Car insurance coverage is important at every stage of life. But as you reach retirement, the need to save money becomes more essential. In order to remain fiscally responsible, senior drivers must find the best vehicle for their lifestyle and the right car insurance coverage to keep their monthly expenses low. That’s what brings us to car insurance for senior drivers.
Despite years of driving experience, the cost of car insurance generally increases later in life, sometime between your sixties and seventies. With retirement on the mind and a fixed income ahead, senior drivers must perform their due diligence to find the right car insurance policy that won’t break the bank.
We’ve examined some of the top car insurance companies in the U.S. to help senior drivers narrow down their search for auto insurance. With so many car insurance policies available, we hope this list will guide senior drivers to a stress-free shopping experience.
The following will detail the top-rated companies that offer car insurance for senior drivers. We’re also divulging special discounts that will help reduce monthly premiums through safe driving.
Top-rated insurance companies for senior drivers
The best car insurance for senior drivers means budget-friendly rates, discounts, and value protection. Based on our research, the companies listed below offer the best deals for senior drivers in 2020:
This insurance powerhouse offers low rates and quality protection for drivers of all ages. According to J.D. Power & Associates’ 2020 Customer Satisfaction Study, Geico ranks #1 in customer satisfaction. Senior drivers are sure to love the affordable price, while taking advantage of the following discounts:
- Safe driver discount: Up to 25% off your premium
- Defensive driving course: Complete this course and receive 5-10% off your policy
- Retired military or government employee discount: Receive additional discounts for you or a family member who has served our country
Allstate’s excellent reputation and good service makes this insurance provider a great option for senior drivers. It is one of the only insurance brands to have a direct discount for mature drivers who are retired or working part-time. With prices in the low to mid-range, Allstate ranks high on our list, offering great perks for its policyholders:
- Senior Discount: Drivers over the age of 55 can receive 10% off
- Drivewise Program: Driving safe means you can get cash back
Hartford Insurance offers exclusive auto insurance policies for AARP members. If you are a senior driver and an AARP member, this insurance plan could be the best option for you. As an added bonus, The Hartford offers a vanishing deductible policy – meaning each year you’re not in an accident, your deductible will decrease.
There are plenty of benefits for being an AARP member, but the following amenities make this car insurance policy worth looking into:
- 12-month auto insurance rate protection
- Recover Care
- New car replacement coverage
- Lifetime car repair assurance
Although Progressive does not offer any specific discounts for senior drivers, they do provide reputable coverage at an economical rate, averaging slightly higher than Geico. Senior drivers who choose this insurance provider can also take advantage of these exclusive offers:
- Name Your Price Program: State the price you want to pay and Progressive will create a policy around that amount
- Snapshot Discount: Earn up to 30% off your policy for safe driving
Insider tips, additional ways to save on car insurance
Senior drivers can typically find ways to pay less on car insurance unless their driving history is tainted by past accidents or reckless driving.
Here are some tips for getting the lowest car insurance rate:
- Don’t settle on one policy: Shop for car insurance every few years to see if cheaper quotes are available
- Bundle your policies: Combine your home, life, and auto insurance under one insurance provider
- Buy a newer vehicle: Save on car insurance by purchasing a newer model with higher safety ratings
- Check for low-mileage discounts: Drive less, save more
- Ask about multi-car discounts: Look for multi-car deals if you have a household with more than one vehicle
Remember, these added discounts will differentiate between insurers so it is best to compare all car insurance policies before making a decision. By saving money on car insurance, you can allocate your funds more wisely and decrease financial stress for the future.
Preparing for the road ahead
Insurance companies understand that senior drivers are looking for specialized coverage. If you’ve recently retired or are looking to reduce your monthly premium, check out these senior-friendly insurance companies to find the best policy for you.
Geico, Allstate, AARP Auto Insurance from The Hartford, and Progressive will take all your needs into consideration while guaranteeing low price options and quality protection for you and your loved ones. Just think, you don’t want to miss out on your next family vacation or home improvement project because you are overpaying for car insurance.