Wouldn’t it be great if we could tell you instantly the exact company that has the most affordable coverage for drivers over age 60? That is not the case, however, as there are a whole bunch of unknown aspects such as the annual mileage you drive, the crash test ratings of your vehicle, what coverage limits you want, and if you have ever let your coverage lapse. We will touch on these types of topics and will hopefully give you a good beginning to your quest for cheaper car insurance.
Finding out which company quotes the lowest-priced auto insurance rates for drivers over age 60 will take a bit more effort in order to find the best policy. Each auto insurer has a different formula to determine premium rates, so let’s look at the rankings for the most competitive auto insurance companies in Minnesota.
Compare Cheap Insurance Quotes for Age 60+
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $667 |
| 2 | USAA | $823 |
| 3 | Farm Bureau Mutual | $837 |
| 4 | Western National | $928 |
| 5 | West Bend Mutual | $943 |
| 6 | The Hartford | $964 |
| 7 | Allied | $1,210 |
| 8 | American Family | $1,242 |
| 9 | California Casualty | $1,251 |
| 10 | General Casualty | $1,261 |
| 11 | State Farm | $1,263 |
| 12 | Auto-Owners | $1,321 |
| 13 | Farmers | $1,365 |
| 14 | Nationwide | $1,378 |
| 15 | Auto Club Group | $1,380 |
| 16 | Allstate | $1,437 |
| 17 | North Star | $1,446 |
| 18 | Progressive | $1,448 |
| 19 | Country | $1,470 |
| 20 | MetLife | $1,549 |
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Travelers may offer some of the best car insurance rates in Minneapolis at around $667 per year. USAA, Farm Bureau Mutual, Western National, and West Bend Mutual would also make the list of some of the best Minneapolis, MN insurance companies.
As shown in the table above, if you are a customer of USAA and switched to Travelers, you could see annual savings of roughly $156. Policyholders with Farm Bureau Mutual could save as much as $170 a year, and Western National insureds might reduce prices by as much as $261 a year.
To find out how much you can save, click here to get quotes or click through to the companies below.
It’s important to note that these rates are averages across all ages of drivers and types of vehicles and and are not calculated with a specific location for drivers over age 60. So the company that can offer you the best price may not even be in the list above. That point stresses why you need to compare rates from multiple companies using your own driver data and vehicle information.
The vehicle model requiring coverage is a large consideration when quoting the most economical car insurance for drivers over age 60. Vehicles with economical engines, a great safety record, or a low likelihood of having liability claims will cost much less to insure than high performance models. The information below showcases coverage prices for the cheapest automobiles to buy coverage for.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord LX 4-Dr Sedan | $1,463 |
| Ford Escape XLS 4WD | $1,469 |
| Honda CR-V EX-L 4WD | $1,494 |
| Toyota Prius | $1,614 |
| Dodge Grand Caravan SE | $1,642 |
| Ford Edge SE AWD | $1,701 |
| Toyota Tacoma 2WD | $1,711 |
| Honda Odyssey EX W/Rear Entertainment | $1,701 |
| Chevrolet Equinox LS 2WD | $1,731 |
| Chevrolet Impala LT | $1,736 |
| Ford Fusion S 4-Dr Sedan | $1,731 |
| Chevrolet Malibu Hybrid | $1,738 |
| Toyota RAV4 Sport 4WD | $1,731 |
| Ford Explorer Eddie Bauer 4WD | $1,762 |
| Ford F-150 Lariat Crew Cab 2WD | $1,768 |
| Ford Focus SEL 4-Dr Sedan | $1,793 |
| Toyota Corolla S | $1,823 |
| Hyundai Elantra GLS 4-Dr Sedan | $1,831 |
| Toyota Camry SE | $1,823 |
| Volkswagen Jetta SEL 4-Dr Sedan | $1,854 |
| Jeep Grand Cherokee Limited 4WD | $1,864 |
| Chevrolet Silverado LS Extended Cab 2WD | $1,857 |
| Nissan Rogue S 2WD | $1,862 |
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Data rating is based on single female driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Minnesota minimum liability limits. Discounts applied include homeowner, claim-free, multi-policy, multi-vehicle, and safe-driver. Information does not factor in your specific Minneapolis, MN location which can revise prices significantly.
Looking at the data, you can assume that cars like the Honda Accord, Ford Escape, Honda CR-V, and Toyota Prius will be some of the most economical vehicles to insure for older drivers.
One of the many criteria that are looked at to determine the amount you pay for auto insurance is where you live. Cities with larger populations tend to pay slightly more, whereas areas with lower vehicle theft rates and fewer weather claims have the benefit of cheaper auto insurance prices.
The following table sorts the most expensive places in Minnesota for drivers over age 60 to purchase auto insurance in. Minneapolis comes in at #2 with an annual cost of $2,058 for the average policyholder, which is around $172 per month.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Maplewood | $2,066 |
| 2 | Minneapolis | $2,058 |
| 3 | Saint Paul | $2,049 |
| 4 | Brooklyn Park | $1,816 |
| 5 | Coon Rapids | $1,809 |
| 6 | Duluth | $1,794 |
| 7 | Blaine | $1,784 |
| 8 | Edina | $1,777 |
| 9 | Saint Louis Park | $1,772 |
| 10 | Richfield | $1,760 |
| 11 | Bloomington | $1,756 |
| 12 | Plymouth | $1,731 |
| 13 | Woodbury | $1,731 |
| 14 | Eden Prairie | $1,723 |
| 15 | Burnsville | $1,709 |
| 16 | Saint Cloud | $1,702 |
| 17 | Lakeville | $1,700 |
| 18 | Maple Grove | $1,690 |
| 19 | Eagan | $1,661 |
| 20 | Shakopee | $1,659 |
| 21 | Minnetonka | $1,655 |
| 22 | Rochester | $1,639 |
| 23 | Apple Valley | $1,614 |
| 24 | Moorhead | $1,550 |
| 25 | Mankato | $1,534 |
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Premium amounts are estimated as specific Minneapolis garaging address can decrease or increase prices greatly.
Does full coverage make sense?
Reducing the cost of auto insurance is probably important to the majority of vehicle owners, and one way to find cheap insurance for drivers over age 60 is to only buy liability insurance. The information below visualizes the comparison of insurance premiums with and without full coverage. The data is based on no driving violations, no at-fault accidents, $500 deductibles, single marital status, and no discounts are taken into consideration.
If we average all the age groups together, physical damage coverage on your policy costs $1,498 per year more than insuring for liability only. Many drivers will wonder when is the right time to remove full coverage. There is no set rule to eliminate comprehensive and collision coverage on your policy, but there is a general school of thought. If the annual cost of coverage is more than about 10% of the settlement you would receive from your company, then you may need to consider dropping full coverage.
There are some scenarios where dropping full coverage is not recommended. If you still have a lienholder on your title, you have to maintain full coverage in order to prevent your loan from defaulting. Also, if you don’t have enough money to buy a different vehicle in the even your car is totaled, you should keep full coverage in place.
Accidents and violations increase rates
In a perfect world, the best way to receive the most affordable auto insurance premiums for older drivers is to be an attentive driver and have a clean driving record. The information below demonstrates how traffic citations and at-fault collisions can influence annual premium costs for different age groups. Data assumes a single female driver, comp and collision included, $500 deductibles, and no additional discounts are factored in.
In the previous chart, the average cost of an auto insurance policy in Minneapolis per year with no accidents or violations is $1,900. Get one speeding ticket and the average cost jumps to $2,155, an increase of $254 each year. Now get two accidents along with the one speeding ticket and the 12-month cost of auto insurance for drivers over age 60 goes up to an average of $4,462. That’s an increase of $2,561, or $213 per month, just for not driving attentively!
The chart below illustrates how choosing a deductible can influence insurance costs when trying to find cheap insurance for drivers over age 60. The costs are based on a single male driver, comprehensive and collision coverage, and no policy discounts are applied.
A 50-year-old driver could lower their policy premium by $260 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $394 by selecting a $1,000 deductible. Young drivers, like the Age 20 category, could drop their prices $856 annually by using a higher deductible. If you make the decision to raise deductibles, it is essential to have additional savings on hand to enable you to cover the extra out-of-pocket expense that is associated with using high deductibles.