Trying to find low-cost insurance is not always easy, and determining which company quotes the cheapest insurance rates for drivers over age 60 may require a bit more work. Each auto insurance company has a unique approach for setting rates, so to begin we’ll rank the insurance companies that tend to have lower prices in Texas.
It’s important to know that Dallas, TX insurance rates are calculated based on many things that may substantially change the price you have to pay. Getting older, buying another vehicle, or getting a driving violation can cause premium changes that can make some companies way too expensive in comparison to the competition.
Find Cheaper Car Insurance for Age 60+
Travelers normally has some of the most affordable car insurance rates in Dallas at around $1,021 per year. USAA, Texas Farm Bureau, Germania Mutual, and Esurance also qualify as some of the lowest-priced Dallas, TX car insurance companies.
As shown in the rates above, if you currently buy coverage from Texas Farm Bureau and switched to Travelers, you could realize an annual savings of about $190. Policyholders with Germania Mutual could save as much as $223 a year, and Esurance customers might reduce prices by as much as $344 a year.
Bear in mind that those estimates are averaged for all drivers and vehicles and and are not figured with a specific zip code for drivers over age 60. So the auto insurance company that has the lowest price for you may not even be in the top 23 companies in the list above. That emphasizes why you need to compare as many prices as possible using your own specific driver and vehicle information.
One of the many considerations that are looked at to help calculate the cost of insurance is where your residence is in Dallas. More densely populated places tend to have more expensive auto insurance rates, whereas areas with less people or fewer weather incidents benefit from lower coverage costs.
The table below shows the priciest cities in Texas for drivers over age 60 to buy an auto insurance policy in. Dallas is listed at #3 with an annual cost of $1,893 on average, which is approximately $158 per month.
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Information shown are approximated as specific Dallas zip code can revise prices significantly.
The illustration below highlights how deductible choice can raise or lower insurance costs when quoting cheap insurance for drivers over age 60. The premiums assume a married male driver, full physical damage coverage, and no policy discounts are applied.
In the chart above, a 30-year-old driver could save $410 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $620 by changing to a $1,000 deductible. Youthful drivers, such as the 20-year-old chart data, could lower their rates up to $1,240 or more by choosing a larger deductible amount.
When increasing deductibles, it will now be necessary to have emergency funds available to enable you to cover the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
Violations and accidents raise rates
In a perfect world, the best way to maintain low insurance prices in Dallas for older drivers is to be a careful driver and avoid at-fault accidents and violations. The chart below highlights how speeding tickets and at-fault collisions raise auto insurance costs for each different age category. The prices are based on a single female driver, full coverage, $500 deductibles, and no other discounts are factored in.
In the previous chart, the average cost of auto insurance per year with no violations or accidents is $1,867. Add in two speeding tickets and the average cost jumps to $2,504, an increase of $637 each year. Then throw in two accidents along with the two speeding tickets and the yearly cost of insurance for drivers over age 60 jumps again to an average of $4,879. That’s an increase of $3,012, or $251 per month, just for not driving carefully!
Get discounts on Dallas car insurance
Insurance companies that provide policies for drivers over age 60 may also provide discounts that could lower prices by 35% or more if you are eligible. Larger insurance companies and some of the premium reductions they offer are detailed below.
- State Farm has savings for anti-theft, Drive Safe & Save, good student, good driver, Steer Clear safe driver discount, multiple policy, and accident-free.
- American Family includes discounts for multi-vehicle, defensive driver, bundled insurance, accident-free, and early bird.
- GEICO may have discounts that include driver training, military active duty, multi-vehicle, federal employee, seat belt use, and five-year accident-free.
- 21st Century may include discounts for good student, driver training, air bags, 55 and older, defensive driver, and automatic seat belts.
- Progressive has discounts for online quote discount, good student, continuous coverage, homeowner, multi-policy, and multi-vehicle.
The diagram below compares yearly insurance costs with and without discounts applied to the policy premium. The premiums are based on a male driver, no claims or driving citations, Texas state minimum liability limits, full coverage, and $250 deductibles.
The first bar for each age group shows premium with no discounts. The second shows the rates with passive restraint, marriage, safe-driver, accident-free, multiple policy, and homeowner discounts applied. When discounts are factored in, the average amount saved each year on insurance for drivers over age 60 is 30% or $811.