The words “low-priced” and “insurance” really don’t belong together, in particular when you are looking for the best car insurance for seniors. In an attempt to save some money, let’s take a look at a few of the factors that have an impact on car insurance prices, and figure out some ways to take the bite out of the next policy you buy.
The make and model of vehicle requiring insurance is one of the main factors when consumers are trying to find affordable insurance for seniors. Vehicles with high performance engines, poor safety features, or high incidents of liability claims will cost significantly more to insure than safer models.
The information below shows auto insurance rates for a number of the most cost-effective automobiles to buy insurance for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 2WD | $691 |
| Honda Accord LX-P 4-Dr Sedan | $700 |
| Ford Escape XLT 4WD | $707 |
| Toyota Prius | $765 |
| Ford Explorer XLT 4WD | $775 |
| Ford F-150 FX2 Super Cab 2WD | $780 |
| Ford Focus SE 4-Dr Sedan | $802 |
| Volkswagen Jetta SE 2.5 Station Wagon | $810 |
| Chevrolet Silverado LT Extended Cab 4WD | $818 |
| Chevrolet Impala LT | $826 |
| Toyota RAV4 4WD | $818 |
| Chevrolet Malibu LS | $825 |
| Dodge Grand Caravan Crew | $832 |
| Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr | $843 |
| Toyota Tacoma X-Runner 2WD | $863 |
| Ford Edge Sport 2WD | $871 |
| Honda Odyssey EX-L W/Rear Entertainment | $863 |
| Hyundai Elantra GLS 4-Dr Sedan | $872 |
| Nissan Rogue S AWD | $875 |
| GMC Sierra SLE Regular Cab 4WD | $877 |
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Data rating is based on married male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include multi-vehicle, multi-policy, safe-driver, homeowner, and claim-free. Table data does not factor in specific location information which can impact insurance rates noticeably.
Based on these rates, cars like the Honda CR-V, Honda Accord, Ford Escape, and Toyota Prius will be some of the less-costly vehicles to insure for senior citizens.
For senior citizens, one of the big things that are used to help calculate car insurance rates is where your car is garaged. Regions with larger populations or more claims tend to have higher rates, whereas areas with lower crime rates and fewer weather claims have the benefit of cheaper car insurance.
The information below rates the highest-priced areas in Texas for seniors in which to buy car insurance. Plano shows up at #22 with a yearly premium of $1,576 for coverage, which is around $131 each month.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | McAllen | $1,996 |
| 2 | Brownsville | $1,927 |
| 3 | Houston | $1,909 |
| 4 | Laredo | $1,907 |
| 5 | Garland | $1,850 |
| 6 | Dallas | $1,837 |
| 7 | Pasadena | $1,812 |
| 8 | Mesquite | $1,807 |
| 9 | Amarillo | $1,804 |
| 10 | Irving | $1,789 |
| 11 | Beaumont | $1,772 |
| 12 | Grand Prairie | $1,757 |
| 13 | Lubbock | $1,733 |
| 14 | San Antonio | $1,688 |
| 15 | Fort Worth | $1,670 |
| 16 | Carrollton | $1,664 |
| 17 | Arlington | $1,642 |
| 18 | Corpus Christi | $1,636 |
| 19 | El Paso | $1,632 |
| 20 | Austin | $1,627 |
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Rate quotes are comparative as the garaging address in Plano can lower or raise premiums noticeably.
How accidents and tickets impact rates
The common sense way to enjoy the cheapest insurance premiums in Plano for senior citizens is to be a careful driver and avoid traffic citations and accidents. The illustration below shows how violations and accidents can impact insurance prices for each different age group. The data assumes a single male driver, full coverage, $1,000 deductibles, and no discounts are applied to the premium.
The data above shows the average cost of auto insurance per year with no accidents or violations is $1,598. Get one speeding ticket and the average cost rises to $1,804, an increase of $206 each year. Now add one accident along with the one speeding ticket and the annual cost of insurance for seniors jumps again to an average of $2,370. That’s an increase of $772, or $64 per month, just for a couple of infractions!
Liability-only versus full coverage
Buying cheaper insurance is probably important to the majority of people, and one great way to find cheap insurance for seniors is to not pay for full coverage. The diagram below shows the comparison of premium costs when comparing full coverage to liability only. The rate quotes are based on no driving violations, no at-fault accidents, $1,000 deductibles, single status, and no discounts are taken into consideration.
If we average all the age groups together, full coverage costs $1,598 per year over liability only. At some point, every insured wonders if paying for full coverage is worth it. There is no specific rule of when to phase out physical damage coverage, but there is a general convention. If the yearly cost of full coverage is about 10% or more of any settlement you would receive from your insurance company, then you may need to consider dropping full coverage.
There are some conditions where only buying liability is not in your best interest. If you still have a loan on your vehicle, you have to keep full coverage in order to satisfy the requirements of the loan. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should not drop full coverage.
The illustration below highlights how deductible choice can influence insurance costs when getting quotes for cheap insurance for seniors. The costs are based on a single female driver, full physical damage coverage, and no discounts are taken into consideration.
A 30-year-old driver could lower rates by $344 a year by changing from a $100 deductible to a $500 deductible, or save $520 by changing to a $1,000 deductible. Youthful drivers, like the 20-year-old category, could potentially save up to $766 or more by selecting a higher deductible. If you do raise deductibles, it will now be necessary to have additional funds squirreled away to pay the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
How to find economical insurance for seniors
The list below summarizes some of the better penny-pinching suggestions that can help you buy cheap coverage.
- Don’t have frequent claims
- Buy your auto and home insurance from the same company and save
- Accidents can significantly increase rates
- Speeding tickets and other violations increase rates
- The safer your car, the less it costs to insure
- Compare prices frequently to find the best deal
That final tip is especially significant, as was noted in the prior information. Auto insurance rates in Plano vary considerably, so don’t be afraid to buy a different policy if a lower-cost policy is available.
Loyalty to a specific company is fine, but we do not recommend it if it’s costing you several hundred dollars every year. Now is a great time to compare prices and find cheaper auto insurance for seniors.
If you prefer to have some advice when comparing insurance rates for seniors, the insurance agencies listed below can answer your questions and help you decide which is the best policy. To find an agent close to where you live, click the button after the list or click here to get price quotes now.
- William Kuo – State Farm Insurance Agent
280 Legacy Dr #250 – Plano, TX 75023 – (972) 575-9100 - Farmers Insurance – Joseph Qiu
5016 Tennyson Pkwy – Plano, TX 75024 – (972) 781-0808 - Arthur Blake Insurance Group
542 Haggard St #502 – Plano, TX 75074 – (972) 335-4115 - GEICO Insurance Agent
1729 N Central Expy Suite A – Plano, TX 75075 – (972) 509-5600