The type of vehicle you are insuring is one of the largest factors that determines whether or not you can buy the most economical car insurance for drivers over age 60. Vehicles with high performance features, poor crash test ratings, or a history of substantial liability claims will cost quite a bit more to insure than safer, lower-performance models. The list below presents coverage premiums for some of the cheapest automobiles to insure.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Honda Accord EX 4-Dr Sedan||$854|
|Ford Escape XLS 2WD||$860|
|Honda CR-V EX-L 2WD||$873|
|Hyundai Elantra SE Touring Station Wagon||$928|
|Jeep Grand Cherokee Laredo 4WD||$1,012|
|Toyota RAV4 Limited 4WD||$1,019|
|Chevrolet Malibu LS||$1,012|
|Chevrolet Equinox LT AWD||$1,019|
|Toyota Camry LE||$1,012|
|Dodge Grand Caravan Crew||$1,029|
|Ford Explorer Limited 4WD||$1,037|
|Toyota Tacoma Double Cab 4WD||$1,029|
|Ford F-150 FX2 2WD||$1,037|
|Jeep Wrangler Unlimited Sahara 2WD 4-Dr||$1,042|
|Ford Focus SES 4-Dr Sedan||$1,046|
|Chevrolet Impala LTZ||$1,065|
|Honda Odyssey EX-L||$1,072|
|Ford Edge Sport 2WD||$1,065|
|Toyota Corolla LE||$1,074|
|GMC Sierra SLE Crew Cab 2WD||$1,082|
|Volkswagen Jetta SE 4-Dr Sedan||$1,091|
|Ford Fusion SE 4-Dr Sedan||$1,082|
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Cost estimates assume single male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, safe-driver, and claim-free. Estimates do not factor in vehicle location which can lower or raise prices noticeably.
By looking at the data, we can assume that models like the Honda Accord, Ford Escape, Honda CR-V, Hyundai Elantra, and Toyota Prius are a few of the most budget-friendly vehicles to insure for older drivers.
One of the many components that are looked at to determine the amount you pay each year for auto insurance is your zip code in Lexington. Cities with larger populations tend to have more expensive auto insurance rates, whereas areas with fewer weather claims and lower vehicle theft rates tend to receive cheaper rates.
The illustration below lists the most expensive places in Kentucky for drivers over age 60 in which to buy car insurance. Lexington ranks #15 with an annual cost of $1,499 for the average policyholder, which is around $125 per month.
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Premium costs are comparative as the specific area where the vehicle is garaged can change premium rates significantly.
Types of discounts on Lexington insurance
Insurers that offer quotes for drivers over age 60 may also provide rate discounts that may potentially lower prices by 40% or more if you qualify for them. Popular auto insurance companies and some of the discounts are:
- AAA may offer discounts for pay-in-full, anti-theft, multi-policy, good student, good driver, and AAA membership discount.
- Progressive may include discounts for multi-vehicle, good student, multi-policy, continuous coverage, online signing, online quote discount, and homeowner.
- State Farm discounts include passive restraint, driver’s education, anti-theft, Drive Safe & Save, and safe vehicle.
- Esurance has savings for good driver, online quote, good student, safety device, paid-in-full, renters, and online shopper.
- Nationwide may have discounts that include accident-free, good student, Farm Bureau membership, easy pay, business or organization, anti-theft, and family plan.
The example below illustrates the difference between auto insurance costs with and without discounts. The data is based on a female driver, no accidents or driving violations, Kentucky state minimum liability limits, comp and collision included, and $250 deductibles.
The first bar for each age group shows premium with no discounts. The second bar shows the rates with homeowner, defensive driving course, passive restraint, safe-driver, marriage, and multiple policy discounts applied. When these discounts are applied to the policy premium, theaverage amount saved on auto insurance for drivers over age 60 is 29% or $640.
Full coverage rates compared to liability only
Lowering the price of auto insurance should be important to most vehicle owners, and a good way to save on the cost of insurance for drivers over age 60 is to not pay for full coverage. The example below shows the comparison of auto insurance rates with full coverage and liability only. The prices are based on no claims, a clean driving record, $500 deductibles, drivers are not married, and no discounts are taken into consideration.
If we average the cost for ages 20 through 70, comprehensive and collision coverage on your policy costs an additional $1,541 per year over and above liability only. Many of you may wonder if buying full coverage is a good investment. There is no definitive formula of when to phase out full coverage, but there is a general school of thought. If the yearly cost for physical damage coverage is about 10% or more of the replacement cost minus the deductible, then you might want to think about dropping full coverage.
There are some conditions where only buying liability is not in your best interest. If you haven’t paid off your loan, you must maintain physical damage coverage to protect the lienholder’s interest in the vehicle. Also, if your savings is not enough to buy a different vehicle if your current one is totaled, you should keep full coverage.
Selecting a highly-rated company is hard considering how many companies sell insurance in Lexington. The ranking information in the lists below may help you decide which car insurance companies to look at when shopping your coverage around.
The rankings below only include the largest companies in America, so companies that may only write in Kentucky will not be included in the list. If you would like to check rates from these and other top-rated companies, click this link.
|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