You have probably watched the catchy advertisements from auto insurance companies like Farmers and The General that make promises of enormous savings. So drivers should just choose the one with the best commercial, right?
Regrettably, it's not quite that easy, as there are a lot of unknown elements such as your marital status, if you have maintained coverage continuously, and citations or tickets. We will try to teach you about some of these topics and educate you enough to have some help in finding cheaper rates.
The make and model of vehicle that needs insurance is probably the biggest factor when comparing quotes for economical auto insurance for drivers over age 70. Vehicles with average performance, good safety features, or a low likelihood of having liability claims will cost less to insure than higher performance models.
The table below showcases insurance premiums for some of the cheaper vehicles to buy coverage for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$939|
|Ford Escape Limited 4WD||$1,013|
|Ford Explorer XLT 2WD||$1,054|
|Jeep Wrangler Rubicon 4WD 2-Dr||$1,064|
|Ford F-150 XL Crew Cab 4WD||$1,071|
|Ford Edge SEL AWD||$1,100|
|Ford Focus SE 4-Dr Sedan||$1,108|
|Honda Odyssey EX W/Rear Entertainment||$1,100|
|Jeep Grand Cherokee Laredo 2WD||$1,114|
|Volkswagen Jetta LE 4-Dr Sedan||$1,119|
|Toyota RAV4 2WD||$1,114|
|Chevrolet Impala LT||$1,123|
|Chevrolet Malibu LS||$1,114|
|Dodge Grand Caravan Hero||$1,121|
|Toyota Tacoma X-Runner 2WD||$1,174|
|Hyundai Elantra GLS 4-Dr Sedan||$1,180|
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Above prices assume single female driver age 70, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include multi-policy, multi-vehicle, claim-free, homeowner, and safe-driver. Rates do not factor in vehicle garaging location which can alter insurance rates substantially.
Based upon these rates, you can presume that cars like the Honda CR-V, Ford Escape, and Toyota Prius are most likely to be the less-costly vehicles to insure for older drivers. The price of auto insurance will tend to be more expensive anyway because there is more risk for drivers over age 70, but in general those specific models will have the lowest insurance rates compared to all other vehicles.
Figuring out which company offers the most affordable car insurance rates for drivers over age 70 involves a tad more effort in order to find the best price. Every insurance company uses their own calculation to determine premium rates, so we will examine the most budget-friendly car insurance companies in Plano, TX.
It's a good idea to be aware that Texas car insurance rates are based on many factors which can significantly increase or decrease your annual premium. Improving your credit score, moving across town, or getting a ticket for careless driving can cause premium changes that can now make some companies cheaper than before.
Find the Cheapest Car Insurance for Age 70+
|Rank||Company||Cost Per Year|
|3||Texas Farm Bureau||$1,247|
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Travelers has some of the cheapest car insurance rates in Plano at around $1,041 each year. USAA, Texas Farm Bureau, Germania Mutual, and Esurance would also be considered some of the more affordable Plano, TX car insurance companies.
As depicted above, if you buy coverage from Texas Farm Bureau and switched to Travelers, you might see an annual premium reduction of around $206. Insureds with Germania Mutual could save as much as $241 a year, and Esurance customers might realize rate reductions of up to $324 a year.
It's important to note that these rates are averaged for all insureds and vehicles and do not factor in a specific zip code for drivers over age 70. So the car insurance company that fits your age and vehicle best may not even be in the list above. That underscores the importance of why you need to compare as many prices as possible using your own individual information.
Full coverage rates compared to liability only
Saving money on car insurance should be important to the majority of people, and one of the best ways to find cheaper insurance for drivers over age 70 is to buy liability only. The information below shows the comparison of yearly insurance costs with full physical damage coverage and with liability coverage only. The premiums are based on no accidents or driving violations, $500 deductibles, drivers are single, and no discounts are factored in.
As an average for all age groups, full coverage on your policy costs $2,431 per year more than carrying just liability coverage. Many drivers may wonder if paying for full coverage is a waste of money. There is no definitive guideline that works best for making the decision to drop full coverage, but there is a broad guideline. If the annual cost of coverage is more than about 10% of the vehicle's replacement cost less your deductible, then you may want to consider only buying liability coverage.
For example, let's pretend your vehicle's book value is $5,500 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most you would receive is $4,500 after the deductible is paid. If premium cost is more than $450 a year for your policy with full coverage, then you might want to consider buying only liability coverage.
There are some cases where eliminating full coverage is not a good idea. If you have an outstanding loan on your vehicle, you have to maintain full coverage in order to keep the loan. Also, if your savings is not enough to buy a different vehicle if your current one is totaled, you should not buy liability only.
How to get discounts on Plano car insurance rates
Insurers that offer coverage for drivers over age 70 may also provide price discounts that could lower prices by as much as 35% or more if you meet the requirements. A list of companies and their offered discounts are outlined below.
- GEICO has discounts for defensive driver, air bags, anti-theft, good student, anti-lock brakes, daytime running lights, and seat belt use.
- Travelers may include discounts for early quote, continuous insurance, driver training, payment discounts, multi-policy, new car, and good student.
- Farm Bureau may have discounts that include safe driver, multi-vehicle, renewal discount, youthful driver, good student, 55 and retired, and driver training.
- Liberty Mutual offers discounts for safety features, exclusive group savings, new graduate, teen driver discount, and hybrid vehicle.
- American Family offers premium reductions for good driver, bundled insurance, air bags, multi-vehicle, mySafetyValet, and TimeAway discount.
- Progressive offers discounts including homeowner, online signing, multi-vehicle, good student, and continuous coverage.
The example below compares insurance costs with and without discounts applied to the policy rates. The information is based on a female driver, no claims or driving citations, Texas state minimum liability limits, full physical damage coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second bar shows the rates with passive restraint, claim-free, vehicle safety, anti-theft, multiple vehicle, and multiple policy discounts applied. With discounts applied, the average amount saved each year on car insurance for drivers over age 70 is 28% or $578.
Why you should be shopping around
Plano car insurance rates are determined by lots of factors that may substantially change the price of your policy. Simply having another birthday, buying a home, or getting a ticket for careless driving can cause premium changes that can make some companies more affordable than others. Not only may your risk profile change, but insurers file new rates every year to adjust for unexpected claims or profits. Higher than normal claims can result in higher rates, while lower claim levels may result in lower-cost Plano car insurance rates.
For example, the data below shows which companies have the cheapest car insurance in Plano, TX for a 35-year-old female driver with no violations or accidents, and great credit. If we estimate prices based on her current situation, Travelers may offer the most affordable car insurance rates in Plano at $1,083 each year. This is $821 less than the average policy premium paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance are the remaining cheapest Plano, TX auto insurance companies.
The example below compares rates after we give the driver from the first rate comparison an accident surcharge, a little lower credit rating, and a traffic citation. Due to the fact that each insurance company has a unique formula for setting rates, comparing rates could result in a slightly different list of the cheapest companies as shown below.
State Farm now has the lowest price in Plano with Mercury, USAA, Safe Auto, and Nationwide also being competitive. This example demonstrates why it is critical to shop around with many companies when trying to get the lowest car insurance rates for drivers over age 70.
Prices are made up of many risk factors and change frequently, so the cheapest option the last time you shopped your coverage around may now be costing you a lot of money.
Ideas to find low-cost car insurance for drivers over age 70
The list below shows some of the recommended money-saving suggestions that can help you get cheap coverage.
- Claim-free drivers earn discounts
- Bundle home and auto and earn a discount
- Remain accident-free and save
- Safe vehicles cost less to insure
- Speeding tickets and other violations increase rates
- Shop around for cheaper prices often
The final tip is remarkably important, as was affirmed in this write-up. Prices fluctuate considerably, so you should be ready to switch to a new company if a cheaper price is available. Many drivers prefer to stick with one company, but is isn't recommended if that inflexibility results in costing you a lot of money every month. Take a couple minutes and compare prices to find cheaper insurance for drivers over age 70 in Plano.