Wouldn’t it be excellent if we could just give you the name of the one best car insurance company that has the cheapest policy rates for drivers over age 50? It’s just not that easy, however, as there are many unknown elements like if you are a homeowner, whether you just want liability only, what deductibles to use for physical damage coverage, and whether you are married or single. The information below covers the best ways to maintain low rates and also should give you some help in finding cheaper rates.
Finding out which company has the cheapest car insurance rates for drivers over age 50 will involve more time than just comparing rates from one or two companies. Each insurance company has a unique approach to set their prices, so let’s take a look at the most competitive car insurance companies in Durham.
Find Cheaper Auto Insurance for Age 50+
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Progressive | $639 |
| 2 | Utica National | $662 |
| 3 | Liberty Mutual | $700 |
| 4 | GEICO | $728 |
| 5 | NC Farm Bureau | $737 |
| 6 | Titan | $737 |
| 7 | Penn National | $739 |
| 8 | State Farm | $749 |
| 9 | Auto-Owners | $852 |
| 10 | Erie | $904 |
| 11 | Travelers | $909 |
| 12 | National General | $917 |
| 13 | Allied | $919 |
| 14 | Peerless | $972 |
| 15 | Nationwide | $1,011 |
| 16 | Unitrin | $1,012 |
| 17 | MetLife | $1,038 |
| 18 | Encompass | $1,063 |
| 19 | Allstate | $1,064 |
| 20 | Safeco | $1,076 |
| View More Rates Go | ||
Progressive offers some of the best car insurance rates in Durham at around $639 per year. This is $233 less than the average price paid by North Carolina drivers of $872. Utica National, Liberty Mutual, GEICO, and NC Farm Bureau are also some of the cheapest Durham, NC car insurance companies.
In the rate table above, if you currently have a policy with NC Farm Bureau and switched to Utica National, you could realize an annual premium reduction of approximately $75. Insureds with Titan may save as much as $75 a year, and Penn National policyholders might lower prices by up to $77 a year.
To see how much you can save, click here or visit any of the companies below.
Understand that those policy rates are averages across all types of insureds and vehicles and do not factor in an exact zip code location for drivers over age 50. So the auto insurance company that fits your needs best may not even be in the top 20 companies in the list above. That illustrates why you need to compare prices as often as possible using your own personalized driver profile and vehicle information.
One of the more important things that are looked at to determine car insurance rates is where you keep your vehicle. Areas with more people or even just a higher incidence of claims are more likely to have higher rates, whereas more rural areas have the luxury of cheap car insurance rates.
The illustration below ranks the most costly cities in North Carolina for drivers over age 50 in which to buy car insurance. Durham is listed at #9 with an annual premium of $765 on average, which is around $64 each month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Fayetteville | $905 |
| 2 | Jacksonville | $864 |
| 3 | Charlotte | $840 |
| 4 | Wilmington | $788 |
| 5 | Greensboro | $779 |
| 6 | Gastonia | $779 |
| 7 | Cary | $772 |
| 8 | Raleigh | $767 |
| 9 | Durham | $765 |
| 10 | Goldsboro | $758 |
| 11 | Apex | $747 |
| 12 | Huntersville | $742 |
| 13 | Wilson | $732 |
| 14 | High Point | $731 |
| 15 | Greenville | $730 |
| 16 | Rocky Mount | $726 |
| 17 | Indian Trail | $723 |
| 18 | Hickory | $718 |
| 19 | Winston Salem | $709 |
| 20 | Salisbury | $705 |
| Find the Best Rates Go | ||
Rate information is approximated as the specific garaging location can change auto insurance rates noticeably.
Full coverage or liability only
Lowering the price of car insurance is important to most vehicle owners, and one good way to pay lower rates for insurance for drivers over age 50 is to buy only liability coverage. The chart below shows the comparison of car insurance costs with full physical damage coverage and with liability coverage only. The premium estimates are based on no violations or claims, $250 deductibles, single status, and no other discounts are factored in.
As an overall average, full coverage on your policy costs an additional $1,755 per year over liability only. Many drivers will wonder if full coverage is worth the money. There is no specific rule to drop full coverage, but there is a general guideline. If the annual cost of your full coverage insurance is 10% or more of the replacement cost minus the deductible, then you might want to think about dropping full coverage.
For example, let’s assume your vehicle’s book value is $11,500 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, you would only receive $10,500 after paying your deductible. If you are paying in excess of $1,050 a year for your policy with full coverage, then it may be the right time to buy liability only.
How accidents and violations affect rates
In a perfect world, the ideal way to get the best car insurance prices in Durham for older drivers is to drive attentively and not have accidents or get tickets. The illustration below demonstrates how citations and fender-benders can drive up yearly insurance costs for different insured age categories. The prices are based on a married female driver, full physical damage coverage, $500 deductibles, and no additional discounts are factored in.
In the example above, the average cost of car insurance per year with no accidents and a clean driving record is $1,229. Get written up for one speeding ticket and the average cost swells to $1,432, an increase of $203 each year. Now throw in one accident along with the one speeding ticket and the yearly cost of car insurance for drivers over age 50 jumps again to an average of $2,000. That’s an increase of $771, or $64 per month, just for not being more responsible behind the wheel!
Why you should be shopping around
Durham, NC car insurance rates are impacted by many things that control the cost of having a policy. Simply improving your credit, having a claim, or getting a couple of tickets may prompt premium changes that may make certain companies much cheaper than others.
In addition to those changes, auto insurance companies change their prices multiple times each year to adjust for heavy claims or excess profits. Significantly higher claims can result in increased policy costs, while a lower level of claims may cause lower-cost Durham car insurance rates.
To illustrate this example, the graph below analyzes the cheapest car insurance in Durham, NC for a 40-year-old female driver with no prior accidents, a clean driving record, and a good credit rating. If we look at prices based on her current situation, Progressive might quote the lowest car insurance rates in Durham at $713 per year. This is $159 less than the average price paid by North Carolina drivers of $872. Utica National, Liberty Mutual, NC Farm Bureau, and Penn National are the remaining top five cheapest Durham, NC auto insurance companies.
Now let’s give the driver in the first chart an accident claim, a lower credit score, and a few traffic violations. Due to the fact that every insurance company uses their own formula for determining prices, analyzing rates most likely will result in a different set of affordable companies as shown below.
State Farm now has the best insurance rate in Durham with Titan, Auto-Owners, Erie, and Utica National completing the list. This example shows why it is important to perform an extensive rate comparison when trying to find the cheapest insurance quotes for drivers over age 50. Rates are calculated by many things and change frequently, so the cheapest option two years ago may now cost much more than other companies.
How to find the cheapest auto insurance for drivers over age 50
The list below summarizes some of the recommended penny-pinching ideas that can help drivers locate cheaper auto insurance.
- Multi-policy discounts save money
- If possible, pay for small claims out-of-pocket
- Increase the comprehensive and collision deductibles on your policy
- Serious violations like DUI or careless driving can make car insurance unaffordable
- Maintaining good credit helps earn cheaper rates
- Do not get into accidents that are your fault
- Comparison shop frequently
That last tip is highly vital, as we pointed out in this article. Coverage prices can be adjusted at any time, so you should be ready to buy a policy from a new company if a better deal can be had.
Many consumers stick with the same company and that’s fine, but it’s not a good idea if that inflexibility results in costing you a lot of money every month. Spend a few minutes and compare rates to find cheaper auto insurance for drivers over age 50 in Durham.
The agencies below can help you make a decision which insurance coverage you need, as some drivers wish to get some help when comparing insurance rates for older drivers. It’s not always easy to find the best rates on your own, so agents can give peace of mind knowing you have enough coverage if you have a claim.
To find an auto insurance agency close to you, click the button at the bottom.
- Allstate Insurance Agent: Caufield Agency
4845 Industry Ln Ste D – Durham, NC 27713 – (919) 493-7471 - Protective Agency
4215 University Dr #1 – Durham, NC 27707 – (919) 416-4900 - Ken Carver – State Farm Insurance Agent
2905 Guess Rd #2 – Durham, NC 27705 – (919) 471-0011 - Farm Bureau Insurance
4021 Stirrup Creek Dr #220a – Durham, NC 27703 – (919) 469-3191 - John Moore – State Farm Insurance Agent
1107 W Main St #201 – Durham, NC 27701 – (919) 598-7900