For older drivers, one of the more important considerations that aid in calculating auto insurance rates is your zip code. Cities with larger populations or higher claim trends likely pay more, whereas more rural areas tend to receive slightly lower rates.
The next table sorts the most expensive places in North Carolina for drivers over age 50 to purchase auto insurance in. Raleigh makes the list at #9 with an annual cost of $767 for the average insured, which is approximately $64 each month.
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Premium costs are estimated as the specific geographic location can lower or raise insurance rates considerably.
The type of vehicle on the policy is one of the primary factors in finding the most affordable coverage for drivers over age 50. Vehicles with limited top-end speed, advanced safety features, or a low likelihood of liability claims will cost substantially less to insure than high performance models. The next list presents insurance prices for a selection of the most affordable vehicles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda Accord LX-P 4-Dr Sedan||$1,014|
|Ford Escape XLT 4WD||$1,037|
|Honda CR-V EX-L 4WD||$1,047|
|Jeep Wrangler Sport 4WD 2-Dr||$1,048|
|Ford Explorer Eddie Bauer 2WD||$1,135|
|Chevrolet Impala LS||$1,178|
|Dodge Grand Caravan Hero||$1,200|
|Toyota RAV4 4WD||$1,206|
|Volkswagen Jetta LE 4-Dr Sedan||$1,200|
|Toyota Tacoma Double Cab 4WD||$1,210|
|Chevrolet Malibu LS||$1,200|
|Hyundai Elantra Blue 4-Dr Sedan||$1,241|
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Cost estimates assume single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, claim-free, and multi-policy. Price estimates do not factor in zip code location which can alter prices significantly.
Looking at the rates, vehicles like the Honda Accord, Ford Escape, Honda CR-V, and Jeep Wrangler will definitely be a few of the cheaper vehicles to insure for older drivers.
Finding out which company offers the cheapest auto insurance rates for drivers over age 50 may require a little more effort than just comparing a company or two. Each auto insurance company has a different process for determining rates in each state, so to begin we’ll rank the most affordable auto insurance companies in North Carolina.
It’s important to know that Raleigh auto insurance rates are calculated based on many things that may substantially change the cost of a policy. Simply getting older, buying a new vehicle, or getting caught speeding can produce rate changes that can now make some companies much cheaper than others.
Lowest Insurance Price Quotes for Age 50+
|Rank||Company||Cost Per Year|
|6||NC Farm Bureau||$730|
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Progressive normally has some of the best car insurance rates in Raleigh at around $651 annually. Utica National, Penn National, GEICO, and Liberty Mutual also rank well as some of the lowest-priced Raleigh, NC insurance companies.
As the rates illustrate above, if you have coverage with GEICO and switched to Progressive, you could earn a yearly price reduction of approximately $69. Customers with Liberty Mutual could save as much as $77 a year, and NC Farm Bureau insureds might lower prices by $79 a year.
Understand that those premiums are averaged for all types of drivers and the different vehicles they drive and do not factor in an exact vehicle garaging location for drivers over age 50. So the company that is most affordable for your situation may not even be in the list above. That affirms the importance of why you need to quote rates from as many companies as possible using your own personal information and vehicle type.
How to get discounts on Raleigh insurance rates
Insurance providers that offer cheap quotes for drivers over age 50 may also offer policy discounts that could reduce prices by 35% or more if you meet specific eligibility requirements. A few popular companies and a partial list of their discounts can be read below.
- State Farm may offer discounts for multiple autos, safe vehicle, passive restraint, good driver, and anti-theft.
- GEICO policyholders can earn discounts including emergency military deployment, federal employee, daytime running lights, membership and employees, military active duty, and seat belt use.
- SAFECO offers discounts including teen safety rewards, anti-theft, homeowner, anti-lock brakes, bundle discounts, safe driver, and drive less.
- Farmers Insurance offers discounts for pay in full, teen driver, alternative fuel, youthful driver, mature driver, and multi-car.
- AAA discounts include AAA membership discount, education and occupation, pay-in-full, anti-theft, and multi-car.
- USAA offers premium reductions for defensive driver, safe driver, loyalty savings, multi-policy, and annual mileage.
The illustration below shows the comparison of insurance costs with and without discounts applied to the premium. The premiums are based on a female driver, a clean driving record, no at-fault accidents, North Carolina state minimum liability limits, comprehensive and collision coverage, and $100 deductibles. The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with passive restraint, multiple vehicle, multiple policy, safe-driver, vehicle safety, and accident-free discounts applied. When discounts are factored in, theaverage yearly reduction on auto insurance for drivers over age 50 is 29% or $388.
Cost of full coverage
Buying cheaper auto insurance should be important to most people, and one of the fastest ways to reduce the cost of insurance for drivers over age 50 is to not pay for full coverage. The information below visualizes the comparison of auto insurance rates with and without full coverage. The premiums are based on no violations or accidents, $1,000 deductibles, drivers are not married, and no additional discounts are factored in.
Averaged for all ages 20 through 70, physical damage insurance costs an additional $1,053 per year more than just buying liability insurance. Many drivers may wonder if physical damage coverage is worth the money. There is no specific rule for phasing out comp and collision coverage, but there is a general guideline. If the annual cost of comprehensive and collision coverage is more than about 10% of any settlement you would receive from your insurance company, then it may be the right time to buy liability only.
There are some situations where dropping physical damage coverage is not a good plan. If you haven’t paid off your loan, you have to keep full coverage to protect the lienholder’s interest in the vehicle. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should not buy liability only.
How careless driving impacts auto insurance rates
The common sense way to maintain the most affordable auto insurance premiums for older drivers is to be a cautious driver and not have accidents or get tickets. The illustration below shows how speeding tickets and fender-benders influence auto insurance rates for different age groups. Data assumes a single female driver, full coverage, $500 deductibles, and no policy discounts are applied.
In the chart above, the average cost of auto insurance in North Carolina per year with no accidents or violations is $1,228. Receive two speeding tickets and the average cost swells to $1,645, an increase of $417 each year. Now include two accidents along with the two speeding tickets and the yearly cost of auto insurance for drivers over age 50 goes up to an average of $3,196. That’s an increase of $1,967, or $164 per month, just for being a careless driver!
If you like to have a professional recommendation when shopping for the best coverage for older drivers, the professional agents shown below are willing to aid you in deciding which auto insurance coverages would be the best in your situation. To locate a Raleigh insurance agent in your neighborhood, click the button at the bottom of the list or click here to compare rates now.
Blackmon Insurance Agency of North Carolina, Inc.
4280 Louisburg Rd – Raleigh, NC 27604 – (919) 875-8500
Karen Boone – State Farm Insurance Agent
5603 Creedmoor Rd – Raleigh, NC 27612 – (919) 782-6666
Carmen Ritz – State Farm Insurance Agent
1814 Oberlin Rd #101 – Raleigh, NC 27608 – (919) 783-8722