The Best Car Insurance For Seniors of March 2023

Seniors and retirees can get car insurance for much cheaper than young adult drivers because they have many years of experience behind the wheel and may drive fewer miles. However, rates also tend to rise once drivers reach their 70s, so you may need to change insurance companies over time to ensure you’re getting the best rates and coverage.

When shopping for car insurance as a senior, it’s important to make sure that the company not only offers low premiums, but also key features like an easy claims process and guaranteed renewal program. Ahead, CNBC Select reviews the best car insurance companies for seniors based on various categories. Many of our top picks are also top picks for anyone searching for the best car insurance in 2023. (See our methodology on how we chose the best car insurance for seniors.)

Geico is highly rated for financial strength by AM Best and for customer satisfaction by J.D. Power. Seniors can take advantage of a number of discounts available to bring down the cost of coverage, such as for defensive driving course completion, being accident-free for at least five years and for retired government employees. For those aged 50 or older who qualify, its guaranteed renewal program could protect you from being dropped by your insurance company as you get older.

Nationwide is ideal for retirees who may be driving less than they used to. Its SmartMiles program offers flexible monthly rates based on the number of miles you drive, so the less you drive, the less you pay. Coverage is available in most states and Nationwide is rated highly for both financial strength and customer satisfaction.

Auto-Owners consistently achieves high customer and claims satisfaction ratings by J.D. Power and has a superior A++ credit rating from AM Best. While this auto insurance coverage is not available in every state and you must work with an agent to get a quote, Auto-Owners does offer affordable rates for seniors with a number of discounts available to advantage of, such as its low mileage discount.

USAA is one of the top choices for seniors who have served in the military (or their immediate family members). Not only has the insurance company consistently earned high marks for customer satisfaction and financial strength, but it also offers low premiums for drivers of all ages. It offers a variety of discounts for people of all ages, including seniors, and a number of other types of insurance products to bundle and save more.

Those in their 50s and 60s pay the least for car insurance, according to data from Bankrate. While the average 40-year-old male pays an average of $2,020 per year for full coverage car insurance per year, the average 50-year-old pays $1,885, and the average 60-year-old pays $1,832. However, car insurance rates begin to increase once you hit your 70s.

Car insurance rates increase for 70-year-olds, who pay an average of $2,001 per year. That’s about $170 more than the typical 60-year-old pays.

Seniors are considered high-risk drivers because they pose a greater risk of being injured or killed in a car accident. According to the Center For Disease Control and Prevention (CDC), this is because of age-related changes in vision, hearing, cognition and physical functioning, as well as the fact that some medications might affect some elders’ driving abilities.

Other types of high-risk drivers include those with less driving experience, poor credit, a previous at-fault accident, a history of traffic violations, a DUI or a large number of points on their license.

Seniors can save money on car insurance by taking a defensive driving class. These courses are often offered online and can be taken through the National Safety Council, AARP, and AAA.

Shopping around can also ensure you’re getting the best deal. To start, get quotes from several insurance companies and compare the quotes, paying attention to the amount of coverage and the types of coverage included.

Raising your credit score is another way to lower the amount you’ll pay for coverage. In many states, car insurance companies consider your credit score in deciding how much you’ll pay. The higher your credit score, the lower your premium.

When narrowing down the best car insurance companies for seniors, we focused on average cost data from Bankrate, customer satisfaction data from J.D. Power and financial strength ratings from AM Best. We also considered the number of states where coverage is available, along with the number of discounts available.

Average annual premium data is based on a 70-year-old driver with a clean driving record, good credit, and a 2020 Toyota Camry driven 12,000 miles annually with the following coverage limits:

• $100,000 bodily injury liability per person
• $300,000 bodily injury liability per accident
• $50,000 property damage liability per accident
• $100,000 uninsured motorist bodily injury per person
• $300,000 uninsured motorist bodily injury per accident
• $500 collision deductible
• $500 comprehensive deductible

After reviewing the features and costs above, we sorted our recommendations by the best overall, best for customer satisfaction, best for military members, and best for low-mileage drivers.

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