The words “bargain” and “insurance” really shouldn’t be used in the same sentence, in particular when you are trying to find the best coverage prices for drivers over age 70. Because it’s not cheap, let’s lead off by showing you some of the things the can have a considerable influence on auto insurance rates, and come up with some ways to reduce the price of the next policy you buy.
The vehicle model you are trying to insure is one of the main factors that determines whether or not you find cheaper insurance for drivers over age 70. Vehicles with higher performance characteristics, a lack of advanced safety features, or a history of substantial liability claims will cost significantly more to insure than more economical and safe models. The next list shows coverage costs for a number of the most economical automobiles to insure in Tennessee.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord LX-P 4-Dr Sedan | $1,225 |
| Ford Escape XLS 4WD | $1,233 |
| Honda CR-V LX 2WD | $1,225 |
| Volkswagen Jetta S 2.5 Station Wagon | $1,318 |
| Toyota Prius | $1,338 |
| Ford Explorer XLT 4WD | $1,377 |
| Jeep Wrangler Sahara 4WD 2-Dr | $1,385 |
| Ford F-150 STX Regular Cab 4WD | $1,377 |
| Toyota Tacoma 2WD | $1,434 |
| Chevrolet Impala LS | $1,442 |
| Ford Focus SE 4-Dr Sedan | $1,434 |
| Toyota RAV4 Limited 4WD | $1,452 |
| Dodge Grand Caravan SXT | $1,473 |
| Honda Odyssey EX-L W/Rear Entertainment | $1,529 |
| Toyota Corolla S | $1,539 |
| Hyundai Elantra GLS 4-Dr Sedan | $1,529 |
| Ford Edge Limited AWD | $1,535 |
| Chevrolet Malibu LTZ | $1,550 |
| Chevrolet Silverado LS Crew Cab 4WD | $1,557 |
| Chevrolet Silverado 2500HD LTZ Crew Cab 4WD | $1,550 |
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Prices based on single male driver age 70, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include safe-driver, claim-free, multi-policy, homeowner, and multi-vehicle. Rate information does not factor in specific zip code location which can raise or lower coverage prices significantly.
Looking at the data, vehicles like the Honda Accord, Ford Escape, Honda CR-V, and Volkswagen Jetta will definitely be a few of the most economical vehicles to insure for older drivers. Prices will be higher anyway just due to the fact that there is more liability risk for drivers over age 70, but in general those makes and models will have the best rates compared to other vehicles.
Finding out which companies offer the most affordable insurance rates for drivers over age 70 will involve a bit more effort in order to find the most economical policy.
Each auto insurer uses their own method to determine premium rates, so we will examine the insurance companies that tend to be cheaper in Tennessee. It’s important that readers know that Nashville, TN insurance rates are influenced by many factors that will increase or decrease the price of coverage. Simply having another birthday, moving across town, or having an at-fault accident can produce rate changes that may make certain companies affordable when they were higher priced.
Compare Cheap Insurance Quotes for Age 70+
Utica National may offer some of the best car insurance rates in Nashville at around $767 a year. Auto-Owners, Cincinnati Insurance, Tennessee Farmers, and Penn National also rank well as some of the more affordable Nashville, TN car insurance companies.
As shown above, if you currently have coverage with Tennessee Farmers and switched to Auto-Owners, you might achieve annual savings of upwards of $97. Insureds with Penn National might save as much as $99 a year, and USAA customers might reduce rates by $111 a year.
To compare your rates to other Tennessee insurance companies, click here to start a quote or quote rates from the companies below.
Remember that these policy prices are averages across all types of drivers and the different vehicles they drive and and are not calculated with an exact zip code location for drivers over age 70. So the insurer that is most affordable for your situation may not even be in the list above. That underscores the importance of why you need to get rate quotes from many companies using your own driver and vehicle profiles.
One of the more important factors that are looked at to help calculate the cost of insurance is where you live. Cities with more crime and/or more people tend to have higher rates, whereas areas with less congestion benefit from lower prices.
The information below shows the most expensive cities in Tennessee for drivers over age 70 to buy car insurance in. Nashville is ranked at #10 with an annual cost of $1,177 for the average policyholder, which is around $98 monthly.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Memphis | $1,460 |
| 2 | Bartlett | $1,377 |
| 3 | Germantown | $1,360 |
| 4 | Collierville | $1,323 |
| 5 | Jackson | $1,253 |
| 6 | Oak Ridge | $1,247 |
| 7 | Knoxville | $1,218 |
| 8 | Columbia | $1,190 |
| 9 | Smyrna | $1,183 |
| 10 | Nashville | $1,177 |
| 11 | Maryville | $1,172 |
| 12 | Hendersonville | $1,170 |
| 13 | Clarksville | $1,170 |
| 14 | Franklin | $1,164 |
| 15 | La Vergne | $1,162 |
| 16 | Chattanooga | $1,161 |
| 17 | Morristown | $1,159 |
| 18 | Spring Hill | $1,157 |
| 19 | Murfreesboro | $1,148 |
| 20 | Cookeville | $1,136 |
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Rate information is approximated as the specific Nashville residence address can alter auto insurance rates greatly.
Full coverage rates compared to liability only
Finding the cheapest insurance is the goal of the majority of people, and one of the best ways to pay lower rates for insurance for drivers over age 70 is to buy liability only. The illustration below compares car insurance costs with liability coverage only compared to full coverage. The premiums are based on no violations or accidents, $100 deductibles, drivers are not married, and no discounts are applied.
Averaged out for all age groups, physical damage coverage costs $1,659 per year more than buying just liability insurance. That is a large expense which might make you wonder when is the right time to remove full coverage. There is no exact formula for dropping full coverage on your policy, but there is a general school of thought. If the annual cost of coverage is 10% or more of the settlement you would receive from your company, then you might want to consider buying only liability coverage.
For example, let’s assume your vehicle’s settlement value is $4,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most your company will settle for is $3,000 after the policy deductible has been paid. If premium cost is more than $300 annually for full coverage, then you may want to consider only buying liability coverage.
Finding a highly-rated insurance provider is difficult considering how many companies provide coverage in Tennessee. The information displayed below can help you choose which auto insurers to look at comparing rates from.
These rankings are for insurance companies that insure vehicles in the majority of U.S. states, so companies that have a smaller presence will not be included in these rankings. To view rates and find the cheapest rates for drivers over age 70, click this link.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| Travelers | 93 | 98 | 99 | 88% | A++ | 95.1 |
| USAA | 83 | 99 | 100 | 91% | A++ | 94.1 |
| AAA Insurance | 91 | 95 | 92 | 90% | A | 93.3 |
| Nationwide | 85 | 95 | 97 | 89% | A+ | 92.4 |
| Allstate | 77 | 100 | 97 | 88% | A+ | 90.7 |
| State Farm | 80 | 94 | 96 | 88% | A++ | 90.6 |
| The Hartford | 88 | 93 | 91 | 87% | A+ | 90.4 |
| Safeco Insurance | 91 | 95 | 85 | 88% | A | 90.2 |
| Progressive | 88 | 94 | 83 | 88% | A+ | 90.1 |
| American Family | 91 | 86 | 95 | 83% | A | 89.7 |
| Esurance | 86 | 90 | 94 | 90% | A+ | 89.5 |
| The General | 86 | 93 | 89 | 84% | A- | 88.2 |
| GEICO | 79 | 89 | 95 | 87% | A++ | 87.8 |
| Titan Insurance | 86 | 82 | 92 | 86% | A+ | 86.5 |
| 21st Century | 86 | 82 | 90 | 84% | A | 86.4 |
| Liberty Mutual | 79 | 87 | 95 | 78% | A | 85.3 |
| Erie Insurance | 87 | 84 | 85 | 85% | A+ | 85.3 |
| Farmers Insurance | 77 | 80 | 80 | 84% | A | 80.3 |
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Data Source: Insure.com Best Car Insurance Companies
The example below illustrates how choosing a deductible can change insurance prices when trying to find cheap insurance for drivers over age 70. Data assumes a single female driver, comprehensive and collision coverage, and no additional discounts are factored in.
A 40-year-old driver could lower their policy premium by $230 a year by increasing from a $100 deductible up to a $500 deductible, or save $346 by switching to a $1,000 deductible. Younger drivers, such as the Age 20 example, can save as much as $580 or more just by using higher deductibles.
When raising deductibles, it is essential to have additional funds squirreled away to allow you to pay the extra out-of-pocket expense, which is the one shortcoming of high deductibles.
How to find more affordable auto insurance for drivers over age 70
The list below summarizes some thrifty ideas that can help Nashville drivers get low-cost coverage.
- Remain accident-free and save
- Drive a car with a high safety rating
- Don’t have frequent claims
- Buy your auto and home insurance from the same company and save
- Be a safe driver
- Don’t waste money on full coverage for older vehicles
- Compare quotes from other companies often
That final tip is especially valuable, as was affirmed in this piece. Coverage rates in Nashville can be modified anytime, so don’t be afraid to switch to a new company if a lower-cost policy is available. Being loyal to a particular company is commendable, but it’s not recommended if that devotion results in you overpaying a lot of money every month. It only take a few minutes to shop around to find cheaper auto insurance for drivers over age 70.