Car Insurance for 50 year olds

Needing car insurance for your nifty fifties?

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How does car insurance change when you turn 50?


From an insurance perspective, the phrase “nifty fifties” really does reflect this time of your life. Your nest is emptying as your children begin their own lives, you’re preparing for retirement, and (less exciting but still important) you’re starting to see some serious insurance savings. To an insurance company, 50-somethings are prime customers. Statistically, you're more likely to check all the boxes an insurance company looks for: you're an experienced driver who is less likely to file a claim, you are likely married, a homeowner, and have a multi-line policy plan. In the insurance world, these qualities equate to lower premiums. Which makes sense as, on average, 50-year-olds pay less than any other age group for auto insurance. Still, there are somethings you should consider about car insurance during this time. Let's get to it. Starting first with which company is the cheapest for you.



In this article, we will discuss:


  1. Which company should you choose?
  2. How to navigate your policy at 50
  3. How to save at 50
  4. Your 50s: To Sum




Your Premium at 50


In order to determine which company was the cheapest, we created a based profile of a married couple aged 50 and examined 5 different companies across 5 different zip codes. While we expect your profile will not entirely match our generic one outlined here, you should still consider our data as a jumping off point when trying to find car insurance. Shopping as many companies as possible, as we did, is the very best way to make sure you're getting the best rate.


Car insurance for 50-year-olds

Location State Farm All State Geico Progressive Liberty Mutual
Columbus, OH $1,158 $944 $577 $437 $612
McKinney, TX $2,595 $1,857 $654 $816 N/A
Fresno, CA $1,854 $483 $736 $709 $1,254
Aurora, CA $2,382 $4,409 $845 $1,136 $1,875
Scranton, PA $1,839 $993 $445 $633 $570
Average $1,966 $1,137 $651 $746 $1,078





How your policy changes


In your fifties, you go through a lot of changes both in your personal life that reflects considerably on your insurance profile. Removing your kids from your insurance company can have big implications as well as qualifying for more discounts. Let's explore.


Your kids

Removing your young drivers from your policy can be a huge money saver. Using the same profile we used to get rates for two 50-year-olds on their own policies, we also calculated what the difference would if you were to remove a young driver from the policy, also outlined here. On average, removing a son or daughter from your policy will save you over $3,600 per year!

If, however, your child is still on your policy, we have some suggestions as well. Using a default of a 17-year-old, we examined which company was the cheapest for a family. Much like our results from above, Geico and Progressive proved themselves to be the cheapest option for auto insurance for families. Here are our results.


Our Findings: Car Insurance for Families

Location State Farm All State Geico Progressive Liberty Mutual
Columbus, OH $3,122 $2,299 $1,120 $1,295 $1,614
McKinney, TX $6,660 $5,876 $1,736 $1,891 N/A
Fresno, CA $4,387 $1,571 $1,974 $1,981 $4,173
Scranton, PA $4,854 $2,517 $1,154 $1,913 $1,416
Aurora, CO $5,801 $4,899 $2,208 $2,809 $3,810
Average $4,965 $3,432 $1,638 $1,978 $2,753




Ways to Save


Distant Student Discount

If you want to keep your son or daughter on your policy while they are away for college, you can see some savings through a Distant Driver discount. This discount refers to students who are more than 100 miles away from home and under 23-year-old. This discount, while it varies by company, could save you hundreds of dollars a year on your auto insurance premium.


Mature Driver Training Course Discount

Those who are older than 55-year-olds are eligible for a state-approved, senior driving courses which you, depending on your insurance company, will usually receive a discount for. These courses include safe driving strategies, rules of the road, use of new technology, and the effects of health issues on driving ability. You can access these courses through AARP, AAA, and the National Safety Council but be sure to check with your insurance company prior to taking any courses—as some insurance companies might not recognize the discount.


Low-Mileage Discount

If you’re starting your retirement early and are now driving less than you had before, speak with your insurance company about a possible low mileage driving discount. While the threshold for "low-mileage" varies by company, it can range between 7,500-15,000 per year.


Retired Military Discount

If you’re a retired military member, some insurance companies will offer you a discount. While it varies by company, Geico and USAA can offer some pretty high discounts to retired military personnel.


Senior Organization Membership Discount

Belonging to organizations like AARP can earn you a discount with some insurance companies.


The Hartford

If you’re over 50-year-olds, you qualify for the Hartford Insurance Company. Hartford offers a wide variety of perks to its members, including a discount if you’re already a member of AARP.





Your 50s: unraveled


Once you enter your nifty fifties, key an eye out for extra savings. Look to take your college-aged children off your policy as well as some mature driving discounts and consider Geico and Progressive. Although you're entering a time of insurance savings, you shouldn't be complacent with your company. Shopping for car insurance every 6 months has continually proven to save you money. Work with us to find out how much you could be saving on auto insurance.





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Methodology


We randomly selected 5 zip codes in 5 different areas across the US by using the 5 most popular companies in the US based on net premiums written. Here are the zip codes we selected:


  • Columbus, OH - 43216
  • McKinney, TX - 75070
  • Fresno, CA - 75070
  • Scranton, PA - 93722
  • Aurora, CO - 80013

With that created, we decided to get the male and female teen two parents with two vehicles in order to create a base to build the teenage driver profiles from. This is the information we chose to use:


  • Parent's DOB: 08/01/1960
  • Mother's Vehicle: 2015 Toyota Sienna LE, owned, 12,000/year
  • Father's Vehicle: 2015 Toyota Crewmax, owned, driving 12,000/year
  • Driving Record: no accidents or citation
  • Education: BA
  • Licensed at: 16
  • Occupation: Manager Level - Accounting
  • Insurance History: Max amount selectable of previous years with insurance company, limits at 100/300/100

Next, we needed to create the profile of the teen drivers; one that is female and male. Here is the information:


  • Teen's DOB: 08/01/2000
  • Teen's: 2015 Toyota Carmy, owned, 12,000/year
  • Driving Record: no accidents or citation
  • Education: Above B Above
  • Licensed at: 17
  • Occupation: None