For older drivers, one of the largest criteria that are looked at to help calculate the price you pay for insurance is your address. More densely populated places tend to have higher rates, whereas areas with lower crime rates and fewer weather claims have the benefit of cheaper auto insurance prices.
The next table shows the priciest cities in Texas for drivers over age 50 to purchase a policy in. Arlington shows up at #13 costing $1,709 for the average insured, which is approximately $142 per month.
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Rate quotes are estimated as the vehicle garaging location can impact insurance rates significantly.
Finding cheap car insurance is confusing at best, and figuring out which companies have the cheapest insurance rates for drivers over age 50 will take additional perseverance. Each company has a proprietary formula to set premium rates, so let’s begin by taking a look at the most budget-friendly insurance companies in Arlington, TX.
It’s a good idea to know that Texas insurance rates are based on many factors that control the policy price. This price variation is why it is crucial to compare rates when trying to find the most affordable insurance quotes for drivers over age 50. Rates can be determined by many things and change dramatically, so the cheapest rate when you last compared rates may now not even be in the top five.
Find Cheaper Auto Insurance for Age 50+
|Rank||Company||Cost Per Year|
|3||Texas Farm Bureau||$1,247|
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Travelers quotes some of the cheapest car insurance rates in Arlington at around $1,041 annually. USAA, Texas Farm Bureau, Germania Mutual, and California Casualty also are some of the best Arlington, TX auto insurance companies.
In the above example, if you currently buy coverage from Germania Mutual and switched to USAA, you may see yearly savings of approximately $210. Insureds with California Casualty might save as much as $312 a year, and Esurance policyholders might reduce rates by $323 a year.
To compare your rates to other Texas insurance companies, click here to start a quote or visit any of the low-priced companies below.
Remember that these premiums are averages for all drivers and vehicles and do not take into consideration a vehicle location for drivers over age 50. So the insurer that fits your situation best may not even be in the top 23 companies in the list above. That emphasizes why you need to get rate quotes using your own driver data and vehicle information.
The vehicle model requiring insurance is one of the biggest factors when looking for the most affordable auto insurance for drivers over age 50. Vehicles with economical engines, excellent safety ratings, or a low likelihood of having liability claims will cost substantially less to insure than higher performance models. The data below ranks car insurance premiums for a number of the cheapest vehicles to buy coverage for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Ford Escape XLS 2WD||$900|
|Honda Accord LX 4-Dr Sedan||$908|
|Honda CR-V EX-L 4WD||$921|
|Ford F-150 XL Crew Cab 2WD||$1,012|
|Dodge Grand Caravan SE||$1,020|
|Honda Odyssey EX||$1,047|
|Chevrolet Impala LS||$1,053|
|Ford Edge SEL AWD||$1,047|
|Volkswagen Jetta 2.0T Station Wagon||$1,053|
|Chevrolet Equinox LT 2WD||$1,067|
|Toyota RAV4 4WD||$1,073|
|Ford Explorer Limited AWD||$1,088|
|Honda Civic LX-S 4-Dr Sedan||$1,102|
|Hyundai Elantra SE 4-Dr Sedan||$1,123|
|Toyota Camry SE||$1,130|
|Toyota Tacoma X-Runner 2WD||$1,123|
|Toyota Corolla S||$1,132|
|Chevrolet Silverado LT Regular Cab||$1,142|
|Kia Optima LX||$1,151|
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Above prices assume married male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include homeowner, claim-free, multi-policy, safe-driver, and multi-vehicle. Price information does not factor in specific garaging location which can impact insurance rates noticeably.
Based upon the table data, we can tell that cars like the Ford Escape, Honda Accord, and Honda CR-V are most likely going to be the more affordable vehicles to insure for older drivers.
The example below highlights how deductible selection can influence insurance costs when trying to find cheap insurance for drivers over age 50. Data assumes a married female driver, comp and collision included, and no discounts are applied to the premium.
The chart above illustrates that a 50-year-old driver could cut expenses by $362 a year by increasing from a $100 deductible up to a $500 deductible, or save $546 by switching to a $1,000 deductible. Younger drivers, like the Age 20 category, could potentially save up to $900 or even more by using a higher deductible.
When using a larger deductible, it will be required to have additional funds squirreled away to satisfy the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.
Do you need full coverage?
Lowering the price of insurance should be important to most drivers, and one common way to reduce the cost of insurance for drivers over age 50 is to not buy comprehensive and collision coverage. The chart below shows the difference between insurance costs with full coverage compared to only the Texas minimum liability coverage. The data assumes a clean driving record, no at-fault accidents, $1,000 deductibles, single status, and no other discounts are factored in.
If averaged for all ages, comprehensive and collision coverage on your policy costs $1,730 per year over and above liability only. That is a large expense which might make you wonder when is the right time to remove full coverage. There is no definitive rule to drop comprehensive and collision coverage on your policy, but there is a broad guideline. If the yearly cost of full coverage is about 10% or more of the vehicle’s replacement cost less your deductible, the it may be a good time to stop paying for full coverage.
For example, let’s assume your vehicle’s settlement value is $7,500 and you have $1,000 deductibles. If your vehicle is severely damaged, the most your company would pay you is $6,500 after the deductible is paid. If premium cost is more than $650 a year for comprehensive and collision coverage, then it could be time to drop full coverage.
There are a few situations where eliminating full coverage is not advised. If you still owe money on your vehicle, you are required to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if you can’t afford to buy a different vehicle if your current one is damaged, you should keep full coverage on your policy.
Impact of citations and accidents on Arlington insurance rates
The recommended way to get cheap insurance premiums in Texas for older drivers is to be an attentive driver and avoid accidents and keep your driving record clean. The example below demonstrates how citations and at-fault accidents increase yearly insurance costs for each different age group. The data assumes a single male driver, full physical damage coverage, $1,000 deductibles, and no additional discounts are factored in.
In the previous chart, the average cost of an auto insurance policy in Texas per year with a clean driving record and no accidents is $2,131. Add in two speeding tickets and the average cost hikes up to $2,807, an increase of $677 each year. Next add one accident along with the two speeding tickets and the annual cost of insurance for drivers over age 50 increases to an average of $3,506. That’s an increase of $1,375, or $115 per month, just for not being a responsible driver!
If you aren’t sure which coverage to buy and prefer to have some advice when buying car insurance for older drivers, the insurance agencies listed below can probably aid you in deciding which auto insurance coverages would be the best in your situation.
To find an auto insurance agency by location nearest to you, click the button after the list or click here to compare rates now.
Low Rate Insurance Agency
1900 E Abram St – Arlington, TX 76010 – (817) 635-0375
Business Insurance Tech
1807 W Park Row Dr B – Arlington, TX 76013 – (817) 261-5571
Farmers Insurance – Fred Worthey
3620 S Cooper St #110 – Arlington, TX 76015 – (817) 465-4445
Steve Perryman – State Farm Insurance Agent
3800 SW Green Oaks Blvd – Arlington, TX 76017 – (817) 561-5555
Allstate Insurance: Thomas R. Crutchfield
214 S Mesquite St – Arlington, TX 76010 – (817) 861-1977