You have surely seen all the captivating ads from companies like The General, Farmers, and Nationwide that make claims of the cheapest price. So you just need to select the one with the best jingle, right?
It’s not quite that easy, unfortunately, as there are a whole slew of unknown elements such as whether you want full coverage, the number of miles you drive in a year, and the area where you live, that all influence how much you pay for auto insurance. This article will discuss the things that influence insurance rates and will hopefully give the reader a jump start in finding the best auto insurance.
Buying cost effective car insurance is easier said than done, and deciding which company quotes the cheapest insurance rates for seniors may require even more rate comparisons. Every insurance company has a unique formula for setting prices, so let’s begin by taking a look at the insurance companies that tend to be cheaper in North Carolina.
We do need to point out that Durham insurance rates are impacted by many things that can increase the price you pay. This price variation is why North Carolina drivers need to compare lots of rates to get the most affordable car insurance rates for seniors. Rates consist of many factors and change dramatically, so the lowest-price company three years ago may now cost much more than other companies.
Best Car Insurance Prices for Mature Drivers
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $636 |
| 2 | Progressive | $651 |
| 3 | NC Farm Bureau | $716 |
| 4 | Liberty Mutual | $721 |
| 5 | Titan | $737 |
| 6 | GEICO | $742 |
| 7 | Penn National | $747 |
| 8 | State Farm | $779 |
| 9 | Auto-Owners | $870 |
| 10 | Allied | $901 |
| 11 | Travelers | $909 |
| 12 | National General | $917 |
| 13 | Erie | $922 |
| 14 | Peerless | $1,002 |
| 15 | Unitrin | $1,002 |
| 16 | Nationwide | $1,011 |
| 17 | MetLife | $1,018 |
| 18 | Safeco | $1,034 |
| 19 | Encompass | $1,041 |
| 20 | Allstate | $1,054 |
| View More Rates Go | ||
Utica National quotes some of the cheapest car insurance rates in Durham at around $636 each year. Progressive, NC Farm Bureau, Liberty Mutual, and Titan are also some of the cheapest Durham, NC auto insurance companies.
As shown in the table above, if you have coverage with NC Farm Bureau and switched to Utica National, you might see annual savings of about $80. Policyholders with Liberty Mutual might save as much as $85 a year, and Titan customers might lower prices by $101 a year.
These prices are averages across all types of insureds and vehicles and are not factoring in a vehicle location for seniors. So the insurer that can offer you the best price may not even be in the top 20 companies in the list above. That emphasizes why you need to get rate quotes from many companies using your own driver information and specific vehicle type.
For senior citizens, one of the largest things that are looked at to help calculate the amount you pay for auto insurance is your zip code. Areas with more people or even just a higher incidence of claims are more likely to have higher rates, whereas areas with lower crime rates and fewer weather claims tend to receive slightly lower rates.
The illustration below shows the most expensive places in North Carolina for seniors in which to purchase auto insurance. Durham is ranked #7 costing $765 for the average insured, which is approximately $64 per month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Fayetteville | $896 |
| 2 | Jacksonville | $864 |
| 3 | Charlotte | $816 |
| 4 | Gastonia | $811 |
| 5 | Wilmington | $788 |
| 6 | Greensboro | $779 |
| 7 | Durham | $765 |
| 8 | Raleigh | $760 |
| 9 | Wilson | $754 |
| 10 | Indian Trail | $753 |
| 11 | Rocky Mount | $748 |
| 12 | Cary | $742 |
| 13 | Greenville | $738 |
| 14 | Goldsboro | $735 |
| 15 | Huntersville | $734 |
| 16 | Apex | $725 |
| 17 | High Point | $723 |
| 18 | Hickory | $711 |
| 19 | Chapel Hill | $703 |
| 20 | Kannapolis | $697 |
| 21 | Winston Salem | $695 |
| 22 | Salisbury | $684 |
| 23 | Burlington | $671 |
| 24 | Concord | $669 |
| 25 | Asheville | $667 |
| Find Cheaper Rates Go | ||
Rate quotes are approximated as the specific garaging location can lower or raise rates significantly.
The vehicle model you are trying to insure is one of the biggest factors that determines whether or not you find cheaper coverage for seniors. Vehicles with economical engines, good crash test ratings, or a track record of few liability claims will cost significantly less to insure than fast, unsafe models.
The table below estimates insurance rates for a number of the cheapest automobiles to insure.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX-L 2WD | $917 |
| Ford Escape XLT 4WD | $924 |
| Toyota Prius | $994 |
| Dodge Grand Caravan CV | $1,004 |
| Ford Explorer XLT AWD | $1,012 |
| Chevrolet Malibu Hybrid | $1,060 |
| Jeep Grand Cherokee Laredo 2WD | $1,070 |
| Toyota RAV4 2WD | $1,060 |
| Volkswagen Jetta LE 4-Dr Sedan | $1,069 |
| Toyota Camry LE | $1,060 |
| Ford F-150 Lariat Super Cab 2WD | $1,081 |
| Toyota Tacoma Double Cab TRD Off-Road Package 4WD | $1,089 |
| Honda Civic VP 4-Dr Sedan | $1,095 |
| Compare Cheap Rates Go | |
Data assumes married male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, claim-free, and safe-driver. Information does not factor in your specific Durham, NC location which can increase or decrease auto insurance rates greatly.
Based upon the rates shown, we can presume that cars like the Honda CR-V, Ford Escape, Toyota Prius, Dodge Grand Caravan, and Ford Explorer are most likely going to be a few of the cheapest vehicles to insure for senior citizens.
Discounts on Durham auto insurance
Insurers that provide coverage for seniors may also provide special discounts that can reduce rates by as much as 25% or more if you meet specific criteria. Companies and a partial list of their discounts can be found below.
- GEICO offers premium reductions for seat belt use, multi-vehicle, multi-policy, anti-lock brakes, and daytime running lights.
- Mercury Insurance includes discounts for location of vehicle, good student, low natural disaster claims, type of vehicle, good driver, professional/association, and accident-free.
- Farmers Insurance discounts include alternative fuel, business and professional, teen driver, homeowner, youthful driver, early shopping, and bundle discounts.
- Auto-Owners Insurance may have discounts that include student away at school, anti-theft, multi-policy, anti-lock brakes, air bags, paid in full, and paperless.
- Liberty Mutual may offer discounts for exclusive group savings, new graduate, good student, safety features, hybrid vehicle, and newly married.
- SAFECO has savings for accident prevention training, homeowner, anti-lock brakes, safe driver, and multi-car.
- Progressive offers discounts including continuous coverage, online quote discount, online signing, good student, multi-vehicle, homeowner, and multi-policy.
- USAA has discounts for annual mileage, family discount, vehicle storage, loyalty savings, and multi-vehicle.
The information below illustrates the comparison of yearly insurance costs with and without some available policy discounts. The premiums are based on a female driver, no violations or claims, North Carolina state minimum liability limits, comprehensive and collision coverage, and $250 deductibles.
The first bar for each age group shows the average rate with no discounts. The lower bar shows the rates with marriage, claim-free, vehicle safety, anti-theft, multiple vehicle, and defensive driving course discounts applied. When drivers qualify for the discounts, theaverage yearly reduction on insurance for seniors is 29% or $362.
The example below shows how choosing a deductible can change premium costs when getting quotes for cheap insurance for seniors. The information is based on a single female driver, comprehensive and collision coverage, and no discounts are factored in.
As shown above, a 40-year-old driver could save $196 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $298 by changing to a $1,000 deductible. Even younger insureds, like the 20-year-old category, could save as much as $502 or more just by choosing higher deductibles. If you do make the decision to raise your deductibles, it will be necessary to have additional funds in a savings account to enable you to cover the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.
Responsible drivers pay cheaper Durham insurance rates
The ideal way to score cheap insurance prices for senior citizens is to be a careful driver and have a clean driving record. The chart below highlights how traffic violations and at-fault fender-benders can raise insurance rates for different age groups. The premiums are based on a married male driver, full coverage, $1,000 deductibles, and no discounts are applied.
The data in the chart shows the average cost of auto insurance in Durham per year with a clean driving record and no accidents is $1,189. Factor in one speeding ticket and the average cost hikes up to $1,369, an increase of $180 each year. Then include two accidents along with the one speeding ticket and the yearly cost of insurance for seniors increases to an average of $3,069. That’s an increase of $1,879, or $157 per month, just for not driving responsibly!