Turning 50 is a major milestone in your life, and it can impact how much you pay for your car insurance. There are other factors that will impact how much you pay, such as where you live, what kind of car you drive and your credit score. It is important to explore your options and consider what each insurance provider can offer you, because 50-year-old insurance can vary from 20-year-old or 30-year-old car insurance. Before you buy, you should know the answer to one crucial question: how much is car insurance for a 50-year-old?
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Older woman in her 50s in front of a laptop looking at her finances.
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How much is car insurance for a 50-year-old
The average cost of car insurance depends on the type of coverage that 50-year-old drivers purchase. If you opt for minimum coverage, the average policy costs just $503 per year. A full coverage policy averages about $1,451 per year. If you elect to purchase additional coverage, you could pay more for your total annual premium.
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Best car insurance companies for 50 year olds
| Car insurance company | Average annual premium for minimum coverage for 50-year-olds |
J.D. Power customer satisfaction score (scores reflect highest regional scoring) |
|---|---|---|
| Allstate | $1,597 | 851/1000 (Florida) |
| Auto Owners | $797 | 868/1000 (Central) |
| State Farm | $1,391 | 855/1000 (Mid-Atlantic) |
Allstate
Allstate is one of the largest insurance providers, which means it has a strong reputation and a good track record of paying out claims. Allstate offers helpful add-on coverages like accident forgiveness, roadside assistance and personal injury protection. You can also get insurance for specific needs such as sound system insurance and rideshare coverage. The provider offers the standard discounts you would expect from a car insurance company, and its Milewise program is great for drivers who only want to pay for the miles they’re driving if they have low milage usage.
Auto Owners
With Auto-Owners, options for coverage include gap insurance, road trouble service, new car replacement and rental car coverage. There is also specialty insurance for classic cars and even coverage for modified vehicles. Auto-Owners also offers excellent discounts with highly-rated customer satisfaction to match. It is a company that takes care of its customers with unique, beneficial features like its Collision Coverage Advantage, which waives the collision deductible when your accident is with another vehicle insured by Auto-Owners.
State Farm
State Farm offers lots of options for bundling with your auto insurance, including home, renters, life and speciality vehicle coverages like RV and motorcycle insurance. The provider offers features like emergency roadside assistance and rideshare coverage. State Farm offers two discount programs to encourage safe driving: Steer Clear for young drivers to learn good driving habits and Drive Safe and Save that monitors driving habits to reward good behavior. Other discounts can help drivers further reduce their premiums.
Cheapest car insurance for 50 year old drivers
With so many auto insurance providers to choose from, cost is an important factor to help you find the right provider.
| Car insurance company | Average annual premium for minimum coverage for 50-year-olds |
|---|---|
| USAA | $713 |
| Erie Insurance | $751 |
| Auto Owners | $797 |
USAA offers the cheapest car insurance for 50-year-old drivers, charging $713 per year for the average minimum coverage policy. Erie Insurance also offers affordable coverage, with the average 50-year-old’s policy costing $751 per year. Auto-Owners is close behind, charging $797 each year for the average policy.
How 50 year olds can save on car insurance
There are plenty of ways to lower your insurance premium if you are not satisfied with the price you initially receive.
- Increase your deductible: Your deductible is the amount you pay out of pocket if you are in an at-fault accident. Increasing your deductible lowers your premium but be sure you can afford the deductible level you choose.
- Take advantage of discounts: Car insurance providers often offer several ways to save money on your car insurance premium, including discounts like safe driver, paid-in-full, military and vehicle safety discounts.
- Bundle multiple policies: Drivers can save money when they bundle their car insurance with other policies, like home insurance, life insurance or an umbrella policy.
- Insure multiple vehicles: If you own more than one vehicle, you may be able to save extra money by using the same insurance provider to receive bundle discounts.
Frequently asked questions
What is the best car insurance company?
The best car insurance company for each driver will vary based on their needs. This is why it is important to get multiple quotes to compare the coverages and premiums that each company can offer you.
What impacts the cost of car insurance of 50-year-olds?
The cost of car insurance for 50 years olds depends on a few factors. Where you live, the kind of car that you drive and the coverage you choose will all impact your insurance premium. Car insurance providers will also consider things like your credit score, payment history and claims history to assess your risk as a policyholder before giving you a quote.
How can I save money on my car insurance?
Shopping around and comparing multiple car insurance providers is always one of the best ways to save money on car insurance. Before you choose a provider, be sure to inquire about any discounts that can earn you extra savings. You can also save money on your policy by maintaining a claims-free history with no late payments.
Methodology
Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 21-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverages that meet each state’s requirements. Our sample drivers own a 2018 Honda Accord, commute five days a week and drive 12,000 miles annually.
These are sample rates and should be used for comparative purposes only. Your quotes may be different.