The words “bargain” and “auto insurance” really shouldn’t be used in the same sentence, in particular when you are shopping around for the cheapest auto insurance for drivers over age 60. Because it’s not cheap, let’s take a look at some of the factors that determine car insurance rates, and see if you can take the sting out of the next policy you buy.
The car, truck, or SUV that needs insurance is one of the main factors when consumers are trying to find the most economical auto insurance for drivers over age 60. Vehicles with higher performance, poor passenger safety features, or high incidents of liability claims will cost much more to insure than safer models. The table below estimates auto insurance prices for the most budget-friendly automobiles to buy insurance for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda Accord EX 4-Dr Sedan||$762|
|Ford Escape XLT 4WD||$778|
|Honda CR-V EX-L 4WD||$787|
|Jeep Wrangler Sahara 4WD 2-Dr||$854|
|Ford Edge SEL AWD||$888|
|Ford Focus SE 4-Dr Sedan||$894|
|Nissan Altima 2.5 4-Dr Sedan||$904|
|Toyota RAV4 Limited 4WD||$914|
|Dodge Grand Caravan Hero||$904|
|Volkswagen Jetta LE 4-Dr Sedan||$913|
|Chevrolet Equinox LS AWD||$904|
|Chevrolet Impala LT||$913|
|Chevrolet Malibu Hybrid||$904|
|Ford Explorer Limited 2WD||$920|
|Ford F-150 Lariat Crew Cab 2WD||$925|
|Honda Civic VP 4-Dr Sedan||$936|
|Toyota Tacoma X-Runner 2WD||$952|
|Toyota Camry SE||$962|
|Honda Odyssey EX-L||$952|
|Toyota Corolla XLE||$961|
|Hyundai Elantra SE 4-Dr Sedan||$952|
|Jeep Grand Cherokee Limited 2WD||$968|
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Data rating is based on single male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Nebraska minimum liability limits. Discounts applied include multi-policy, claim-free, safe-driver, homeowner, and multi-vehicle. Price information does not factor in vehicle garaging location which can affect price quotes greatly.
Based upon these rates, we can expect makes and models like the Honda Accord, Ford Escape, Honda CR-V, Toyota Prius, and Jeep Wrangler will definitely be the more affordable vehicles to insure for older drivers.
Finding out which company has the best auto insurance rates for drivers over age 60 will take a little more work in order to find a policy that fits your budget. Each insurer has a different process for determining rates in each state, so let’s take a look at the most budget-friendly auto insurance companies in Lincoln.
It’s a good idea to be aware that Nebraska auto insurance rates are impacted by many things that may substantially change the cost of having a policy. Getting older, getting divorced, or getting caught speeding can trigger price changes that can now make some companies more affordable than the competition.
Best Cheap Insurance Rates for Age 60+
|Rank||Company||Cost Per Year|
|5||Farmers Mutual of Nebraska||$989|
|6||Farm Bureau Mutual||$1,010|
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Safeco has some of the cheapest car insurance rates in Lincoln at around $788 a year. This is $528 less than the average policy premium paid by Nebraska drivers of $1,316. The Hartford, Allied, Auto-Owners, and Farmers Mutual of Nebraska also qualify as some of the more affordable Lincoln, NE auto insurance companies.
In the rate table above, if you have coverage with Allied and switched to Safeco, you might realize annual savings of in the neighborhood of $133. Insureds with Auto-Owners could save as much as $135 a year, and Farmers Mutual of Nebraska insureds might cut rates by $201 a year.
These rates are averages for all drivers and vehicles and and are not calculated with a specific zip code for drivers over age 60. So the car insurance company that can offer the best rates for your situation may not even be in the top 24 companies shown above. That affirms the importance of why you need to get rate quotes from many companies using your own personal information and vehicle type.
For older drivers, one of the big things that are used to help calculate car insurance rates is where your residence is in Lincoln. Areas with more people or higher crime rates are more likely to pay higher prices, whereas areas with less congestion have the enjoyment of a little cheaper coverage.
The information below lists the most expensive places in Nebraska for drivers over age 60 to purchase a policy in. Lincoln comes in at #24 with an annual cost of $1,073 for the average policy, which is approximately $89 monthly.
|Rank||City||Premium Per Year|
|7||South Sioux City||$1,264|
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Table data uses comparative as specific location information can alter prices significantly.
Liability rates compared to full coverage
Saving on auto insurance is important to the majority of vehicle owners, and an easy way to buy cheaper insurance for drivers over age 60 is to buy liability only. The information below shows the difference between insurance premiums with and without full coverage. The premiums assume a clean driving record, no at-fault accidents, $1,000 deductibles, single marital status, and no policy discounts are applied.
Averaged for all age groups, full coverage on your policy costs $1,263 per year over liability only. Many drivers will wonder when is the right time to remove full coverage. There is no exact formula of when to stop paying for comprehensive and collision coverage on your policy, but there is a general guideline you can use. If the annual cost of your full coverage insurance is more than about 10% of the replacement cost of your vehicle minus the policy deductible, then you might want to think about dropping full coverage.
For example, let’s assume your vehicle’s settlement value is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, you would only receive $4,000 after paying the physical damage deductible. If premium cost is more than $400 a year for full coverage, then it might be time to consider dropping full coverage.
There are some cases where only buying liability is not advised. If you haven’t paid off your loan, you are required to maintain full coverage to protect the lienholder’s interest. Also, if you cannot afford to purchase a different vehicle in the even your car is totaled, you should maintain full coverage.
Discount Lincoln insurance
Insurers that provide coverage for drivers over age 60 may have policy discounts that could reduce prices by as much as 40% or more if you are eligible for them. Popular auto insurance companies and some of their more popular discounts can be found below.
- Travelers policyholders can earn discounts including new car, multi-car, payment discounts, early quote, and multi-policy.
- 21st Century has savings for air bags, early bird, automatic seat belts, driver training, teen driver, good student, and homeowners.
- State Farm includes discounts for student away at school, Steer Clear safe driver discount, anti-theft, multiple policy, and Drive Safe & Save.
- GEICO offers premium reductions for multi-policy, air bags, anti-lock brakes, good student, and membership and employees.
- SAFECO offers discounts for bundle discounts, anti-theft, teen safe driver, drive less, safe driver, anti-lock brakes, and multi-car.
- AAA may offer discounts for multi-car, pay-in-full, anti-theft, good driver, AAA membership discount, and good student.
The example below illustrates the comparison of annual premium costs with and without discounts applied to the premium. The rates are based on a female driver, no claims or driving violations, Nebraska state minimum liability limits, comp and collision included, and $1,000 deductibles. The first bar for each age group shows the average rate with no discounts. The second shows the rates with claim-free, safe-driver, accident-free, defensive driving course, vehicle safety, and anti-theft discounts applied. When discounts are applied, theamount saved on auto insurance for drivers over age 60 is 29% or $355.
You may be paying too much for car insurance
Lincoln, NE auto insurance rates are influenced by many factors that may substantially change the policy price. Simply getting older, adding a teenager to your policy, or getting a DUI can trigger price changes that can make some companies more affordable than the competition.
And not only may your rating factors change, but car insurance companies change prices every year to reflect underwriting profits or losses. Unexpectedly high claims may result in rate hikes, while less frequent claims may produce lower-cost Lincoln car insurance rates.
The data below analyzes the cheapest car insurance in Lincoln, NE for a 35-year-old male driver with no violations or accidents, and good financial standing. If we estimate prices based on his current risk profile, Safeco may offer the most affordable car insurance rates in Lincoln at $812 annually. This is $504 less than the average price paid by Nebraska drivers of $1,316. The Hartford, Allied, Auto-Owners, and Nationwide are the rest of the best Lincoln, NE auto insurance companies.
In this example, we will give the driver from the first set of rates a chargeable claim, less-than-perfect credit, and a few blemishes on his driving record. Since each auto insurer uses their own calculation for filing rates in each state, analyzing rates may result in a different ranking of affordable companies as shown below.
Farm Bureau Mutual now has the cheapest price in Lincoln, NE with State Farm, American National, General Casualty, and USAA completing the list. This example demonstrates why it is crucial to compare many different companies when trying to get the most budget-friendly car insurance rates for drivers over age 60.
Auto insurance prices are influenced by many risk factors and can change without notice, so the most economical option a year ago may now be wasting a lot of money.
Tips for buying more affordable insurance for drivers over age 60
The list below shows many money-saving suggestions that can help drivers buy cheap auto insurance.
- Bundle car and home insurance and save money
- Higher comprehensive and collision coverage deductibles will save money
- Prevent rate increases by staying accident-free
- Drivers with good credit often pay less
- Speeding tickets and other violations increase rates
- Frequent claims will increase rates
- Shop around once a year for cheaper rates
That last idea is incredibly necessary, as we pointed out in this write-up. Insurance prices in Lincoln can be adjusted at any time, so you should be ready to switch carriers if a better deal can be had.
Having brand loyalty is commendable, but it’s not a great idea if your bullheadedness ends up costing you hundreds of dollars a year. In just a couple of minutes you could compare rates to find cheaper car insurance for drivers over age 60.
If you would rather have a little guidance when trying to find the best insurance rates for drivers over age 60, the insurance agencies below can probably aid you in deciding which coverages you need. To find a Lincoln insurance agent close to you, click the link at the bottom.
- Forsyth Insurance Agency
1265 S Cotner Blvd #21 – Lincoln, NE 68510 – (402) 483-7861
- State Farm: Vinnie Krikac
935 Plum St – Lincoln, NE 68502 – (402) 474-1173
- Stuchlik and Associates Insurance
130 Cherry Hill Blvd – Lincoln, NE 68510 – (402) 489-8990