Cheapest Car Insurance Quotes for Drivers Over Age 50 in Michigan

For older drivers, one of the big factors that insurance companies use when figuring a rate quote is where you keep your vehicle. Areas with increased crime or more people like Detroit, Southfield, and Flint are more likely to have higher rates, whereas areas with less congestion benefit from lower coverage costs.

The information below sorts the highest-priced areas in Michigan for drivers over age 50 in which to purchase auto insurance.

Prices are estimated as the specific zip code location can increase or decrease rates noticeably.

Finding out which company quotes the cheapest insurance rates for drivers over age 50 will take a little more work in order to find the lowest price. Every insurance company uses a different method to set premium rates, so to begin we’ll rank the insurance companies with the most affordable rates in Michigan.

Cheap Insurance Rates for Age 50+

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USAA normally has some of the lowest car insurance rates in Michigan at around $949 a year. GEICO, Safeco, MetLife, and MEEMIC also rank well as some of the cheapest Michigan auto insurance companies.

As shown above, if you are insured with Safeco and switched to USAA, you may realize a yearly savings of approxmiately $120. Michigan drivers with MetLife may save as much as $361 a year, and MEEMIC policyholders might see rate reductions of $459 a year.

If you want to find out if you’re overpaying, click here to start your free quote or visit several of the following companies.

Bear in mind that those premium estimates are averaged for all ages of drivers and types of vehicles and do not factor in a price decrease for drivers over age 50. So the company that fits your age and vehicle best may not even be shown in the chart above. That affirms the importance of why you need to compare rates from as many companies as possible using your own specific driver and vehicle information.

The car, truck, or SUV you are seeking coverage for is probably the most important factor when comparing quotes for the best coverage for drivers over age 50. Vehicles with high performance features, poor crash test ratings, or high incidents of liability claims will cost significantly more to insure than safer models. The data below showcases car insurance rates for a number of the more afforable automobiles to buy coverage for.

Table data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Michigan minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, claim-free, and homeowner. Table data does not factor in your specific Michigan location which can modify prices greatly.

Based upon these rates, you can expect models like the Honda Accord, Honda CR-V, and Ford Escape are most likely to be some of the less-costly vehicles to insure for older drivers.

Impact of violations and accidents on rates in Michigan

In a perfect world, the ideal way to obtain the most affordable insurance prices for older drivers is to drive attentively and avoid tickets and accidents. The chart below illustrates how speeding tickets and at-fault claims can increase car insurance costs for each different age category. The premiums assume a single female driver, full coverage, $500 deductibles, and no additional discounts are factored in.

In the chart above, the average cost of auto insurance per year with no violations or accidents is $3,077. Factor in one speeding ticket and the average cost jumps to $3,491, an increase of $414 each year. Next add one accident along with the one speeding ticket and the annual cost of insurance for drivers over age 50 goes up to an average of $4,640. That’s an increase of $1,563, or $130 per month, just for not driving carefully!

Liability rates compared to full coverage

Finding the cheapest car insurance for drivers over age 50 in Michigan is the goal of most vehicle owners, and one of the best ways to reduce the cost of insurance is to only buy liability insurance. The example below visualizes the comparison of insurance costs with and without physical damage coverage. The premiums assume no claims or violations, $1,000 deductibles, drivers are not married, and no discounts are applied to the premium.

Averaged for all age groups, full coverage on your policy costs $3,115 per year more than just insuring for liability. At some point, about every driver wonders if buying full coverage is a good investment. There is no clear-cut rule for phasing out physical damage coverage, but there is a general school of thought. If the yearly cost of comp and collision coverage is more than around 10% of the vehicle’s replacement cost less your deductible, then you may want to consider only buying liability coverage.

There are some situations where removing full coverage is not a good plan. If you still owe a portion of the original loan, you have to keep full coverage to protect the lienholder’s interest in the vehicle. Also, if your finances do not allow you to purchase a different vehicle in case of an accident, you should not consider dropping full coverage.

How to find budget-friendly insurance for drivers over age 50

It’s not impossible to find cheaper rates, and here are some of the recommended penny-pinching suggestions that can help Michigan drivers buy cheap coverage.

• Good credit can save money
• Remove physical damage coverage on older vehicles
• Tickets and violations raise rates
• Buy a car with high safety ratings
• Raise comprehensive and collision coverage deductibles
• Maintain a safe distance and avoid accidents
• Compare rates regularly to ensure the best deal

The last item on the list is especially crucial, as we stressed in this article. Prices charged by car insurance companies adjust frequently, so drivers shouldn’t hesitate to buy a policy from a new company if a lower price can be found.

Having a favorite company is great, but is isn’t recommended if that loyalty ends up costing thousands of dollars over the life of your policy. If you have a few minutes, now is a great time to compare prices to find cheaper insurance for drivers over age 50.