Buying affordable insurance is hard enough, and deciding which company has the best car insurance rates for drivers over age 60 will require a bit more work. Each insurer has a different process to set their prices, so let’s begin by taking a look at the most competitive car insurance companies in Virginia Beach.
Best Insurance Companies for Age 60+
|Rank||Company||Cost Per Year|
|9||Virginia Farm Bureau||$826|
|16||National Grange Mutual||$1,104|
|View More Rates Go|
Travelers has some of the best car insurance rates in Virginia Beach at around $679 a year. This is $479 less than the average price paid by Virginia drivers of $1,158. USAA, Penn National, Cincinnati Insurance, and Utica National would also be considered some of the cheapest Virginia Beach, VA auto insurance companies.
As the example above demonstrates, if you currently buy coverage from Cincinnati Insurance and switched to USAA, you could see a yearly savings of in the neighborhood of $68. Policyholders with Utica National might save as much as $86 a year, and Auto-Owners customers might see rate reductions of $93 a year.
Understand that those policy prices are averages across all drivers and vehicles and and are not figured with a vehicle location for drivers over age 60. So the car insurance company that can offer you the lowest price may not even be in the top 30 companies in the list above. That is why you need to quote rates from as many companies as possible using your own driver information and specific vehicle type.
The vehicle model requiring coverage is a large consideration when quoting the best insurance for drivers over age 60. Vehicles with higher performance characteristics, poor safety features, or a history of substantial liability claims will cost much more to insure than safer models.
The next table illustrates insurance premiums for a handful of the cheaper automobiles to buy coverage for.
|Vehicle||Estimated Cost for Full Coverage|
|Honda Accord LX 4-Dr Sedan||$1,167|
|Ford Escape XLS 4WD||$1,174|
|Hyundai Elantra GLS Touring Station Wagon||$1,167|
|Honda CR-V EX-L 2WD||$1,191|
|Ford Edge SE 2WD||$1,283|
|Ford F-150 STX Super Cab 2WD||$1,290|
|Honda Odyssey EX W/Rear Entertainment||$1,357|
|Ford Focus SE 4-Dr Sedan||$1,364|
|Toyota RAV4 Sport 4WD||$1,382|
|Chevrolet Impala LT||$1,387|
|Jeep Grand Cherokee Laredo 2WD||$1,382|
|Ford Fusion S 4-Dr Sedan||$1,389|
|Toyota Tacoma Double Cab 4WD||$1,382|
|Chevrolet Malibu LT||$1,407|
|Dodge Grand Caravan Crew||$1,417|
|Ford Explorer Eddie Bauer AWD||$1,407|
|Dodge Ram Quad Cab ST 2WD||$1,417|
|Toyota Camry XLE||$1,456|
|Toyota Corolla XLE||$1,461|
|Volkswagen Jetta SE 4-Dr Sedan||$1,481|
|Chevrolet Equinox LTZ AWD||$1,487|
|Nissan Altima 3.5 SR 4-Dr Sedan||$1,481|
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Data variables include single male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Virginia minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, multi-policy, and claim-free. Rates do not factor in vehicle garaging location which can change prices considerably.
Looking at the data, vehicles like the Honda Accord, Ford Escape, Hyundai Elantra, and Honda CR-V are most likely going to be some of the less-costly vehicles to insure for older drivers.
One of the many things that help determine the cost of insurance is the neighborhood you call home. Regions with more people or even just more weather-related claims tend to have higher rates, whereas more rural areas benefit from lower prices.
The information below rates the most expensive places in Virginia for drivers over age 60 in which to buy car insurance. Virginia Beach is ranked at #12 costing $948 for coverage, which is around $79 each month.
|Rank||City||Average Per Year|
|Quote Best Rates Go|
Rates are approximated as zip code location can change rates noticeably.
The diagram below shows how different deductible levels can influence insurance prices when searching for cheap insurance for drivers over age 60. The premiums are based on a single female driver, comp and collision included, and no discounts are applied.
A 30-year-old driver could reduce rates by $324 a year by changing from a $100 deductible to a $500 deductible, or save $488 by switching to a $1,000 deductible. Young drivers, like the age 20 example, can save as much as $726 or more by choosing a higher deductible.
When choosing a higher deductible, it is necessary to have plenty of money set aside to pay the extra out-of-pocket expense that deters many people from opting for higher deductibles.
How accidents and violations affect rates
The recommended way to get the best car insurance premiums for older drivers is to be a good driver and avoid accidents and traffic citations. The chart below demonstrates how traffic citations and accident claims can increase car insurance rates for different insured age categories. The premium estimates are based on a married female driver, comp and collision included, $250 deductibles, and no policy discounts are applied.
In the prior example, the average cost of an auto insurance policy per year with no accidents and a clean driving record is $1,049. Get written up for two speeding tickets and the average cost jumps to $1,488, an increase of $439 each year. Now add in two accidents along with the two speeding tickets and the annual cost of car insurance for drivers over age 60 increases to an average of $3,105. That’s an increase of $2,055, or $171 per month, just for not being attentive to the road!
Liability only or full coverage
Reducing premiums for car insurance is probably important to the majority of vehicle owners, and an effective way to save on the cost of insurance for drivers over age 60 is to not buy comprehensive and collision coverage. The information below illustrates the difference between car insurance rates with liability coverage only compared to full coverage. Data assumes no claims or violations, $1,000 deductibles, single marital status, and no additional discounts are factored in.
If we average the cost for all age groups, physical damage coverage costs $1,447 per year more than insuring for liability only. A very common question is if it’s a good idea to buy full coverage. There is no exact rule for excluding physical damage coverage, but there is a guideline you can use. If the annual cost of having full coverage is about 10% or more of any settlement you would receive from your insurance company, then it’s probably a good time to buy liability coverage only.
For example, let’s assume your vehicle’s book value is $8,500 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most your company would pay you is $7,500 after you pay the deductible. If it’s costing you more than $750 annually for your policy with full coverage, then you might want to consider buying only liability coverage.
Tips for buying the cheapest auto insurance for drivers over age 60
The list below details some of the recommended thrifty suggestions that can help you find low-cost car insurance.
- Prevent price hikes by avoiding at-fault accidents
- Improve your credit rating
- Buy a safer vehicle
- Avoid getting citations and tickets
- Higher deductibles save money
- Comparison shop frequently
That last piece of advice is extraordinarily critical, as was emphasized in this write-up. Auto insurance rates fluctuate considerably, so don’t be afraid to switch to a new company if a better rate can be found.
Loyalty to a specific company is fine, but it’s not a good idea if it’s costing you several hundred dollars every year. It only take a few minutes to shop around to find cheaper auto insurance for drivers over age 60 in Virginia Beach.