The type of vehicle that needs insurance is a large consideration that determines the availability of the lowest-priced insurance for drivers over age 50. Vehicles with lots of horsepower, a lack of modern safety features, or a track record of large liability claims will cost significantly more to insure than safer, lower-performance models.
The table below presents insurance prices for a handful of the most economical vehicles to buy coverage for.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Hyundai Elantra GLS Touring Station Wagon | $1,539 |
| Honda CR-V LX 4WD | $1,549 |
| Honda Accord LX 4-Dr Sedan | $1,539 |
| Ford Escape Limited 2WD | $1,576 |
| Toyota Prius | $1,705 |
| Ford Explorer XLT 4WD | $1,731 |
| Honda Odyssey EX W/Rear Entertainment | $1,790 |
| Chevrolet Silverado LT Extended Cab 4WD | $1,826 |
| Toyota Tacoma Double Cab 4WD | $1,833 |
| Dodge Grand Caravan Hero | $1,826 |
| GMC Sierra SLE Regular Cab 2WD | $1,833 |
| Toyota RAV4 Limited 4WD | $1,826 |
| Chevrolet Equinox LT 2WD | $1,833 |
| Chevrolet Malibu Hybrid | $1,826 |
| Ford F-150 Lariat Crew Cab 4WD | $1,860 |
| Toyota Corolla LE | $1,922 |
| Chevrolet Impala LTZ | $1,927 |
| Toyota Camry XLE | $1,922 |
| Ford Edge Sport 2WD | $1,930 |
| GMC Sierra 2500HD SLE Regular Cab 4WD | $1,956 |
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Table data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Washington minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, multi-vehicle, and homeowner. Price information does not factor in specific location which can change prices significantly.
By looking at the data, we can conclude that cars like the Hyundai Elantra, Honda CR-V, Honda Accord, and Ford Escape should be the less-costly vehicles to insure for older drivers.
One of the many factors that are looked at to determine the cost of insurance is where you keep your car in Seattle. More populated areas are more likely to pay higher prices, whereas areas with fewer weather claims and lower vehicle theft rates can boast about having cheaper rates.
The next table rates the priciest cities in Washington for drivers over age 50 to buy an auto insurance policy in. Seattle comes in at #6 with an annual cost of $1,349 for car insurance, which is around $112 monthly.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Federal Way | $1,435 |
| 2 | Tacoma | $1,427 |
| 3 | Lakewood | $1,392 |
| 4 | Kent | $1,391 |
| 5 | Auburn | $1,380 |
| 6 | Seattle | $1,349 |
| 7 | Renton | $1,348 |
| 8 | Shoreline | $1,326 |
| 9 | South Hill | $1,314 |
| 10 | Marysville | $1,245 |
| 11 | Everett | $1,238 |
| 12 | Kirkland | $1,231 |
| 13 | Bellevue | $1,206 |
| 14 | Redmond | $1,201 |
| 15 | Vancouver | $1,192 |
| 16 | Sammamish | $1,184 |
| 17 | Lacey | $1,122 |
| 18 | Spokane | $1,104 |
| 19 | Spokane Valley | $1,098 |
| 20 | Olympia | $1,072 |
| 21 | Kennewick | $1,031 |
| 22 | Pasco | $1,028 |
| 23 | Yakima | $1,026 |
| 24 | Richland | $993 |
| 25 | Bellingham | $987 |
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Information shown are comparative as the specific area where the vehicle is garaged can raise or lower auto insurance rates noticeably.
Should you buy full coverage?
Reducing the cost of insurance is important to most people, and one of the easiest ways to buy cheaper insurance for drivers over age 50 is to only buy liability insurance. The information below visualizes the comparison of car insurance rates with full coverage compared to only the Washington minimum liability coverage. Data assumes no accidents, no driving violations, $100 deductibles, drivers are single, and no other discounts are factored in.
As an overall average, physical damage coverage on your policy costs an additional $1,693 per year more than insuring for liability only. That raises the question when is the right time to remove full coverage. There isn’t a steadfast formula to eliminate comp and collision coverage, but there is a general guideline you can use. If the annual cost of coverage is more than about 10% of any settlement you would receive from your insurance company, then it may be the right time to buy liability only.
For example, let’s pretend your vehicle’s book value is $9,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $8,000 after the policy deductible has been paid. If premium cost is more than $800 a year for full coverage, then it’s probably a good time to buy liability coverage only.
Safe drivers Seattle pay cheaper rates
The recommended way to obtain cheap insurance premiums in Washington for older drivers is to drive attentively and avoid accidents and keep your driving record clean. The information below demonstrates how speeding tickets and at-fault collisions can influence annual premium costs for each different age category. The premiums are based on a single female driver, comprehensive and collision coverage, $100 deductibles, and no discounts are factored in.
In the example above, the average cost of a car insurance policy in Washington per year with no violations or accidents is $1,606. Factor in two speeding tickets and the average cost rises to $2,159, an increase of $553 each year. Next add two accidents along with the two speeding tickets and the annual cost of insurance for drivers over age 50 jumps again to an average of $4,119. That’s an increase of $2,513, or $209 per month, just for not driving attentively!
Discount Seattle insurance rates
Auto insurance companies that provide coverage for drivers over age 50 could also offer policy discounts that may potentially lower prices by as much as 25% or more if you meet eligibility requirements. Larger insurance companies and a partial list of their discounts can be found below.
- State Farm offers discounts for passive restraint, good student, multiple autos, multiple policy, student away at school, and driver’s education.
- GEICO may have discounts that include five-year accident-free, defensive driver, driver training, anti-lock brakes, federal employee, daytime running lights, and membership and employees.
- Progressive may include discounts for homeowner, online signing, multi-vehicle, good student, continuous coverage, multi-policy, and online quote discount.
- 21st Century has savings for air bags, anti-lock brakes, homeowners, good student, theft prevention, early bird, and automatic seat belts.
- American Family has discounts for TimeAway discount, air bags, mySafetyValet, bundled insurance, Steer into Savings, defensive driver, and accident-free.
- The Hartford includes discounts for air bag, bundle, defensive driver, anti-theft, driver training, good student, and vehicle fuel type.
- AAA policyholders can earn discounts including multi-car, education and occupation, good driver, multi-policy, anti-theft, good student, and pay-in-full.
The information below shows the comparison of insurance costs with and without discounts applied. The price estimates are based on a male driver, no violations or claims, Washington state minimum liability limits, comprehensive and collision coverage, and $500 deductibles.
The first bar for each age group shows the average rate with no discounts. The second bar shows the rates with multiple vehicle, homeowner, anti-theft, claim-free, safe-driver, and vehicle safety discounts applied. When drivers qualify for the discounts, the average amount saved each year on insurance for drivers over age 50 is 30% or $553.
How to find budget-friendly auto insurance for drivers over age 50
It’s not impossible to find cheaper rates, and here are a few penny-pinching ideas that can help drivers buy lower-cost coverage.
- Having at-fault accidents will increase rates
- Higher physical damage deductibles lower rates
- Vehicles with safetly features generally cost less to insure
- Save money by only buying liability coverage for older vehicles
- Serious violations like DUI or reckless driving can increase rates dramatically
- Increase your credit score
- Shop around and save
That last idea is particularly necessary, as was emphasized in this write-up. Insurance prices can be modified anytime, so don’t be unwilling to switch to a new company if a lower-cost policy is available. Loyalty to a specific company is fine, but is isn’t recommended if that stubbornness costs you hundreds of dollars year after year. Take a couple minutes and compare prices and find cheaper insurance for drivers over age 50 in Seattle.