Find the best rates on car insurance for senior citizens
In order to really examine what cheap car insurance for seniors (for people 55 and over), we decided to examine some of the top insurance company across the US using a dummy profile that is consistent across all coverage and other metrics. Here is our dummy profile:
Next, we needed to set where our fictitious user would be located. In order to collect an average, we randomly selected 10 zip codes across the US. Here are our random zip codes:
Next, we landed on five popular companies to examine. Geico, State Farm, Allstate, Hartford, and Progressive. Now, with all that established, let’s get into the nitty-gritty of our analysis: what is cheap car insurance for seniors?
|Zip Code||Geico||Progressive||State Farm||Allstate||Hartford|
|Saint Albans, NY||$855||$1,295||$2,117||$1,007||$6,875|
Famous for their phrase, “15 minutes can save you 15% or more on car insurance,” Geico was the first company we chose to examine. Out of all the companies, Geico had the cheapest car insurance rate across all zip codes. Geico’s rates, like most of the companies examined, follow the general trend of auto insurance in the US. Ohio, where insurance is typically the cheapest, is hundreds of dollars less than the other zip codes. Moreover, New York is considerably expensive and is the 13th most expensive state to have auto insurance, out of all of the US.
|Zip Code||Mr. Smith's Premium with Geico|
|Saint Albans, NY||$855|
|Klamath Falls, OR||$409|
Like Geico’s gecko, Progressive’s Flo is what most people will recognize about their company. And, looking at their rates, it’s not hard to see why they’re so popular. While not as cheap as Geico, Progressive is the second cheapest option of the five companies surveyed for this age group with an average rate of $618. Like the case with many of these companies, Progressive has a unique feature to their company that can lower your rate called SnapShot. Using a plug-in telematic, SnapShot is close to the idea of a usage-based insurance. It's more of a personal look at your driving patterns. Which, depending on your driving, can save you lots of money.
|Zipcode||Mr. Smith's Premium with Progressive|
|Saint Albans, NY||$1,295|
|Klamath Falls, OR||$543|
Founded in 1931, Allstate has good user satisfaction and claims rating, but, overall, are a reasonably expensive insurance company. They are 3rd cheapest, just a dollar more expensive than State Farm. With the actual application process for Allstate, there were a few ways to save that were specific to them. Because the point of this experiment is to attempt to keep all the metrics and policy attributes across the board the same, we did not have our senior driver Mr. Smith participate in them. If, however, you have an Allstate homeowners policy and would like to bundle your auto, consider the Early Signing and Allstate eSmart as ways to save. For Mr. Smith's profile, these selections would have saved him $85!
|Zipcode||Mr. Smith's Premium with Allstate|
|Saint Albans, NY||$1,007|
|Klamath Falls, OR||$958|
State Farm is the most popular insurance company in the US, and, depending on your location, you can understand why they’re so popular. State Farm’s most expensive states, Florida and New York, follow the insurance trends of the US. As these states, because of a myriad of details including insurance laws, driver population, and weather trends, tend to have higher premiums. So, if you're a senior driver in these states, you might want to start with Geico or Progressive prior as their car insurance rates tends to be cheaper.
|Zip Code||Mr. Smith's Premium with State Farm|
|Saint Albans, NY||$2,117|
|Klamath Falls, OR||$822|
Hartford is a unique insurance company as it specifically designed for people in our dummy profile’s age group — those older than 55-year-olds. They are very well regarded in terms of their service and claims satisfaction, but, from our analysis, that comes at a price. Out of the five companies we examined, the Hartford was the most expensive. Averaging the 10 zip codes, the Hartford’s auto insurance premium was more than twice as much as Geico and Progressive. Still, consider if your profile, differing from Mr. Smith’s, might make you a better candidate than him before negating the Hartford Insurance company.
|Zip Code||Mr. Smith's Premium with The Hartford|
|Saint Albans, NY||$6,875|
|Klamath Falls, OR||$888|
All other things constant, i.e., the variables of Mr. Smith's policy and coverage, Geico was the cheapest insurance provider. However, that doesn't necessarily mean Geico will be the cheapest company for you. If you want some other ideas on how to lower your car insurance rate, see our quick tips below on how to save.
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