Per Year|
|7||Merchants Insurance Group||$778|
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Utica National generally has some of the most affordable car insurance rates in Cincinnati at around $654 a year. Erie, Allied, Frankenmuth, and Travelers also rank well as some of the most economical Cincinnati, OH insurance companies.
As illustrated above, if you currently have coverage with Erie and switched to Utica National, you could see savings of roughly $13. Policyholders with Allied may save as much as $22 a year, and Frankenmuth customers might lower prices by $47 a year.
Remember that these estimates are averages for all insureds and vehicles and do not factor in an exact zip code location for drivers over age 60. So the auto insurance company that can offer you the lowest price may not even be in the list above. That illustrates why you need to get quotes using your own personal information and vehicle type.
One of the many factors that determine the cost of insurance is where you live. Areas with high crime rates or more dense population will most likely have higher rates, whereas areas with less congestion have the benefit of cheaper car insurance.
The following table shows the most expensive cities in Ohio for drivers over age 60 to buy an auto insurance policy in. Cincinnati is listed at #6 having an annual price of $1,174 for coverage, which is around $98 per month.
|Rank||City||Average Per Year|
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Information shown are comparative as vehicle location can alter rates substantially.
How to get discounts on Cincinnati insurance
Insurers that provide coverage for drivers over age 60 could also offer special discounts that could reduce prices by 40% or more if you meet eligibility requirements. A few of the larger companies and some of the discounts are included below.
- Progressive includes discounts for good student, homeowner, multi-vehicle, multi-policy, and online signing.
- MetLife offers discounts for multi-policy, claim-free, good student, defensive driver, good driver, and accident-free.
- Mercury Insurance may offer discounts for accident-free, anti-theft, annual mileage, location of vehicle, good driver, and ease of repair.
- Nationwide policyholders can earn discounts including Farm Bureau membership, good student, business or organization, multi-policy, and family plan.
- GEICO offers premium reductions for daytime running lights, multi-vehicle, air bags, federal employee, defensive driver, multi-policy, and anti-theft.
- AAA has savings for multi-car, good student, multi-policy, anti-theft, and AAA membership discount.
The illustration below shows the comparison of car insurance costs with and without some available policy discounts. The costs are based on a female driver, no violations or claims, Ohio state minimum liability limits, full coverage, and $100 deductibles.
The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with claim-free, defensive driving course, multiple policy, accident-free, multiple vehicle, and marriage discounts applied. When discounts are factored in, theaverage yearly reduction on auto insurance for drivers over age 60 is 29% or $485.
Liability only or full coverage
Finding the cheapest auto insurance is the goal of most vehicle owners, and a good way to find cheaper insurance for drivers over age 60 is to not insure for full coverage. The information below compares yearly insurance costs with full physical damage coverage and with liability coverage only. The prices are based on no violations or claims, $100 deductibles, single marital status, and no discounts are applied.
On average, full coverage costs an extra $1,750 per year more than just buying liability only. That may make you wonder if it’s a good idea to buy full coverage. There is no clear-cut rule to stop paying for physical damage insurance, but there is a general school of thought. If the annual cost of coverage is more than 10% of the settlement you would receive from your company, then it could be time to drop full coverage.
For example, let’s say your vehicle’s claim settlement value is $9,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most you would receive is $8,000 after paying your policy deductible. If you are paying more than $800 a year for your policy with full coverage, then it’s probably a good time to buy liability coverage only.
There are some conditions where eliminating full coverage is not in your best interest. If you still owe a portion of the original loan, you have to maintain full coverage as part of the loan requirements. Also, if your finances do not allow you to purchase a different vehicle if your current one is in an accident, you should not buy liability only.
Picking a good quality auto insurance provider can be a challenge considering how many different companies there are to choose from in Ohio. The ranking data shown next can help you decide which coverage providers you want to consider comparing rate quotes with.
These rankings are for the largest companies in the United States, so companies that focus mainly on Ohio business are not factored into these rankings. If you would like to check rates from these and other top-rated companies, follow this link.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies