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GEICO is the cheapest overall insurer for seniors, with an average monthly rate of $66 — well below the national average of $122 for seniors. On average, seniors pay a monthly rate of $80 for liability and $164 per month for full-coverage car insurance, according to Compare.com data.
Car insurance rates change as you age. For instance, middle-aged drivers often see their auto insurance premiums drop around age 35, but drivers will see these rates increase around age 70.
Not only is it important to compare multiple quotes to get the best rate, but it’s also a good idea to understand which insurer can best meet your unique needs. From pay-per-mile plans to rideshare insurance, these are some of the best car insurance companies for senior drivers.
- GEICO’s rates are 45% less than the national average for senior drivers.
- Massachusetts and Michigan offer senior drivers the lowest average monthly rates, at $32 and $36, respectively.
- Progressive and Nationwide offer the best rates for fixed-income and low-mileage drivers.
The Best Cheap Car Insurance Companies for Seniors
The cost of car insurance will vary by state, but it’s a good idea to look for the cheapest car insurance quotes from multiple insurers in your area. Even if it’s not your policy renewal time, you can find savings with rates cheaper than the lowest averages.
The table below highlights eight insurance companies with average monthly rates below $115 and what each is best for.
|Insurance Company||Average Monthly Rate||Best For|
|American Family||$88||Southwest residents|
Finding the cheapest rates for seniors involves finding an insurer that offers the coverage, discounts, and incentive programs you need.
In the next sections, we break down some of the best car insurance companies for a variety of active, retired, and working seniors.
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GEICO: Best for Cheap Rates
Average monthly rate: $66
GEICO has the cheapest monthly rates for senior drivers in 23 states — seniors pay about 45% less than the national average for drivers their age, according to Compare.com data.
GEICO is the most prevalent insurance company across all 50 states and Washington, D.C. Its branding is well-known across the country, and the insurer has an A++ AM Best financial strength rating.
Discounts for seniors with GEICO policies begin at age 50 with its Prime Time contract (available in 30 states). Senior drivers in states without Prime Time can still take advantage of other discounts for retired government workers and former active-duty military members or a defensive driving discount.
- Strong financial rating
- A special policy contract for older adults
- Prime Time isn’t available in Maine, Vermont, and Montana — three of the top five states with the highest percentage of people ages 65 to 84
- Prime Time guaranteed renewal requires having no traffic violations or accidents for three years and having no one under 25 on your plan
Auto Owners: Best for Senior Drivers Seeking Disability Income Insurance
Average monthly rate: $72
Auto-Owners offers insurance options ranging from collision and comprehensive to rental, loan or lease gap, diminished value, and roadside assistance programs.
Some discounts for senior drivers include a multi-policy discount available for qualifying disability income and life insurance policies.
Millions of older working adults don’t realize that workers’ compensation and Social Security may not cover them if they become disabled. The good news is that working seniors can take advantage of Auto-Owners’ disability income insurance — it provides 24/7 coverage and guaranteed renewal until age 67.
- At-fault accident forgiveness is available for the policyholder’s first accident
- Waives your collision deductible if you’re involved in an accident with another Auto-Owners policyholder
- No senior-specific discounts listed for policyholders
- Must work with independent agents
State Farm: Best for Senior Drivers With Rideshare Jobs
Average monthly rate: $80
Senior drivers may still want to have a job, such as ridesharing. Along with low car insurance rates, senior drivers who work for rideshare companies like Lyft and Uber can secure rideshare insurance through State Farm.
State Farm also provides a defensive driving course discount exclusively for drivers 55 years of age and older.
- Select vehicles made before 1994 may qualify for a medical-related coverage discount
- Ranks highest of all large insurance companies for a satisfying shopping experience by J.D. Power
- No gap insurance available
- Defensive driving discount not available in all states
Erie: Best for Senior Drivers Seeking Extra Perks
Average monthly rate: $81
Senior citizens in North Carolina and Washington, D.C., will find competitive rates through Erie — especially if they want extra perks.
Erie offers the standard coverages — bodily injury and property damage liability, comprehensive, and collision coverage — so older drivers can get the basic liability or full-coverage policy they need.
While affordable rates are an important factor, some senior drivers may Consider the best auto insurance policy to be the one that offers extensive benefits. Erie’s auto policies include pet coverage, auto glass repair, personal item coverage, and more.
- Locksmith services covered under comprehensive insurance
- ERIE Rate Lock and Rate Protect may keep rates Cons:istent year to year for certain drivers
- Mobile app doesn’t receive high marks in the app stores
- Accident forgiveness program requires three claims-free years prior to the accident
American Family: Best for Senior Drivers in the Southwest
Average monthly rate: $88
American Family isn’t as large as some national insurers, but it can provide affordable rates for both liability insurance and optional coverages. Discounts offered include multiple product, multiple vehicle, and good driving discounts.
The company isn’t the cheapest insurer in the Southwest, but senior drivers living in select states in this region may benefit from optional Mexico auto and boat insurance. This policy can provide liability and full-coverage insurance plus extended services — it may be required to legally drive your car, RV, or motorcycle into the country.
- Offers two usage-based car insurance programs
- File claims by email, phone, website, or app
- DriveMyWay pay-as-you-drive program only offered in Utah
- American Family only serves 17 states
Progressive: Best for Senior Drivers on a Fixed Income
Average monthly rate: $107
Progressive provides vehicle insurance throughout the country, making it a great choice for older adults on a fixed income or those looking to downsize. It’s also the second-largest insurer in the U.S. by market share.
Progressive’s Name Your Price tool is one of its hallmark money-saving offerings. Drivers with fixed incomes searching for the cheapest car insurance may find a good deal when they use this tool to see the maximum amount of coverage they can get while staying within their budget.
- Offers a telematics Snapshot program that can lower rates
- AA rating with Standard & Poor’s
- Bad customer rating on Trustpilot
- Though it has an A rating with the Better Business Bureau, over 1,000 customer reviews resulted in a 1.07 out of 5 stars
Chubb: Best for Senior Drivers With Classic Cars
Average monthly rate: $111
Chubb doesn’t have the lowest average rates in any state — but the company brings a variety of insurance products to the table, including comprehensive car insurance, home, yacht, cyber, and travel insurance.
Not all senior car insurance shoppers are searching for the best deal on traditional auto insurance. Instead, seniors who own older hobby cars may want to consider a classic car insurance policy from Chubb.
- All policies include original equipment manufacturer (OEM) replacement or repair parts
- No per-day limits on car rentals
- Doesn’t offer extensive coverage options like other insurers
- Higher-than-average car insurance rates
Nationwide: Best for Senior Drivers With Low Mileage
Average monthly rate: $113
Senior drivers may still hit the highways every day, but for those who keep their mileage low throughout the year, Nationwide is a great option. Nationwide customers receive a free review to ensure they completely understand their policy.
Seniors can connect with an agent to learn about the discount options and benefits available, such as the company’s SmartMiles program.
- Recurring policy reviews with agents
- Defensive driving course discount for drivers age 55+
- Doesn’t provide car insurance in Alaska, Massachusetts, or Louisiana
- Safe driver discounts require a five-year clean driving record
How to Get the Cheapest Car Insurance for Drivers Over 55
As the population of older adults in the United States increases, senior drivers should look for ways to get the lowest rates on their car insurance policies. Drivers should consider the following steps to get the cheapest senior car insurance policy, according to the Insurance Information Institute (Triple-I).
1. Research diverse car insurance companies
State laws require insurance companies to provide a minimum level of liability coverage — but no law says that you need to purchase a policy from a traditional insurer. Internet-based insurance companies also provide affordable car insurance for low premiums without having brick-and-mortar offices.
Many of these insurers are tech-forward, meaning seniors with diverse needs can purchase coverage, pay their bills, and file a claim from their mobile phone without ever leaving the house or waiting to call an agent during business hours.
2. Compare car insurance quotes
You may find affordable prices with a traditional insurer, from an independent agent, or from an online-only insurance company that provides a full-coverage car insurance policy that meets your needs yet is less expensive than a liability-only policy.
That’s why it’s so important to compare quotes from multiple companies. For instance, you may only want liability coverage yet find that one insurer offers additional comprehensive coverage for a lower rate than your current insurer’s liability policy.
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3. Maintain a clean driving record
Maintaining a clean driving record is one of the best ways to get the cheapest car insurance rates. Avoid getting violations such as a car accident or a speeding ticket on your driving record.
Data has shown that speeding is one of the biggest factors in fatal collisions — the more you speed, the greater your risk of being in an accident.
Plus, your car insurance premiums can increase significantly after a speeding ticket or an at-fault car accident, and these violations stay on your record for many years.
4. Look for senior discounts
Some insurers with low average rates can further reduce your premium through discounts for completing a defensive driving course, safe driving programs, retired government or military discounts, or simply going paperless for all policy communications.
5. Seek out other senior programs and benefits
In addition to completing an insurer-approved safe driving course, Triple-I also suggests seeking out exclusive benefits for seniors. For example, senior drivers who are AARP members may be eligible for a 12-point vehicle check to ensure vehicle safety and comfort.
Driving a safer vehicle can help you avoid serious injuries and is one of the more common car insurance discounts offered by insurers.
Cheapest Car Insurance for Seniors by State
The state you live in is one of the biggest factors that affects your car insurance rate — even your ZIP code and county can influence insurance rates. Every state has different minimum coverage requirements, meaning your required policy limits can result in lower or higher premiums than a senior driver in another state.
For instance, on average, car insurance policies may be cheaper in Nebraska than in New York — this is likely because New York City has higher rates of motor vehicle theft than all of Nebraska’s cities combined.
And although both are coastal states, Florida may have higher rates than Texas due to Florida’s higher risk of damage from hurricanes.
The table below shows how states like Louisiana can have much higher average monthly rates than states like Iowa.
|State||Statewide Average Rate||Cheapest Company||Cheapest Average Rate|
|Indiana||$81||United Farm Bureau of Indiana||$43|
|Rhode Island||$159||State Farm||$51|
|South Dakota||$70||Farmers Mutual of Nebraska||$49|
|Virginia||$105||Virginia Farm Bureau||$44|
|West Virginia||$100||State Farm||$52|
GEICO is frequently the cheapest car insurance company in most states — almost half of the U.S. And State Farm is also popular. But some states benefit from smaller, regional insurers, like Hastings Mutual in Ohio, where rates are as low as $38 per month.
Car Insurance for Seniors FAQs
Shopping for car insurance can be difficult if you aren’t aware of certain age-specific benefits, discounts, and driving programs. Here are answers to common questions older drivers have about car insurance.
Who has the cheapest car insurance for seniors?
Compared to other insurers in each state, GEICO tends to have the cheapest car insurance for seniors. It’s the cheapest insurance company for older drivers in Maryland, Colorado, Texas, Arizona, and nearly 20 other states.
How do you get a mature driver discount on car insurance?
You can get a mature driver discount by researching auto insurance discounts through companies in your area. Most insurers list available discounts on their websites. In most cases, you can also call a customer service representative or independent insurance agent to ask about discounts for senior drivers.
What is the best auto insurance company for seniors?
The best auto insurance for seniors is one that meets your unique needs. It’s a good idea to compare policies beyond the best rates to determine which fits your lifestyle.
For example, an insurer that rewards safe driving habits, a policy that covers accident-related medical bills, or a company with good customer satisfaction reviews may be the best fit for you.
What is the average cost of auto insurance for seniors?
The overall national average cost of car insurance for seniors is $122 per month, according to our data analysis. However, multiple states, like Maine and Vermont, have averages under $75, while states like Florida and Louisiana have average monthly rates above $225.
Data scientists at Compare.com analyzed more than 50 million real-time auto insurance rates from more than 75 partner insurance providers in order to compile the quotes and statistics seen in this article. Compare.com’s auto insurance data includes coverage analysis and details on drivers’ vehicles, driving records, insurance histories, and demographic information.
All the quotes listed in this article have been gathered from a combination of real Compare.com quotes and external insurance rate data gathered in collaboration with Quadrant Information Services. Compare.com uses these observations to provide drivers with insight into how auto insurance companies determine their premiums.
- AM Best, “AM Best Affirms Credit Ratings of GEICO Corporation and Majority of Members of GEICO,” Accessed October 3, 2023.
- Census, Exploring Age Groups in the 2020 Census, Accessed October 3, 2023.
- NAIC, “2022 Market Share Reports For Property/Casualty Groups and Companies by State and Countrywide,” Accessed October 3, 2023.
- J.D. Power, “Auto Insurance Shopping and Switch Rates Reach New Highs as Premiums Surge, J.D. Power Finds,” Accessed October 3, 2023.
- NHTSA, “Speeding,” Accessed October 3, 2023.
- III, “Senior driving safety and insurance tips,” Accessed October 3, 2023.
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