Best cheap car insurance for seniors in 2024

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State Farm is the top insurer for seniors looking for the best, cheap car insurance policy, according to Insure.com, followed by Nationwide and Geico.

Our findings are based on rates offered to seniors, a survey of insurance consumers and an analysis of data from respected third parties AM Best, which measures financial strength, and the National Association of Insurance Commissioners (NAIC), which tracks customer complaints.

State Farm has an AM Best rating of A++, indicating a high level of financial stability. It also has a relatively low complaint score of 0.52 from the National Association of Insurance Commissioners (NAIC). On top of that, State Farm has relatively affordable full coverage car insurance for seniors at an average of $1,853 annually.

Overall, Insure.com gave State Farm a score of 4.23 out of a possible 5 for drivers between the ages of 65 and 75.

While State Farm is rated the top company for seniors, that doesn’t mean it’s the right company for everyone. Drivers often have different wants and needs when it comes to insurance. When seniors look for car insurance they might consider cost, but the deciding factor on which company they choose could be coverage options, customer service or other factors.

The top auto insurers for senior drivers

To select the best car insurance companies for seniors, we looked at insurance rates, an Insure.com survey of insurance consumers, and data from highly respected third parties that track insurance companies: NAIC’s Complaint Ratio (1.00 is the norm) and AM Best ratings (A++ is superior). 

For rates, we reviewed data from more than 170 car insurance companies, analyzed more than 5 million insurance quotes and compared average annual premiums. Our rate assumptions are based on a 2023 Honda Accord LX  driver between the ages of 65 and 75 with no violations and a “good” insurance score. Quotes are based on 100/300/100 coverage – meaning $100,000 for bodily injury per person, $300,000 for bodily injury per incident and $100,000 for property damage per incident – with a $500 collision/comprehensive deductible. We assume a 12-mile commute and 10,000 miles driven annually.  

We also tapped the results from a survey Insure.com conducted in the fall of 2023 that asked 1,500 insurance customers to grade their company’s customer experience, claims expertise, policy offerings and other products and services. 

State Farm came out on top in our ranking, with a relatively low complaint score of 0.52 from the NAIC and an AM Best rating of A++, indicating a high level of financial stability. Nationwide came in second followed by Geico.

It should be noted that USAA had a higher score than many of the insurers and is listed in the table below. However, it’s excluded from the overall ranking because it only provides services to military community members.

* USAA had a better score than some other insurers, but is excluded because it’s only available to military families.

However, just because an insurer comes out ahead in a given ranking doesn’t mean that carrier is right for everyone. Other insurers might offer coverages, rates and options that better match your particular needs.

When Insure.com crunched all its numbers, the following companies came out on top in these categories.

*Excluding USAA, which is only available to military families

The top 5 car insurance providers for senior drivers

The top five auto insurance companies for seniors are State Farm,  Nationwide, Geico, Travelers and Progressive.

You can find additional details about these auto insurance companies in Insure.com’s listing of the best car insurance companies of 2024. 

State Farm

• Overall rating: 4.23
• AM Best rating: A++
• NAIC Complaint Ratio: 0.52
• Average savings from possible senior discounts: 15%
• Average annual full coverage premium for senior drivers: $1,853

Nationwide

• Overall rating: 4.17
• AM Best rating: A+
• NAIC Complaint Ratio: 0.66
• Average savings from possible senior discounts: 10%
• Average annual full coverage premium for senior drivers: $1,456

Geico

• Overall rating: 4.07
• AM Best rating: A++
• NAIC Complaint Ratio: 0.77
• Average savings from possible senior discounts: 13%
• Average annual full coverage premium for senior drivers: $1,787

Travelers

• Overall rating: 3.98
• AM Best rating: A++
• NAIC Complaint Ratio: 1.03 
• Average savings from possible senior discounts: 18%
• Average annual full coverage premium for senior drivers: $1,573

Progressive 

• Overall rating: 3.83
• AM Best rating: A+
• NAIC complaint ratio: 0.73
• Average annual full coverage premium for teens: $2,000

Average car insurance cost for senior drivers

In general, car insurance is less expensive for older drivers than for, say, teens because they are more experienced. However, once drivers reach age 70, they could begin to see increases in premiums. The national average cost for senior drivers is $1,862. This is $33 less than the national average of $1,895 for annual car insurance coverage.

There are ways for seniors of any age to save on car insurance, says Randy Humphreys, personal lines director at insurance agency Reliable Risk Management. 

Bundling auto and home insurance, enrolling in a state-approved senior driving class, maintaining a safe driving history, paying your policy in full, and raising your deductible are just some of the ways seniors can save, he says. 

Humphreys also advises seniors to work with an independent agent and to ask about all the discounts that might be available for an insurer. 

Clayton Fischer, an agent at Blue Marlin Insurance, says seniors should explore usage-based insurance systems, such as Progressive’s SnapShot and Allstate’s Drivewise, which use tracking devices to monitor your driving and charge you based on how you drive and how much you drive.

Below is a look at the average rates from some national insurers. Nationwide has the cheapest average full-coverage rates of the companies we ranked, followed by Travelers and Geico. 

*USAA has the cheapest rates, but it’s only available to military families.

Full coverage insurance is a comprehensive auto insurance option that includes collision coverage, which helps pay for damages to your vehicle if you’re involved in an accident; comprehensive coverage, which helps cover non-collision events, such as theft, vandalism and natural disasters; and liability insurance, which helps cover the cost if you cause injury or property damage to others in an accident.

Average car insurance cost for 65-year-old male and female drivers

There can be a difference in insurance rates for men and women. However, in California, Hawaii, Massachusetts, Michigan, Montana, North Carolina and Pennsylvania insurers can’t use gender when setting rates. Nationwide has the best rates of the companies we ranked.

*USAA has the cheapest rates, but it’s only available to military families.

Average car insurance cost for 70-year-old drivers

At age 70, prices often start going up for senior auto insurance coverage. Of the companies we ranked, Nationwide has the best rates.

*USAA has the cheapest rates, but it’s only available to military families.

Average car insurance cost for 75-year-old drivers

There’s an even bigger jump in car insurance rates from age 70 to 75. However, rates are still lower than the national average – $1,895 – in some cases. Of the companies we ranked, Nationwide has the best rates.

*USAA has the cheapest rates, but it’s only available to military families.

Average car insurance cost for seniors compared to other age groups.

Car insurance rates can vary greatly by age. Below is a look at rates for seniors ages 65 to 75, young drivers ages 20 to 24 and adults ages 25 to 60 by company.

*USAA has the cheapest rates, but it’s only available to military families.

In general, the average rate for car insurance for seniors depends on the company and other factors. However, seniors can usually expect to pay less than new drivers. Below, you can see how much coverage costs for each age group.

• Car insurance for seniors over 60: $1,862
• Young adults, aged 20-24: $2,971
• Teens, aged 16-19: $5,600

Best car insurance discounts for senior drivers

Senior drivers can save on rates by showing safe driving habits and shopping around for better deals. This becomes especially important after age 70, when senior drivers’ rates often increase.

Some car insurance companies offer discounts that also can help seniors reduce their car insurance costs. Those discounts can include credit for taking a defensive driving course, driving five years without an accident, or retiring from the military. 

Below is a look at what a typical senior could save if they received most of the discounts for which they were eligible.

*USAA is only available to military families.

Travelers’ discounts can add up to the most for senior drivers, at 18%. However, other companies, such as Farmers and State Farm, aren’t far behind.

Factors that affect car insurance rates for senior drivers

Several factors affect your car insurance rate: Your car make and model, the coverage you chose, your driving history, where you live and, of course, your age. 

Some other things that can influence car insurance rates:

• Whether you bundle your car insurance with other policies
• Whether there are other drivers in your household
• Whether you receive insurance discounts 

Why car insurance rates for older senior drivers is so high

In general, adults play less than teens and those over age 70. 

But, after age 70, rates tend to rise.

Data from the National Transportation and Safety Bureau and the National Automotive Sampling System show that drivers aged 70 and above have a much higher rate of intersection-related accidents and fatalities than younger drivers. 

The Centers for Disease Control also points out that older drivers might be more likely to be seriously injured or killed as a result of a car accident. 

Tips to save on car insurance for senior drivers

Some of the best ways to reduce the cost of car insurance for senior drivers include:

• Looking for discounts: Many insurers offer a variety of discounts, including discounts for taking a defensive driving class, being a military veteran or belonging to certain affinity groups.
• Comparing rates: Shop around. Experts advise getting at least three to five quotes to compare.
• Getting lower coverage: If you have an older car that has declined in value, you might only need liability coverage. But be careful – you always want to make sure you have enough coverage to financially protect you and your family if you’re involved in a crash. 
• Choosing a higher deductible: You’ll likely get a lower car insurance rate if you can afford a higher deductible.
• Bundling insurance coverage: You can potentially save money by getting multiple policies from one insurer. This can include bundling your home insurance with your car insurance coverage.

What our expert says

Q: How can seniors save money on car insurance?

Randy HumphreysPersonal lines director, Reliable Risk Management insurance agency.

Bundling auto and home insurance, enrolling in a state-approved senior driving class, maintaining a safe driving history, paying your policy in full, and raising your deductible are just some of the ways seniors can save, he says. Humphreys also advises seniors to work with an independent agent and to ask about all the discounts that might be available for an insurer.