The words “low-priced” and “insurance” really shouldn’t be used together, especially when you are shopping around for the lowest insurance rates for drivers over age 50. To save some money, let’s lead off by showing you a few of the things that have a considerable impact on car insurance premiums, and find out if you can take the bite out of your next policy.
For older drivers, one of the big factors that are looked at to help calculate auto insurance rates is where you live in Plano. Areas with more people or higher crime rates will most likely have higher rates, whereas areas with less people or fewer weather incidents benefit from lower rates.
The next table sorts the most costly cities in Texas for drivers over age 50 in which to purchase auto insurance. Plano ranks #22 having an annual price of $1,576 for coverage, which is around $131 monthly.
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Premium amounts are approximated as specific Plano garaging address can increase or decrease rates significantly.
Trying to buy low-cost auto insurance is not the easiest thing to accomplish, and determining which companies offer the cheapest insurance rates for drivers over age 50 will require a bit more work. Every insurance company uses a different method for determining rates in each state, so let’s take a look at the insurance companies that tend to be cheaper in Plano, TX.
Best Car Insurance Prices for Age 50+
|Rank||Company||Cost Per Year|
|3||Texas Farm Bureau||$1,211|
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Travelers may offer some of the most affordable car insurance rates in Plano at around $1,010 annually. This is $894 less than the average policy premium paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance also make the cut as some of the cheapest Plano, TX auto insurance companies.
As illustrated above, if you are insured with Texas Farm Bureau and switched to Travelers, you may see a yearly savings of about $201. Insureds with Germania Mutual may save as much as $272 a year, and Esurance insureds might lower prices by up to $369 a year.
If you want to find out if you’re overpaying, click here to begin a quote or visit any of the low-priced companies below.
Remember that these rates are averages across all drivers and vehicles in Texas and are not factoring in a specific location for drivers over age 50. So the auto insurance company that fits your needs best may not even be in the top 23 companies in the list above. That point stresses why you need to get car insurance quotes using your own driver data and vehicle information.
Cost of full coverage in Plano
Reducing premiums for insurance should be important to most drivers, and one of the easiest ways to buy cheap insurance for drivers over age 50 is to buy only liability coverage. The chart below visualizes the comparison of insurance rates with and without full coverage. The price estimates are based on no accidents, no driving violations, $100 deductibles, drivers are single, and no other discounts are factored in.
Averaged out for all age groups, physical damage insurance costs an extra $2,181 per year more than buying just liability insurance. At some point, every insured wonders if buying full coverage is a waste of money. There is no set guideline for eliminating comp and collision coverage, but there is a guideline you can consider. If the yearly cost of comp and collision coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then it’s probably a good time to buy liability coverage only.
There are some situations where buying only liability insurance is not recommended. If you have an outstanding loan on your vehicle, you have to keep full coverage as part of the loan conditions. Also, if you don’t have enough money to buy a different vehicle in the event your current vehicle is totaled, you should not buy liability only.
The information below illustrates how your choice of deductibles can influence yearly insurance costs when getting quotes for cheap insurance for drivers over age 50. The rate quotes are based on a married male driver, comprehensive and collision coverage, and no additional discounts are factored in.
As shown above, a 30-year-old driver could lower their policy premium by $396 a year by changing from a $100 deductible up to a $500 deductible, or save $598 by changing to a $1,000 deductible. Youthful drivers, like the Age 20 category, could shave as much as $1,206 or more just by choosing higher deductibles.
If you do decide to increase your deductibles, it is essential to have plenty of discretionary funds to offset the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.
How to find the cheapest auto insurance for drivers over age 50
The list below shows a few money-saving solutions that can help drivers get cheaper auto insurance.
- Save money by bundling your home and auto policies
- Avoid at-fault accidents and claims
- Earn discounts for being claim-free
- Avoid getting citations and tickets
- Full coverage is expensive so only insure older vehicles for liability only
- Vehicles with good safety ratings have lower liability rates
- Look for cheaper rates once a year by shopping around
That last tip is certainly crucial, as we discussed in this piece. Coverage rates adjust frequently, so you should be ready to switch companies if a lower-cost policy is available. Staying with the same company for years is fine, but we do not recommend it if that inflexibility results in costing you several hundred dollars every year. Take a few minutes and compare rates and find cheaper auto insurance for drivers over age 50 in Plano.
If you have questions and prefer to get some guidance when comparing insurance rates for drivers over age 50, the agents listed below can aid you in deciding which auto insurance coverages would be the best in your situation.
To locate a Plano car insurance agency close to you, click the link at the bottom.
Encore Insurance Agency, L.L.C.
2301 Ohio Dr – Plano, TX 75093 – (877) 745-5005
Roger Welch Agency, LLC
2770 Main St #104 – Frisco, TX 75033 – (972) 380-6677
Byron Wilkerson – State Farm Insurance Agent
9720 Coit Rd #140 – Plano, TX 75025 – (214) 618-5700