Car insurance calculator for seniors

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Are you a senior? Do you wonder if you could be getting a better deal on your auto insurance premiums? Or maybe you are making changes to your auto policy and you don’t know what to expect? The experts at Insure.com can help.

Our car insurance calculator for seniors can help you quickly estimate car insurance rates in your area, at the coverage level you choose, and even help you find the cheapest prices. 

Car insurance calculator for seniors

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Why do we ask? Car insurance rates vary based on ZIP code, age, gender and type of coverage.

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Age657075

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Coverage level Full coverage – 100/300/100 liability, $500 collision and $500 comprehensive deductibles. State minimum liability – Liability coverage limits vary by state, no coverage for physical damage to your vehicle. Liability only – 100/300/100 liability, no coverage for physical damage to your vehicle.

Full coverage State minimum liability Liability only

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How to estimate car insurance rates for seniors

The calculator is easy to use and you only need a few, non-personal pieces of information to get started. We will first go over the information you need to use the calculator, and further explain the different coverage types and limits.

What information do I need to use the car insurance calculator for seniors?

You won’t have to give out personal identifying information to use the car insurance calculator — just some basic details:

• Your ZIP code
• Your gender
• Your age
• The coverage types and limits you want

Coverage types and limits

There are three coverage levels you have to choose from in the calculator: State minimum liability, liability only and full coverage. 

State minimum liability

The state minimum liability refers to the minimum amount of liability coverage mandated by your state. Each state sets its own minimum requirements, which typically include two components: bodily injury liability and property damage liability. These limits vary from state to state and usually take the form of three numbers, such as 25/50/25 or 50/100/50, representing the coverage limits in thousands of dollars.The first number refers to the bodily injury you cause to one person in an accident, the second is for bodily injury liability you cause to all persons in one accident and the third is for property damage you cause.

• Bodily injury liability (per person/per occurrence): Bodily injury liability coverage is designed to cover medical expenses, lost wages and legal fees for individuals injured in an accident where you’re found at fault. The coverage limit is typically split into two amounts: per person and per occurrence. For example, if your state minimum liability is 25/50, it means you have coverage up to $25,000 per person injured, with a maximum of $50,000 for all injuries in a single accident.
• Property damage liability: Property damage liability coverage pays for repairs or replacement of other people’s property, such as vehicles or structures, if you are at fault in an accident. For instance, if your state minimum liability is 25/50/25, the last number represents the coverage limit for property damage liability, which, in this case, would be $25,000.

When selecting state minimum liability in the calculator, the values used depend on the minimum requirement for your state, based on the ZIP code entered.

But, be aware, liability insurance covers the damage you cause. It will not cover the damage your car sustains in an accident.

Liability only

Liability-only coverage, also known as “minimum coverage” or “third-party coverage,” provides protection for damages or injuries you cause to others but does not include coverage for damage to your own vehicle or passengers. 

The coverage form is identical to the state minimum liability explained above, but at a limit higher than the minimum requirement. When selecting liability only, the calculator is using coverage limits of 50/100/50. As explained above, this is $50,000 bodily injury liability per person, $100,000 bodily injury liability per accident and $50,000 property damage liability.

Full coverage

Full coverage is a term commonly used when talking about auto insurance and is typically used to describe an auto policy with coverage for both liability and physical damage to your vehicle. 

The liability coverage component protects you financially if you cause bodily injury or property damage to others in an accident.

The physical damage coverage includes comprehensive and collision coverages, which protect your own vehicle against various perils, such as theft, vandalism, natural disasters and collisions with other vehicles or objects.

• Comprehensive coverage: Often referred to as “comp” or other-than-collision,  comprehensive protects your vehicle against non-collision-related damages. It covers losses resulting from theft, vandalism, fire, natural disasters, falling objects and other specified perils. Comprehensive coverage has a deductible, which is the amount you must pay out of pocket before your insurance coverage kicks in.
• Collision coverage: Protects your vehicle in the event of a collision with another vehicle or an object, regardless of fault. It covers the cost of repairs or provides the actual cash value of your vehicle if it is deemed a total loss. Similar to comprehensive coverage, collision coverage has a deductible that you are responsible for paying before the insurance covers the remaining costs.

When selecting full coverage, the calculator is using coverage limits of 100/300/100 and comprehensive and collision deductibles of $500. Written out, this is $100,000 bodily injury liability per person, $300,000 bodily injury liability per accident, and $100,000 property damage liability.

Know how much you’ll pay for car insurance based on your vehicle type using our full coverage calculator.

Car insurance for seniors: Rates by state and age

Auto insurance rates vary widely from one area to the next. Looking at average rates across the nation for 65-, 70- and 75-year-olds, Ohio comes in first with the cheapest rates. They have the cheapest rates in the nation for 65- and 70-year-olds at $932 and $1,013, respectively. Ohio is also the second-cheapest state for 75-year-olds at $1,139; it is Maine that holds the top spot here at $1,055.

When it comes to the most expensive rates in the nation for seniors, they are in Florida. Florida has the highest average car insurance premiums for 70- and 75-year-olds at $2,632 and $3,001, respectively. Florida ranks second-most expensive among 65-year-olds at $2,464, behind Louisiana – the most expensive for 65-year-olds at $2,598. Louisiana also is the second-highest for 70- and 75-year-olds at $2,587 and $2,575, respectively.

Here is a state-by-state rundown of how much you can expect to pay, at different age levels, for a full-coverage insurance policy including comprehensive and collision coverage, annually.

The premiums below are based on 100/300/100 liability coverage with a $500 comprehensive/collision deductible.

Car insurance discounts for seniors

It’s 2023, and inflation is top of mind for everyone, especially seniors and those on a fixed income. There is no better time to maximize your savings by taking advantage of discounts on your auto insurance. The discounts listed below are among the most popular discounts available to seniors. 

• Military and government retirees
• Senior/mature driver training
• Loyalty
• Low-mileage driver
• Safe driver discounts

You may be eligible for even more discounts not included on this list; reach out to your agent to see what car insurance for seniors discounts are available.

Military and government retiree discounts

Geico is known for having discounts for members of the military and federal government employees, but you may not have known it includes veterans and retirees. Discounts can be as much as 15% of your total insurance premium.

USAA is offered exclusively to active-duty military, retirees and their families. Auto insurance premiums with USAA are consistently cheaper than the average and is one of the best options available for veterans.

Senior/mature driver training discounts

A senior driver training discount is typically available to adults 55 or older (sometimes the threshold is 60 or 65, depending on state laws or insurer guidelines) who have completed an approved accident-prevention class, such as the AARP defensive driving course. The discount is typically good for three years.

Loyalty discounts

A loyalty discount is for drivers who stay with their current insurer year after year instead of seeking new coverage elsewhere. The longer you stay with the company, the more significant the discount you could receive.

Low-mileage driver discounts

Some low-mileage drivers may see savings reflected as a reduction in their base rate. The discount is typically applied to bodily injury liability, personal injury protection, or PIP, property damage liability and collision premiums. If you drive less than 7,500 miles per year, you’ll get the highest discount of nearly 9%, with the discount dropping off over 9,999 miles.

Safe driver discounts

Some insurance companies offer “safe driver” or “good driver” premium discounts to those with a track record of good behavior when they are behind the wheel. Safe-driving discounts vary, although shaving between 10% and 30% off your rate is not unusual.

To qualify for these price breaks, drivers typically need to be accident-free and ticket-free for a period. Each insurer decides how long this time frame will be, although three to five years is typical.

Other insurers offer a safe-driving discount to policyholders who agree to have their driving monitored and earn it by showing good driving habits.

Methodology

Insure.com commissioned Quadrant Information Services to report average auto insurance rates for a Honda Accord LX for 34,523 ZIP codes in the United States. The rates used in the car insurance calculator are for senior drivers aged 65 to 75 who have a clean record, good credit and drive 10,000 miles annually. Average rates are for comparative purposes. Your own rate will depend on your personal factors and vehicle.

Brent Buell

Data Journalist

 

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Before joining QuinStreet, Brent worked for nearly four years at NYCM Insurance (a personal and commercial insurance carrier based in New York) between his roles as a product analyst and a commercial lines underwriter. Before joining NYCM, Brent owned and operated a captive insurance agency. He holds a property & casualty broker’s license and is a Chartered Property Casualty Underwriter (CPCU). Brent is also a father of two boys and is an avid automotive enthusiast.