The words “economical” and “auto insurance” really don’t belong together, in particular when searching for the best price on coverage for seniors. To save some money, let’s introduce you to some of the things that have an impact on insurance premiums, and figure out some ways to reduce the price of the next policy you buy.
The type of vehicle you are trying to insure is a large factor when shopping around for the best cheap car insurance for seniors. Vehicles with reasonable performance levels, a plethora of safety features, or a low likelihood of liability claims will cost significantly less to insure than higher performance models. The data below outlines coverage costs for a selection of the most economical automobiles to buy coverage for.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLS 2WD | $658 |
| Honda Accord EX 4-Dr Sedan | $667 |
| Honda CR-V EX-L 2WD | $674 |
| Honda Odyssey LX | $720 |
| Toyota Prius | $730 |
| Ford Edge SEL 2WD | $760 |
| Toyota Camry LE | $776 |
| Volkswagen Jetta LE 4-Dr Sedan | $784 |
| Toyota RAV4 Limited 4WD | $776 |
| Ford F-150 Lariat Crew Cab 2WD | $792 |
| Dodge Grand Caravan Crew | $799 |
| Toyota Tacoma Double Cab TRD Off-Road Package 4WD | $792 |
| Ford Explorer Limited 4WD | $797 |
| Honda Civic EX 4-Dr Sedan | $802 |
| Hyundai Elantra Blue 4-Dr Sedan | $809 |
| Chevrolet Impala LTZ | $818 |
| Toyota Corolla S | $825 |
| Chevrolet Silverado LT Regular Cab | $834 |
| Nissan Rogue SL 2WD | $839 |
| Hyundai Sonata GLS 4-Dr Sedan | $834 |
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Data variables include married male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Nebraska minimum liability limits. Discounts applied include safe-driver, claim-free, multi-vehicle, multi-policy, and homeowner. Premium costs do not factor in zip code location which can revise insurance rates considerably.
Looking at the rates, cars like the Ford Escape, Honda Accord, Honda CR-V, and Honda Odyssey are most likely going to be a few of the less-costly vehicles to insure for senior citizens.
Locating cost effective auto insurance is challenging, and determining which companies quote the cheapest auto insurance rates for seniors will take additional perseverance. Each insurer uses a little different formula to set their prices, so let’s rank the most competitive auto insurance companies in Nebraska.
It’s important that you understand Lincoln auto insurance rates are impacted by many factors that may substantially change the price you have to pay for coverage. Events like a birthday, having a claim, or having an at-fault accident can cause premium changes that can make some companies affordable when they were higher priced.
Lowest Insurance Price Quotes for Mature Drivers
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Safeco | $788 |
| 2 | The Hartford | $839 |
| 3 | Auto-Owners | $905 |
| 4 | Allied | $949 |
| 5 | Nationwide | $997 |
| 6 | Farmers Mutual of Nebraska | $1,009 |
| 7 | Farm Bureau Mutual | $1,010 |
| 8 | State Farm | $1,043 |
| 9 | American National | $1,065 |
| 10 | USAA | $1,116 |
| 11 | General Casualty | $1,125 |
| 12 | American Family | $1,258 |
| 13 | Iowa Mutual | $1,308 |
| 14 | California Casualty | $1,309 |
| 15 | EMC | $1,314 |
| 16 | MetLife | $1,332 |
| 17 | GEICO | $1,362 |
| 18 | Progressive | $1,445 |
| 19 | Farmers | $1,602 |
| 20 | North Star | $1,693 |
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Safeco has some of the cheapest car insurance rates in Lincoln at around $788 each year. This is $528 less than the average premium paid by Nebraska drivers of $1,316. The Hartford, Auto-Owners, Allied, and Nationwide are also some of the best Lincoln, NE auto insurance companies.
As the rates illustrate above, if you have coverage with Allied and switched to The Hartford, you could see a yearly price reduction of about $110. Nebraska drivers with Nationwide may save as much as $158 a year, and Farmers Mutual of Nebraska policyholders might cut rates by $170 a year.
Bear in mind that those policy rates are averages for all drivers and vehicles in Nebraska and and are not calculated with an exact vehicle garaging location for seniors. So the insurer that is most affordable for your situation may not even be in the top 24 companies in the list above. That helps illustrate why you need to compare rates from multiple companies using your own personalized driver profile and vehicle information.
Insurance rate increases from tickets or accidents
A great way to find cheap auto insurance premiums in Nebraska for senior citizens is to drive safe and avoid accidents and traffic violations. The chart below shows how violations and at-fault collisions can increase auto insurance costs for each age group. The costs are based on a married female driver, comp and collision included, $500 deductibles, and no discounts are factored in.
In the chart above, the average cost of an auto insurance policy per year with a clean driving record and no accidents is $1,475. Receive two speeding tickets and the average cost hikes up to $2,091, an increase of $616 each year. Then include one accident along with the two speeding tickets and the 12-month cost of auto insurance for seniors goes up to an average of $2,717. That’s an increase of $1,242, or $104 per month, just for not driving safely!
How to get discounts on Lincoln car insurance
Insurers that provide policies for seniors may additionally offer premium discounts that could potentially reduce rates by as much as 35% or more if you are eligible to receive them. A list of companies and a partial list of their discounts are included below.
- State Farm policyholders can earn discounts including multiple policy, safe vehicle, driver’s education, passive restraint, good driver, and accident-free.
- GEICO includes discounts for driver training, membership and employees, anti-lock brakes, defensive driver, multi-policy, and seat belt use.
- Progressive offers discounts including continuous coverage, online signing, homeowner, multi-policy, and multi-vehicle.
- 21st Century may offer discounts for homeowners, student driver, defensive driver, early bird, automatic seat belts, driver training, and 55 and older.
- American Family offers discounts for good driver, TimeAway discount, defensive driver, accident-free, early bird, and multi-vehicle.
- The Hartford may have discounts that include anti-theft, good student, defensive driver, bundle, driver training, vehicle fuel type, and air bag.
- AAA has savings for good student, multi-policy, multi-car, AAA membership discount, education and occupation, good driver, and pay-in-full.
The diagram below shows the comparison of insurance rates with and without discounts applied to the policy premium. The price estimates are based on a female driver, no claims or violations, Nebraska state minimum liability limits, full coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The lower bar shows the rates with multiple vehicle, marriage, passive restraint, homeowner, multiple policy, and claim-free discounts applied. When drivers qualify for the discounts, theaverage yearly reduction on auto insurance for seniors is 29% or $355.
Shop around and save
Lincoln, NE auto insurance rates are determined by lots of factors that will increase or decrease the cost of having a policy. Improving your credit score, moving to a new city, or having an accident may prompt premium changes that can cause some rates to be more affordable than the competition.
In addition, car insurance companies change prices multiple times each year to adjust for gains or losses. Significantly higher losses may result in increased rates, while lower claims may produce cheaper Lincoln car insurance rates.
To illustrate this example, the bar chart below analyzes the cheapest car insurance in Lincoln, NE for a 40-year-old female driver with no prior claims, no tickets, and a good credit history. Based on her personal profile, Safeco quotes the lowest car insurance rates in Lincoln at $804 per year. This is $512 less than the average policy premium paid by Nebraska drivers of $1,316. The Hartford, Auto-Owners, Allied, and Farmers Mutual of Nebraska are also on the list of the most affordable Lincoln, NE auto insurance companies.
The chart below compares rates after we give the driver from the first set of rates an accident claim, a lower credit rating, and a traffic ticket or two. Since each insurance company has a proprietary formula for setting prices, comparing prices could now result in a completely different list of companies as shown below.
Nationwide now has the cheapest auto insurance in Lincoln with American National, State Farm, USAA, and General Casualty also having competitive pricing. This shows why consumers need to compare rates to find the best auto insurance rates for seniors. Car insurance prices can be determined by many risk factors and can change without notice, so the most economical company six months ago may now be one of the higher cost companies.
If you like to have some advice when shopping for the best coverage for seniors, the agents shown below can most likely provide answers to your questions and help you determine which coverage fits your budget. To find an auto insurance agency close to where you live, click the button at the bottom or click here to compare price quotes now.
- Shelter Insurance – Reed Devall
1419 N Cotner Blvd – Lincoln, NE 68505 – (402) 464-9300 - INSPRO Insurance
4000 Pine Lake Rd – Lincoln, NE 68516 – (402) 483-4500 - Brokers Insurance
3325 A St – Lincoln, NE 68510 – (402) 434-0480 - Farley-Wolf Agency
7800 O St #103 – Lincoln, NE 68510 – (402) 483-1350