Finding good, low-cost car insurance is not the easiest thing to accomplish, and finding out which companies quote the cheapest insurance rates for drivers over age 70 will require even more perseverance. Every auto insurer uses slightly different criteria for setting rates, so let’s rank the most competitive insurance companies in Texas.
It’s a good idea to be aware that Texas insurance rates are based on many factors that can increase your annual premium. Simply having a birthday, moving to a new city, or getting a couple of tickets can trigger price changes that can cause some rates to be cheaper than others.
Find Cheaper Car Insurance for Age 70+
|Rank||Company||Cost Per Year|
|3||Texas Farm Bureau||$1,235|
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Travelers quotes some of the best car insurance rates in Dallas at around $1,021 each year. This is $883 less than the average premium paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and California Casualty also make the cut as some of the best Dallas, TX car insurance companies.
As shown in the rates above, if you currently have coverage with California Casualty and switched to USAA, you might achieve an annual savings of about $254. Texas drivers with Esurance could save as much as $293 a year, and Mercury customers might reduce rates by $333 a year.
These premiums are averages across all drivers and vehicles in Texas and and are not calculated with a specific location for drivers over age 70. So the company that is best for you may not even be in the list above. That’s why you need to get rate quotes using your own driver data and vehicle information.
For older drivers, one of the more important components that determine the cost of insurance is where you call home. More densely populated places tend to pay slightly more, whereas areas with less congestion tend to receive slightly lower rates.
The following table ranks the highest-priced areas in Texas for drivers over age 70 in which to buy car insurance. Dallas ranks #3 with an annual rate of $1,855 for the average insured, which is approximately $155 per month.
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Price information shown is approximated as the specific garaging location can modify premiums considerably.
Full coverage versus liability only rates
Finding cheaper insurance is the goal of most people, and an easy way to pay less for insurance for drivers over age 70 is to not pay for full coverage. The illustration below illustrates the comparison of auto insurance rates with full physical damage coverage and with liability coverage only. The premiums assume no claims or violations, $250 deductibles, drivers are single, and no discounts are taken into consideration.
As an average, physical damage coverage costs $2,000 per year over liability only. That amount may make you wonder if buying full coverage is a good investment. There is no specific rule that works best for making the decision to drop physical damage coverage, but there is a general convention. If the yearly cost for physical damage coverage is more than 10% of the vehicle’s replacement cost less your deductible, then it might be time to buy liability only.
There are some circumstances where only buying liability is not recommended. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage in order to satisfy the requirements of the loan. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should keep full coverage on your policy.
Types of discounts on Dallas auto insurance rates
Auto insurance companies that offer cheap quotes for drivers over age 70 may provide rate discounts that could reduce prices by as much as 35% if you are eligible. A few of the larger companies and a selection of discounts are outlined below.
- 21st Century includes discounts for teen driver, good student, early bird, theft prevention, and driver training.
- State Farm has savings for multiple policy, Drive Safe & Save, defensive driving training, driver’s education, passive restraint, and anti-theft.
- AAA offers premium reductions for multi-policy, pay-in-full, education and occupation, AAA membership discount, multi-car, and good student.
- Liberty Mutual may offer discounts for preferred payment discount, hybrid vehicle, new move discount, good student, new vehicle discount, newly retired, and newly married.
- Progressive offers discounts for multi-policy, multi-vehicle, online quote discount, continuous coverage, online signing, and homeowner.
The chart below illustrates the difference between insurance costs with and without discounts applied to the rates. The rates are based on a male driver, no violations or claims, Texas state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows the average annual price with no discounts. The second bar shows the rates with multiple policy, passive restraint, safe-driver, claim-free, vehicle safety, and anti-theft discounts applied. With discounts applied, the average amount saved each year on insurance for drivers over age 70 is 28% or $678.
You are probably paying too much for car insurance
Dallas, TX insurance rates are based on many factors that may substantially change the cost of a policy. Simply improving your credit, buying a home instead of renting, or getting a ticket for careless driving may prompt premium changes resulting in some rates now being more affordable than competitors.
Not only that, but companies change premium rates at least once a year in order to be able to pay unexpected claims. Larger than normal claims can cause price increases, while a profitable period can cause lower-cost Dallas car insurance rates.
For instance, the graph below shows the cheapest car insurance in Dallas, TX for a 30-year-old male driver with no accidents, a clean driving record, and a good credit history. When quoting prices based on his current risk profile, Travelers quotes the best car insurance rates in Dallas at $1,286 annually. This is $618 less than the average premium paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and California Casualty are the remaining best Dallas, TX auto insurance companies.
Now we will give the driver from the first set of rates a claim or two, slightly worse credit, and a traffic ticket or two. Because every insurance company has a proprietary method for determining rates in each state, comparing insurance quotes may now show a different list of affordable Dallas car insurance companies as shown below.
Mercury now has the cheapest price in Dallas, TX with USAA, State Farm, Nationwide, and Safe Auto also being competitive. This illustrates why consumers need to do a thorough rate comparison to find the cheapest car insurance rates for drivers over age 70.
Prices can be determined by many different factors and can decrease or increase without notice, so the best company a year ago may now be an over-priced policy.
How to find economical car insurance for drivers over age 70
The list below shows some thrifty suggestions that can help you buy cheap coverage.
- Raise your physical damage coverage deductibles
- Older vehicles may not need full coverage
- Better credit rating means better rates
- Do not get into accidents that are your fault
- Do not get traffic citations
- Safe vehicles cost less to insure
- Keep rates low by comparing prices once a year
That last tip is remarkably significant, as we pointed out in the prior article. Coverage rates can change considerably based on profitability, so don’t be afraid to change to a new company if you find a cheaper price.
Brand loyalty is great, but it’s not a good idea if that inflexibility results in costing you several hundred dollars every year. If you have a few minutes, now is a great time to compare prices to find cheaper auto insurance for drivers over age 70 in Dallas.
The agents shown below are willing to answer your questions and help you decide which coverage meets your needs best, since some drivers wish to have a consultation when shopping around for cheaper insurance for drivers over age 70. It’s not always simple to find the best policy yourself, and getting advice from a licensed Texas insurance agent can bring comfort knowing your policy gives you sufficient coverage for your assets.
To locate a Dallas car insurance agency using an interactive map, click the button at the bottom or click here to compare price quotes now.
Bankhead Insurance Agency LLC
10935 Estate Ln #380 – Dallas, TX 75238 – (214) 343-1333
John Hamman – State Farm Insurance Agent
8330 Abrams Rd #104 – Dallas, TX 75243 – (214) 341-3050
Thumann Agency, Inc
12770 Coit Rd Suite 110 – Dallas, TX 75251 – (972) 991-9100
Sheaner Insurance, LLP
2501 Abrams Rd – Dallas, TX 75214 – (214) 823-3003
Stewart Insurance Agency
437 W 12th St – Dallas, TX 75208 – (214) 948-7600