The words “cheap” and “insurance” really should not be used together, specifically when shopping around for the cheapest coverage for drivers over age 60. Because of the high cost, let’s open your eyes to some of the factors that have an impact on auto insurance premiums, and figure out some ways to lower the price of the next policy you buy.
For older drivers, one of the largest factors that aid in calculating the price you pay for insurance is where your car is garaged in New Orleans. Regions with more people or even just more weather-related claims will most likely pay more, whereas areas that tend to be more rural have the enjoyment of a little cheaper coverage.
The information below ranks the priciest cities in Louisiana for drivers over age 60 to buy an auto insurance policy in. New Orleans is ranked #1 with a yearly premium of $2,943 for the average policyholder, which is about $245 each month.
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Table data uses approximated as the vehicle garaging location can affect coverage rates considerably.
The vehicle that needs insurance is one of the largest considerations that determines if you can find the cheapest coverage for drivers over age 60. Vehicles with average performance, a great safety record, or a track record of few liability claims will cost significantly less to insure than fast, unsafe models.
The information below illustrates coverage premiums for a selection of the most affordable vehicles to insure.
|Vehicle||Estimated Cost for Full Coverage|
|Honda Accord LX-P 4-Dr Sedan||$2,423|
|Honda CR-V EX 4WD||$2,473|
|Ford Escape Limited 4WD||$2,629|
|Hyundai Elantra SE Touring Station Wagon||$2,639|
|Ford F-150 XL Super Cab 2WD||$2,662|
|Ford Edge SEL AWD||$2,818|
|Toyota Tacoma 2WD||$2,825|
|Toyota RAV4 Sport 2WD||$2,868|
|Volkswagen Jetta S 4-Dr Sedan||$2,877|
|Jeep Grand Cherokee Laredo 4WD||$2,868|
|Ford Explorer Limited 2WD||$2,922|
|Dodge Grand Caravan SXT||$2,930|
|Chevrolet Impala LTZ||$3,021|
|Toyota Corolla S||$3,029|
|Chevrolet Equinox LTZ 2WD||$3,075|
|Honda Odyssey Touring||$3,084|
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Data variables include single male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Louisiana minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, homeowner, and multi-policy. Rates do not factor in garaging location in New Orleans, LA which can alter coverage prices noticeably.
Looking at the numbers, you can conclude that vehicles like the Honda Accord, Honda CR-V, Ford Escape, Hyundai Elantra, and Ford F-150 are a few of the most budget-friendly vehicles to insure for older drivers.
Deciding which insurers offer the lowest-priced insurance rates for drivers over age 60 will involve a little more work than just quoting one company’s rates. Each auto insurance company has a proprietary method for filing rates in each state, so let’s take a look at the insurance companies that tend to have lower prices in Louisiana.
It’s important that readers know that New Orleans, LA insurance rates are impacted by many things that may substantially change the price you have to pay. Simply having a birthday, buying a different home, or getting a few speeding tickets can trigger rate changes resulting in some rates now being more affordable than before.
Best Auto Insurance Prices for Age 60+
USAA may have some of the best car insurance rates in New Orleans at around $1,578 per year. MetLife, GEICO, Progressive, and Safeway would also be considered some of the most economical New Orleans, LA car insurance companies.
In the above rates, if you currently have coverage with GEICO and switched to USAA, you may realize an annual premium reduction of about $309. Drivers with Progressive might save as much as $349 a year, and Safeway customers might see rate reductions of $554 a year.
To find out how your current rates compare, click here to start a quote or visit several of the following companies.
Be aware that those estimates are averaged across all types of drivers and the different vehicles they drive and do not factor in an exact location for drivers over age 60. So the company that has the cheapest price for you may not even be in the top 12 companies in the list above. That illustrates why you need to quote rates from many companies using your own driver information and specific vehicle type.
Safe drivers pay less for insurance
The common sense way to score low insurance prices in Louisiana for older drivers is to drive safe and avoid at-fault accidents and violations. The illustration below illustrates how traffic citations and at-fault claims raise auto insurance rates for different age groups. The information is based on a married male driver, comp and collision included, $250 deductibles, and no discounts are applied to the premium.
In the previous chart, the average cost of an auto insurance policy in Louisiana per year with no violations or accidents is $2,077. Get written up for two speeding tickets and the average cost surges to $2,869, an increase of $792 each year. Then include two accidents along with the two speeding tickets and the 12-month cost of insurance for drivers over age 60 goes up to an average of $5,785. That’s an increase of $3,708, or $309 per month, just for not being attentive to the road!
Types of discounts on New Orleans car insurance
Insurance companies that sell policies for drivers over age 60 may also offer price discounts that may potentially lower prices by 40% or more if you are eligible to receive them. Larger insurance companies and a selection of discounts are outlined below.
- Progressive has discounts for online quote discount, good student, online signing, continuous coverage, multi-policy, homeowner, and multi-vehicle.
- GEICO may have discounts that include air bags, five-year accident-free, multi-policy, good student, and seat belt use.
- State Farm may offer discounts for defensive driving training, accident-free, multiple autos, Steer Clear safe driver discount, and multiple policy.
- Esurance discounts include Switch & Save, claim free, online shopper, anti-lock brakes, anti-theft, and DriveSense.
- The Hartford may include discounts for anti-theft, driver training, good student, bundle, defensive driver, vehicle fuel type, and air bag.
The example below shows the difference between insurance premiums with and without discounts applied to the policy premium. The data is based on a male driver, no claims or driving violations, Louisiana state minimum liability limits, comp and collision included, and $250 deductibles.
The first bar for each age group shows premium with no discounts. The second bar shows the rates with accident-free, safe-driver, multiple vehicle, anti-theft, defensive driving course, and vehicle safety discounts applied. When drivers take advantage of discounts, theaverage amount saved on insurance for drivers over age 60 is 30% or $986.
Full coverage rates compared to liability-only
Paying a lower price for insurance is important to the majority of people, and one of the best ways to pay lower rates for insurance for drivers over age 60 is to only buy liability insurance. The example below shows the comparison of premium costs with full physical damage coverage and with liability coverage only. The premiums assume a clean driving record, no at-fault accidents, $100 deductibles, single status, and no other discounts are factored in.
If we average all the age groups together, full coverage costs an extra $2,957 per year over liability only. Lot’s of drivers question if full coverage is worth the money. There isn’t a steadfast formula that works best for making the decision to drop physical damage coverage on your policy, but there is a general guideline you can use. If the yearly cost for physical damage coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, then it might be time to buy liability only.
For example, let’s assume your vehicle’s claim settlement value is $7,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $6,000 after the policy deductible has been paid. If you are currently paying more than $600 a year for physical damage coverage, then you might want to think about dropping full coverage.
If you like to have some advice when shopping for the best coverage for drivers over age 60, the agents below can probably help you decide which insurance coverage you need.
To locate an agency near you, click the button below the list.
State Farm – Mia DeLouise
5638 Jefferson Hwy – New Orleans, LA 70123 – (504) 739-7979
Martin Insurance Agency, Inc
4700 Orleans Ave – New Orleans, LA 70119 – (504) 486-6133
Allstate Insurance: John Carbo Jr.
621 Homedale St – New Orleans, LA 70124 – (504) 488-0070