The words “low-cost” and “auto insurance” really shouldn’t be used together, especially when you are looking for the lowest insurance rates for drivers over age 70. Because of the high cost, let’s familiarize you with some situations the can have a considerable influence on auto insurance premiums, and see if we can help you reduce the cost of your next policy.
The vehicle requiring coverage is probably the largest consideration when shopping around for low-cost car insurance for drivers over age 70. Vehicles with more horsepower, poor safety ratings, or a high likelihood of having liability claims will cost more to insure than more modest models.
The next table presents coverage rates for a handful of the most cost-effective vehicles to buy coverage for.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V LX 2WD||$3,104|
|Honda Accord LX-P 4-Dr Sedan||$3,114|
|Ford Escape XLT 4WD||$3,156|
|Jeep Wrangler Rubicon 4WD 2-Dr||$3,482|
|Ford Explorer XLT 4WD||$3,490|
|Dodge Grand Caravan CV||$3,482|
|Honda Odyssey EX||$3,628|
|Ford Focus SE 4-Dr Sedan||$3,636|
|Chevrolet Impala LS||$3,628|
|Chevrolet Silverado LT Extended Cab 4WD||$3,680|
|Nissan Altima 2.5 4-Dr Sedan||$3,685|
|Chevrolet Malibu LS||$3,680|
|Toyota RAV4 4WD||$3,685|
|Ford F-150 Lariat Crew Cab 2WD||$3,733|
|Hyundai Elantra SE 4-Dr Sedan||$3,875|
|Toyota Camry XLE||$3,885|
|Toyota Corolla LE||$3,875|
|Toyota Tacoma X-Runner 2WD||$3,881|
|Ford Edge Sport 2WD||$3,875|
|GMC Sierra SLT Extended Cab 4WD||$3,928|
|GMC Sierra 2500HD SLE Extended Cab 4WD||$3,935|
|Chevrolet Equinox LTZ AWD||$3,928|
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Prices above based on single female driver age 70, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include safe-driver, multi-policy, claim-free, multi-vehicle, and homeowner. Premium costs do not factor in vehicle location which can increase or decrease coverage prices considerably.
Looking at the data, we can conclude that models like the Honda CR-V, Honda Accord, and Ford Escape will definitely be a few of the most affordable vehicles to insure for older drivers. Prices will tend to be more expensive anyway because there is more claim exposure for drivers over age 70, but overall those particular models will probably have the cheapest rates compared to other types of vehicles.
For older drivers, one of the largest factors that are looked at to help calculate the annual cost of car insurance is where you live in Miami. More densely populated places are more likely to pay higher prices, whereas areas with less crime or weather claims have the luxury of lower rates.
The table below lists the priciest cities in Florida for drivers over age 70 to buy auto insurance in. Miami ranks #2 with a yearly premium of $3,177 for the average policyholder, which is around $265 each month.
|5||West Palm Beach||$2,679|
|19||Port St. Lucie||$1,994|
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Annual rates are estimated as the vehicle garaging location can influence coverage rates greatly.
Buying coverage from a highly-rated auto insurance provider can be challenging considering how many different companies there are to choose from in Miami. The information below could help you select which auto insurers to look at when comparing auto insurance rates for drivers over age 70. The ratings below include companies that insure vehicles across America, so companies without a large exposure are not included in the 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
Get discounts on Miami car insurance rates
Insurance providers that provide policies for drivers over age 70 may also give you rate discounts that may potentially lower prices by 40% or more if you meet certain criteria. Large auto insurance companies and some of their more popular discounts are:
- State Farm includes discounts for passive restraint, multiple policy, good student, anti-theft, Drive Safe & Save, driver’s education, and student away at school.
- Esurance offers discounts for paid-in-full, anti-theft, Pac-12 alumni, DriveSense, online quote, multi-policy, and claim free.
- Progressive may have discounts that include multi-vehicle, continuous coverage, online signing, online quote discount, multi-policy, and homeowner.
- Liberty Mutual discounts include newly married, preferred payment discount, teen driver discount, new vehicle discount, hybrid vehicle, and good student.
- Auto-Owners Insurance has savings for student away at school, mature driver, multi-policy, paperless, anti-lock brakes, and good student.
- GEICO policyholders can earn discounts including defensive driver, federal employee, good student, air bags, and multi-vehicle.
The chart below visualizes the comparison of auto insurance rates with and without discounts applied to the policy rates. The premiums assume a female driver, no driving violations, no at-fault accidents, Florida state minimum liability limits, comp and collision included, and $500 deductibles.
The first bar for each age group shows the average rate with no discounts. The lower bar shows the rates with defensive driving course, claim-free, accident-free, vehicle safety, anti-theft, and multiple policy discounts applied. When discounts are factored in, the average amount saved each year on auto insurance for drivers over age 70 is 28% or $518.
The benefit of shopping around
Miami, FL auto insurance rates are determined by lots of factors that will increase or decrease the price you have to pay for coverage. Simply having another birthday, buying another vehicle, or getting a ticket for running a stop sign can cause premium changes resulting in some rates now being cheaper than before. In addition, insurance companies change rates as often as every quarter in order to offset underwriting gains or losses. Higher than normal claims can result in higher priced premiums, while profitable underwriting may produce cheaper Miami car insurance rates.
For instance, the data below shows a variety of companies that have the cheapest car insurance in Miami, FL for a 30-year-old male driver with no accidents or violations, and great credit. If we estimate rates based on his current situation, USAA might offer the most affordable car insurance rates in Miami at $1,846 per year. This is $602 less than the average rate paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Travelers also make the list of the cheapest Miami, FL auto insurance companies.
Let’s now give the driver from the first rate comparison a chargeable claim, a little lower credit rating, and a traffic ticket or two. Because each company uses their own method for setting prices, comparing quotes may now show a completely different list of affordable companies as shown below.
USAA now has the cheapest insurance rate in Miami with Mercury, Esurance, GEICO, and Auto-Owners also being competitive. This example shows why it is important to spend some time comparing rates to get the lowest insurance quotes for drivers over age 70.
Car insurance prices are made up of many different factors and can change without notice, so the most economical option when you bought your policy may now be one of the more expensive options.
If you wish to have professional advice when shopping for the best coverage for drivers over age 70, the agents listed below can help you decide which auto insurance policy would work best for you.
To locate an agency close to where you live, click the link at the bottom.
The Market Insurance Agency
7900 NW 27th Ave #604b – Miami, FL 33147 – (786) 542-5233
Assure-Us The Insurance Agency
1880 NE 163rd St – North Miami Beach, FL 33162 – (305) 956-7818
Latin American Association-Insurance Agency
2550 NW 72nd Ave #318 – Miami, FL 33122 – (305) 477-1442