How much does car insurance cost for seniors in 2024?

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Senior drivers — those 65 years old and older — tend to see increases in their car insurance as they age. Risk considerations, such as the increased incidence of accidents and concurrent injuries, are often factored into car insurance rates for seniors. 

There are affordable car insurance rates for seniors available. One way to find a great rate is to shop around and compare policies. If you are a military member or a veteran, USAA is the best company for auto insurance. For those who are not military members, these car insurance companies are some of the top ones offering the cheapest car insurance for seniors:

The average annual cost of car insurance for a 70-year-old driver is $1,839. However, it’s possible to save hundreds a year by doing your research and shopping around. For example, Nationwide and Travelers offer auto insurance at $1,456 and $1,573, respectively, while Allstate’s annual policies cost $2,477 annually.  

Learn more about the best car insurance for seniors, including average rates by age, the best car insurance companies offering affordable rates and what impacts car insurance rates as drivers age. 

Our take on car insurance for seniors

Car insurance for seniors can be quite expensive. This is due to specific risk factors that can be attributed to age, driving capabilities and ability to react quickly on the road. Senior drivers must consider their options thoroughly before purchasing a policy. 

Lauren Mckenzie, an insurance broker with A Plus Insurance, says seniors should carefully assess their coverage needs and explore the policy options available from each insurer. She says there are variations between insurance providers concerning the scope of coverage offered, coverage limits, associated costs and more. 

“It’s essential for seniors to communicate their driving habits during the insurance shopping process. This enables insurers to accurately assess the appropriate mileage for each vehicle, potentially resulting in lower premiums for drivers who clock fewer miles,” Mckenzie says. “By contemplating these factors, senior drivers can secure insurance coverage that aligns precisely with their needs while enjoying peace of mind on the road.”

Best average car insurance rates for seniors

Car insurance rates tend to increase for drivers over the age of 65. The table below shows the average cost of insurance based on coverage options — state minimum, liability-only and full coverage (comprehensive and collision car insurance). 

Full coverage car insurance for 65-year-old seniors costs an average of $1,740 annually. The same insurance coverage for a 75-year-old driver would be $268 more annually at $2,008. 

Often, car insurance rates increase with assessed risk analysis. For example, senior drivers may be perceived to have higher rates of accidents with injuries. This can cause rates to spike as drivers age. See rates by age in the table below.

To find the best rate for your age group, it’s a good idea to shop around and ask about available car insurance discounts.

The cost of car insurance for older drivers changes over time, with a slow and steady rise in premium prices as the calendar advances. So, car insurance for seniors over 60 typically will cost less than car insurance for seniors over 70.

Even if you drive very little as you get older, you will still have to pay for enough insurance to meet minimum liability coverage requirements.

Christopher J. Robinette, Professor of Law at Southwestern Law School, explains that “the main purpose of minimum requirements is to financially protect other drivers on the road. The minimum amount needed to do so does not change with the age of the insurance purchaser.”

Coverage costs also are higher if you choose more robust coverage that better protects you.

Best full coverage car insurance rates for seniors by age and state

You may be looking at cheaper car insurance rates as a senior based on where you live in the United States, due to your state’s coverage requirements, population density, rate of crime or driving and accident claim statistics. 

In general, rates have increased due to inflation affecting the cost of parts and repairs and there tend to be more uninsured drivers on the road, leading to costly lawsuits. However, based on what state you live in, your rates could be cheaper because there is a lower assessed risk or you live in a smaller state with fewer residents. 

According to Insure’s Best Car Insurance Companies of 2024, Auto Club of Southern California (AAA) is the best company for senior drivers in 2024.

In the table below, learn how your state stacks up for senior car insurance for drivers aged 65.

Most expensive states for car insurance for seniors

Louisiana tops the list of most expensive states for auto insurance for 70-year-old seniors with an average annual rate of $2,725 for a full coverage policy. 

The Pelican State is also the most expensive in the country for full coverage car insurance policies, with an average annual premium of $2,883 for 40-year-old adult drivers. Louisiana’s rates have increased mainly because of inflation costs for parts and repairs, state law, natural disasters and car insurance premium hikes. 

Senior car insurance in Louisiana is $158 cheaper than the average annual full coverage premium. 

Following behind Louisiana, Florida, California, Colorado and Michigan came in as the most expensive states for car insurance for seniors. In general, car insurance rates increased nearly 21% in 2023, according to an analysis from the U.S. Bureau of Labor Statistics. 

Learn more about the top 10 most expensive states for car insurance for 70-year-old seniors in the table below. 

Cheapest states for car insurance for seniors

The cheapest auto insurance for seniors can be found in Maine with average annual premiums at $1,137. Typically, Maine falls lower on car insurance premiums because of its population density and fewer car insurance claims. 

Its average full coverage premium is $1,175 annually for adults at age 40, 38% less than the national average of $1,895. 70-year-old drivers are paying $38 less than the state’s average. 

Vermont, New Hampshire, Idaho and Ohio follow Maine as additional states offering affordable senior car insurance. 

Learn more about the top 10 cheapest U.S. states below for 70-year-old drivers. 

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How much is car insurance for seniors at age 70?

One of the biggest impacts on car insurance costs is age. This is due to the risks associated with senior driving accidents and claims, which tend to increase as drivers age. 

For a 70-year-old driver, the state minimum insurance costs $525, liability-only costs $675, and a full coverage policy with a 100/300/100 limit costs $1,839 annually. This is $39 to $99 more yearly than the same policies for a 65-year-old driver.

How much is car insurance for seniors at age 75?

As seniors’ capabilities to safely drive a vehicle begins to change, such as eyesight, hearing and response time, so do their car insurance premiums. For drivers 75 and older, they can anticipate seeing an additional $63 to $169 annual increase on their average premium. 

This means for a 75-year-old driver, the state minimum requirement is $588, liability-only costs $746 and a full coverage policy of 100/300/100 limit is $2,008 annually. 

Cheapest car insurance for seniors

Nationwide Insurance offers the cheapest car insurance for senior drivers aged 65 to 75 at an annual average rate of $1,372, $1,439 and $1,557, respectively. This is a little more than $100 monthly and tops out at $129 monthly for drivers 75 years and older. 

In the table below, learn more about the most affordable car insurance companies for seniors by age, which can serve as a starting point for your comparison shopping and quote requests. 

Finding cheap senior car insurance may be your sole focus as an older driver — so much so, that you may skip over doing your research. You can find savings by comparing car insurance quotes and discussing the benefits of being a car insurance company’s customer. This includes reviewing their financial and professional standing and what discounts and rate reductions they offer seniors.  

“When senior drivers embark on the search for car insurance, there are several crucial considerations to keep in mind. Foremost among these is the selection of an insurance company boasting a stellar reputation, particularly in terms of financial stability,” Mckenzie says.  “This ensures that policyholders will receive adequate coverage in the event of a claim. Additionally, prioritizing a company renowned for its exemplary customer service is important, as it ensures policyholders receive prompt assistance with inquiries, policy adjustments or claims processing.” 

Average cost of car insurance for seniors at 65 years old

On average, 65-year-old senior drivers pay the least for their demographic. This is due to insurance companies assessing an increase in risk as drivers age, and a higher likelihood of accidents, injuries and claims for those age 70 and older. 

Nationwide offers the cheapest full coverage insurance for 65-year-old drivers at $1,372 annually for full coverage. USAA offers cheaper options for those who have been military members or in a military member household, starting at $341. Geico has the cheapest state minimum coverage at $454 per year. 

The most expensive insurance premium for 65-year-old drivers is from Allstate at $2,352 annually for a full coverage policy. 

Learn what other insurance companies offer 65-year-old drivers in the chart below. 

Average cost of car insurance for seniors at 70 years old

Senior drivers’ insurance premiums will begin to increase at age 70 because of an assessed higher likelihood of accidents, injuries and claims. 

Geico offers the cheapest insurance for 70-year-old drivers, at $454 annually for state minimum coverage. Nationwide offers the cheapest full coverage policy, at $1,439. USAA offers cheaper options for military members or those in a military member household, starting at $380 annually for the state minimum.

The most expensive insurance premium for 70-year-old drivers is from Allstate at $2,430 annually for a full coverage policy. 

Learn what other insurance companies offer 70-year-old drivers in the chart below. 

Average cost of car insurance for seniors at 75 years old

Drivers over the age of 75 will see the steepest hikes and most costly car insurance rates. As drivers age, their capabilities may begin to deteriorate, such as their eyesight, hearing and failure to respond quickly to situations while driving. Insurance companies will assess this as an increased risk and raise rates. 

The cheapest insurance for 75-year-old drivers is offered by Geico at $509 annually for state minimum coverage. For full coverage, Nationwide is the cheapest at $1,557 for a full coverage policy. USAA offers cheaper options for those who have been military members or in a military member household, starting at $433 annually.

The most expensive insurance premium for 75-year-old drivers is from Allstate at $2,647 annually for a full coverage policy. 

Learn what other insurance companies offer 75-year-old drivers in the chart below. 

Factors that affect auto insurance rates for seniors

Most insurance companies consider age, gender and perceived risk when determining car insurance premiums. When it comes to senior car insurance, age becomes a risk factor similar to that of teen drivers, but for different reasons. Increased age may cause a decline in driving skills and reflexes. It’s important to know that some states, such as California, Hawaii and Massachusetts, restrict insurance increases based on age.

However, senior drivers are also some of the safest drivers on the road. According to the AAA Exchange and the Insurance Institute for Highway Safety (IIHS), they typically follow all road rules, wear their seatbelts, do not drive intoxicated, and tend to be on the road in early daylight hours rather than at night. 

Insurance rates are also impacted by where you live and who you live with. You can check your ZIP code in our cost of living tool to see what impact your neighborhood has on your rates. If you’re married, you may also pay less for car insurance as couples are seen as less risky drivers than single drivers. 

Hawaii, Massachusetts, Michigan and Montana don’t allow marital status as a rating factor. And, other states, like Pennsylvania, have rules in place to keep a “widow’s penalty” from occurring.

Some additional factors that impact senior auto insurance rates include:

• Annual mileage: How much you drive impacts your premium. This is due to a reduced risk to your insurer if you drive under 7,500 miles or start to drive less. Remember to discuss this discount with your insurer. 

• Credit history: Again, insurance companies set premiums from assessed risk. If your credit history isn’t in the best shape, insurers may deem you have risky behaviors and increase your premiums. Remember to discuss ways you can decrease your rate with your insurer if your credit history is creating an uptick in your premium. 

• Driving experience and record: Your driving record is important to car insurance companies, including how long you’ve been driving, claims you’ve received and traffic offenses you’ve committed. The more you have on your record, the higher your premiums can be. However, you can also receive discounts for having a clean record and being claims-free for at least three years. 

• Insurance coverage: The more coverage you opt for, the more you will pay for your premiums. We recommend 100/300/100 liability coverage, which will cost you more annually but can save you quite a bit in an accident. If you want to save money, raise your deductible instead. Your deductible is what you pay out of pocket before your insurance policy kicks in.

• Vehicle type: The make, model, safety features and cost of your vehicle are factored into your insurance premium. For example, if you drive a high-priced and desired vehicle that may have an increased risk for theft, your premium likely will be more expensive. The cost of repairs and parts should you be in an accident will also be a consideration factor for your car insurance rate. 

How much do violations increase car insurance for seniors?

It’s no secret that car insurance increases after an accident, a speeding ticket or a drop in your credit score. But, by how much? It depends on the violation type. 

For example, a DUI can nearly triple your car insurance rate by 143%, or an increase of $2,747. An at-fault accident could see a 77% increase in your rate, while having prior claims on your driving record may increase your rate by 7%.

Explore the following violations and how they impact car insurance rates in the table below.

How to save with car insurance discounts for seniors

Discounts and rate reduction options are available to all drivers to help you save on your premiums. While most of these are not age-specific, you could be looking at a drop in your rate if you qualify. 

Mckenzie says there are various ways seniors can reduce their car insurance expenses and it’s imperative to engage with an insurance provider that meticulously examines each available discount during the shopping process. 

“There are common discounts, applicable to all drivers irrespective of age, encompass factors such as geographic location, homeownership status, policy bundling opportunities, marital status, continuous insurance coverage, accident-free and claims-free incentives, enrollment in automatic payment programs, and preference for paperless transactions,” she says. 

“Seniors may benefit from specialized discounts tailored to their demographic, such as the senior driving course discount, which offers reduced rates for completion of a qualifying course within the preceding three years. Partnering with an insurance provider well-versed in these discount offerings ensures seniors receive comprehensive coverage tailored to their unique needs while optimizing cost savings,” she says.

When shopping around for quotes, remember to ask about the following discounts:

• Annual mileage: There are typically discounts available for those who drive 7,500 miles or less in a year. When you’re not on the road as often, you have a lower chance of being involved in an accident. If you opt-in to a monitoring device in your car through your insurer, you can also see an additional discount.
• Coverage bundling: Most insurers will provide a rate reduction if you have more than one insurance policy with them, such as homeowners, renters, auto and umbrella policies. 
• Safe driver: Having a violation-free driving record, and maintaining it, typically qualifies you for a discount on your insurance. This is because you pose a lower risk on the road and to your insurer. 
• Safety features: Often having a car with newer safety technology — such as rearview cameras and collision alarm systems – not only keeps you safer on the road, but it can lower your car insurance. Discuss this with your insurer to see what discounts are available for your vehicle.
• Your deductible and coverage: Increasing your deductible — the amount you pay out-of-pocket before your claim coverage begins — can save you money on your premium. It may be worth looking into if you can afford to pay out-of-pocket in case of an accident. You should also review your coverages and see if they match your needs and vehicle. 

What our expert says

How can seniors save money on car insurance?

Lauren McKenzieInsurance broker/agent, A Plus Insurance.

“Seniors may benefit from specialized discounts tailored to their demographic, such as the senior driving course discount, which offers reduced rates for completion of a qualifying course within the preceding three years. Partnering with an insurance provider well-versed in these discount offerings ensures seniors receive comprehensive coverage tailored to their unique needs while optimizing cost savings.”

Resources & Methodology

Methodology

Insure.com editors in 2024 collected rates from Quadrant Information Services for a 60-, 70-, and 75-year-old male and female driving a 2023 Honda Accord LX with a good insurance score and no violation on record for a full coverage insurance policy with limits 100/300/100 and $500 comprehensive and collision deductible. We analyzed 51,088,003 records, 34,588 ZIP codes and 167 insurance companies nationwide.

Katrina Raenell

Contributing Researcher

 

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Katrina Raenell is a writer, editor and educator with 20 years of experience in content and communications for international organizations, nonprofits and start-ups. In her previous roles, she was a communications manager for study abroad, content project manager for higher education and finance websites, reported on arts and culture, and was a managing editor for an online health and wellness publication.