The words “economical” and “insurance” probably shouldn’t be used together, in particular when you are searching for the cheapest auto insurance for drivers over age 70. In an attempt to save some money, let’s open your eyes to a few of the factors that can significantly affect car insurance prices, and find some ways to take the sting out of the next policy you buy.
The car, truck, or SUV you are trying to insure is a significant factor when looking for cheaper auto insurance for drivers over age 70. Vehicles with limited top-end speed, a plethora of safety features, or low incidents of liability claims will cost less to insure than adrenaline junky models.
The next table estimates car insurance premiums for the cheapest automobiles to insure in Texas.
|Make and Model||Estimated Cost for Full Coverage|
|Ford Escape XLS 4WD||$1,323|
|Honda Accord LX-P 4-Dr Sedan||$1,329|
|Honda CR-V EX-L 4WD||$1,345|
|Ford F-150 STX Regular Cab 2WD||$1,465|
|Dodge Grand Caravan CV||$1,487|
|Toyota Tacoma 4WD||$1,494|
|Ford Explorer XLT AWD||$1,487|
|Volkswagen Jetta SE 2.5 Station Wagon||$1,536|
|Honda Civic DX 4-Dr Sedan||$1,551|
|Honda Odyssey EX W/Rear Entertainment||$1,559|
|Ford Edge SEL AWD||$1,551|
|GMC Sierra SLE Crew Cab 2WD||$1,573|
|Chevrolet Equinox LT AWD||$1,578|
|Toyota RAV4 Limited 4WD||$1,573|
|Chevrolet Malibu LS||$1,581|
|Ford Focus SES 4-Dr Sedan||$1,634|
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Data rating is based on single female driver age 70, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, safe-driver, and claim-free. Table data does not factor in garaging location in Houston, TX which can raise or lower coverage prices significantly.
Based on these rates, vehicles like the Ford Escape, Honda Accord, Honda CR-V, and Toyota Prius are most likely going to be a few of the cheapest vehicles to insure for older drivers. The price for an auto insurance policy will tend to be more expensive because there is more inherent risk for drivers over age 70, but generally speaking those particular vehicles will most likely have the best insurance prices compared to other types of vehicles.
One of the more important things that are used to help calculate the price you pay for insurance is where your residence is in Houston. Areas with more people or more claims will most likely have higher rates, whereas areas that tend to be more rural tend to receive slightly lower rates.
The information below lists the most costly cities in Texas for drivers over age 70 to purchase a policy in. Houston is listed at #4 costing $1,909 on average, which is approximately $159 per month.
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Premium costs are approximated as specific location information can change price quotes noticeably.
Shopping around for low-cost auto insurance is confusing at best, and figuring out which companies quote the lowest-priced auto insurance rates for drivers over age 70 takes even more rate comparisons. Each auto insurance company has a unique formula for determining rates, so let’s take a look at the overall cheapest auto insurance companies in Texas.
We do need to point out that Houston auto insurance rates are based on many factors that can increase the policy premium. Price variation is why consumers need to take the time to shop around when trying to find the most economical insurance rates for drivers over age 70. Insurance rates are impacted by many different factors and change substantially, so the lowest-price company the last time you shopped around may now be wasting a lot of money.
Find the Cheapest Car Insurance for Age 70+
|Rank||Company||Cost Per Year|
|3||Texas Farm Bureau||$1,211|
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Travelers normally has some of the most affordable car insurance rates in Houston at around $1,041 annually. USAA, Texas Farm Bureau, Germania Mutual, and Esurance also rank well as some of the cheaper Houston, TX auto insurance companies.
As depicted above, if you currently have coverage with Germania Mutual and switched to USAA, you may realize an annual savings of in the neighborhood of $128. Policyholders with Esurance might save as much as $251 a year, and California Casualty insureds might realize rate reductions of up to $268 a year.
To get a fast rate comparison, click here to get a free quote or click through to the companies below.
It’s important to note that these premiums are averages across all ages of drivers and types of vehicles and and are not calculated with a specific location for drivers over age 70. So the auto insurance company that can offer you the best price may not even be in the top 23 companies in the list above. That point stresses why you need to get rate quotes using your own specific driver and vehicle information.
Illustration showing the impact of accidents and violations
The best way to receive the most affordable auto insurance prices in Texas for older drivers is to be an attentive driver and avoid at-fault accidents and violations. The information below shows how traffic citations and fender-benders can drive up insurance prices for each age group. The costs are based on a single female driver, full coverage, $100 deductibles, and no discounts are factored in.
In the prior example, the average cost of an auto insurance policy per year with a clean driving record and no accidents is $2,767. Get written up for two speeding tickets and the average cost swells to $3,727, an increase of $960 each year. Then add in two accidents along with the two speeding tickets and the annual cost of auto insurance for drivers over age 70 goes up to an average of $7,167. That’s an increase of $4,400, or $367 per month, just for not driving responsibly!
The diagram below shows how choosing a deductible can increase or decrease annual premium costs when searching for cheap insurance for drivers over age 70. The prices are based on a single male driver, full coverage, and no discounts are factored in.
As shown above, a 40-year-old driver could reduce rates by $426 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $638 by using a $1,000 deductible. Youthful drivers, like the 20-year-old example, could roll back prices $1,414 each year just by choosing larger deductibles. When choosing a higher deductible, it will be required to have plenty of discretionary funds to pay the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.
Here’s why you should shop around
Houston, TX auto insurance rates are determined by lots of factors that will increase or decrease the cost of having a policy. Simply getting older, moving to a different location, or getting a ticket for running a stop sign can trigger rate changes resulting in some rates now being cheaper than competitors.
Not only may your risk profile change, but companies file new Texas auto insurance rates every year or even multiple times each year in order to protect their financial rating. A period of increased losses may cause higher rates, while a profitable period can produce more affordable Houston car insurance rates.
To illustrate this example, the bar chart below shows rates for the cheapest car insurance in Houston, TX for a 45-year-old male driver with no accidents or violations, and excellent credit. When quoting prices based on his personal risk profile, Travelers has the most affordable car insurance rates in Houston at $1,274 each year. This is $630 less than the average price paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and California Casualty are also included in the cheapest Houston, TX auto insurance companies.
Now we will pretend the driver from above an at-fault accident, a lower credit rating, and a traffic citation. Because each company has a proprietary formula for determining prices, comparing prices could now result in a different ranking of the cheapest companies as shown below.
State Farm now has the cheapest rate in Houston with Mercury, USAA, Safe Auto, and Nationwide now rounding out the top five. This shows why it is critical to take the time to shop around to find the most economical car insurance rates for drivers over age 70. Rates consist of many factors and can change substantially, so the cheapest option six months ago may now be wasting a lot of money.