How Much Is Car Insurance For A 60-Year-Old Driver?

This is your comprehensive guide to car insurance for 60-year-old drivers. If you’re looking for accurate, up-to-date information to help you make informed decisions about financial protection on the road, you’re in the right place. As a former licensed property and casualty insurance agent, I’ve helped many people navigate the complex landscape of auto insurance, and I can help you, as well.

In this article, we’ll look at the average costs of auto insurance for 60-year-olds and break down the key factors that affect those costs. You’ll also find tips on how to reduce your premiums and save money. This guide isn’t here to sell you insurance, it’s here to equip you with the knowledge you need to choose the right coverage.

Keep in mind that the figures mentioned are averages. Your actual rates may vary based on factors like your driving history, location, credit score, gender, and your chosen insurance provider.

The stark difference between full coverage and minimum when it comes to the cost of car insurance serves to illustrate the importance of understanding exactly what you’ll be paying for. Minimum coverage might seem appealing because of its lower cost, but it may leave you vulnerable in some situations. On the other hand, full coverage provides you with comprehensive protection,which includes collision and comprehensive coverage that protects against vandalism, theft, and damage from natural disasters, as well.

Good news! You’ll be pleased to know that there are ways to lower your car insurance costs. For example, by maintaining a good driving record along with taking advantage of discounts offered by insurance companies, you can substantially lower your premiums. Besides that, shopping around and comparing rates from multiple insurers can help you get the best coverage for your budget.

Based on quoted premiums from the analytics company Quadrant Information Services, the average cost of full coverage car insurance policy for a 60 year-old driver is $2,097 annually. Minimum coverage averages about $600. Please note, though, that age is not a rating factor used to price rates in Hawaii and Massachusetts because of state laws that prohibit this. Insurance carriers in Massachusetts can take into consideration how long you’ve been licensed, however.

You might want to keep in mind as well that, although important, age isn’t the only factor that may affect the cost of vehicle insurance. Underwriting models tend to use more than a dozen rating factors when calculating car insurance premiums, things like vehicle type, driving history, your location, and, in many states, your gender and credit history, as well. Still, average premiums might provide a baseline to help you determine if a quote is competitive while you’re looking around for affordable coverage.

How Much Is Car Insurance For A 60 Year Old – By Gender?

Understanding the cost of auto insurance is crucial for drivers. Various factors impact these costs, and one key determinant is gender.

Average auto insurance rates tend to be different between the genders because of how insurance companies perceive risk factors of males and females. There isn’t as much difference in costs as in younger age groups, but still a difference. Let’s look at the costs of car insurance for a 60 year old male and a 60 year old female driver.

How Much Is Car Insurance For A 60 Year Old – By State?

Car insurance rates may vary significantly by state. The state where you reside can affect your premiums greatly. Based on my thorough research from multiple sources, I’ve compiled a comprehensive comparison chart that shows the average car insurance rates for a 60 year-old by state.

Be aware that these figures are averages. Actual costs may differ based on various factors.

How Much Is Car Insurance For A 60 Year Old – By Credit Score?

Exact rates based on credit scores aren’t typically published by insurance companies, but it’s common knowledge that credit scores affect auto insurance premiums. A low credit score may mean a high premium, and a high credit score may mean a low premium. According to Forbes, average car insurance rates might increase by as much as 76% according to credit scores.

60 year olds enjoy some of the most economical car insurance rates. This is largely due to the insurance industry viewing people in this age bracket as good risks simply because they’re older, wiser and more experienced drivers than in their younger years, and in most cases, have had time to build a good credit score.

As you can see in the table, a 60 year old driver with excellent credit is looking at rates of around $1,200-$1,500 annually for full coverage. A driver of the same age with very poor credit, however, faces significantly higher auto insurance rates of about $1,800 to $2,500 a year for full coverage.

Cheapest Car Insurance Companies For A 60 Year Old

When you’re looking around and trying to find the best priced car insurance for a 60 year old driver, you will discover that there are multiple companies that are considered leaders in the insurance industry with comprehensive coverage and competitive premiums. It’s very important to balance cost with quality coverage if you want to have full protection on the road. Bear in mind, though, that your rate will depend on various factors, including your driving record, credit score, and the type of vehicle you drive.

Insurance rates vary between various companies, so comparing quotes from several insurers is a good way to save yourself some money. As seen below, a 60 year old driver may be able to purchase coverage from USAA for as low as $100 a month, but pay as much as $175 a month for Auto-Owners.

How Much Is Car Insurance For A 60 Year Old – By Vehicle

Even though rates are typically lower for a 60 year old driver, the type of vehicle you drive can play a part in your premiums, too. A van or sedan usually has lower rates than a luxury vehicle or sports car. A 60 year old driver can probably expect to pay about $1,200-$1,500 a year for coverage of a sedan, but as much as $2,500 a year for coverage of a luxury vehicle.

Although you aren’t a teen or very young driver as a 60 year old, the type of vehicle you drive can have a substantial effect on the price of your auto insurance.Various factors, including safety ratings and costs of repairs, are taken into consideration when insurers calculate your premiums.

Knowledge and understanding of how the vehicle you operate affects your auto insurance rates might be helpful as you decide which vehicle to purchase or drive.

How Much Is Car Insurance For A 60 Year Old – By Age

As demonstrated in the table below, young drivers tend to pay the most for car insurance due to their lack of driving experience and higher risk profile. As drivers age and gain more experience, their insurance rates typically decrease, reaching their lowest point in middle age. However, rates begin to rise again as drivers reach senior age, reflecting the increased risk associated with older age.

60 year old drivers enjoy some of the lowest rates in the auto insurance industry simply because insurance providers see this age group as being considerably lower risk than young drivers. A 60 year old will generally pay about $1,200 to $1,500 annually for full coverage, and a 70 year old will usually pay a little bit higher premium as accidents start to rise in this older age group, with annual rates of between $1,300 and $1,700.

Senior Driving Statistics: Key Takeaways

• Most seniors will stop or reduce their driving by their mid-70s.
• Drivers in their 30s are much more likely to have vehicular accidents than senior drivers
• There are more senior drivers on the road these days than ever.

Car accidents where older adults are involved have risen in recent years. This is due in part to the fact that there are more senior drivers on the road. In 2020, the U.S. had a total of 48 million drivers over the age of 60, which is a 68% increase since the year 2000.

But, there are quite a few misconceptions about senior drivers and the risks they might pose both to themselves and others. Factually speaking, younger drivers are considerably more likely to be involved in non-fatal as well as fatal accidents than older drivers. But, there are many caveats and factors to take into consideration when evaluating the link between age and road safety.

Overview Of Senior Driving Statistics

The Baby Boomer generation has now reached retirement age, meaning that there are more senior drivers than ever. According to the Department of Transportation, 37.2 million licensed drivers are 60 years of age or older. About 51% of these drivers are female, though men usually continue driving for longer than women.

Having a driver’s license doesn’t mean that all these drivers are regularly out on the road, though. With age, a lot of older adults cut down on their driving, frequently from necessity. Senior adults are less likely to drive during inclement weather or at night. About 88% of men with a driver’s license continue to drive into their early 70s, while that figure drops to 55% among men who are 85 or older. Only about 70% of females in their early 70s continue driving, and that figure drops to a mere 22% once they reach 85.

Driving Statistics By Age Group

Though some people stereotype older drivers as being a danger on the road, research says otherwise. Based on studies by the National Safety Council, people between the ages of 25 and 34 are almost 7 times more likely to be involved in an auto accident than those aged 75 or older. The table shown below provides a breakdown of driving stats and accidents according to age:

How To Save Money On Your Car Insurance As A 60 Year Old

As a 60 year-old, you’ll find that car insurance is much lower priced than in your younger years. This is probably because of the perception of increased risk that insurance companies associate with younger drivers. Still, there are various strategies you can use to lower your premiums. Here are 5 effective ways to save money on car insurance:

Maintain A Clean Driving Record:

One of the best ways of lowering your car insurance rates is maintaining a clean driving history. You should avoid accidents and traffic citations, as well as never using drugs or drinking and driving. Auto insurance providers almost always have discounts available for drivers who haven’t filed claims, because they are viewed as less risky.

Take Advantage Of Multi-Car Discounts

If you have multiple vehicles or live with someone who does, you might think about multi-car discounts. Most car insurance carriers have discounts for policyholders who insure more than one vehicle in the same policy.

Take A Defensive Driving Course

If you enroll in a defensive driving course, it can lead to money saving discounts on your auto insurance premiums. This is a win-win since it not only helps improve your driving skills, but the majority of insurance companies offer discounts to drivers who have completed these courses, as they are considered less likely to be involved in an accident.

Shop Around For The Best Rates

It’s a wise move to shop around and compare rates from multiple insurance carriers. Every company uses its own unique formula to calculate premiums, meaning that prices may differ substantially from one provider to the next. If you obtain quotes from various companies, you’ll be sure of getting the best premiums out there.

Regularly Review Your Coverage

As you experience life changes, your car insurance coverage might need to change, as well. Make a point of reviewing your policy at least once a year or anytime you go through a major life change, like relocating to a new city or maybe getting a new job. This will ensure you aren’t not paying for coverage you don’t need anymore, or have adequate coverage in your current circumstances.

By using these strategies, you might significantly lower your auto insurance rates, meaning more money in your pocket. Keep in mind that the key to saving money on car insurance is being proactive and taking the necessary steps to show insurance providers that you’re a low risk driver.