The words “bargain” and “insurance” really shouldn’t be used together, in particular when looking for the cheapest car insurance for drivers over age 70. In an attempt to save some money, let’s open your eyes to some of the factors that significantly impact auto insurance premiums, and find out if we can help you take the sting out of your next policy.
The vehicle you are trying to insure is probably the most important factor when comparing the best cheap insurance for drivers over age 70. Vehicles with higher performance, poor crash test ratings, or high incidents of liability claims will cost more to insure than more modest models.
The next table outlines auto insurance rates for a selection of the more affordable automobiles to insure.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord LX-P 4-Dr Sedan | $1,059 |
| Honda CR-V LX 4WD | $1,066 |
| Ford Escape Limited 2WD | $1,076 |
| Toyota Prius | $1,158 |
| Dodge Grand Caravan SE | $1,192 |
| Ford Explorer XLT 2WD | $1,202 |
| Ford Edge SEL 2WD | $1,241 |
| Chevrolet Malibu Hybrid | $1,257 |
| Volkswagen Jetta LE 4-Dr Sedan | $1,264 |
| Chevrolet Equinox LT AWD | $1,257 |
| Toyota Tacoma Double Cab 4WD | $1,264 |
| Toyota Camry LE | $1,257 |
| Toyota RAV4 Limited 2WD | $1,263 |
| Dodge Ram Quad Cab ST 2WD | $1,291 |
| Jeep Wrangler Unlimited Sport 2WD 4-Dr | $1,300 |
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Above prices assume single male driver age 70, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include homeowner, multi-vehicle, claim-free, safe-driver, and multi-policy. Premium costs do not factor in garaging location in Lexington, KY which can revise premiums significantly.
Looking at the numbers, vehicles like the Honda Accord, Honda CR-V, and Ford Escape are most likely to be the most budget-friendly vehicles to insure for older drivers. Rates will tend to be more expensive anyway because there is a higher risk for drivers over age 70, but overall those specific models will tend to have the lowest prices possible.
Comparing quotes for affordable car insurance is difficult, and deciding which insurers offer the lowest-priced insurance rates for drivers over age 70 may require even more diligence.
Every auto insurer uses their own formula to set policy rates, so let’s rank the most budget-friendly insurance companies in Lexington.
Best Cheap Insurance Rates for Age 70+
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Cincinnati Insurance | $1,115 |
| 2 | Kentucky Farm Bureau | $1,163 |
| 3 | USAA | $1,211 |
| 4 | Auto-Owners | $1,357 |
| 5 | Motorists Mutual | $1,601 |
| 6 | Grange Mutual | $1,625 |
| 7 | Travelers | $1,663 |
| 8 | State Farm | $1,867 |
| 9 | Westfield | $1,888 |
| 10 | Safe Auto | $1,913 |
| 11 | Progressive | $2,056 |
| 12 | Nationwide | $2,085 |
| 13 | Electric | $2,139 |
| 14 | State Auto | $2,232 |
| 15 | GEICO | $2,365 |
| 16 | Encompass | $2,382 |
| 17 | Safeco | $2,681 |
| 18 | MetLife | $3,053 |
| 19 | Shelter | $3,167 |
| 20 | Liberty Mutual | $3,744 |
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Cincinnati Insurance may have some of the best car insurance rates in Lexington at around $1,115 annually. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual would also be considered some of the more affordable Lexington, KY car insurance companies.
In the rate table above, if you buy coverage from Motorists Mutual and switched to Kentucky Farm Bureau, you could earn yearly savings of in the neighborhood of $438. Drivers with Grange Mutual may save as much as $462 a year, and Travelers insureds might lower prices by $500 a year.
To find out how much you can save, click here to get quotes or visit any of the low-priced companies below.
Understand that those policy rates are averages across all types of drivers and the different vehicles they drive and do not factor in a vehicle location for drivers over age 70. So the car insurance company that can offer the best rates for your situation may not even be in the top 21 companies in the list above. That is why you need to get rate quotes from many companies using your own specific driver and vehicle information.
How accidents and tickets impact rates
The easiest method to snag the most affordable insurance prices for older drivers is to be a cautious driver and not get tickets or have accidents. The information below highlights how traffic violations and accidents can raise yearly insurance costs for different insured age categories. The price estimates are based on a married female driver, full physical damage coverage, $1,000 deductibles, and no discounts are applied.
The data in the chart shows the average cost of car insurance in Lexington per year with no accidents and a clean driving record is $1,418. Add in two speeding tickets and the average cost jumps to $2,007, an increase of $589 each year. Next add one accident along with the two speeding tickets and the annual cost of insurance for drivers over age 70 increases to an average of $2,610. That’s an increase of $1,192, or $99 per month, just for being a less-than-perfect driver!
Insuring your vehicle with the top car insurance company is difficult considering how many different companies sell coverage in Kentucky. The company rank data in the next section can help you analyze which providers to look at comparing price quotes from.
These ratings are for the largest auto insurers in America, so companies that have a smaller presence are not factored into these rankings. If you wish to compare prices from these top-rated insurers and more, simply click here.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| Travelers | 93 | 98 | 99 | 88% | A++ | 95.1 |
| USAA | 83 | 99 | 100 | 91% | A++ | 94.1 |
| AAA Insurance | 91 | 95 | 92 | 90% | A | 93.3 |
| Nationwide | 85 | 95 | 97 | 89% | A+ | 92.4 |
| Allstate | 77 | 100 | 97 | 88% | A+ | 90.7 |
| State Farm | 80 | 94 | 96 | 88% | A++ | 90.6 |
| The Hartford | 88 | 93 | 91 | 87% | A+ | 90.4 |
| Safeco Insurance | 91 | 95 | 85 | 88% | A | 90.2 |
| Progressive | 88 | 94 | 83 | 88% | A+ | 90.1 |
| American Family | 91 | 86 | 95 | 83% | A | 89.7 |
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Data Source: Insure.com Best Car Insurance Companies
How to find low-cost car insurance for drivers over age 70
It is possible to find better rates, and here are many penny-pinching suggestions that can help Kentucky drivers buy lower-cost car insurance.
- Prevent price hikes by avoiding at-fault accidents
- Bundle home and auto and save
- Older vehicles may not need full coverage
- Try to not file small claims
- Drive a car with a high safety rating
- Just one traffic violation will increase your rates
- Comparison shop at least every other year
That last piece of advice is especially critical, as was stressed in the article above. Auto insurance prices can change considerably in a year, so don’t hesitate to buy from a new company if a more affordable price is available.
Having a favorite company is fine, but it’s not a good idea if that faithfulness ends up costing you several hundred dollars every year. Now is a great time to shop around and find cheaper insurance for drivers over age 70 in Lexington.