Car insurance for 50-year-olds
If you’re 50 and looking to get car insurance, the cost can be different for each person. It depends on things like how you’ve driven before, if you’ve had any claims, and what kind of car you have. Knowing what the average 50-year-old pays for car insurance and learning how to save money on it can help you find the best deal for your car insurance.
Is Car Insurance Expensive for 50-Year-Olds?
Car insurance for 50-year-olds isn’t as pricey compared to other age groups. Teens, who are more likely to have accidents, usually pay about three to four times more than the national average for car insurance. But if you’re 50, you’re paying around the average or even a bit less.
People who are 50 have more experience driving, and they tend to be more careful on the road. If you’ve been a good driver without accidents, you can get better prices and discounts on your car insurance.
Take a look at the chart below to see how the rates of car accidents change based on different age groups, according to the AAA Foundation for Traffic Safety.
| Age Group | Crashes per 100 Million Miles Driven |
|---|---|
| 16-17 | 1,432 |
| 18-19 | 730 |
| 20-24 | 572 |
| 25-29 | 526 |
| 30-39 | 328 |
| 40-49 | 314 |
| 50-59 | 315 |
| 60-69 | 241 |
| 70-79 | 301 |
| 80+ | 432 |
How 50-year-olds can save on car insurance
If the initial price for your insurance isn’t great for your budget, there are ways to bring it down. Here are some simple strategies:
- Keep a Clean Driving Record: Avoid getting tickets or being in accidents. This helps you save money on insurance because you won’t have extra charges, and you can get more discounts for safe driving.
- Use Discounts: Insurance companies often have ways to save, like discounts for being a safe driver, paying in full, or having a safe vehicle. If you’re 50, you might also get discounts based on your affiliations, like where you work or your social groups.
- Try a Telematics Program: If you’re a safe driver, you could save more by joining a telematics program. They watch how you drive and might reward you for being safe.
- Bundle Your Policies: You can save money by bundling your car insurance with other policies, like home insurance. If you’ve got more than one thing to insure, this could be a big money-saver.
- Insure Multiple Vehicles: If you have more than one car, insuring them together could save you money. If your family has other cars, adding them to your policy might get you a discount.
- Think About Mileage-Based Policies: If you don’t drive a lot, a policy based on how much you drive might save you money.
- Raise Your Deductible: The deductible is what you pay if something happens. Raising it can lower your regular payment, but be careful because if you need to use your insurance, you’ll have to pay more out of your own pocket. It’s a bit of a trade-off.
Best car insurance companies for 50-year-olds
We checked out some car insurance companies and found that the top ones for 50-year-olds are USAA, Geico, State Farm, Erie, and The Hartford. We looked at how much they charge each year and used info from places like Quadrant Information Services and the J.D. Power 2022 Auto Claims Satisfaction Study.
We also thought about other stuff like how strong the company is financially, what kind of coverage they offer, the discounts they give, and how easy it is to use their website or app. We put all this together to make a Bankrate Score, which helps people compare companies.
So, if you’re 50 and looking for good car insurance, you might want to check out USAA, Geico, State Farm, Erie, and The Hartford for a quote.
| Car Insurance Company | Bankrate Score | Average Annual Full Coverage Premium for 50-Year-Olds | Average Annual Minimum Coverage Premium for 50-Year-Olds | J.D. Power Customer Satisfaction Score |
|---|---|---|---|---|
| Geico | 4.4 | $1,277 | $356 | 874/1,000 |
| USAA* | 4.3 | $1,268 | $354 | 890/1,000 |
| State Farm | 4.2 | $1,439 | $457 | 882/1,000 |
| The Hartford | 3.9 | $1,920 | $524 | 869/1,000 |
| Erie | 3.8 | $1,291 | $465 | 893/1,000 |
How much is car insurance for a 50-year-old
As you get older, car insurance usually gets cheaper until you’re in your 60s. On average, a 50-year-old pays about $1,881 each year for full coverage and $589 for the minimum coverage, according to Bankrate’s study.
Different things affect how much you pay, like what type of car you have, where you live, how much you drive, and the kind of coverage you choose. In most states, your age matters too, because the more you’ve been driving, the less risky insurance companies see you.
But in Hawaii, Massachusetts, Michigan, and California, they don’t use age to figure out your car insurance cost. In Massachusetts, they look at how many years you’ve been driving instead. So, even in places that don’t use age, the prices often follow a similar pattern based on driving experience.
How to find the cheapest insurance for 50-year-olds
If you’re 50 and want the best deal on car insurance, it’s a good idea to check prices from different companies. Our research gives you a good starting point, but what you actually pay will depend on your own driving history and personal details.
When you compare prices, make sure you’re looking at the same coverage from each company. That way, you can see which one is really giving you the best deal.
Also, check if the company has any discounts you can use. For example, if you’re 50 and have a safe and long driving history, you might get a discount for being a safe driver. But remember, the amount of discount can vary between companies, so it’s worth checking out a few.
Frequently asked questions
Well, it depends on what you need. Experts say it’s smart to check out quotes from different companies to see who offers the coverage and prices that suit you. If you’re 50, you might want a company that lets you personalize your policy or gives you a deal for having multiple insurances with them. Talking to a licensed insurance agent can be helpful to figure out what’s best for you.
For a 50-year-old, the average cost of car insurance is $589 for the basic coverage and $1,881 for the full deal each year. But remember, these are just averages—your cost can be different based on your credit score, where you live, if you’re married, and your driving history.
Car insurance usually gets cheaper after 50 because you’ve got more driving experience. But around age 70, the prices might start going up again. The average cost for a 50-year-old is $1,881 a year. Insurance companies decide prices based on how much risk they think you pose, and experience matters. Having a clean driving record—no speeding tickets or accidents—can keep your costs down. If you’ve got a history of tickets or accidents, you might end up paying more.
To come up with these numbers, they looked at rates from different places for people who are 50. The rates are based on a clean driving record, good credit, and specific coverage limits. It’s like imagining a person who owns a 2021 Toyota Camry, drives to work every day, and covers 12,000 miles a year. But remember, these are just examples to help compare, not exact prices for everyone.
About The Author
Andy Walker is a freelance content writer who specializes in writing for insurance and finance related niches. He has years of experience in this field and has written extensively on a variety of topics. Andy’s work is always highly polished and well-researched, ensuring that his clients are always happy with the results.