Wouldn’t life be great if we could tell you the best company that has the best auto insurance prices for drivers over age 70? It’s just not that simple, as there are many unknown aspects like when you were born, if you need full coverage or liability-only, the area you live in, and whether you are married or single, that all have an effect on the price. We will try to cover the best ways to find cheap car insurance and will hopefully give the reader a solid foundation to find cheaper car insurance in Texas.
For older drivers, one of the big components that are looked at to help calculate the price you pay for insurance is where you choose to live in Fort Worth. Regions with larger populations or more claims are more likely to have higher rates, whereas areas with lower vehicle theft rates and fewer weather claims benefit from lower prices.
The next table rates the most costly cities in Texas for drivers over age 70 in which to buy car insurance. Fort Worth is listed at #16 with a yearly premium of $1,653 for car insurance, which is approximately $138 each month.
|Rank||City||Premium Per Year|
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Annual rates are comparative as zip code location can decrease or increase premiums noticeably.
The make and model of vehicle you are insuring is a significant factor when trying to find the best insurance for drivers over age 70. Vehicles with lots of speed or power, poor passenger safety features, or high incidents of liability claims will cost substantially more to insure than safer, lower-performance models.
The next list illustrates coverage costs for a selection of the most budget-friendly vehicles to insure.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX 4WD||$1,217|
|Ford Escape Limited 2WD||$1,227|
|Honda Accord EX-L 4-Dr Sedan||$1,291|
|Volkswagen Jetta S 2.5 Station Wagon||$1,300|
|Hyundai Elantra SE Touring Station Wagon||$1,291|
|Ford F-150 STX Regular Cab 2WD||$1,324|
|Jeep Wrangler Rubicon 4WD 2-Dr||$1,345|
|Toyota Tacoma 4WD||$1,355|
|Chevrolet Impala LS||$1,398|
|Ford Edge SE AWD||$1,404|
|Toyota RAV4 Sport 2WD||$1,419|
|Chevrolet Equinox LT AWD||$1,424|
|Dodge Grand Caravan Crew||$1,437|
|Ford Explorer Limited AWD||$1,447|
|Toyota Corolla XLE||$1,493|
|Toyota Camry XLE||$1,501|
|Honda Odyssey EX-L W/Rear Entertainment||$1,493|
|Ford Fusion SEL 4-Dr Sedan||$1,511|
|Nissan Altima Hybrid 4-Dr Sedan||$1,516|
|GMC Sierra SLT Crew Cab 2WD||$1,511|
|Honda Civic Hybrid 4-Dr Sedan||$1,516|
|Chevrolet Malibu LTZ||$1,511|
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Data 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, multi-policy, homeowner, and claim-free. Information does not factor in specific location information which can modify premium rates significantly.
By looking at the data, you can presume that models like the Honda CR-V, Ford Escape, Honda Accord, and Volkswagen Jetta are some of the cheaper vehicles to insure for older drivers. The price for an auto insurance policy will trend higher just because there is more claim risk for drivers over age 70, but in general those particular models will tend to have the best rates possible.
Violations and accidents raise rates
The obvious way to receive good insurance prices for older drivers is to be a cautious driver and not get tickets or have accidents. The diagram below demonstrates how traffic citations and accident claims raise yearly insurance costs for different age categories. The rate quotes are based on a single male driver, full physical damage coverage, $500 deductibles, and no policy discounts are applied.
In the prior example, the average cost of a car insurance policy in Texas per year with no accidents or violations is $2,431. Get two speeding tickets and the average cost increases to $3,216, an increase of $785 each year. Then include one accident along with the two speeding tickets and the 12-month cost of insurance for drivers over age 70 goes up to an average of $4,009. That’s an increase of $1,578, or $132 per month, just for a couple of infractions!
Does it make sense to buy full coverage?
Finding the cheapest insurance should be important to most drivers, and one great way to pay less for insurance for drivers over age 70 is to not buy full coverage. The chart below illustrates the comparison of premium costs with full physical damage coverage compared to only buying the minimum liability limits required in Texas. The rates are based on no accidents, no driving violations, $500 deductibles, single marital status, and no discounts are applied.
As an overall average, full coverage on your policy costs $1,793 per year over having just liability coverage. That amount may make you wonder if buying full coverage is a waste of money. There is no definitive guideline for phasing out full coverage, but there is a general convention. If the annual cost of comprehensive and collision coverage is more than about 10% of replacement cost minus your deductible, then you may need to consider dropping full coverage.
Why you should compare rates
Fort Worth, TX insurance rates are impacted by many factors that control the price you have to pay for coverage. Simply improving your credit, getting married, or getting into an accident may prompt premium changes that can now make some companies cheaper than competitors.
Additionally, auto insurance companies change the rates they charge in Texas as often as every quarter to adjust for unexpected claims or profits. Higher than normal claim frequency or severity may cause a rate increase, while lower claim expenses can cause lower-cost Fort Worth car insurance rates.
For instance, the data below demonstrates which company has the cheapest car insurance in Fort Worth, TX for a 45-year-old male driver with no violations or accidents, and good financial standing. If we look at prices based on his personal profile, Travelers might offer the cheapest car insurance rates in Fort Worth at $1,134 a year. This is $770 less than the average policy premium paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance are also included in the cheapest Fort Worth, TX auto insurance companies.
Now we will give the driver from the first set of rates a claim, a lower credit rating, and a stop sign violation. Due to the fact that every insurance company has their own guidelines to set premium rates, analyzing rates will most likely result in a new list of cheap Fort Worth auto insurance companies as shown below.
Mercury now has the lowest price on auto insurance in Fort Worth with State Farm, Nationwide, Safe Auto, and USAA completing the list. This demonstrates why it is important to compare many different companies when trying to find the best car insurance quotes for drivers over age 70.
Insurance rates are influenced by many risk factors and can change without notice, so the cheapest rate three years ago may now cost much more than other companies.