Cheapest Auto Insurance for Drivers Over Age 50 in Arkansas

When we talk about car insurance, the word cheap should not appear anywhere in the article. Be that as it may, cheap car insurance for drivers over age 50 can seem impossible to find. But don’t let us ruin your dream, because we will show you how you can still find and buy insurance that is affordable.

Comparing rates for cost effective insurance is not most people’s favorite thing to do, and determining which company offers the cheapest car insurance rates for drivers over age 50 involves even more diligence. Coverage rates could be moderately less expensive than the average policy in Arkansas attributed to the reduced risk that goes along with selling insurance for older drivers. Affordable coverage should be obtainable from many preferred companies.
Every insurance provider has their own process for setting prices, so we’ll take a look at the most budget-friendly car insurance companies in Arkansas.

It’s important to understand that Arkansas car insurance rates are impacted by many factors which can significantly increase or decrease the cost of a policy. Simply improving your credit, getting married, or getting a ticket for running a stop sign may generate price changes that can now make some companies cheaper than before.

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USAA may offer some of the cheapest car insurance rates in Arkansas at around $1,011 per year. Auto Club, Travelers, Southern Farm Bureau, and State Farm are also some of the lowest-priced Arkansas insurance companies.

In the above rates, if you have coverage with Southern Farm Bureau and switched to USAA, you could see a yearly price reduction of in the neighborhood of $178. Drivers with State Farm could save as much as $250 a year, and Safeco insureds might realize rate reductions of up to $254 a year.

Bear in mind that those policy rates are averaged across all types of insureds and vehicles and do not take into consideration a price discount for drivers over age 50. So the auto insurance company that can offer you the lowest price may not even be featured in the list above. That affirms the importance of why you need to compare rates from multiple companies using your own personalized driver profile and vehicle information.

For older drivers, one of the big factors that determine the cost of insurance is where you keep your vehicle in Arkansas. Cities with larger populations or higher claim trends like Little Rock, El Dorado, and Benton are more likely to have higher rates, whereas areas with less congestion generally pay less for car insurance.

The next table rates the highest-priced areas in Arkansas for drivers over age 50 to purchase a policy in.

Rate information is comparative as the specific garaging location can affect premium rates considerably.

The type of vehicle that is being insured is one of the biggest factors when comparing the cheapest auto insurance for drivers over age 50 in Arkansas. Vehicles with higher performance characteristics, poor safety ratings, or a track record of large liability claims will cost quite a bit more to insure than more modest models.

The information below showcases auto insurance rates for the more afforable automobiles to insure in Arkansas.

Data based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Arkansas minimum liability limits. Discounts applied include multi-policy, safe-driver, claim-free, homeowner, and multi-vehicle. Information does not factor in specific garaging location which can revise insurance rates significantly.

By looking at the data, we can tell that models like the Hyundai Elantra, Honda Accord, Ford Escape, and Honda CR-V will definitely be the most economical vehicles to insure for older drivers.

The information below demonstrates how choosing different deductibles can impact annual premium costs when quoting cheap insurance for drivers over age 50. The costs are based on a married male driver, full physical damage coverage, and no discounts are applied to the premium.

As shown above, a 50-year-old driver could cut expenses by $238 a year by increasing from a $100 deductible to a $500 deductible, or save $358 by choosing a $1,000 deductible. Youthful drivers, like the age 20 example, could roll back prices as much as $788 or more by using a higher deductible.

When raising deductibles, it’s a good idea to have enough savings set aside to offset the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.

Full coverage rates vs. liability-only in Arkansas

Finding the cheapest auto insurance for drivers over age 50 in Arkansas is the goal of the majority of people, and one way to pay lower rates for insurance is to not buy comprehensive and collision coverage. The chart below visualizes the comparison of insurance prices with full physical damage coverage compared to only buying liability only. The premiums assume no violations or claims, $100 deductibles, single marital status, and no discounts are applied to the premium.

If we average all the age groups together, full coverage on your policy costs an extra $1,945 per year over liability only. That is a large expense which might make you wonder if you should buy full coverage at all. There is no set rule to eliminate physical damage coverage on your policy, but there is a guideline you can use. If the annual cost of having full coverage is 10% or more of the replacement cost minus the deductible, then you may need to consider dropping full coverage.

For example, let’s say your vehicle’s replacement value is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most you would receive is $6,000 after paying your policy deductible. If you are paying over $600 a year for your policy with full coverage, then it could be time to drop full coverage.

There are some situations where eliminating full coverage is not financially feasible. If you still owe a portion of the original loan, you have to maintain full coverage as part of the loan conditions. Also, if you don’t have enough money to buy a different vehicle in the even your car is totaled, you should not opt for liability only.

Which major car insurance company is best?

When shopping for auto insurance for older drivers in Arkansas, the first places to look would be Allstate, Geico, State Farm, and Progressive. The next table points out some of the different options .