The words “low-priced” and “insurance” really don’t belong together, specifically when looking for the cheapest car insurance for drivers over age 70. Because of the high cost, let’s learn about some of the factors that impact insurance prices, and come up with some ideas to take the sting out of the next policy you buy.
Finding dependable, reasonably-priced insurance is difficult, and finding out which companies have the most affordable insurance rates for drivers over age 70 will involve even more work.
Each insurance company uses their own formula for establishing rates, so we’ll take a look at the most budget-friendly insurance companies in Indiana. We do need to point out that Indiana insurance rates are based on many factors that control the cost of having a policy. This price fluctuation is why consumers need to compare rates when trying to find the most affordable car insurance quotes for drivers over age 70. Insurance rates are impacted by many different factors and change dramatically, so the best price a year ago may now not even be in the top five.
Cheapest Insurance Rates for Age 70+
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $614 |
| 2 | Cincinnati Insurance | $678 |
| 3 | USAA | $681 |
| 4 | Erie | $733 |
| 5 | Indiana Farmers Mutual | $841 |
| 6 | Western Reserve | $872 |
| 7 | The Hartford | $881 |
| 8 | Auto-Owners | $906 |
| 9 | Nationwide | $958 |
| 10 | Utica National | $965 |
| 11 | Motorists Mutual | $966 |
| 12 | Hastings Mutual | $973 |
| 13 | Safeco | $973 |
| 14 | State Farm | $987 |
| 15 | Farmers | $1,064 |
| 16 | Westfield | $1,072 |
| 17 | Wolverine Mutual | $1,094 |
| 18 | State Auto | $1,098 |
| 19 | Progressive | $1,106 |
| 20 | GEICO | $1,133 |
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Travelers may have some of the lowest car insurance rates in Indianapolis at around $614 each year. Cincinnati Insurance, USAA, Erie, and Indiana Farmers Mutual also make the cut as some of the best Indianapolis, IN insurance companies.
As shown in the table above, if you currently buy coverage from Cincinnati Insurance and switched to Travelers, you may see a yearly savings of approximately $64. Policyholders with USAA could save as much as $67 a year, and Erie insureds might cut rates by $119 a year.
If you would like to find cheaper car insurance rates, click here to begin a quote or quote rates from the companies below.
Remember that these estimates are averages for all drivers and vehicles in Indiana and do not factor in a specific vehicle garaging location for drivers over age 70. So the company that can offer you the best price may not even be in the list above. That emphasizes why you need to compare prices as often as possible using your own driver information and specific vehicle type.
For older drivers, one of the more important components that are looked at to determine car insurance rates is where you live in Indianapolis. Areas with increased crime or more people tend to pay slightly more, whereas areas with less congestion receive better rates.
The next table rates the highest-priced places in Indiana for drivers over age 70 to buy car insurance in. Indianapolis ranks #8 with the yearly price of $1,050 for the average policy, which is about $88 monthly.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Gary | $1,347 |
| 2 | Hammond | $1,288 |
| 3 | Merrillville | $1,139 |
| 4 | Portage | $1,137 |
| 5 | Evansville | $1,077 |
| 6 | Lawrence | $1,066 |
| 7 | New Albany | $1,059 |
| 8 | Indianapolis | $1,050 |
| 9 | Jeffersonville | $1,048 |
| 10 | Terre Haute | $1,045 |
| 11 | Kokomo | $1,031 |
| 12 | Anderson | $1,001 |
| 13 | Elkhart | $985 |
| 14 | Fort Wayne | $976 |
| 15 | Columbus | $975 |
| 16 | Richmond | $973 |
| 17 | Muncie | $965 |
| 18 | Greenwood | $960 |
| 19 | Bloomington | $958 |
| 20 | South Bend | $956 |
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Premium amounts are approximated as vehicle location can affect premium rates noticeably.
The diagram below illustrates how your choice of deductibles can increase or decrease insurance costs when searching for cheap insurance for drivers over age 70. The information is based on a married female driver, full coverage, and no discounts are applied.
The data above shows that a 40-year-old driver could lower their car insurance rates by $260 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $390 by switching to a $1,000 deductible. Young drivers, like the Age 20 category, could lower their rates up to $638 each year just by choosing higher deductibles.
If you make the decision to raise deductibles, it will now be necessary to have additional savings on hand to be able to pay the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.
Cost of full coverage
Saving on insurance should be important to most people, and one of the best ways to pay less for insurance for drivers over age 70 is to buy only liability coverage. The chart below illustrates the comparison of insurance rates with full physical damage coverage compared to only buying liability only. The price estimates are based on no violations or claims, $500 deductibles, drivers are single, and no other discounts are factored in.
If all age groups are averaged, physical damage insurance costs $1,771 per year more than insuring for liability only. At some point, every insured wonders if you should buy full coverage. There is no clear-cut rule to delete physical damage coverage, but there is a general guideline. If the annual cost of your full coverage insurance is 10% or more of any settlement you would receive from your insurance company, then you might consider buying liability only.
There are some scenarios where dropping physical damage coverage is not a good idea. If you still have a lienholder on your title, you must maintain physical damage coverage to satisfy the loan requirements. Also, if you cannot afford to purchase a different vehicle in the event your current vehicle is totaled, you should maintain full coverage.
Your cheap policy may actually be overpriced
Indianapolis, IN insurance rates are calculated based on many things that may substantially change the price you have to pay. Improving your credit score, getting divorced, or getting a ticket for running a stop sign can trigger changes in premium that can make some companies more affordable than others.
Not only may things change on your end, but car insurance companies change prices as often as every quarter as an adjustment for underwriting gains or losses. Heavy losses may result in a rate increase, while profitable underwriting can cause more affordable Indianapolis car insurance rates.
To illustrate this point, the bar chart below demonstrates which company has the cheapest car insurance in Indianapolis, IN for a 45-year-old female driver with no violations or accidents, and excellent credit. Based on her current risk factors, Travelers quotes the lowest car insurance rates in Indianapolis at $703 each year. This is $537 less than the average price paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Indiana Farmers Mutual are also included in the cheapest Indianapolis, IN auto insurance companies.
Now we will give the driver from the first set of rates a chargeable claim, slightly worse credit, and a traffic ticket or two. Since each company uses a different method to set their prices, comparing quotes may result in a slightly different list of affordable Indianapolis car insurance companies as shown below.
The Hartford now has the lowest price in Indianapolis, IN with Auto-Owners, State Farm, Nationwide, and Safeco now being in the top five. This example proves why it is critical to compare many different companies when trying to get cheap insurance quotes for drivers over age 70. Insurance rates are made up of many factors and can decrease or increase without notice, so the best option the last time you shopped around may now be one of the more expensive options.
How to find low-cost car insurance for drivers over age 70
The list below summarizes many money-saving suggestions that can help Indianapolis drivers quote low-cost coverage.
- Do not waste money insuring older vehicles for full coverage
- Do not get tickets
- Raise deductibles to save money
- Discounts for being claim-free can be substantial
- Do not get into accidents that are your fault
- Compare rates regularly and switch companies to save money
The last suggestion is especially necessary, as was emphasized in the prior information. Prices charged by car insurance companies in Indianapolis adjust often, so you should be ready to buy from a new company if you find a better deal.
Many drivers have brand loyalty and that’s fine, but it’s not a good idea if it’s costing you a lot of money. If you have a few minutes, compare rates and find cheaper insurance for drivers over age 70.