50-Year-Olds' Car Insurance Expenses (and those Over 50)

According to our research, for a 50-year-old, the estimated price of full insurance car insurance is $2,698 per year, or $225 per month. Geico is the lowest generally available insurer for 50-year-olds on average.

Based on our review of thousands of prices across nine of the most populous states, we discovered that Geico provides the cheapest car insurance for 50-year-olds across the US. You should compare auto insurance quotes to ensure you receive the best deal, as premiums for 50-year-olds can range by $3,170 per year depending on the business.

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What is the cost of auto insurance for a 50-year-old?

Despite the fact that the average annual fee of automobile insurance for people over the age of 50 is $2,698, premiums vary greatly amongst individual firms. The insurance providers' premiums for this study varied by more than $3,000 per year. The cheapest companies for people over 50 are:

• USAA: On average, fifty-year-olds spend $1,280 for USAA. However, it is only available to current and past military personnel, as well as their families.

• Erie Insurance: At $1,348 per year, Erie Insurance is the second cheapest choice, but it is only available in 13 states.

• Geico: Although more expensive than USAA and Erie, Geico is the cheapest generally available insurance for 50-year-olds, costing an average of $1,707 per year.

Because of the large variation in rates, drivers looking for the best deals should always compare multiple insurances. Often, two companies might provide the same coverage and services at dramatically different pricing.

How do vehicle insurance rates differ between men and women over the age of 50?

Car insurance rates in your 50s tend to be quite comparable whether you're a male or a woman. We discovered that around the age of 50, women pay significantly more for vehicle insurance than males. On average, the difference is only 0.7 percent or around $18 per year.

The pricing difference between men and women for auto insurance tends to shrink as people get older. On average, 20-year-old men pay 10% more for auto insurance than 20-year-old women. This is due to the fact that young male drivers are more likely to be involved in an accident than young women drivers. The practice of gender-based insurance pricing is illegal in some states. If you live in California, Hawaii, Massachusetts, sections of Michigan, Montana, North Carolina, or Pennsylvania, there will be no difference in vehicle insurance premiums between assuming that all other factors influencing rates are comparable for men and women.

Car insurance premiums based on age

Car insurance costs $2,698 per year, or $225 per month, for the average 50-year-old. This is $509 less than the average cost for a 25-year-old and $4,481 less than the average cost for an 18-year-old. Car insurance normally becomes less expensive as you gain more driving experience.

After the age of 30, the cost of vehicle insurance tends to level out. In other words, assuming all other factors affecting rates are equal, you won't notice a significant variation in vehicle insurance pricing between 30-year-olds and 50-year-olds.

State-by-state comparison of the cheapest vehicle insurance companies for 50-year-olds

We discovered that USAA is typically the cheapest insurer, with the lowest prices in six of the ten most populous states. In three of the states, Geico has the lowest rates.

With an average rate of $1,505, Ohio is the cheapest state for 50-year-olds among the states we surveyed. This is $6,501 less than Michigan, the most costly state.

How to Find the Most Affordable Insurance as a 50-Year-Old

We advocate comparison searching across various insurance companies if you're a 50-year-old looking for the best deal. Our study above is an excellent starting point, but your prices will vary because each driver is unique.

When comparing insurance quotes, make sure you choose the same coverage with each insurer to ensure a fair comparison. You should also check with each insurer to see if discounts are available, as this will affect your ultimate premium. For example, a 50-year-old with a long and safe driving record will most certainly qualify for a safe driver discount, which may vary by company.

How to Find the Best Customer Service Company

You'll most likely want an insurance company with excellent customer service, as you may need to rely on your insurer in an emergency. One place to start is with our ratings of the best vehicle insurance providers, which rank insurers based on customer service, coverage options, and pricing.

If you want to conduct your investigation, you can:

• Investigate J.D. Power's insurance satisfaction survey, which ranks policyholders' overall happiness with their insurer.

• Visit the National Association of Insurance Commissioners to look up an insurer's complaint index. This figure indicates how frequently consumers complain about a certain company, adjusted for size.