For older drivers, one of the more important things that aid in calculating insurance cost is where you keep your vehicle in Philadelphia. Regions with larger populations or more claims tend to have higher rates, whereas less populated areas benefit from lower coverage costs.
The information below ranks the most expensive cities in Pennsylvania for drivers over age 70 to purchase car insurance in. Philadelphia is ranked at #1 having an annual price of $2,057 for the average policy, which is around $171 monthly.
|10||Municipality of Monr||$1,081|
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Rate information is estimated as the vehicle garaging location can influence rates substantially.
The car, truck, or SUV to be insured is probably the biggest factor that determines whether or not you find the lowest-priced car insurance for drivers over age 70. Vehicles with limited speed and performance, modern passenger safety features, or a positive history of liability claims will cost substantially less to insure than fast, unsafe models.
The table below showcases auto insurance prices for a handful of the cheapest automobiles to buy coverage for.
|Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V LX 2WD||$5,000|
|Jeep Wrangler Sport 4WD 2-Dr||$5,230|
|Hyundai Elantra SE Touring Station Wagon||$5,390|
|Ford Escape Limited 4WD||$5,396|
|Ford Explorer XLT 4WD||$5,615|
|Ford F-150 XL Regular Cab 4WD||$5,625|
|Volkswagen Jetta 2.0T Station Wagon||$5,781|
|Chevrolet Impala LS||$5,850|
|Ford Edge Limited 2WD||$5,856|
|Chevrolet Malibu LS||$5,928|
|Jeep Grand Cherokee Laredo 2WD||$5,933|
|Toyota RAV4 Limited 2WD||$5,928|
|Dodge Grand Caravan Crew||$6,006|
|Chevrolet Silverado LS Regular Cab 2WD||$6,012|
|Toyota Tacoma Double Cab 4WD||$6,006|
|Toyota Corolla XLE||$6,240|
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Data based on single male driver age 70, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Pennsylvania minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, multi-vehicle, and safe-driver. Estimates do not factor in specific Philadelphia, PA garaging location which can lower or raise prices greatly.
Based on these rates, we can presume that makes and models like the Honda CR-V, Jeep Wrangler, Hyundai Elantra, Ford Escape, and Toyota Prius should be some of the less-costly vehicles to insure for older drivers. The cost of a car insurance policy will be more expensive just due to the fact that there is more claim exposure for drivers over age 70, but in general those particular models will probably have the least expensive rates possible.
The example below illustrates how choosing a deductible can change insurance costs when getting quotes for cheap insurance for drivers over age 70. The premiums assume a married female driver, full physical damage coverage, and no discounts are taken into consideration.
In the chart above, a 50-year-old driver could reduce rates by $304 a year by changing from a $100 deductible to a $500 deductible, or save $456 by changing to a $1,000 deductible. Youthful drivers, such as the Age 20 example, have the ability to save up to $750 each year just by using higher deductibles. If you make the decision to raise deductibles, it is a good idea to have plenty of discretionary funds to enable you to pay the extra out-of-pocket expense, which is the main drawback of higher deductibles.
Cost difference between full coverage and liability
Saving money when shopping for auto insurance is probably important to most vehicle owners, and an effective way to buy cheaper insurance for drivers over age 70 is to not buy comprehensive and collision coverage. The information below illustrates the comparison of car insurance rates with full physical damage coverage and with liability coverage only. The data is based on no claims or driving citations, $1,000 deductibles, drivers are not married, and no discounts are taken into consideration.
As an average for all age groups, full coverage costs $1,844 per year more than just insuring for liability. That amount may make you wonder when is it safe to stop buying full coverage. There isn’t a steadfast formula to exclude full coverage on your policy, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is more than about 10% of the replacement cost minus the deductible, then you may want to consider only buying liability coverage.
There are some situations where dropping physical damage coverage is not in your best interest. If you still have a lienholder on your title, you have to maintain full coverage to protect the lienholder’s interest. Also, if you cannot afford to purchase a different vehicle if your current one is in an accident, you should not eliminate full coverage.
Comparing rates can save you money
Pennsylvania auto insurance rates are impacted by many things that control the cost of having a policy. Simply getting older, buying another vehicle, or getting a reckless driving citation can trigger rate changes that can make some companies more affordable than before.
And not only may your rating factors change, but car insurance companies file new rates as needed to adjust for heavy claims or excess profits. Unexpectedly high claims can cause more expensive premiums, while lower claim expenses can result in cheaper Philadelphia car insurance rates.
To illustrate this example, the bar chart below shows a variety of companies that have the cheapest car insurance in Philadelphia, PA for a 40-year-old female driver with no accidents or violations, and excellent credit. When comparing rates based on her current risk factors, General Casualty might offer the best car insurance rates in Philadelphia at $1,666 a year. This is $9 more than the average price paid by Pennsylvania drivers of $1,657. USAA, Travelers, Erie, and Penn National are also included in the best Philadelphia, PA auto insurance companies.
In the next rate comparison, we’ll give the driver from the above example a chargeable accident, poor credit, and a blemish on her driving record. Since each company uses their own calculation for setting rates, analyzing rate quotes could now result in a slightly different list of the cheapest car insurance companies in Philadelphia as shown below.
Amica now has the cheapest price in Philadelphia with Atlantic States, USAA, Donegal Mutual, and GEICO now being in the top five. This example illustrates why consumers need to take the time to shop around with many companies to find cheap insurance rates for drivers over age 70. Car insurance prices are calculated by many risk factors and can change without notice, so the best company three years ago may now be priced much higher than other options.