Best Cheap Auto Insurance for Drivers Over Age 70 in Wisconsin

The words “affordable” and “insurance” really shouldn’t be used in the same sentence, in particular when you are shopping around for the best car insurance rates for drivers over age 70. Because it’s so expensive, let’s start off by going over some things that influence insurance premiums, and find a way to cut the cost of your next policy.

The type of vehicle requiring insurance is a large factor when shopping around for the lowest-priced coverage for drivers over age 70. Vehicles with limited top-end speed, an excellent safety record, or a positive history of liability claims will cost substantially less to insure than higher performance models. The information below features coverage prices for a number of the cheapest automobiles to insure.

Data assumes single male driver age 70, no speeding tickets, no at-fault accidents, $500 deductibles, and Wisconsin minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-policy, and multi-vehicle. Price estimates do not factor in specific location which can affect premium rates considerably.

Looking at the rates, we can assume that vehicles like the Honda CR-V, Honda Accord, and Ford Escape are most likely to be a few of the less-costly vehicles to insure for older drivers. The price of auto insurance will tend to be higher because of the fact that there is more liability risk for drivers over age 70, but generally speaking those specific models will probably have the lowest insurance prices that you are likely to find.

Figuring out which companies have the best car insurance rates for drivers over age 70 may require a little more work in order to find the lowest price quote. Each company uses their own method to set their prices, so to begin we’ll rank the lowest cost car insurance companies in Wisconsin.

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USAA may offer some of the most affordable car insurance rates in Wisconsin at around $604 per year. Partners Mutual, Erie, Nationwide, and Rockford Mutual also qualify as some of the cheapest Wisconsin auto insurance companies.

As shown above, if you currently have a policy with Nationwide and switched to Partners Mutual, you could see a yearly savings of roughly $126. Customers with Rockford Mutual could save as much as $128 a year, and Integrity Mutual customers might reduce rates by $136 a year.

Be aware that those premiums are averaged for all drivers and vehicles in Wisconsin and are not factoring in a rate increase for drivers over age 70. So the auto insurance company that fits your situation best may not even be featured in the chart above. That affirms the importance of why you need to get quotes using your own driver information and specific vehicle type.

The diagram below demonstrates how choosing different deductibles can impact insurance premiums when searching for cheap insurance for drivers over age 70. The rates are based on a married female driver, comp and collision included, and no policy discounts are applied.

The chart above illustrates that a 50-year-old driver could reduce rates by $158 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $238 by selecting a $1,000 deductible. Young drivers, such as the 20-year-old example, could potentially save $390 or even more by selecting a higher deductible.

When increasing deductibles, it will be required to have emergency funds available to enable you to cover the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.

Should you buy full coverage?

Finding the best cheap auto insurance for drivers over age 70 in Wisconsin is probably important to the majority of people, and one of the quickest ways to buy cheaper insurance is to not buy full coverage. The example below compares insurance costs with full physical damage coverage compared to only buying liability only. Data assumes no claims or driving citations, $100 deductibles, drivers are single, and no other discounts are factored in.

If averaged out across all ages, full coverage costs $1,804 per year more than insuring for liability only. That is a large expense which might make you wonder if buying full coverage is a good investment. There is no set guideline for excluding physical damage insurance, but there is a general school of thought. If the yearly cost for physical damage coverage is 10% or more of replacement cost minus your deductible, then you may want to consider only buying liability coverage.

There are a few situations where eliminating full coverage is not in your best interest. If you haven’t satisfied your loan, you have to keep full coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is in an accident, you should not eliminate full coverage.

State Farm, Progressive, Allstate, or Geico: Who is cheapest?

When researching auto insurance for older drivers in Wisconsin, four companies to take a look at are State Farm, Progressive, Allstate, and Geico. The table below breaks down ratings for price, service, and claims, in additional to some of the optional coverages that you can purchase from each one.