One of the more important considerations that determine auto insurance rates is the neighborhood you call home. Regions with more people or even just more weather-related claims tend to have higher auto insurance costs, whereas areas with less congestion can boast about having cheaper rates.
The information below ranks the highest-priced areas in Texas for drivers over age 70 to purchase car insurance in. Arlington is listed at #15 with an annual premium of $1,709 on average, which is around $142 monthly.
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Premium costs are approximated as specific location information can revise rates considerably.
The vehicle that is being insured is a large factor that determines if you can find the most affordable coverage for drivers over age 70. Vehicles with lots of horsepower, poor passenger safety features, or an increased likelihood of liability claims will cost more to insure than more economical and safe models.
The list below presents auto insurance costs for some of the cheapest vehicles to buy coverage for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$1,184|
|Ford Escape XLT 2WD||$1,190|
|Hyundai Elantra GLS Touring Station Wagon||$1,184|
|Toyota Tacoma 4WD||$1,331|
|Ford Edge SEL 2WD||$1,387|
|Honda Odyssey EX||$1,393|
|GMC Sierra SLE Regular Cab 2WD||$1,405|
|Toyota RAV4 Sport 4WD||$1,414|
|Chevrolet Impala LT||$1,405|
|Chevrolet Malibu Hybrid||$1,414|
|Toyota Camry LE||$1,405|
|Ford F-150 Lariat Crew Cab 2WD||$1,423|
|Dodge Grand Caravan SXT||$1,433|
|Ford Explorer Limited AWD||$1,423|
|Dodge Ram Quad Cab ST 2WD||$1,441|
|Jeep Wrangler Unlimited Sport 2WD 4-Dr||$1,452|
|Honda Civic LX-S 4-Dr Sedan||$1,461|
|Jeep Grand Cherokee Limited 2WD||$1,497|
|GMC Sierra 2500HD SLE Crew Cab 4WD||$1,505|
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Data rating is based on single male driver age 70, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, claim-free, and multi-policy. Prices do not factor in specific garaging location which can modify premium rates considerably.
Looking at the rates, we can presume that makes and models like the Honda CR-V, Ford Escape, and Hyundai Elantra are going to be a few of the most economical vehicles to insure for older drivers. Auto insurance rates will tend to be more expensive anyway just because there is more exposure for drivers over age 70, but generally speaking those vehicles will tend to have the lowest insurance rates compared to all other vehicles.
Discounts on Arlington auto insurance rates
Insurance companies that offer coverage for drivers over age 70 may have price discounts that may potentially lower prices by 25% or more if you are eligible. A list of car insurance companies and a partial list of their discounts include:
- State Farm offers discounts for safe vehicle, good driver, driver’s education, anti-theft, accident-free, good student, and multiple autos.
- Progressive may include discounts for good student, homeowner, multi-policy, online quote discount, and multi-vehicle.
- Travelers may offer discounts for save driver, multi-policy, good student, payment discounts, new car, student away at school, and driver training.
- American Family policyholders can earn discounts including defensive driver, Steer into Savings, mySafetyValet, air bags, good driver, bundled insurance, and good student.
- Liberty Mutual includes discounts for hybrid vehicle, newly retired, multi-car, newly married, and multi-policy.
The chart below compares insurance costs with and without discounts applied. The costs are based on a female driver, no violations or claims, Texas state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles. The first bar for each age group shows the price with no discounts. The second shows the rates with multiple policy, safe-driver, marriage, passive restraint, homeowner, and vehicle safety discounts applied. With discounts applied, theaverage amount saved on car insurance for drivers over age 70 is 28% or $459.
Do you need full coverage?
Reducing premiums for car insurance is the goal of most people, and an effective way to save on the cost of insurance for drivers over age 70 is to not buy comprehensive and collision coverage. The information below shows the comparison of car insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Texas. The premium estimates are based on no accidents or driving violations, $500 deductibles, drivers are single, and no discounts are factored in.
As an overall average, comprehensive and collision coverage on your policy costs $2,431 per year more than just buying liability insurance. That may make you wonder when is the right time to remove full coverage. There is no definitive rule of when to stop paying for full coverage, but there is a general school of thought. If the annual cost of comprehensive and collision coverage is 10% or more of replacement cost minus your deductible, then you might want to think about dropping full coverage.
There are a few situations where dropping full coverage is not a good plan. If you still owe a portion of the original loan, you are required to maintain full coverage as part of the loan requirements. Also, if you don’t have enough money to buy a different vehicle in case of an accident, you should not buy liability only.
The information below demonstrates how deductible levels can increase or decrease insurance costs when getting quotes for cheap insurance for drivers over age 70. The rate quotes are based on a married female driver, full physical damage coverage, and no discounts are applied to the premium.
In the chart above, a 40-year-old driver could save $260 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $394 by switching to a $1,000 deductible. Young drivers, such as the Age 20 example, have the ability to save up to $646 annually by choosing a higher deductible.
When increasing deductibles, it’s a good idea to have enough in a savings account to enable you to pay the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.