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Car insurance for 50-year-olds

Last Updated on December 20, 2023 by a2z_admin


Car insurance for people who are 50 years old can differ in cost. The amount you pay depends on things like how you’ve driven in the past, any claims you’ve made, and the type of vehicle you have. Knowing the average cost for car insurance at this age and finding ways to save on coverage can help you find the right and affordable auto insurance for you.

Is Car Insurance Costly for 50-Year-Olds?

When it comes to car insurance, 50-year-olds don’t have to worry too much about high costs. Compared to other age groups, they actually pay an average or slightly lower amount. To put it in perspective, teenagers, who are relatively new drivers, often end up paying about three to four times more than the national average for car insurance because they are considered to be at a higher risk of accidents.

Now, let’s talk about why 50-year-olds generally get a break on insurance costs. First off, they have more experience behind the wheel compared to younger drivers. Plus, they tend to drive more cautiously. If you’ve got a good driving history, that’s a plus—it can help you get the best rates and even qualify for some car insurance discounts.

To give you a clearer picture, let’s look at some crash rates based on different age groups. The AAA Foundation for Traffic Safety has gathered data on crashes per 100 million miles driven:

  • 16-17: 1,432 crashes
  • 18-19: 730 crashes
  • 20-24: 572 crashes
  • 25-29: 526 crashes
  • 30-39: 328 crashes
  • 40-49: 314 crashes
  • 50-59: 315 crashes
  • 60-69: 241 crashes
  • 70-79: 301 crashes
  • 80+: 432 crashes

This information shows that as drivers get older, the crash rates generally decrease, which is one of the reasons why car insurance tends to be more affordable for 50-year-olds.

How 50-Year-Olds Can Save on Car Insurance?

If the initial price for your car insurance isn’t fitting well into your budget, there are some smart ways to bring it down without compromising your coverage. Check out these tips:

  • Keep Your Driving Record Clean: Stick to the rules of the road to avoid tickets and accidents. This helps you steer clear of extra charges and opens up opportunities for discounts, such as safe driving rewards and accident forgiveness.
  • Grab Those Discounts: Car insurance companies offer various discounts. Look out for deals like safe driver discounts, paid-in-full discounts, and vehicle safety discounts. If you have any affiliations through work or social groups, you might find special discounts tailored for you.
  • Try a Telematics Program: If you’re already a safe driver, consider joining a telematics program. These programs track your driving habits and might reward you for being a responsible driver.
  • Bundle Your Policies: Combine your car insurance with other policies, like home insurance. Doing this can lead to significant savings, especially if you have multiple products that need coverage.
  • Insure All Your Vehicles Together: If you own more than one vehicle, insuring them under the same policy could save you money. And if you’ve got family members with their own vehicles, bundling them together could score you a multi-line discount.
  • Think About Mileage-Based Policies: If you don’t have a long commute or work from home, you might benefit from a policy based on the number of miles you drive. It’s a great way to save if you’re not putting a ton of miles on your car.
  • Consider a Higher Deductible: Your deductible is what you pay out of pocket when you make a claim. While increasing your deductible can lower your premium, be cautious. The savings might not be worth it if you end up filing a claim and have to pay more out of pocket. Discuss this with your insurance pro before making a decision.

Top Car Insurance Companies for 50-Year-Olds

Here are some top car insurance companies that seem to work well for 50-year-olds. We looked at several things, like how much it costs and what other people think. It’s like when you’re choosing your favorite video game – you want the best one that fits your needs.

  • Geico
    • Bankrate Score: 4.4 out of 5
    • Cost: Around $1,277 per year for full coverage, or $356 per year for minimum coverage
    • What people say: 874 out of 1,000 in customer satisfaction
  • USAA (if you or your family served in the military)
    • Bankrate Score: 4.3 out of 5
    • Cost: About $1,268 per year for full coverage, or $354 per year for minimum coverage
    • What people say: 890 out of 1,000 in customer satisfaction
  • State Farm
    • Bankrate Score: 4.2 out of 5
    • Cost: Approximately $1,439 per year for full coverage, or $457 per year for minimum coverage
    • What people say: 882 out of 1,000 in customer satisfaction
  • The Hartford
    • Bankrate Score: 3.9 out of 5
    • Cost: Roughly $1,920 per year for full coverage, or $524 per year for minimum coverage
    • What people say: 869 out of 1,000 in customer satisfaction
  • Erie
    • Bankrate Score: 3.8 out of 5
    • Cost: About $1,291 per year for full coverage, or $465 per year for minimum coverage
    • What people say: 893 out of 1,000 in customer satisfaction

So, if you’re a 50-year-old looking for car insurance, these companies might be good options to check out. Just like picking a game to play, you want one that suits you the best.

How much does car insurance cost for a 50-year-old?

Car insurance costs usually go down as you get older until you’re in your 60s. On average, a 50-year-old person pays around $1,881 per year for full coverage and $589 for minimum coverage, according to a study by Bankrate. Your insurance rates can be influenced by factors like the type of car you drive, where you live (ZIP code), how much you drive, and the coverage you choose.

In many states, your age is considered when determining insurance rates because, in general, insurance companies see older drivers as less risky due to their experience. However, it’s important to note that Hawaii, Massachusetts, Michigan, and California have specific rules about using age as a factor in car insurance pricing. In these states, age doesn’t directly affect your rates. In Massachusetts, though, insurers can still consider your years of driving experience, so the average insurance rates there follow a similar pattern to states where age is a factor.

How to find affordable car insurance for 50-year-olds?

If you’re 50 and looking for the best deal on car insurance, here’s what you can do. First, check out prices from different insurance companies. Our analysis is a good place to start, but remember, the cost might vary based on your own driving history and other personal info.

When you’re comparing insurance quotes, make sure you pick the same coverage with each company. This way, you’re making a fair comparison.

Don’t forget to look for discounts offered by the insurance company. This can impact your final price. For example, if you’re 50 and have a good, safe driving record, you could get a discount. Just keep in mind that the amount of the discount might be different from one company to another.

Here Is A List Of Important FAQS

The best car insurance company depends on what you need. That’s why experts suggest getting quotes from different companies. This way, you can compare what they offer in terms of coverage and cost. If you’re 50 years old, the best company for you might be one that lets you personalize your policy or gives you savings for having multiple types of insurance with them. If you’re unsure, a licensed insurance agent can help guide you based on your situation.

On average, car insurance for 50-year-olds is around $589 for minimum coverage and $1,881 for full coverage each year. But these prices can vary for each person. Things like your credit-based insurance score, whether you’re married, where you live, and your driving history can all affect how much you pay.

Car insurance is usually cheaper for people over 50, but it starts to go up again around age 70. On average, a 50-year-old pays about $1,881 per year for car insurance. Insurance companies figure out prices based on risk, so the more driving experience you have, the lower your rates. This is assuming you have a clean driving record – if you’ve had speeding tickets, accidents, or a DUI, you’ll probably pay more and might even be seen as high-risk.

About the Author

Alex Huber is a content writer for Atoz Insurances and he is a very experienced and well-rounded freelance content writer who specializes in the insurance and finance niches. His writing is engaging and informative, and he has a strong understanding of the industries he writes about.

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