The words “cheap” and “insurance” really should not be used together, especially when trying to find the lowest insurance prices for drivers over age 50. Because it’s not cheap, let’s familiarize you with some things that have a considerable impact on car insurance prices, and see if you can lower the price of your next policy.
The make and model of vehicle that needs insurance is probably the biggest factor when looking for the most affordable auto insurance for drivers over age 50. Vehicles with economical engines, a plethora of safety features, or a low likelihood of liability claims will cost significantly less to insure than fast, unsafe models.
The list below showcases coverage prices for the cheapest automobiles to insure in Ohio.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape Limited 2WD | $1,242 |
| Honda CR-V EX-L 4WD | $1,249 |
| Toyota Prius | $1,346 |
| Ford Edge SEL AWD | $1,411 |
| Volkswagen Jetta SE 2.5 Station Wagon | $1,423 |
| Jeep Grand Cherokee Laredo 4WD | $1,438 |
| Chevrolet Equinox LT AWD | $1,445 |
| Chevrolet Silverado LT Extended Cab 4WD | $1,438 |
| Chevrolet Malibu Hybrid | $1,448 |
| Toyota RAV4 Sport 4WD | $1,438 |
| Ford Explorer Limited 2WD | $1,466 |
| Dodge Grand Caravan Crew | $1,474 |
| Ford F-150 Lariat Crew Cab 2WD | $1,466 |
| Toyota Tacoma Double Cab TRD Off-Road Package 4WD | $1,476 |
| Honda Civic LX 4-Dr Sedan | $1,488 |
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Data based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include safe-driver, claim-free, multi-vehicle, multi-policy, and homeowner. Rates do not factor in Columbus, OH location which can decrease or increase insurance rates substantially.
Based upon the table data, makes and models like the Ford Escape, Honda CR-V, and Toyota Prius are some of the cheapest vehicles to insure for older drivers.
For older drivers, one of the big considerations that are used to help calculate insurance cost is where you choose to live. Cities with larger populations or higher claim trends tend to have higher rates, whereas areas with lower vehicle theft rates and fewer weather claims benefit from lower coverage costs.
The information below ranks the highest-priced places in Ohio for drivers over age 50 to purchase car insurance in. Columbus is listed at #6 with a yearly premium of $1,211 for car insurance, which is around $101 per month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Youngstown | $1,285 |
| 2 | Toledo | $1,267 |
| 3 | Cleveland | $1,259 |
| 4 | Cincinnati | $1,222 |
| 5 | Cleveland Heights | $1,214 |
| 6 | Columbus | $1,211 |
| 7 | Euclid | $1,164 |
| 8 | Dayton | $1,154 |
| 9 | Akron | $1,123 |
| 10 | Hamilton | $1,102 |
| 11 | Newark | $1,085 |
| 12 | Springfield | $1,072 |
| 13 | Fairfield | $1,063 |
| 14 | Canton | $1,058 |
| 15 | Middletown | $1,055 |
| 16 | Kettering | $1,051 |
| 17 | Lakewood | $1,041 |
| 18 | Strongsville | $1,031 |
| 19 | Beavercreek | $1,027 |
| 20 | Mentor | $1,008 |
| 21 | Parma | $1,007 |
| 22 | Cuyahoga Falls | $1,007 |
| 23 | Elyria | $1,005 |
| 24 | Mansfield | $992 |
| 25 | Lorain | $985 |
| Compare Prices Now Go | ||
Premium costs are comparative as the vehicle garaging location can lower or raise auto insurance rates noticeably.
Price comparison of only insuring for liability
Saving on auto insurance is important to the majority of people, and one common way to pay less for insurance for drivers over age 50 is to buy only liability coverage. The chart below visualizes the comparison of insurance costs when comparing full coverage to liability only. Data assumes no driving violations, no at-fault accidents, $100 deductibles, single status, and no discounts are factored in.
If we average all the age groups together, physical damage coverage costs an extra $1,455 per year more than buying just liability insurance. Many drivers will wonder if paying for full coverage is worth it. There is no set rule to delete comprehensive and collision coverage on your policy, but there is a general guideline you can use. If the annual cost of comprehensive and collision coverage is more than 10% of the replacement cost minus the deductible, then you might want to think about dropping full coverage.
There are some situations where eliminating full coverage is not a good idea. If you still have a lienholder on your title, you must maintain physical damage coverage as part of the loan requirements. Also, if your finances do not allow you to purchase a different vehicle if your current one is damaged, you should not drop full coverage.
How to get discounts on Columbus car insurance
Insurance providers that provide policies for drivers over age 50 may additionally offer premium discounts that can lower rates by as much as 35% or more if you qualify. Large auto insurance companies and the discounts they provide are included below.
- Progressive policyholders can earn discounts including homeowner, online signing, multi-policy, online quote discount, and multi-vehicle.
- SAFECO includes discounts for teen safety rewards, teen safe driver, bundle discounts, anti-theft, multi-car, accident prevention training, and safe driver.
- American Family has discounts for air bags, multi-vehicle, mySafetyValet, TimeAway discount, bundled insurance, and good driver.
- MetLife discounts include defensive driver, good student, good driver, multi-policy, claim-free, and accident-free.
- GEICO has savings for federal employee, military active duty, emergency military deployment, anti-theft, and anti-lock brakes.
- The Hartford may include discounts for air bag, anti-theft, bundle, vehicle fuel type, driver training, and defensive driver.
The diagram below visualizes the comparison of car insurance rates with and without discounts applied to the premium. The data assumes a female driver, no accidents, no driving violations, Ohio state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with anti-theft, multiple vehicle, passive restraint, accident-free, multiple policy, and vehicle safety discounts applied. In this example, the average savings per year on auto insurance for drivers over age 50 is 29% or $325.
Tickets and at-fault accidents raise rates
The best way to get low auto insurance premiums in Columbus for older drivers is to be a good driver and not get tickets or have accidents. The illustration below illustrates how traffic citations and accidents can drive up auto insurance costs for different age groups of insureds. The prices are based on a married female driver, comprehensive and collision coverage, $250 deductibles, and no discounts are applied to the premium.
In the example above, the average cost of car insurance in Columbus per year with no accidents and a clean driving record is $929. Get written up for two speeding tickets and the average cost hikes up to $1,315, an increase of $387 each year. Then include two accidents along with the two speeding tickets and the 12-month cost of auto insurance for drivers over age 50 increases to an average of $2,740. That’s an increase of $1,811, or $151 per month, just for not driving responsibly!
How to find the cheapest auto insurance for drivers over age 50
It is possible to find better rates, and here are some of the better money-saving solutions that can help Ohio drivers buy cheaper coverage.
- Increase the comprehensive and collision deductibles on your policy
- Prevent price hikes by avoiding at-fault accidents
- Drop full coverage on older vehicles
- Discounts for being claim-free can be substantial
- Do not get tickets or violations
- Shop around for cheaper prices
The final tip is particularly important, as we emphasized in this write-up. Car insurance rates in Columbus adjust often, so don’t be tentative to change to a new company if a better deal can be had.
Brand loyalty is great, but it’s not a great idea if that inflexibility results in costing you a small fortune year after year. In just a few minutes you could compare rates and find cheaper car insurance for drivers over age 50.
If you wish to have some professional guidance when trying to find the best insurance rates for drivers over age 50, the insurance agencies below can probably provide answers to your questions and help you determine which policy is best.
To locate a Columbus car insurance agency close to you, click the button link following the list or click here to compare rates now.
- Meghan Humphreys – State Farm Insurance Agent
3468 N High St a – Columbus, OH 43214 – (614) 754-9855 - Central Ohio Insurance Services, Inc
1205 Hill Rd N – Pickerington, OH 43147 – (614) 861-3100 - Russell A Popp – State Farm Insurance Agent
2844 Johnstown Rd – Columbus, OH 43219 – (614) 471-5557 - Nationwide Insurance: Glenn R Williams
2930 N High St – Columbus, OH 43202 – (614) 268-3567 - Gary Snowden – State Farm Insurance Agent
1369 Georgesville Rd – Columbus, OH 43228 – (614) 272-2300