The make and model of vehicle that needs insurance is one of the largest factors when shopping for low-priced insurance for drivers over age 50. Vehicles with limited top-end speed, good safety features, or a low likelihood of liability claims will cost less to insure than higher performance models. The next table shows auto insurance premiums for the cheaper automobiles to buy insurance for.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Hyundai Elantra GLS Touring Station Wagon | $945 |
| Honda CR-V LX 4WD | $952 |
| Ford Escape XLT 4WD | $968 |
| Ford F-150 XLT Regular Cab 2WD | $1,040 |
| Jeep Wrangler Sport Islander Package 4WD 2-Dr | $1,048 |
| Honda Odyssey LX | $1,040 |
| Toyota Prius | $1,047 |
| Ford Explorer XLT 4WD | $1,063 |
| Chevrolet Impala LS | $1,098 |
| Toyota RAV4 Limited 4WD | $1,120 |
| Chevrolet Malibu Hybrid | $1,130 |
| Dodge Grand Caravan SXT | $1,142 |
| Toyota Tacoma Double Cab TRD Off-Road Package 4WD | $1,147 |
| Ford Focus SEL 4-Dr Sedan | $1,158 |
| Ford F-350 XL Super Cab 2WD | $1,162 |
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Data rating is based on single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, homeowner, and claim-free. Rate quotes do not factor in specific zip code location which can raise or lower premiums greatly.
By looking at the data, you can presume that models like the Hyundai Elantra, Honda CR-V, Ford Escape, and Ford F-150 are most likely to be a few of the most economical vehicles to insure for older drivers.
One of the more important considerations that help determine the amount you pay for auto insurance is where you choose to live in Austin. Regions with more people or even just more weather-related claims likely pay more, whereas areas that tend to be more rural have the benefit of cheaper auto insurance prices.
The next table ranks the most expensive cities in Texas for drivers over age 50 to buy car insurance in. Austin is ranked #14 with an annual cost of $1,676 for the average insurance policy, which is about $140 monthly.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | McAllen | $1,996 |
| 2 | Brownsville | $1,870 |
| 3 | Houston | $1,853 |
| 4 | Dallas | $1,837 |
| 5 | Laredo | $1,833 |
| 6 | Grand Prairie | $1,811 |
| 7 | Mesquite | $1,807 |
| 8 | Amarillo | $1,786 |
| 9 | Garland | $1,778 |
| 10 | Pasadena | $1,740 |
| 11 | Irving | $1,719 |
| 12 | Beaumont | $1,702 |
| 13 | San Antonio | $1,688 |
| 14 | Austin | $1,676 |
| 15 | Lubbock | $1,665 |
| 16 | Arlington | $1,642 |
| 17 | Fort Worth | $1,621 |
| 18 | Plano | $1,608 |
| 19 | Carrollton | $1,598 |
| 20 | El Paso | $1,584 |
| 21 | McKinney | $1,577 |
| 22 | Corpus Christi | $1,572 |
| 23 | Abilene | $1,545 |
| 24 | Waco | $1,522 |
| 25 | Killeen | $1,488 |
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Rate information is estimated as the specific geographic location can affect insurance rates greatly.
Full coverage versus liability-only
Lowering the price of car insurance is important to most people, and one common way to pay lower rates for insurance for drivers over age 50 is to buy only liability coverage. The chart below visualizes the comparison of insurance costs when comparing full coverage to liability only. The costs are based on no driving violations, no at-fault accidents, $500 deductibles, single status, and no other discounts are factored in.
As an average for all age groups, physical damage coverage on your policy costs an extra $1,793 per year more than just insuring for liability. Many of you may wonder if buying full coverage is worth the money. There is no written rule to eliminate comp and collision coverage, but there is a guideline you can consider. If the annual cost of comprehensive and collision coverage is more than 10% of the settlement you would receive from your company, then it might be time to buy liability only.
For example, let’s assume your vehicle’s replacement value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $8,000 after paying your policy deductible. If it’s costing in excess of $800 a year for physical damage coverage, then it might be time to buy liability only.
There are some situations where only buying liability is not financially feasible. If you still have a loan on your vehicle, you must maintain physical damage coverage in order to prevent your loan from defaulting. Also, if you can’t afford to buy a different vehicle in case of an accident, you should not remove full coverage.
Get discount Austin auto insurance
Insurers that offer cheap quotes for drivers over age 50 may have policy discounts that could potentially reduce rates by 30% or more if you qualify. The best car insurance companies and their offered discounts are shown below.
- GEICO offers discounts for multi-policy, multi-vehicle, driver training, anti-theft, and anti-lock brakes.
- Mercury Insurance offers premium reductions for good student, location of vehicle, ease of repair, accident-free, and low natural disaster claims.
- Farmers Insurance includes discounts for pay in full, mature driver, good student, homeowner, and multi-car.
- Auto-Owners Insurance policyholders can earn discounts including safe vehicle, air bags, anti-theft, company car, multi-policy, and safe driver.
- Liberty Mutual has savings for safety features, exclusive group savings, good student, newly retired, multi-policy, new move discount, and newly married.
- SAFECO may offer discounts for safe driver, teen safety rewards, teen safe driver, anti-theft, bundle discounts, and homeowner.
- Progressive has discounts for homeowner, good student, continuous coverage, online signing, online quote discount, multi-policy, and multi-vehicle.
- USAA may include discounts for annual mileage, vehicle storage, good student, multi-vehicle, multi-policy, and family discount.
The chart below visualizes the comparison of premium costs with and without discounts applied to the premium. The data assumes a female driver, a clean driving record, no at-fault accidents, Texas state minimum liability limits, comp and collision included, and $100 deductibles.
The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with accident-free, passive restraint, marriage, safe-driver, defensive driving course, and homeowner discounts applied. In this example, theaverage amount saved on car insurance for drivers over age 50 is 29% or $594.
Last year’s bargain might be this year’s rip off
Austin car insurance rates are determined by lots of factors which can substantially decrease or increase the price of your policy. Improving your credit score, having a teen driver, or getting a ticket for careless driving can trigger price changes that may make certain companies more affordable than before.
Not only may your risk profile change, but insurance companies change their prices as needed in order to be able to pay unexpected claims. A period of increased losses can result in more expensive premiums, while a lower level of claims may result in cheaper Austin car insurance rates.
The data below compares the cheapest car insurance in Austin, TX for a 40-year-old female driver with a good driving record, no prior claims, and a high credit rating. If we estimate rates based on her current risk factors, Travelers quotes the most affordable car insurance rates in Austin at $1,116 per year. This is $788 less than the average rate paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and California Casualty are also on the list of the cheapest Austin, TX auto insurance companies.
The next chart shows rates after we give the driver in the first example a chargeable accident, poor credit, and a few blemishes on her driving record. Due to the fact that each insurance company has a unique approach to set premium rates, comparing prices will most likely result in a completely different list of the cheapest Austin car insurance companies as shown below.
State Farm now has the best price in Austin with USAA, Mercury, Safe Auto, and Nationwide also being competitive. This illustrates why Austin drivers need to compare many different companies to get cheap auto insurance quotes for drivers over age 50.
Car insurance prices are made up of many different factors and can change without notice, so the most economical company the last time you shopped your coverage around may now be wasting a lot of money.
How to find the cheapest insurance for drivers over age 50
It’s not impossible to find cheaper rates, and here are some penny-pinching ideas that can help Austin drivers buy cheap car insurance.
- Drivers with good credit often pay less
- Try to not file small claims
- Violations like speeding or DUI increase rates
- Drive safe vehicles
- Being accident-free can lower rates significantly
- Compare prices as often as possible
The last item on the list is especially vital, as we pointed out in this write-up. Coverage rates in Austin can change significantly in a year, so don’t hesitate to buy a different policy if a better deal can be had. Having a favorite company is great, but it isn’t a good idea if that loyalty results in overpaying a small fortune year after year. If you have a few minutes, now is a great time to shop around and find cheaper auto insurance for drivers over age 50.
The Austin auto insurance agencies shown below are willing to help you determine which coverage fits your budget, since some people have coverage questions and would like to get some professional input when shopping for cheaper insurance for older drivers. It’s not always simple to do it yourself, and insurance agents licensed in the state of Texas can add satisfaction knowing your coverage gives you sufficient coverage at claim time. To locate an Austin car insurance agency in your neighborhood, click the button below the list.
Bob Jennings – State Farm Insurance Agent
4405 Pack Saddle Pass – Austin, TX 78745 – (512) 444-9671
Ed Weeren Insurance Agency
300 E Highland Mall Blvd #208 – Austin, TX 78752 – (512) 454-5266
Jane McQuiggin-Hutson – State Farm Insurance Agent
2307 W Parmer Ln – Austin, TX 78727 – (512) 973-8501
Brandy Whiteside – State Farm Insurance Agent
3601 W William Cannon Dr #100 – Austin, TX 78749 – (512) 892-5542
State Farm: Dick Clay
3006 Bee Cave Rd Suite B170 – Austin, TX 78746 – (512) 328-2340