The words “low-cost” and “insurance” probably shouldn’t be used together, specifically when searching for the cheapest car insurance for drivers over age 50. Because of the high cost, let’s familiarize you with some situations the can have a considerable influence on car insurance premiums, and find out if we can help you cut the cost of your next policy.
The vehicle on the policy is a large consideration when consumers are trying to find the best cheap car insurance for drivers over age 50. Vehicles with reasonable performance levels, a great safety record, or low incidents of liability claims will cost substantially less to insure than higher performance models. The information below shows insurance premiums for a handful of the cheapest vehicles to insure in Virginia.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLT 4WD||$1,159|
|Honda CR-V EX-L 2WD||$1,166|
|Ford F-150 STX Super Cab 2WD||$1,245|
|Honda Odyssey EX||$1,317|
|Chevrolet Impala LS||$1,322|
|Volkswagen Jetta LE 4-Dr Sedan||$1,341|
|Chevrolet Malibu LS||$1,349|
|Toyota RAV4 Limited 4WD||$1,341|
|Chevrolet Equinox LT AWD||$1,346|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$1,367|
|Ford Explorer Limited AWD||$1,373|
|Dodge Grand Caravan SXT||$1,367|
|Get a Custom Quote Go|
Prices based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Virginia minimum liability limits. Discounts applied include safe-driver, multi-vehicle, claim-free, multi-policy, and homeowner. Price information does not factor in vehicle location which can alter price quotes substantially.
Based upon these rates, models like the Ford Escape, Honda CR-V, and Ford F-150 are most likely to be some of the most economical vehicles to insure for older drivers.
Establishing which company offers the most affordable auto insurance rates for drivers over age 50 will require a tad more effort than just getting one or two price quotes.
Each insurance company uses a little different formula for determining prices, so let’s take a look at the auto insurance companies with the most affordable rates in Virginia Beach. It’s a good idea to be aware that Virginia Beach auto insurance rates are based on many factors which can significantly increase or decrease the cost of your policy. Simply improving your credit, buying a home instead of renting, or getting a speeding ticket can trigger rate changes resulting in some rates now being affordable when they were higher priced.
Cheapest Insurance Rates for Age 50+
Travelers normally has some of the lowest car insurance rates in Virginia Beach at around $679 a year. USAA, Penn National, Cincinnati Insurance, and Utica National also make the cut as some of the cheapest Virginia Beach, VA car insurance companies.
As illustrated above, if you are a customer of Penn National and switched to Travelers, you might achieve annual savings of around $69. Insureds with Cincinnati Insurance could save as much as $76 a year, and Utica National customers might realize rate reductions of up to $79 a year.
If you would like to find cheaper car insurance rates, click here to start your custom quote or visit several of the following companies.
These prices are averaged across all drivers and vehicles and do not factor in a specific zip code for drivers over age 50. So the car insurance company that is best for you may not even be in the top 30 companies shown above. That illustrates why you need to quote rates from as many companies as possible using your own personalized driver profile and vehicle information.
How careless driving impacts Virginia Beach auto insurance rates
The common sense way to earn the best auto insurance premiums for older drivers is to drive safely and not have accidents or get tickets. The chart below demonstrates how speeding tickets and accident claims raise insurance prices for different age groups. The premiums assume a single female driver, comprehensive and collision coverage, $100 deductibles, and no policy discounts are applied.
The data above shows the average cost of auto insurance in Virginia Beach per year with a clean driving record and no accidents is $1,405. Factor in two speeding tickets and the average cost swells to $1,887, an increase of $482 each year. Now throw in two accidents along with the two speeding tickets and the yearly cost of auto insurance for drivers over age 50 jumps again to an average of $3,599. That’s an increase of $2,194, or $183 per month, just for not maintaining a clean driving record!
The diagram below demonstrates how deductible levels can impact annual premium costs when researching cheap insurance for drivers over age 50. The data assumes a single female driver, comp and collision included, and no policy discounts are applied.
In the chart above, a 30-year-old driver could lower rates by $316 a year by changing from a $100 deductible up to a $500 deductible, or save $474 by selecting a $1,000 deductible. Even younger drivers, like the 20-year-old category, could reduce their rates $708 annually by choosing larger deductibles on their policy.
When using a larger deductible, it will be required to have enough savings set aside to enable you to pay the extra out-of-pocket expense. That is the one drawback of using higher deductibles.
A good deal can quickly turn bad
Virginia Beach auto insurance rates are calculated based on many things which can substantially decrease or increase the policy price. Simply having a birthday, increasing liability limits, or having a fender bender can trigger changes in premium that can now make some companies affordable when they were higher priced.
Additionally, auto insurance companies modify rates every year or even multiple times each year to ensure their profitability. Higher than normal claim frequency or severity can result in additional premium costs, while a profitable period can cause cheaper Virginia Beach car insurance rates.
As an example, the graph below shows the company with the cheapest car insurance in Virginia Beach, VA for a 30-year-old female driver with no prior claims, no tickets, and a high credit rating. When comparing rates based on her personal profile, Travelers may offer the lowest car insurance rates in Virginia Beach at $783 per year. This is $375 less than the average price paid by Virginia drivers of $1,158. USAA, Penn National, Cincinnati Insurance, and The Hartford are the rest of the cheapest Virginia Beach, VA auto insurance companies.
Now let’s give the driver from the first rate comparison some claims, a lower credit rating, and a speeding citation. Since every car insurance company has a unique formula for determining rates in each state, comparing rates may now present a new list of the cheapest Virginia Beach car insurance companies as shown below.
Utica National now has the best price on car insurance in Virginia Beach with Erie, Virginia Farm Bureau, Donegal Mutual, and Nationwide also having competitive pricing. This example proves why consumers need to take the time to do a thorough rate comparison to find the most economical insurance quotes for drivers over age 50. Auto insurance prices can be altered by many factors and can decrease or increase without notice, so the most affordable company six months ago may now not even be in the top five.
The insurance agencies below can most likely answer your questions and help you decide which coverage fits your budget, since some drivers aren’t sure which coverage they need and prefer to get some professional input when comparing insurance rates for older drivers. It can be complicated to find the best rates on your own, and getting professional guidance from a licensed agent can provide you satisfaction knowing you have enough protection. To locate a Virginia Beach insurance agent by location nearest to you, click the button following the list.
John White State Farm®
1776 Princess Anne Rd – Virginia Beach, VA 23456 – (757) 426-2886
Ed Barnhart – State Farm Insurance Agent
5660 Indian River Rd #126 – Virginia Beach, VA 23464 – (757) 366-0322
Nationwide Insurance: Mayo Insurance Agency Inc
1917 Laskin Rd Ste 101 – Virginia Beach, VA 23454 – (757) 496-5685