The words “low-cost” and “insurance” probably shouldn’t be used in the same sentence, specifically when you are shopping around for the cheapest car insurance for seniors. To save some money, let’s get started by showing you some of the factors the can have a considerable influence on auto insurance prices, and come up with some ways to shave a little off your next policy.
The vehicle you are insuring is one of the largest factors that determines whether or not you can buy low-priced coverage for seniors. Vehicles with lower performance, a plethora of safety features, or a low likelihood of liability claims will cost quite a bit less to insure than high performance models.
The data below shows insurance rates for the most budget-friendly vehicles to buy coverage for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$1,267|
|Hyundai Elantra SE Touring Station Wagon||$1,378|
|Ford Escape Limited 4WD||$1,385|
|Volkswagen Jetta S 2.5 Station Wagon||$1,378|
|Honda Odyssey LX||$1,389|
|Jeep Wrangler Rubicon 4WD 2-Dr||$1,420|
|Ford F-150 XL Crew Cab 4WD||$1,450|
|Chevrolet Impala LS||$1,470|
|Jeep Grand Cherokee Laredo 2WD||$1,500|
|Toyota Tacoma Double Cab 4WD||$1,510|
|Toyota RAV4 Limited 4WD||$1,500|
|Chevrolet Malibu Hybrid||$1,510|
|Ford Explorer Eddie Bauer 4WD||$1,531|
|Dodge Grand Caravan SXT||$1,541|
|Toyota Corolla XLE||$1,578|
|Ford Edge Limited AWD||$1,583|
|Toyota Camry SE||$1,578|
|Chevrolet Equinox LTZ AWD||$1,609|
|GMC Sierra SLT Extended Cab 4WD||$1,617|
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Data rating is based on married male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, safe-driver, and claim-free. Rates do not factor in Memphis, TN location which can impact coverage prices greatly.
Based upon the table data, you can assume that makes and models like the Honda CR-V, Hyundai Elantra, Ford Escape, Volkswagen Jetta, and Honda Odyssey are the cheapest vehicles to insure for senior citizens.
For senior citizens, one of the more important considerations that are looked at to determine the price you pay for insurance is where you choose to live. More populated areas tend to pay slightly more, whereas areas with fewer weather claims and lower vehicle theft rates tend to receive slightly lower rates.
The following table shows the most expensive areas in Tennessee for seniors to purchase a policy in. Memphis is ranked at #1 with an annual cost of $1,460 for the average insured, which is approximately $122 per month.
|Rank||City||Premium Per Year|
|Find Cheaper Rates Go|
Prices are comparative as the specific geographic location can modify premiums substantially.
Careless drivers pay higher rates
The obvious way to get affordable auto insurance rates in Memphis for senior citizens is to be an attentive driver and avoid traffic citations and accidents. The information below illustrates how violations and at-fault claims can influence insurance prices for each age group. The prices are based on a married male driver, comp and collision included, $100 deductibles, and no additional discounts are factored in.
In the chart above, the average cost of a car insurance policy in Tennessee per year with no violations or accidents is $1,893. Add in one speeding ticket and the average cost surges to $2,173, an increase of $280 each year. Now throw in one accident along with the one speeding ticket and the 12-month cost of auto insurance for seniors increases to an average of $2,977. That’s an increase of $1,083, or $90 per month, just for not driving carefully!
The chart below illustrates how your deductible choice can raise or lower insurance rates when getting quotes for cheap insurance for seniors. The costs are based on a married female driver, comp and collision included, and no other discounts are factored in.
The data above shows that a 40-year-old driver could lower their car insurance rates by $198 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $300 by using a $1,000 deductible. Young drivers, like the 20-year-old category, could drop their prices as much as $490 or more just by choosing higher deductibles when buying full coverage.
When increasing deductibles, it is a good idea to have plenty of discretionary funds to be able to pay the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.
Here’s why you should shop around
Memphis, TN auto insurance rates are based on many factors which can substantially change the price you have to pay for coverage. Improving your credit score, buying higher coverage limits, or getting a driving violation may generate price changes that can now make some companies cheaper than before. In addition to those changes, insurers file new Tennessee auto insurance rates as often as every three months in order to be able to pay unexpected claims. Higher than normal claim frequency or severity can result in more expensive premiums, while lower claim levels may produce more affordable Memphis car insurance rates.
The graph below demonstrates which company has the cheapest car insurance in Memphis, TN for a 35-year-old female driver with no accidents, a clean driving record, and a good credit rating. If we estimate prices based on her personal risk profile, Utica National offers the cheapest car insurance rates in Memphis at $1,034 per year. This is $294 less than the average rate paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, Penn National, and USAA are also on the list of the cheapest Memphis, TN auto insurance companies.
The next chart shows rates after we give the driver in the first chart a claim, bad credit, and a stop sign violation. Because each company has a proprietary formula to determine rates, getting updated rate quotes most likely will result in a different set of companies as shown below.
Erie now has the cheapest price in Memphis with Nationwide, Allied, Westfield, and GEICO completing the list. This demonstrates why Memphis drivers need to do a thorough rate comparison when trying to get the most affordable auto insurance quotes for seniors. Prices are impacted by many things and change substantially, so the cheapest option a year ago may now be quite expensive.
How to find economical car insurance for seniors
Here are many penny-pinching solutions that can help you locate cheap auto insurance.
- Do not get into accidents
- Safer vehicles generally have cheaper insurance rates
- Good credit can help you save money
- Bundle car and home insurance and save money
- If your vehicles are older, consider dropping full coverage
- Compare rates often to find the best deal
The last tip in the list is incredibly necessary, as we pointed out in the article above. Coverage rates in Memphis can be changed at any time, so drivers shouldn’t be resistant to switch to a new company if a better rate can be found. Having brand loyalty is commendable, but it’s not a great idea if that devotion results in you overpaying a wad of cash every year. It only take a few minutes to compare prices and find cheaper car insurance for seniors.
The agents shown below are a good start to provide answers to your questions and help you determine which coverage meets your needs best, since some people prefer to have a little guidance when trying to find lower insurance rates for seniors. It’s not always simple to do it yourself, so getting professional guidance from a licensed agent can give peace of mind knowing your coverage gives you adequate coverage if you have an accident or claim. To find an auto insurance agency in your neighborhood, click the button below the list or click here to compare rates now.
State Farm: Warren Hodges
5170 Sanderlin Ave #204 – Memphis, TN 38117 – (901) 767-2000
Michelle L Wilson – State Farm Insurance Agent
5384 Poplar Ave Ste 439 – Memphis, TN 38119 – (901) 590-1922
Farmers Insurance: Calvit Ratcliffe
5865 Ridgeway Center Pkwy #300 – Memphis, TN 38120 – (901) 761-6083
Farris Evans Insurance Agency Inc
1568 Union Ave – Memphis, TN 38104 – (901) 274-5424
606 S Mendenhall Rd #200 – Memphis, TN 38117 – (901) 529-2900