Wouldn’t it be great if we could look into our crystal ball and tell you the one perfect company that has the cheapest coverage for drivers over age 50? It’s just not that simple, as there are a ton of unknown elements such as if you have a tendency to get into accidents, if you have a coverage lapse, and if you are married, that all impact the cost of your policy. The content below will cover some of these factors and will hopefully give you a jump start in finding the best auto insurance.
For older drivers, one of the largest factors that are looked at to determine the amount you pay for auto insurance is where you keep your car in Philadelphia. Cities with larger populations or higher claim trends tend to have higher auto insurance costs, whereas areas that tend to be more rural have the benefit of cheaper auto insurance prices.
The next table lists the most expensive areas in Pennsylvania for drivers over age 50 in which to buy car insurance. Philadelphia makes the list at #1 with an annual cost of $1,997 for the average insurance policy, which is about $166 per month.
|8||Municipality of Monr||$1,091|
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Rates are comparative as the vehicle garaging location can decrease or increase coverage prices considerably.
The make and model of vehicle driven is one of the biggest factors when trying to find the lowest-priced car insurance for drivers over age 50. Vehicles with higher performance, poor safety features, or a history of substantial liability claims will cost more to insure than safer, lower-performance models.
The information below estimates car insurance costs for the most budget-friendly automobiles to buy coverage for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda CR-V LX 2WD||$3,990|
|Ford Escape Limited 2WD||$4,076|
|Honda Accord EX-L 4-Dr Sedan||$4,328|
|Ford F-150 XLT Regular Cab 2WD||$4,382|
|Jeep Wrangler Rubicon 4WD 2-Dr||$4,467|
|Honda Civic DX 4-Dr Sedan||$4,634|
|Volkswagen Jetta SE 2.5 Station Wagon||$4,675|
|Ford Fusion S 4-Dr Sedan||$4,720|
|Jeep Grand Cherokee Laredo 4WD||$4,728|
|Toyota RAV4 4WD||$4,720|
|Dodge Grand Caravan Hero||$4,726|
|Toyota Camry LE||$4,720|
|Chevrolet Equinox LT 2WD||$4,728|
|Ford Explorer Limited 2WD||$4,810|
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Data based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Pennsylvania minimum liability limits. Discounts applied include multi-vehicle, claim-free, multi-policy, safe-driver, and homeowner. Table data does not factor in the specific area where the vehicle is garaged which can raise or lower insurance rates considerably.
Looking at the data, you can presume that models like the Honda CR-V, Ford Escape, and Honda Accord should be a few of the most affordable vehicles to insure for older drivers.
Rate difference between full and liability-only coverage
Saving money when shopping for insurance is important to most people, and an easy way to pay lower rates for insurance for drivers over age 50 is to not insure for full coverage. The example below visualizes the comparison of insurance costs with full coverage compared to only the Pennsylvania minimum liability coverage. The data assumes no tickets, no at-fault accidents, $500 deductibles, drivers are not married, and no additional discounts are factored in.
If the expense is averaged for all age categories, full coverage costs $1,554 per year over and above liability coverage. That touches on the question if buying full coverage is a good investment. There is no exact rule for excluding physical damage insurance, but there is a broad guideline. If the yearly cost for physical damage coverage is 10% or more of any settlement you would receive from your insurance company, then it might be time to consider dropping full coverage.
For example, let’s pretend your vehicle’s book value is $5,500 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most your company would pay you is $4,500 after paying your policy deductible. If it’s costing in excess of $450 annually for your policy with full coverage, then it may be the right time to buy liability only.
Insurance companies ranked
Picking the highest-rated insurance company can be difficult considering how many different companies sell coverage in Pennsylvania. The company information below could help you decide which car insurance companies to look at buying from.
These ratings are for companies with a national presence, so companies that focus mainly on Pennsylvania business will not be included in the list. To get rate quotes and find the cheapest rates for drivers over age 50, just click here.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
The illustration below shows how different deductible levels can affect insurance premiums when getting quotes for cheap insurance for drivers over age 50. The price estimates are based on a single female driver, full coverage, and no discounts are factored in.
The data above shows that a 40-year-old driver could lower their car insurance rates by $260 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $394 by using a $1,000 deductible. Younger drivers, such as the 20-year-old chart data, could reduce their rates as much as $662 every year just by choosing higher deductibles. When choosing a higher deductible, it will be important to have additional savings on hand to enable you to cover the extra out-of-pocket expense that is associated with using high deductibles.
How to find cheaper auto insurance for drivers over age 50
Here are a few money-saving solutions that can help drivers locate lower-cost car insurance.
- Higher credit scores may earn you cheaper rates
- Maintain a safe distance and avoid accidents
- Maintain a clean driving record
- Safer vehicles cost less to insure
- Higher physical damage deductibles lower rates
- Keep rates low by comparing prices once a year
The last tip in the list is highly valuable, as was pointed out in this piece. Auto insurance prices vary greatly, so don’t be unwilling to change to a new company if a more affordable rate is found.
Having a favorite company is great, but it’s not a great idea if that devotion results in you overpaying a fortune every year. It takes less than five minutes to compare rates to find cheaper auto insurance for drivers over age 50 in Philadelphia.
If you prefer to get some help when comparing insurance rates for older drivers, the insurance agencies listed below are willing to help you make a decision which insurance coverage you need. To find a Philadelphia insurance agency near you, click the button following the list.
Paul Hoffman – State Farm Insurance Agent
2655 S 12th St – Philadelphia, PA 19148 – (215) 389-4737
Larry Lewis Insurance Agency, LLC
4548 Market St #208 – Philadelphia, PA 19139 – (215) 243-4110
Wade Insurance Agency
143 E Roosevelt Blvd – Philadelphia, PA 19120 – (215) 457-4995
Terra Insurance Services
1879 Cottman Ave – Philadelphia, PA 19111 – (215) 742-3743