The words “bargain” and “insurance” probably shouldn’t be used in the same sentence, specifically when trying to find the best car insurance rates for drivers over age 60. To save some money, let’s take a look at a few of the things that can significantly affect insurance premiums, and see if you can take the sting out of the next policy you buy.
The make and model of vehicle you are seeking coverage for is probably the most important factor when looking for low-priced car insurance for drivers over age 60. Vehicles with limited speed and performance, good crash test ratings, or low incidents of liability claims will cost substantially less to insure than fast, unsafe models.
The information below showcases car insurance prices for some of the cheapest automobiles to insure.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord LX-P 4-Dr Sedan | $1,829 |
| Ford Escape XLT 2WD | $1,838 |
| Honda CR-V LX 2WD | $1,829 |
| Jeep Wrangler Sport 4WD 2-Dr | $1,897 |
| Hyundai Elantra SE Touring Station Wagon | $1,987 |
| Ford Edge SE 2WD | $2,011 |
| Toyota Prius | $2,024 |
| Dodge Grand Caravan CV | $2,052 |
| Toyota Tacoma 4WD | $2,057 |
| Honda Odyssey EX W/Rear Entertainment | $2,129 |
| Chevrolet Equinox LT 2WD | $2,169 |
| Chevrolet Malibu Hybrid | $2,176 |
| Toyota RAV4 2WD | $2,169 |
| Volkswagen Jetta S 4-Dr Sedan | $2,176 |
| GMC Sierra SLE Crew Cab 2WD | $2,169 |
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Data rating is based on single male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include homeowner, multi-policy, claim-free, safe-driver, and multi-vehicle. Information does not factor in specific Louisville, KY garaging location which can impact insurance rates significantly.
Based upon these rates, vehicles like the Honda Accord, Ford Escape, and Honda CR-V will be the more affordable vehicles to insure for older drivers.
For older drivers, one of the largest components that determine car insurance rates is where you live in Louisville. Cities with larger populations or higher claim trends likely pay more, whereas areas with lower vehicle theft rates and fewer weather claims benefit from having to pay less for coverage.
The following table ranks the priciest cities in Kentucky for drivers over age 60 to buy an auto insurance policy in. Louisville shows up at #1 with an annual cost of $2,176 for the average insured, which is about $181 monthly.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Louisville | $2,176 |
| 2 | Frankfort | $1,795 |
| 3 | Saint Matthews | $1,711 |
| 4 | Jeffersontown | $1,668 |
| 5 | Ashland | $1,656 |
| 6 | Radcliff | $1,606 |
| 7 | Madisonville | $1,600 |
| 8 | Paducah | $1,599 |
| 9 | Elizabethtown | $1,595 |
| 10 | Henderson | $1,557 |
| 11 | Murray | $1,549 |
| 12 | Winchester | $1,547 |
| 13 | Danville | $1,534 |
| 14 | Covington | $1,532 |
| 15 | Nicholasville | $1,519 |
| 16 | Georgetown | $1,506 |
| 17 | Richmond | $1,490 |
| 18 | Florence | $1,485 |
| 19 | Independence | $1,480 |
| 20 | Hopkinsville | $1,478 |
| 21 | Lexington | $1,454 |
| 22 | Erlanger | $1,420 |
| 23 | Bowling Green | $1,418 |
| 24 | Fort Thomas | $1,397 |
| 25 | Owensboro | $1,390 |
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Prices are comparative as the specific zip code location can raise or lower rates noticeably.
Types of discounts on Louisville insurance
Auto insurance companies that offer cheap quotes for drivers over age 60 may also offer special discounts that can lower rates by as much as 35% if you qualify for them. Companies and a summarized list of policyholder discounts can be read below.
- Progressive has discounts for multi-vehicle, good student, online quote discount, multi-policy, homeowner, online signing, and continuous coverage.
- Farmers Insurance offers premium reductions for mature driver, multi-car, distant student, good student, and pay in full.
- Farm Bureau offers discounts for renewal discount, multi-policy, driver training, good student, 55 and retired, youthful driver, and multi-vehicle.
- State Farm offers discounts including defensive driving training, student away at school, Steer Clear safe driver discount, accident-free, driver’s education, and Drive Safe & Save.
- GEICO discounts include anti-lock brakes, daytime running lights, federal employee, defensive driver, military active duty, and emergency military deployment.
- SAFECO policyholders can earn discounts including teen safe driver, drive less, teen safety rewards, bundle discounts, safe driver, anti-lock brakes, and accident prevention training.
- Liberty Mutual may offer discounts for multi-policy, teen driver discount, new vehicle discount, good student, and hybrid vehicle.
The illustration below shows the difference between insurance costs with and without discounts applied to the policy rates. The data assumes a female driver, no violations or accidents, Kentucky state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows the average annual price with no discounts. The second shows the rates with multiple policy, passive restraint, vehicle safety, multiple vehicle, accident-free, and defensive driving course discounts applied. When discounts are factored in, theamount saved on auto insurance for drivers over age 60 is 29% or $475.
The example below highlights how deductible choice can increase or decrease insurance costs when searching for cheap insurance for drivers over age 60. The rates are based on a married female driver, full physical damage coverage, and no other discounts are factored in.
As shown above, a 30-year-old driver could reduce rates by $310 a year by changing from a $100 deductible to a $500 deductible, or save $468 by choosing a $1,000 deductible. Even younger insureds, like the 20-year-old, can save $662 or even more by choosing larger deductibles on their policy. If you do decide to increase your deductibles, it’s a good idea to have plenty of money set aside to be able to pay the extra out-of-pocket expense. That is the one drawback of using higher deductibles.
Last year’s bargain might be this year’s rip off
Louisville, KY auto insurance rates are determined by lots of factors which can significantly increase or decrease the price you have to pay for coverage. Simply having another birthday, buying a home, or getting a driving violation may prompt premium changes resulting in some rates now being more affordable than before.
Not only that, but insurers change prices every year in order to remain profitable. Larger than normal claims can result in higher rates, while lower claims can produce more affordable Louisville car insurance rates.
To illustrate this point, the graph below shows the companies that have the cheapest car insurance in Louisville, KY for a 40-year-old male driver with no violations or accidents, and solid credit. If we estimate prices based on his current risk factors, Cincinnati Insurance might offer the best car insurance rates in Louisville at $1,745 each year. This is $398 less than the average price paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Grange Mutual are the remainder of the cheapest Louisville, KY auto insurance companies.
The chart below compares rates after we give the driver from the first example some claims, a lower credit score, and a speeding ticket. Since each insurance company has their own guidelines to determine rates, comparing insurance quotes may now show a new list of the cheapest companies as shown below.
Kentucky Farm Bureau now has the cheapest price in Louisville with Travelers, USAA, Cincinnati Insurance, and Auto-Owners completing the list. This illustrates why consumers need to take the time to shop around when trying to get the lowest insurance quotes for drivers over age 60. Insurance rates are determined by many factors and change frequently, so the best option a year ago may now be wasting a lot of money.
Ideas for buying the cheapest auto insurance for drivers over age 60
Here are a few money-saving solutions that can help drivers buy lower-cost coverage.
- Remove physical damage coverage on older vehicles
- Improve your credit rating
- Being accident-free can lower rates significantly
- Do not get traffic violations
- Increase your physical damage deductibles
- Buy safe vehicles
- Compare quotes from other companies often
The final tip is particularly important, as was stressed in the prior article. Car insurance rates in Louisville change a lot, so don’t be unwilling to buy from a different company if a lower price can be found. Having brand loyalty is commendable, but it isn’t a good idea if that loyalty ends up costing thousands of dollars over several years. In just a few minutes you could compare prices and find cheaper car insurance for drivers over age 60.
If you have coverage questions and would like to get some professional input when trying to find the best insurance rates for drivers over age 60, the agents below are a good start to answer your questions and help you decide which auto insurance policy would work best for you.
To locate a Louisville auto insurance agent by location nearest to you, click the button at the bottom of the list.
- Nationwide Insurance Ditsler Insurance Inc
1313 Lyndon Ln #102 – Louisville, KY 40222 – (502) 895-0812 - Robin Brown – State Farm Insurance Agent
4209 Shelbyville Rd, Ste B – Louisville, KY 40207 – (502) 897-6476 - Gerald Schott Insurance
10602 Timberwood Cir # 14 – Louisville, KY 40223 – (502) 426-5887 - Ivy Brito – State Farm Insurance Agent
4919 Dixie Hwy b – Louisville, KY 40216 – (502) 449-1362 - Family Select Insurance
6409 Dutchmans Pkwy – Louisville, KY 40205 – (502) 454-7283