Our top picks of timely offers from our partners

More details
UFB Secure Savings
Learn More
Terms Apply
Up to 5.25% APY on one of our top picks for best savings accounts plus, no monthly fee
National Debt Relief
Learn More
Terms Apply
National Debt Relief helps consumers with over $10,000 of unsecured debt and has operated since 2009
LendingClub High-Yield Savings
Learn More
Terms Apply
Our top pick for best savings accounts for its strong APY and an ATM card with no ATM fees
Choice Home Warranty
Learn More
Terms Apply
Protects 25+ systems & appliances. Free quote + $50 off + 1 month free
Freedom Debt Relief
Learn More
Terms Apply
Freedom Debt Relief can help clients get started without fees up front
Select independently determines what we cover and recommend. We earn a commission from affiliate partners on many offers and links. This commission may impact how and where certain products appear on this site (including, for example, the order in which they appear). Read more about Select on CNBC and on NBC News, and click here to read our full advertiser disclosure.
Insurance

From cheaper rates to guaranteed renewals: Here are the best car insurance companies for seniors

It's important to regularly shop for car insurance to ensure you're getting the best coverage for your circumstances.

Share
Ascentxmedia | E+ | Getty Images

Seniors and retirees can get car insurance for much cheaper than young adult drivers because they have many years of experience behind the wheel and may drive fewer miles. However, rates also tend to rise once drivers reach their 70s, so you may need to change insurance companies over time to ensure you're getting the best rates and coverage.

When shopping for car insurance as a senior, it's important to make sure that the company not only offers low premiums, but also key features like an easy claims process and guaranteed renewal program. Ahead, CNBC Select reviews the best car insurance companies for seniors based on various categories. Many of our top picks are also top picks for anyone searching for the best car insurance in 2023. (See our methodology on how we chose the best car insurance for seniors.)

Best car insurance for seniors

Best overall

Geico Auto Insurance

  • Cost

    The best way to estimate your costs is to request a quote

  • App available

    Yes

  • Policy highlights

    Geico coverage and services are available in all 50 states and the District of Columbia and there are 16 different types of discounts available. In addition to the standard coverage options, Geico offers various optional add-ons, such as emergency roadside assistance, rental car reimbursement and mechanical breakdown insurance.

  • Terms apply.

Pros

  • Lowest average rates
  • Inclusive coverage options, including high-risk drivers
  • Available nationwide

Cons

  • High premiums for high-risk drivers 
  • Fewer branches for in-person services

Geico is highly rated for financial strength by AM Best and for customer satisfaction by J.D. Power. Seniors can take advantage of a number of discounts available to bring down the cost of coverage, such as for defensive driving course completion, being accident-free for at least five years and for retired government employees. For those aged 50 or older who qualify, its guaranteed renewal program could protect you from being dropped by your insurance company as you get older.

Best for low-mileage drivers

Nationwide Auto Insurance

  • Cost

    The best way to estimate your costs is to request a quote

  • App available

    Yes

  • Policy highlights

    Nationwide offers near-nationwide availability and personalized services, such as On Your Side® Review, a free annual insurance evaluation to ensure you are adequately protected and are taking advantage of any discounts available to you.

Terms apply.

Pros

  • Available in 47 states and the District of Columbia
  • Lowest average premiums for full coverage

Cons

  • High average premium for minimum coverage

Nationwide is ideal for retirees who may be driving less than they used to. Its SmartMiles program offers flexible monthly rates based on the number of miles you drive, so the less you drive, the less you pay. Coverage is available in most states and Nationwide is rated highly for both financial strength and customer satisfaction.

Best for customer service

Auto-Owners Insurance

  • Cost

    The best way to estimate your costs is to request a quote

  • App available

    Yes

  • Policy highlights

    Auto-Owners offers affordable premiums with high customer satisfaction ratings. There are 12 different types of discounts available, as well as various other types of insurance besides auto.

Terms apply.

Pros

  • tOffers at-fault accident forgiveness as an add-on
  • High customer satisfaction scores from JD Power
  • Low NAIC complaint index score

Cons

  • Only available in 26 states
  • Quotes must be obtained through an agent

Auto-Owners consistently achieves high customer and claims satisfaction ratings by J.D. Power and has a superior A++ credit rating from AM Best. While this auto insurance coverage is not available in every state and you must work with an agent to get a quote, Auto-Owners does offer affordable rates for seniors with a number of discounts available to advantage of, such as its low mileage discount.

Best for military members

USAA Auto Insurance

  • Cost

    The best way to estimate your costs is to request a quote

  • App available

    Yes

  • Policy highlights

    USAA's auto insurance is available in all 50 states, Washington D.C. and some international locations. In addition to low rates and coverage options for unique circumstances, such as for active-duty members, customers have access to an intuitive mobile app.

Terms apply.

Pros

  • Lowest average premium for minimum coverage 
  • Highest customer satisfaction ranking
  • Superior discounts for military members

Cons

  • Only available to military members, veterans and their immediate family members

USAA is one of the top choices for seniors who have served in the military (or their immediate family members). Not only has the insurance company consistently earned high marks for customer satisfaction and financial strength, but it also offers low premiums for drivers of all ages. It offers a variety of discounts for people of all ages, including seniors, and a number of other types of insurance products to bundle and save more.

FAQs

Is car insurance higher for seniors?

Those in their 50s and 60s pay the least for car insurance, according to data from Bankrate. While the average 40-year-old male pays an average of $2,020 per year for full coverage car insurance per year, the average 50-year-old pays $1,885, and the average 60-year-old pays $1,832. However, car insurance rates begin to increase once you hit your 70s.

At what age do car insurance rates increase?

Car insurance rates increase for 70-year-olds, who pay an average of $2,001 per year. That's about $170 more than the typical 60-year-old pays.

Why are seniors considered a high-risk driver?

Seniors are considered high-risk drivers because they pose a greater risk of being injured or killed in a car accident. According to the Center For Disease Control and Prevention (CDC), this is because of age-related changes in vision, hearing, cognition and physical functioning, as well as the fact that some medications might affect some elders' driving abilities.

Other types of high-risk drivers include those with less driving experience, poor credit, a previous at-fault accident, a history of traffic violations, a DUI or a large number of points on their license.

How can seniors save money on car insurance?

Seniors can save money on car insurance by taking a defensive driving class. These courses are often offered online and can be taken through the National Safety Council, AARP, and AAA.

Shopping around can also ensure you're getting the best deal. To start, get quotes from several insurance companies and compare the quotes, paying attention to the amount of coverage and the types of coverage included.

Raising your credit score is another way to lower the amount you'll pay for coverage. In many states, car insurance companies consider your credit score in deciding how much you'll pay. The higher your credit score, the lower your premium.

Bundling your homeowners insurance or renters insurance with your auto insurance policy can help bring down your insurance costs. Many insurance companies offer discounts for bundling policies.

Lastly, consider raising your deductible, or the amount you'll be responsible for paying before your insurance kicks in. As deductibles go up, premiums tend to go down. However, you'll want to make sure that your deductible is reasonable for you, as you'll need to be able to cover that amount if something happens.

Bottom line

There are several car insurance options for seniors that are both affordable and high-quality. Shopping around for coverage, bundling your policies and raising your deductible can also help to make car insurance more affordable for elder drivers.

Our methodology

When determining the best car insurance companies for seniors, CNBC Select looked at several car insurance companies, focusing on those that are available in a wide variety of states.

When narrowing down the best car insurance companies for seniors, we focused on average cost data from Bankrate, customer satisfaction data from J.D. Power and financial strength ratings from AM Best. We also considered the number of states where coverage is available, along with the number of discounts available.

Average annual premium data is based on a 70-year-old driver with a clean driving record, good credit, and a 2020 Toyota Camry driven 12,000 miles annually with the following coverage limits:

  • $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

After reviewing the features and costs above, we sorted our recommendations by the best overall, best for customer satisfaction, best for military members, and best for low-mileage drivers.

Catch up on Select's in-depth coverage of personal financetech and toolswellness and more, and follow us on FacebookInstagram and Twitter to stay up to date.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
Chime
Learn More
Terms Apply
Chime offers online-only accounts that minimize fees plus, get paid up to 2 days early with direct deposits
Find the right savings account for you
Learn More
Terms Apply
Help your money grow by finding the savings account that offers the best rates and features for you