The words “affordable” and “insurance” really should not be used together, specifically when you are searching for the cheapest coverage for seniors. Because of the high cost, let’s learn about some situations that have an impact on auto insurance rates, and figure out some ways to shave a little off your next policy.
The vehicle model you are trying to insure is probably the largest consideration that determines if you can find the most economical coverage for seniors. Vehicles with higher performance characteristics, a lack of modern safety features, or a high likelihood of having liability claims will cost much more to insure than more economical and safe models.
The list below estimates car insurance rates for the most economical vehicles to buy coverage for.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord EX 4-Dr Sedan | $800 |
| Honda CR-V LX 2WD | $806 |
| Ford Escape Limited 2WD | $821 |
| Jeep Wrangler Sport 4WD 2-Dr | $830 |
| Toyota Prius | $891 |
| Volkswagen Jetta SE 2.5 Station Wagon | $938 |
| Chevrolet Impala LT | $950 |
| Chevrolet Malibu Hybrid | $960 |
| Toyota RAV4 Limited 4WD | $950 |
| Toyota Tacoma Double Cab 4WD | $955 |
| Ford Explorer Eddie Bauer AWD | $970 |
| Dodge Grand Caravan SXT | $980 |
| Honda Civic LX-S 4-Dr Sedan | $977 |
| Toyota Camry SE | $997 |
| Ford Edge Sport 2WD | $1,006 |
| Toyota Corolla S | $997 |
| Hyundai Elantra GLS 4-Dr Sedan | $1,003 |
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Data assumes married female 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, claim-free, homeowner, and safe-driver. Rate information does not factor in specific Greensboro, NC garaging location which can modify price quotes significantly.
Looking at the data, you can presume that vehicles like the Honda Accord, Honda CR-V, and Ford Escape should be some of the most economical vehicles to insure for senior citizens.
For senior citizens, one of the largest components that are used to help calculate the cost of insurance is the neighborhood you call home in Greensboro. Areas with increased crime or more people tend to have more expensive auto insurance rates, whereas areas with less people or fewer weather incidents tend to receive slightly lower rates.
The table below ranks the most expensive cities in North Carolina for seniors to buy car insurance in. Greensboro shows up at #6 with the yearly price of $779 for the average insured, which is around $65 each month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Fayetteville | $923 |
| 2 | Jacksonville | $873 |
| 3 | Charlotte | $832 |
| 4 | Gastonia | $811 |
| 5 | Wilmington | $788 |
| 6 | Greensboro | $779 |
| 7 | Raleigh | $767 |
| 8 | Durham | $765 |
| 9 | Cary | $765 |
| 10 | Huntersville | $764 |
| 11 | Indian Trail | $753 |
| 12 | Greenville | $752 |
| 13 | Rocky Mount | $748 |
| 14 | Wilson | $746 |
| 15 | High Point | $745 |
| 16 | Apex | $739 |
| 17 | Goldsboro | $735 |
| 18 | Hickory | $718 |
| 19 | Chapel Hill | $703 |
| 20 | Winston Salem | $695 |
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Rate information is comparative as the garaging address in Greensboro can alter coverage rates noticeably.
Should you buy full coverage?
Reducing premiums for auto insurance is important to most people, and one easy way to pay lower rates for insurance for seniors is to not insure for full coverage. The chart below visualizes the comparison of car insurance costs when comparing full coverage to liability only. The premiums assume no claims, a clean driving record, $100 deductibles, single marital status, and no policy discounts are applied.
As an overall average, full coverage costs $1,918 per year over and above liability coverage. Many drivers will wonder if buying full coverage is worth the expense. There is no clear-cut formula to drop full coverage on your policy, but there is a 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 could be time to drop full coverage.
Types of discounts on Greensboro insurance
Auto insurance companies that provide coverage for seniors could also offer rate discounts that could potentially reduce rates by as much as 35% if you meet certain criteria. The best auto insurance companies and a summarized list of policyholder discounts are outlined below.
- State Farm may include discounts for multiple autos, accident-free, student away at school, good student, and defensive driving training.
- Progressive may offer discounts for online signing, multi-vehicle, multi-policy, continuous coverage, online quote discount, and homeowner.
- Travelers offers discounts for driver training, student away at school, new car, early quote, IntelliDrive, home ownership, and good student.
- American Family may have discounts that include early bird, TimeAway discount, Steer into Savings, defensive driver, accident-free, and good student.
- Liberty Mutual offers discounts including newly married, preferred payment discount, teen driver discount, multi-car, and new graduate.
The chart below illustrates the comparison of insurance costs with and without policy discounts. The price estimates are based on a male driver, no claims or driving violations, North Carolina state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows the average rate with no discounts. The second bar shows the rates with defensive driving course, marriage, anti-theft, accident-free, safe-driver, and multiple vehicle discounts applied. When drivers take advantage of discounts, theaverage yearly reduction on auto insurance for seniors is 30% or $314.
Who has the cheapest Greensboro car insurance?
Greensboro, NC auto insurance rates are impacted by many factors that may substantially change the price of your policy. Simply having a birthday, filing a claim, or getting a ticket for careless driving can trigger changes in premium that can cause some rates to be more affordable than others. In addition, insurance companies change the rates they charge in North Carolina as often as every three months in order to remain profitable. An unexpected high level of claims may cause more expensive premiums, while a better claims history may produce cheaper Greensboro car insurance rates.
To illustrate this example, the data below shows a variety of companies that have the cheapest car insurance in Greensboro, NC for a 40-year-old male driver with a clean driving record, no accidents, and great credit. When quoting prices based on his personal risk profile, Utica National may have the best car insurance rates in Greensboro at $743 each year. This is $129 less than the average policy premium paid by North Carolina drivers of $872. Progressive, Liberty Mutual, NC Farm Bureau, and Penn National also make the list of the best Greensboro, NC auto insurance companies.
Now we will give the driver from the first example a chargeable accident, a little lower credit rating, and a stop sign violation. Since each auto insurance company has their own unique process to set their prices, analyzing rates could result in a different list of the cheapest Greensboro car insurance companies as shown below.
Titan now has the lowest car insurance rate in Greensboro with State Farm, Auto-Owners, Erie, and National General also having competitive pricing. This example shows why consumers need to shop around with many companies when trying to find affordable insurance quotes for seniors.
Auto insurance prices consist of many different factors and change substantially, so the cheapest company the last time you shopped your coverage around may now be priced much higher than other options.