Cheap Car Insurance for Drivers over 50
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UPDATED: Mar 13, 2020
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Car insurance for drivers over 50 can be much cheaper than car insurance for young drivers. At 50 years of age you typically have a wealth of experience behind the wheel, a long track record of safe driving history (and unless you are suffering a mid-life crisis) a pretty safe vehicle to insure. All of these items help drivers over 50 get cheap car insurance quotes compared to younger drivers. There are even discounts specifically for drivers over 50 but how much you save by flashing your nifty fifty ID will vary from one car insurance company to the next.
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How can drivers over 50 save money on car insurance?
Drivers over 50 typically have a lot more assets than young drivers and one of the best ways to save money on car insurance is to bundle up your auto insurance policy with the same company who insures your home or life. A multi-policy discount can often save you up to 20% or more simply by insuring your needs with the same provider.
You may also want to consider paying your auto insurance premiums in full every policy period. By now you realize that car insurance is not going away and as long as you drive you will need some form of insurance so instead of paying monthly try to take advantage of the full payment option which can often save up to 5% on your total policy premium, plus save you money on stamps!
If you are married and have your car insurance policies separately consider combining the policies into a joint policy as auto insurance plans for married couples are often cheaper than purchasing two individual policies.
How much is car insurance for drivers over 50?
This all depends on your profile including where you life, the type of vehicle insured, your driving record and more. However most drivers have accumulated a pretty good driving record and many years of experience at this age which can qualify you for car insurance discounts.
Statistics also show that drivers over 50 (as an age group) tend to drive much safer than young drivers, have a much lower risk of accident and are less likely to file an insurance claim. Overall, drivers over 50 are considered low risk drivers versus teenagers who are classified as high risk or young adults who have moderate risk.
Who has the best car insurance rates for drivers over 50?
There is no best car insurance company for all drivers over 50 however you do have many advantages as a mature driver which can help you find enjoy a very competitive environment for car insurance. Car insurance comparison should start with learning about auto insurance and then finding at least a handful of providers who offer the coverage, discounts and options you need.
If you are retired or work from home always ask about the low mileage discount. Odds are you are not driving as much as you were in your early 20’s and drivers who use their vehicle less than 7,500 miles a year can often qualify for up to 50% or more savings on auto insurance. Not all car insurance companies offer low mileage discounts but if you happen to own a vehicle and only use it sporadically it’s important to look for low mileage car insurance rates. The policy coverage is often the same but the premiums can be significantly lower.
You also want to review your car insurance policy and make sure you’re not over-insured or un-insured. Drivers over 50 have reached an age close to retirement or enjoying the fruits of their labor and the last thing you want is to become personally liable for damages in a car accident. Auto insurance is not just mandatory by law but its also one of the greatest asset protection instruments around for anyone who owns a car. Get started and compare car insurance companies in your ZIP code today!