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Find the best rates on car insurance for senior citizens.
Saving money is important at any age. But if you're no longer working or are saving for retirement, the need to be fiscally responsible is much more prevalent. So, in order to determine the best car insurance company for seniors, we created a user profile (outlined here) and examined some top companies across the US. So, let's get to it. Which company is the cheapest company for senior drivers?
|Car Insurane Company||Average Premium|
Famous for the phrase, “15 minutes can save you 15% or more on car insurance,” GEICO had the cheapest car insurance rates for seniors 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 for auto insurance in the US.
|Location||GEICO car insurance costs for seniors|
|Saint Albans, NY||$855|
|Klamath Falls, OR||$409|
Like GEICO’s gecko, Progressive’s Flo is what most people will recognize about the company. Looking at Progressive's rates, it’s not hard to see why the company is so popular. While not as cheap as GEICO, Progressive is the second cheapest option of the five companies surveyed for seniors, with an average rate of $618. One of Progressive's selling points is its SnapShot program. Using a plug-in telematics device, SnapShot offers usage-based insurance, altering your rates based on your driving behaviors and mileage.
|Location||Progressive car insurance rates for seniors|
|Saint Albans, NY||$1,295|
|Klamath Falls, OR||$543|
Founded in 1931, Allstate's user satisfaction and claims ratings are good. But that level of service comes at a cost. Allstate is the third cheapest insurance company for seniors. While Allstate does offer some unique discounts for home-and-auto insurance bundling, we didn't include this in our study of senior auto insurance rates. However, if you have an Allstate homeowners policy and would like to bundle your auto, consider Early Signing and Allstate eSmart programs as ways to save. These selections could lower your car insurance quote by $85!
|Location||Allstate car insurance premiums for seniors|
|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, State Farm can be one of the most affordable options. State Farm’s most expensive states, Florida and New York, follow national insurance pricing trends. These states, because of myriad details — 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 cheaper options like GEICO or Progressive before considering senior auto insurance with State Farm.
|Location||State Farm senior auto insurance rates|
|Saint Albans, NY||$2,117|
|Klamath Falls, OR||$822|
The Hartford is a unique insurance company, as it's specifically designed for those older than 55. The Hartford's service and claims satisfaction are very well-regarded, but that comes at a price. Of the five companies surveyed, The Hartford was the most expensive for senior drivers. The Hartford’s average senior premium in our 10 sample zip codes was more than twice as much as those of GEICO and and Progressive. Still, it's worth considering The Hartford for its senior-specific coverage options.
|Location||Senior car insurance rates with The Hartford|
|Saint Albans, NY||$6,875|
|Klamath Falls, OR||$888|
With all variables constant, GEICO offered the cheapest auto insurance for seniors. 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 rates, see our quick tips below on how to save.
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Next, we set our fictitious user's location, collecting an average of 10 randomly selected US zip codes: