You have most likely watched the commercials from auto insurance companies like Allstate and Farmers that claim the cheapest price. So drivers should just choose the one with the most memorable commercial, right?
That is not the case, however, as there are a whole bunch of unknowns like your credit rating, the number of miles you drive in a year, and if you own a home, that all influence how much you pay for auto insurance. The content below covers the best ways to compare rates and should give you some help in finding cheaper rates.
Trying to buy low-cost auto insurance is not easy, and figuring out which companies have the most affordable insurance rates for drivers over age 70 will take a little more work. Each company has a unique formula to set their prices, so first let’s look at the rankings for the overall cheapest insurance companies in North Carolina.
Cheapest Insurance Rates for Age 70+
|Rank||Company||Cost Per Year|
|3||NC Farm Bureau||$716|
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Progressive quotes some of the best car insurance rates in Durham at around $639 a year. Utica National, NC Farm Bureau, Penn National, and GEICO would also be considered some of the cheaper Durham, NC car insurance companies.
In the rate table above, if you are currently insured with Penn National and switched to Utica National, you might see savings of in the neighborhood of $55. Insureds with GEICO could save as much as $58 a year, and Liberty Mutual policyholders might see rate reductions of $59 a year.
Be aware that those premiums are averages for all insureds and vehicles and and are not calculated with a specific zip code for drivers over age 70. So the auto insurance company that fits you best may not even be in the top 20 companies shown above. That affirms the importance of why you need to get rate quotes using your own personalized driver profile and vehicle information.
For older drivers, one of the more important components that determine the amount you pay each year for auto insurance is where you keep your car in Durham. Larger areas tend to have higher rates, whereas more rural areas can boast about having cheaper rates.
The illustration below sorts the priciest cities in North Carolina for drivers over age 70 in which to buy car insurance. Durham ranks #7 with a yearly premium of $773 for the average policyholder, which is around $64 monthly.
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Price information shown is comparative as the specific garaging location can affect premium rates substantially.
The vehicle driven is one of the primary factors when looking for low-cost coverage for drivers over age 70. Vehicles with economical engines, an excellent safety record, or a positive history of liability claims will cost substantially less to insure than fast, unsafe models.
The information below outlines coverage premiums for a handful of the cheaper automobiles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$1,321|
|Ford Escape Limited 4WD||$1,422|
|Ford Edge SE 2WD||$1,465|
|Dodge Grand Caravan SE||$1,486|
|Volkswagen Jetta SE 2.5 Station Wagon||$1,524|
|Chevrolet Impala LS||$1,545|
|Toyota RAV4 4WD||$1,566|
|Chevrolet Malibu Hybrid||$1,575|
|Toyota Camry LE||$1,566|
|Chevrolet Equinox LS 2WD||$1,574|
|Jeep Grand Cherokee Laredo 2WD||$1,566|
|Ford Explorer Limited AWD||$1,585|
|Ford F-150 Lariat Crew Cab 2WD||$1,594|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$1,585|
|Chevrolet Silverado LS Regular Cab 2WD||$1,587|
|Honda Civic LX-S 4-Dr Sedan||$1,628|
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Table data assumes single male driver age 70, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include homeowner, safe-driver, multi-policy, multi-vehicle, and claim-free. Information does not factor in vehicle location which can affect prices considerably.
Based upon the table data, we can tell that vehicles like the Honda CR-V, Ford Escape, Toyota Prius, and Ford Edge are most likely going to be a few of the most budget-friendly vehicles to insure for older drivers. The price of auto insurance will tend to be higher just because there is more claim risk for drivers over age 70, but overall those models will have the best rates compared to other types of vehicles.
Best insurance in North Carolina
Ending up with a good quality insurance provider is difficult considering how many choices there are in North Carolina. The company information shown below can help you analyze which car insurance companies you want to consider putting your business with. The rankings below only include large insurance companies, so smaller regional companies are not factored into this list.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
How to get discounts on Durham car insurance
Insurance providers that offer coverage for drivers over age 70 may also give you policy discounts that could reduce prices by 35% or more if you meet eligibility requirements. Companies and some of the discounts are detailed below.
- Esurance may have discounts that include paid-in-full, anti-lock brakes, defensive driver, online shopper, good driver, and claim free.
- The Hartford offers discounts for driver training, defensive driver, good student, bundle, and anti-theft.
- AAA offers discounts including multi-car, education and occupation, good student, anti-theft, pay-in-full, and AAA membership discount.
- GEICO has discounts for multi-vehicle, driver training, federal employee, membership and employees, multi-policy, and seat belt use.
- State Farm may offer discounts for student away at school, accident-free, multiple policy, good driver, driver’s education, multiple autos, and Drive Safe & Save.
The information below shows the comparison of insurance prices with and without discounts applied to the policy rates. The price estimates are based on a female driver, no driving violations, no at-fault accidents, North Carolina state minimum liability limits, full coverage, and $250 deductibles.
The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with vehicle safety, anti-theft, passive restraint, defensive driving course, multiple vehicle, and multiple policy discounts applied. When taking advantage of discounts, the average savings per year on insurance for drivers over age 70 is 28% or $468.
Full coverage versus liability-only in Durham
Saving money on insurance is the goal of most people, and an effective way to buy cheaper insurance for drivers over age 70 is to not insure for full coverage. The chart below shows the comparison of insurance premiums when comparing full coverage to liability only. The rate quotes are based on no claims, a clean driving record, $100 deductibles, drivers are not married, and no discounts are applied to the premium.
If we average the cost for ages 20 through 70, comp and collision coverage costs $1,918 per year over having just liability coverage. That amount may make you wonder if it’s worth it to buy full coverage. There is no set rule of when to phase out full coverage on your policy, but there is a general guideline. If the yearly cost of comp and collision coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then it may be the right time to buy liability only.
For example, let’s pretend your vehicle’s replacement value is $9,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $8,000 after paying your policy deductible. If you are currently paying more than $800 a year to have full coverage, then it could be time to drop full coverage.
How to find low-cost auto insurance for drivers over age 70
The list below summarizes some thrifty ideas that can help you find more affordable coverage.
- Bundle home and auto and earn a discount
- Drive a car with a high safety rating
- Clean up your credit rating
- Full coverage is expensive so only insure older vehicles for liability only
- Avoid at-fault accidents and claims
- Shop around for cheaper prices often
That final tip is especially valuable, as we emphasized in the prior information. Insurance rates in Durham adjust frequently, so don’t be hesitant to change insurance companies if a more affordable price is available.
Having a favorite company is great, but it isn’t a good idea if that dedication is costing thousands of dollars over several years. Spend a few minutes and compare prices to find cheaper car insurance for drivers over age 70.
If you aren’t sure which coverage to buy and prefer to have the advice of a professional agent when comparing insurance rates for older drivers, the agents listed below can provide answers to your questions and help you determine which coverage meets your needs best.
To locate a Durham car insurance agency close to you, click the button link following the list.
George Stevens Insurance Inc
1320 Hill St – Durham, NC 27707 – (919) 403-3611
Leslie Robinson State Farm Insurance
105 W North Carolina 54 #263 – Durham, NC 27713 – (919) 206-5096
NC Farm Bureau Insurance
2902 S Miami Blvd Ste A – Durham, NC 27703 – (919) 544-4953
Insurance Pros: Paradis James
3200 Croasdaile Dr # 603 – Durham, NC 27705 – (919) 294-6613
Joshua E. Matthews Insurance Agency, Inc.
2144 Page Rd Suite 106 – Durham, NC 27703 – (919) 598-6800