The vehicle that is being insured is a large consideration when shopping around for the best coverage for drivers over age 60. Vehicles with average performance, good safety features, or a positive history of liability claims will cost much less to insure than fast, unsafe models.
The list below estimates auto insurance costs for some of the most budget-friendly vehicles to insure in Texas.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda Accord LX-P 4-Dr Sedan||$929|
|Honda CR-V EX-L 2WD||$946|
|Ford Escape XLT 4WD||$956|
|Hyundai Elantra SE Touring Station Wagon||$1,006|
|Honda Odyssey LX||$1,021|
|Ford F-150 STX Regular Cab 2WD||$1,028|
|Toyota Tacoma 2WD||$1,081|
|Ford Edge SE AWD||$1,087|
|Volkswagen Jetta 2.0T Station Wagon||$1,085|
|Chevrolet Impala LT||$1,098|
|Toyota RAV4 Sport 2WD||$1,103|
|Chevrolet Silverado LS Extended Cab 4WD||$1,098|
|GMC Sierra SL Extended Cab 2WD||$1,105|
|Ford Fusion S 4-Dr Sedan||$1,098|
|Dodge Grand Caravan SXT||$1,118|
|Ford Explorer Limited AWD||$1,124|
|Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr||$1,134|
|Honda Civic VP 4-Dr Sedan||$1,140|
|Ford Focus SES 4-Dr Sedan||$1,148|
|Toyota Corolla XLE||$1,158|
|Jeep Grand Cherokee SRT-8 4WD||$1,178|
|Nissan Rogue SL 2WD||$1,184|
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Table data assumes single male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, claim-free, and safe-driver. Rates do not factor in Fort Worth, TX location which can affect auto insurance rates considerably.
Based upon these rates, you can presume that models like the Honda Accord, Honda CR-V, and Ford Escape should be the less-costly vehicles to insure for older drivers.
Establishing which company has the most affordable insurance rates for drivers over age 60 will involve a little more effort in order to find the lowest price quote. Every car insurance company uses their own calculation to establish rates, so let’s examine the insurance companies with the overall best prices in Fort Worth, TX.
We do need to point out that Texas insurance rates are influenced by many factors which can significantly increase or decrease the cost of coverage. Improving your credit score, buying a new vehicle, or getting a ticket for careless driving may cause policy rate changes that can make some companies cheaper in comparison to the competition.
Best Car Insurance Prices for Age 60+
|Rank||Company||Cost Per Year|
|3||Texas Farm Bureau||$1,211|
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Travelers quotes some of the most affordable car insurance rates in Fort Worth at around $1,052 annually. This is $852 less than the average rate paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance would also be considered some of the most economical Fort Worth, TX insurance companies.
As shown above, if you currently have a policy with Texas Farm Bureau and switched to Travelers, you could see a yearly savings of around $159. Customers with Germania Mutual may save as much as $242 a year, and Esurance customers might reduce prices by as much as $369 a year.
To get a fast rate comparison, click here to start a quote or visit any of the low-priced companies below.
Understand that those policy rates are averages across all drivers and vehicles in Texas and are not factoring in a specific zip code for drivers over age 60. So the car insurance company that can offer you the best price may not even be in the top 23 companies shown above. That’s why you need to quote rates from many companies using your own specific driver information and vehicle.
How accidents and violations affect rates
The recommended way to maintain the most affordable insurance premiums in Fort Worth for older drivers is to pay attention while driving and avoid accidents and violations. The diagram below illustrates how traffic citations and accident claims can impact auto insurance rates for different age categories. The premiums assume a single male driver, full coverage, $500 deductibles, and no discounts are applied.
In the previous chart, the average cost of a car insurance policy in Texas per year with no accidents or violations is $2,393. Get written up for two speeding tickets and the average cost surges to $3,165, an increase of $771 each year. Then throw in two accidents along with the two speeding tickets and the 12-month cost of insurance for drivers over age 60 increases to an average of $6,200. That’s an increase of $3,806, or $317 per month, just for being a little careless behind the wheel!
Full coverage rates compared to liability-only
Reducing the cost of insurance should be important to most drivers, and one great way to save on the cost of insurance for drivers over age 60 is to buy liability only. The diagram below shows the comparison of insurance costs with and without physical damage coverage. The price estimates are based on no claims or violations, $100 deductibles, single marital status, and no discounts are taken into consideration.
Averaged out for all age groups, full coverage on your policy costs $2,922 per year more than just buying liability only. Lot’s of drivers question when is the right time to remove full coverage. There is no clear-cut formula to eliminate full coverage on your policy, but there is a general school of thought. If the yearly cost for physical damage coverage is more than 10% of the replacement cost minus the deductible, the it may be a good time to stop paying for full coverage.
For example, let’s say your vehicle’s replacement cost is $8,500 and you have $1,000 physical damage deductibles. If your vehicle is totaled, you would only receive $7,500 after the policy deductible has been paid. If you are currently paying more than $750 annually to have full coverage, then you may need to consider dropping full coverage.
There are a few situations where eliminating full coverage is not in your best interest. If you still have a loan on your vehicle, you are required to maintain full coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should not eliminate full coverage.
The chart below demonstrates how deductibles can change premium costs when searching for cheap insurance for drivers over age 60. The prices are based on a married female driver, comp and collision included, and no policy discounts are applied.
The chart above illustrates that a 50-year-old driver could reduce rates by $310 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $468 by switching to a $1,000 deductible. Younger drivers, such as the 20-year-old chart data, could drop their prices as much as $772 each year just by choosing larger deductibles. If you do make the decision to raise your deductibles, it will be required to have additional funds squirreled away to allow you to cover the extra out-of-pocket expense. That is the one disadvantage of using higher deductibles.
How to find economical auto insurance for drivers over age 60
The list below summarizes some of the recommended penny-pinching solutions that can help Texas drivers get more affordable car insurance.
- Drop full coverage on older vehicles
- Violations like speeding or DUI increase rates
- Avoid at-fault accidents and claims
- Try to not file small claims
- Raise deductibles
- Compare rates regularly to ensure the best deal
That last idea is extremely significant, as we pointed out in this write-up. Prices charged by companies can be modified anytime, so drivers shouldn’t be reluctant to buy a policy from a new company if a better deal can be had.
Staying with the same car insurance company is fine, but it’s not a good idea if that dedication is costing big bucks every year. If you have a few minutes, shop around and find cheaper insurance for drivers over age 60 in Fort Worth.
If you wish to have the advice of a professional agent when comparing insurance rates for older drivers, the agents listed below can most likely aid you in deciding which insurance coverage will be best for you.
To locate an agency nearest to you, click the button below the list.
Ricardo Rivera – State Farm Insurance Agent
2516 NE 28th St Ste 124 – Fort Worth, TX 76106 – (817) 945-2900
Fort Worth Insurance Agency
5049 Trail Lake Dr – Fort Worth, TX 76133 – (817) 292-2929
Woods Insurance Agency
2740 Western Center Blvd #504 – Fort Worth, TX 76131 – (817) 232-1580
Nationwide Insurance: The Hulett Agency Inc
11751 Alta Vista Rd Ste 401 – Fort Worth, TX 76244 – (817) 533-8027
Nationwide Insurance: The Jeter Agency
6650 N Beach St Ste 118 – Fort Worth, TX 76137 – (817) 788-8620