The words "affordable" and "insurance" really shouldn't be used in the same sentence, specifically when shopping around for the cheapest auto insurance for drivers over age 70. In an attempt to save some money, let's start off by going over some situations that significantly impact car insurance rates, and come up with some ways to cut the cost of the next policy you buy.
Deciphering which companies offer the lowest-priced insurance rates for drivers over age 70 in Texas will require a little more effort than just getting one or two price quotes. Every insurance provider has a unique formula to set premium rates, so let's rank the overall cheapest insurance companies in Texas.
Lowest Insurance Price Quotes for Age 70+
|Rank||Company||Cost Per Year|
|3||Texas Farm Bureau||$1,247|
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Travelers normally has some of the cheapest car insurance rates in Texas at around $1,052 per year. This is $852 less than the average premium paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance also are some of the best Texas auto insurance companies.
In this example, if you are currently insured with Esurance and switched to USAA, you could earn annual savings of roughly $323. Insureds with California Casualty may save as much as $354 a year, and State Farm policyholders might see rate reductions of $366 a year.
To see how much you can save, click here to get a free quote or quote rates from the companies below.
Bear in mind that those rates are averages for all types of drivers and the different vehicles they drive and and are not figured with a rate increase for drivers over age 70. So the insurer that fits your situation best may not even be in the list above. That illustrates why you need to quote rates from many companies using your own personalized driver profile and vehicle information.
The vehicle driven is probably the biggest factor when shopping around for cheaper insurance for drivers over age 70. Vehicles with limited top-end speed, modern passenger safety features, or a low likelihood of liability claims will cost significantly less to insure than higher performance models. The data below showcases insurance rates for a handful of the most affordable vehicles to insure in Texas.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda Accord LX 4-Dr Sedan||$1,149|
|Ford Escape XLT 2WD||$1,157|
|Honda CR-V LX 4WD||$1,149|
|Volkswagen Jetta SE 2.5 Station Wagon||$1,334|
|Honda Civic DX 4-Dr Sedan||$1,343|
|Chevrolet Impala LS||$1,352|
|Honda Odyssey EX W/Rear Entertainment||$1,343|
|Chevrolet Equinox LS AWD||$1,363|
|Chevrolet Malibu Hybrid||$1,370|
|GMC Sierra SL Extended Cab 2WD||$1,363|
|Toyota RAV4 Limited 2WD||$1,371|
|Dodge Grand Caravan Crew||$1,382|
|Ford Explorer Limited 4WD||$1,391|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$1,382|
|Ford Focus SES 4-Dr Sedan||$1,416|
|Ford Edge Sport 2WD||$1,436|
|Hyundai Elantra GLS 4-Dr Sedan||$1,442|
|Toyota Corolla XLE||$1,436|
|Ford Fusion SEL 4-Dr Sedan||$1,455|
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Table data represents single female driver age 70, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include multi-vehicle, homeowner, safe-driver, multi-policy, and claim-free. Price estimates do not factor in specific garaging location which can raise or lower coverage prices substantially.
Based upon the table data, you can presume that cars like the Honda Accord, Ford Escape, Honda CR-V, Toyota Prius, and Volkswagen Jetta are likely to be some of the cheapest vehicles to insure for older drivers. Prices will be more expensive because of the fact that there is more liability exposure for drivers over age 70, but generally speaking those makes and models will tend to have the best insurance prices available.
The illustration below illustrates how your choice of deductibles can change yearly insurance costs when quoting cheap insurance for drivers over age 70 in Texas. The costs are based on a single female driver, comp and collision included, and no other discounts are factored in.
As shown above, a 50-year-old driver could lower their car insurance rates by $408 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $612 by using a $1,000 deductible. Young drivers, like the Age 20 category, could drop their prices $1,048 every year by choosing larger deductibles on their policy.
If you do make the decision to raise your deductibles, it will be important to have plenty of savings on hand to satisfy the extra out-of-pocket expense, which deters some people from using high deductibles.
Impact of careless driving on insurance rates
The obvious way to earn good insurance premiums in Texas for older drivers is to be an attentive driver and avoid getting tickets or having accidents. The information below shows how traffic citations and at-fault accidents can increase insurance prices for different insured age categories. The costs are based on a married male driver, comprehensive and collision coverage, $250 deductibles, and no policy discounts are applied.
In the prior example, the average cost of car insurance per year with no accidents or violations is $1,889. Add in one speeding ticket and the average cost surges to $2,167, an increase of $277 each year. Now add in two accidents along with the one speeding ticket and the yearly cost of insurance for drivers over age 70 in Texas goes up to an average of $4,495. That's an increase of $2,606, or $217 per month, just for being a careless driver!
Cost difference between full coverage and liability
Finding the cheapest insurance should be important to the majority of people, and one of the quickest ways to pay lower rates for insurance for drivers over age 70 in Texas is to only pay for liability coverage. The illustration below illustrates the difference between car insurance rates with full phyical damage coverage and with liability coverage only. The premium estimates are based on no claims, a clean driving record, $100 deductibles, single status, and no additional discounts are factored in.
As an overall average, physical damage coverage on your policy costs an additional $2,974 per year over and above liability coverage. That is a big expense that brings up the question when is it a good idea to stop buying full coverage. There is no exact formula that works best for making the decision to drop comp and collision coverage, but there is a general guideline you can use. If the annual cost of coverage is more than around 10% of any settlement you would receive from your insurance company, then you might consider buying liability only.
There are some situations where eliminating full coverage is not advised. If you haven't paid off your loan, you are required to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you cannot afford to purchase a different vehicle in the event your current vehicle is totaled, you should not opt for liability only.
How to find economical auto insurance for drivers over age 70
It is possible to find better rates, and here are many thrifty suggestions that can help Texas drivers find cheap coverage.
- Full coverage may not be needed on older vehicles
- Clean up your credit
- Avoid speeding and other traffic citations and pay less
- Higher comprehensive and collision coverage deductibles will save money
- Vehicles with good safety ratings are usually cheaper to insure
- Drive attentively and avoid accidents
- Compare rates regularly to ensure the best deal
That last tip is especially valuable, as was discussed in this write-up. Auto insurance rates fluctuate considerably, so don't be afraid to switch carriers if a better deal can be had. Many drivers prefer to stick with one company, but we do not recommend it if it's costing you hundreds of dollars year after year. It only takes a couple minutes to compare prices and find cheaper auto insurance for drivers over age 70.