The make and model of vehicle you are trying to insure is probably the biggest factor when trying to find economical auto insurance for seniors. Vehicles with limited speed and performance, good safety features, or a low likelihood of liability claims will cost significantly less to insure than fast, unsafe models. The next list shows auto insurance prices for a selection of the cheaper vehicles to buy insurance for.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLS 4WD | $1,492 |
| Honda Accord EX 4-Dr Sedan | $1,501 |
| Honda CR-V LX 2WD | $1,492 |
| Hyundai Elantra SE Touring Station Wagon | $1,619 |
| Toyota Prius | $1,652 |
| Dodge Grand Caravan CV | $1,673 |
| Ford Explorer XLT 2WD | $1,680 |
| Toyota RAV4 4WD | $1,766 |
| Chevrolet Malibu LT | $1,800 |
| Ford F-150 FX4 Super Cab 4WD | $1,805 |
| Toyota Tacoma Double Cab TRD Off-Road Package 4WD | $1,800 |
| Honda Civic VP 4-Dr Sedan | $1,830 |
| Ford Focus SES 4-Dr Sedan | $1,840 |
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Data based on married male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, claim-free, and multi-policy. Premium costs do not factor in vehicle garaging location which can influence premium rates greatly.
Based upon these rates, vehicles like the Ford Escape, Honda Accord, and Honda CR-V will be some of the most budget-friendly vehicles to insure for senior citizens.
One of the many components that are looked at to determine auto insurance rates is where you choose to live. Regions with larger populations or more claims are more likely to pay higher prices, whereas areas with less people or fewer weather incidents have the luxury of cheap car insurance rates.
The illustration below lists the most costly cities in Florida for seniors to buy auto insurance in. Tampa comes in at #8 costing $2,558 for the average policyholder, which is approximately $213 per month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Hialeah | $3,595 |
| 2 | Miami | $3,273 |
| 3 | Miami Gardens | $3,149 |
| 4 | Miami Beach | $2,953 |
| 5 | Miramar | $2,683 |
| 6 | Hollywood | $2,630 |
| 7 | West Palm Beach | $2,625 |
| 8 | Tampa | $2,558 |
| 9 | Davie | $2,548 |
| 10 | Pompano Beach | $2,543 |
| 11 | Fort Lauderdale | $2,475 |
| 12 | Coral Springs | $2,474 |
| 13 | Pembroke Pines | $2,431 |
| 14 | Brandon | $2,298 |
| 15 | St. Petersburg | $2,263 |
| 16 | Clearwater | $2,238 |
| 17 | Spring Hill | $2,123 |
| 18 | Orlando | $2,090 |
| 19 | Jacksonville | $1,960 |
| 20 | Port St. Lucie | $1,916 |
| 21 | Lakeland | $1,883 |
| 22 | Cape Coral | $1,860 |
| 23 | Palm Bay | $1,786 |
| 24 | Tallahassee | $1,784 |
| 25 | Gainesville | $1,680 |
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Prices are approximated as the specific garaging location can alter auto insurance rates noticeably.
The example below illustrates how choosing a deductible can influence annual premium costs when searching for cheap insurance for seniors. The data is based on a single female driver, comprehensive and collision coverage, and no discounts are taken into consideration.
In the chart above, a 50-year-old driver could reduce rates by $448 a year by changing from a $100 deductible to a $500 deductible, or save $674 by switching to a $1,000 deductible. Even younger insureds, like the age 20 example, could drop their prices up to $1,148 or more by choosing larger deductibles on their policy. If you do decide to increase your deductibles, it is important to have plenty of discretionary funds to enable you to pay the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.
Full coverage rates compared to liability-only
Saving money on car insurance is important to the majority of drivers, and a great way to buy cheaper insurance for seniors is to buy only liability coverage. The information below shows the comparison of annual premium costs with full physical damage coverage compared to only buying liability only. The data assumes no claims, a clean driving record, $1,000 deductibles, drivers are not married, and no discounts are applied to the premium.
If all age groups are averaged, comp and collision coverage costs an additional $2,330 per year over and above liability only. That is a significant amount which raises the question if physical damage coverage is worth the money. There is no exact rule to delete full coverage on your policy, but there is a general guideline you can use. If the yearly cost for physical damage coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, then it might be time to consider dropping full coverage.
For example, let’s assume your vehicle’s settlement value is $6,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $5,000 after the deductible is paid. If you are paying more than $500 a year for full coverage, then you might want to consider buying only liability coverage.
The agents listed below can probably help you make a decision which auto insurance coverages would be the best in your situation, since lots of drivers aren’t clear which coverage they need and would like to have a consultation when shopping for cheaper insurance for seniors. It’s not always simple to find the best policy on your own, so insurance agents can give peace of mind knowing you have decent coverage if you have a claim. To locate a Tampa insurance agent by location nearest to you, click the button at the bottom or click here to compare price quotes.
Phil Cole Whitco Insurance Agency
6601 Memorial Hwy #230 – Tampa, FL 33615 – (813) 884-7577
GreatFlorida Insurance – Mike Polivchak
3928 W Hillsborough Ave – Tampa, FL 33614 – (813) 870-2334
Mike Clamon – State Farm Insurance Agent
3816 S Dale Mabry Hwy – Tampa, FL 33611 – (813) 837-5421
State Farm: Stan White
3204 Cove Bend Dr – Tampa, FL 33613 – (813) 971-1123
Adi Khorsandian – State Farm Insurance Agent
20752 Center Oak Dr – Tampa, FL 33647 – (813) 991-4111
Find a Tampa, FL insurance agent near you
How to find the cheapest auto insurance for seniors
It’s not impossible to find cheaper rates, and here are a few money-saving solutions that can help drivers get low-cost coverage.
- Full coverage may not be needed on older vehicles
- Avoid accidents and claims
- Serious violations like DUI or careless driving can make car insurance unaffordable
- Higher deductibles mean lower rates
- Drivers with good credit ratings often pay less
- Buy a vehicle with excellent safety ratings
- Shop your coverage around for the best deal
That last idea is remarkably crucial, as we hit on in this piece. Auto insurance prices vary considerably, so don’t be unwilling to switch companies if a more affordable rate is found. Brand loyalty is not necessarily bad, but it’s not a great idea if that inflexibility results in costing you big bucks every year. In just a few minutes you could compare rates and find cheaper auto insurance for seniors in Tampa.