Best Car Insurance for 40-Year-Olds

Drivers in their 40s enjoy relatively affordable car insurance. Learn how to find a cheap policy.

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Car insurance rates in your 40s: how much should you pay?

Casting aside your 30s for your 40s can be a momentous change, sometimes accompanied by shifts in family life, income level, and living situation. As these changes occur, your relationship with your insurance company may shift, as well. For the most part, drivers in their 40s enjoy relatively affordable auto insurance premiums as they are considered to be experienced drivers who practice safe driving habits, and have more stable financial situations that make this demographic more likely to have good credit scores. In fact, drivers typically earn a discount of $25 per year on auto insurance just by celebrating their 40th birthday — with a similar discount each year of the decade.

Here's how insurance rates in the 40s stack up against other age brackets:

 

AVERAGE AUTO INSURANCE RATES BY AGE GROUP
Age BracketAverage 6-Month Auto Insurance Cost
16-19$2,511
20-29$994
30-39$766
40-49$737
50-59$682
60-69$692
70-79$805
80-89$940

 

Getting married, buying a bigger home, adding a teen driver to your car insurance, or even purchasing additional lines of insurance coverage can have important — and costly — insurance consequences. So, let’s get to it: this is the comprehensive guide to auto insurance in your 40s.

 


 

What's the cheapest car insurance for drivers in their 40s?

Using a methodology outlined hereUSAA is the cheapest car insurance company for motorists aged between 40 and 49. USAA's auto insurance policies cost over $200 less than the group average, at an average annual premium of $959. That compares favorably to more expensive companies' higher premiums — see the data below.

AVERAGE 6-MONTH CAR INSURANCE PREMIUM FOR DRIVERS IN THEIR 40S
Insurance CompanyAverage Cost of Insurance: 40-year-old Driver
Allstate$989
Farmers$795
GEICO$583
Liberty Mutual$718
Nationwide$676
Progressive$781
State Farm$624
USAA$479

 

If you do not qualify for coverage through USAA, GEICO could be your next-cheapest option. At $583 per six-month policy, GEICO charges an average rate of just $97 per month.

Your gender also plays a role in what you pay for auto insurance. Though the disparity between what male and female drivers pay in premium is most pronounced when these drivers are in their teens and into their 20s — with males paying more — this pattern shifts once they reach their 30s and 40s. See below to see a breakdown of rates for drivers in their 40s by gender.

AVERAGE CAR INSURANCE RATE BY GENDER FOR DRIVERS IN THEIR 40S
GenderAverage 6-Month Premium% Difference
Male$731--
Female$7432%


Female drivers in their 40s pay, on average, about $25 more per year than do male drivers in the same age bracket.

 


 

How does car insurance change when you turn 40?

A few frequent 40-something life changes could necessitate insurance policy alterations. Check out below some of the most common situations and how to deal with the insurance ramifications.

 

Marriage

You might be surprised to learn getting married can affect the cost of car insurance — in a good way. To an insurance company, a married individual seems less risky than a single, divorced, or widowed driver. This is because a married driver is statistically less likely to file a claim and more likely to share driving responsibilities with their partner. On average, when a single person gets married, their insurance premium drops by about 7% — or $98 per year.

 

NATIONAL AVERAGE 6-MONTH AUTO INSURANCE RATE BY MARITAL STATUS
Single$774
Married$724
Divorced$772
Widowed$750
Marital StatusCar Insurance Premium

 

Homeownership 

Taking the plunge and purchasing a home might seem scary, but you can take solace in the savings you’ll receive from your insurance company. Homeowners pay slightly less for car insurance than renters for several reasons:

  • Homeowners and car insurance policies can be bundled, leading to cost savings via a coveted multi-policy discount.
  • Insurance companies see homeowners as more financially stable and less likely to file a claim than renters. Much like marriage, homeownership makes you look less risky to your car insurance company.

 

AVERAGE 6-MONTH CAR INSURANCE COST — BY HOMEOWNER STATUS
RenterHomeownerDifference
$774$757$17

 

Insuring kids behind the wheel

If you have children of driving age, you might need to add them to your insurance policy. This isn't cheap. Among 16- to 80-year-olds, 16-year-olds pay the most for car insurance, at $6,633 per year. This figure, while high, is the rate for a 16-year-old driver with their own auto policy. The more cost-effective option is to add your child to your policy (it will still cost a pretty penny).

As a 40-something driver who owns a home and is married, you make for a stable, low-risk auto insurance customer. But a newly-licensed 16-year-old poses an entirely different set of risks than does an older driver. Statistically speaking, a teenage driver is more likely to be involved in a collision or receive a citation, equating to more likely claims payouts for an insurance company.

 

AVERAGE 6-MONTH PREMIUMS — SHARED POLICY WITH TEENAGE DRIVER
16$1,492
17$1,399
18$1,284
19$1,150
AgePremium

 

 


 

How to save on car insurance in your 40s (if you have a young driver on your policy)

 

Good student discount

If your driver has the grades (typically a minimum 3.0 GPA), you might want to consider a good student discount intended for younger drivers. Your insurance company would require proof, such as a transcript, provided every policy period. 

 

Defensive driver discount

Another option is what’s called a defensive driver discount. Young drivers who have taken a professional driving course are less likely to receive a citation or get into an accident. The exact requirements and specifications for this discount vary. Consult your insurance agent for details. Learn more about car insurance discounts.

GOOD STUDENT/DEFENSIVE DRIVING DISCOUNTS
AgeMaleFemale
16$439$248
17$348$222
18$338$197
19$278$160

 

Keeping a clean driving record

Because teens are more likely to run into trouble on the road, it is imperative for your insurance rate — and everyone's well-being — to steer clear of trouble. Texting while driving, speeding, or being in an at-fault accident can seriously affect your premium. In a state-by-state breakdown, hit-and-runs, DUIs, and racing (the costliest citations) raise insurance premiums by at least 40%. Moreover, most insurance companies offer a good driver discount which is dependent on a clean driving record.

AVERAGE ANNUAL PREMIUM INCREASE BY VIOLATION IN 2019
Accident/ViolationPremium Increase
Hit-and-run$1,212
Racing$1,131
DUI$1,099
Driving with Suspended License$1,043
Reckless Driving$1,038
At-Fault Collision - greater than $2,000$767
At-Fault Collision - $1,000-$2,000$686
Speeding - 21-25 MPH over limit$460
At-Fault Collision - less than $1,000$456
Speeding - 16-20 MPH over limit$385
Speeding - 11-15 MPH over limit$337
Speeding - 6-10 MPH over limit$320

 

 

Insuring your teen separately

If you are less concerned about the price and more about your teenage driver affecting your policy, you may consider getting a separate policy. Any accident, ticket, or claim would fall on their policy and thus only affect their rate. This might not be possible with every insurance company: some may require any driver living at a residence to be listed on the same policy.

 

Umbrella policy

Consider additional coverage in the form of umbrella insurance. Your umbrella policy acts like it’s namesake, creating a coverage roof over you, your family, and your assets in the event you are found legally liable for damages caused in an incident.

An umbrella policy provides coverage in several ways. It extends the additional liability coverage for your homeowners, auto, and other lines of insurance which apply after the policy limits have exhausted themselves. For example, you or your teenager cause an auto accident and it causes $300,000 in bodily injury damages. In the event your auto policy has a maximum limit of $150,000, your umbrella policy would cover the remaining half.

An umbrella policy furnishes liability coverage in a few areas usually excluded from typical liability coverage, including false arrest, libel, slander, and some liability coverage on a rental you own. In terms of how much of umbrella insurance you should receive, it is recommended the coverage amount should be equal to your combined household income. An additional bonus of adding an umbrella policy is that if you purchase it with the same company as your auto or homeowners policy, you can receive a bundling discount.

 

 


 

Summarized: car insurance in your 40s

Your 40s are one of the cheapest decades for car insurance rates. You're entering a phase of your life where you're financially stable, considered a safe driver, and possibly adding more lines of insurance — all of which equates to a profitable investment to an insurance company.

Because your appeal to auto insurance companies nears its peak in your 40s, stay on the lookout for ways to save. The best way to save on auto insurance, no matter your age, is to compare rates every six months for cheap car insurance. Enter your ZIP code below to get started.

 

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Ava Lynch LinkedIn

Based in Austin, TX, Ava has been in the insurance industry as a licensed agent for 4-plus years. Ava is currently one of The Zebra’s resident property insurance experts and has been featured in publications such as US News Report, GasBuddy, and Yahoo! Finance.