Who Has Cheap Auto Insurance Quotes for Drivers Over Age 60 in Minnesota?

Cost and performance of the vehicle you are buying coverage for is probably the biggest factor that determines whether or not you can buy the best coverage for drivers over age 60. Vehicles with higher performance, a lack of safety features, or an increased likelihood of liability claims will cost significantly more to insure than more modest models.

The lists below showcases insurance premiums for a number of the most economical automobiles to buy coverage for.

Cost estimates assume married male driver age 60, no speeding tickets, no at-fault accidents, $1000 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, safe-driver, and multi-vehicle. Prices do not factor in specific Minnesota garaging location which can increase or decrease premium rates significantly.

Data assumes married male driver age 60, no speeding tickets, no at-fault accidents, $1000 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-vehicle, claim-free, multi-policy, safe-driver, and homeowner. Information does not factor in specific location information which can influence prices considerably.

Price data assumes married male driver age 60, no speeding tickets, no at-fault accidents, $1000 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, claim-free, and multi-vehicle. Rates do not factor in specific location information which can decrease or increase insurance rates significantly.

Deciphering which company quotes the best insurance rates for drivers over age 60 takes a little more effort in order to find coverage that fits your buget. Each insurer uses a different method for establishing rates, so let’s look at the rankings for the insurance companies that tend to be cheaper in Minnesota.

It’s a good idea to know that Minnesota insurance rates are impacted by many factors which can significantly increase or decrease the price you pay. Improving your credit score, getting married, or getting caught speeding can cause premium changes that can make some companies cheaper than others.

Best Cheap Insurance Rates for Age 60+

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Travelers generally has some of the most affordable car insurance rates in Minnesota at around $667 each year. USAA, Farm Bureau Mutual, Western National, and West Bend Mutual would also make the list of some of the most economical Minnesota car insurance companies.

As depicted above, if you are a policyholder with Western National and switched to USAA, you could realize a yearly price reduction of approxmiately $102. Insureds with West Bend Mutual may save as much as $153 a year, and The Hartford policyholders might reduce rates by $165 a year.

To find out how much you can save, click here to begin a quote or visit any of the companies below.

It’s important to note that these estimates are averages for all types of drivers and the different vehicles they drive and are not factoring in a rate discount for drivers over age 60. So the company that can offer you the best price may not even be shown in the list of companies shown earlier. That’s why you need to compare rates from as many companies as possible using your own driver and vehicle profiles.

One of the more important criteria used to determine the price of your policy is the neighborhood you call home in Minnesota. Areas with more people or more claims like Minneapolis, Saint Paul, and Richfield will most likely have higher rates, whereas more rural areas have the luxury of cheap car insurance for drivers over age 60 in Minnesota.

The table below displays the most expensive places in Minnesota for drivers over age 60 to buy car insurance in.

Rate quotes are approximated as the specific garaging location can impact premium rates greatly.

How to get discounts on Minnesota auto insurance rates

Insurers that offer cheap car insurance for drivers over age 60 in Minnesota may have price discounts that can reduce rates by as much as 25% or more if you meet eligibility requirements. Large insurance companies and a selection of discounts are outlined below.

• State Farm policyholders can earn discounts including good driver, student away at school, accident-free, passive restraint, safe vehicle, and multiple autos.
• GEICO may have discounts that include anti-theft, membership and employees, seat belt use, defensive driver, driver training, and five-year accident-free.
• SAFECO offers discounts for anti-theft, safe driver, drive less, bundle discounts, multi-car, and accident prevention training.
• Farmers Insurance may offer discounts for early shopping, good student, distant student, electronic funds transfer, bundle discounts, and multi-car.
• AAA offers premium reductions for anti-theft, multi-policy, good driver, education and occupation, AAA membership discount, and multi-car.
• USAA may include discounts for military installation, loyalty savings, defensive driver, new vehicle, driver training, family discount, and multi-policy.

The illustration below illustrates the comparison of insurance costs with and without policy discounts. The data is based on a female driver, no tickets, no at-fault accidents, Minnesota state minimum liability limits, comprehensive and collision coverage, and $250 deductibles.

The first bar for each age group shows the price with no discounts. The second shows the rates with passive restraint, claim-free, vehicle safety, safe-driver, homeowner, and marriage discounts applied. In this example, the the amount saved on insurance for drivers over age 60 is 29% or $461.

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Rate difference between full and liability-only coverage

Finding cheap car insurance for drivers over age 60 in Minnesota is important to the majority of drivers, and one of the fastest ways to pay less for insurance is to only buy liability coverage. The diagram below illustrates the comparison of premium costs with full phyical damage coverage and with liability coverage only. The rates are based on no violations or accidents, $1,000 deductibles, drivers are single, and no policy discounts are applied.

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As an overall average, physical damage coverage on your policy costs $1,778 per year more than insuring for liability only. That amount may make you wonder if buying full coverage is a waste of money. There is no set guideline of when to drop physical damage insurance, but there is a general convention. If the yearly cost of comp and collision coverage is 10% or more of any settlement you would receive from your insurance company, then it might be time to consider dropping full coverage.

For example, let’s pretend your vehicle’s book value is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, you would only receive $6,000 after paying your policy deductible. If premiums are more than $600 a year for physical damage coverage, then you may want to consider only buying liability coverage.

There are some scenarios where dropping physical damage coverage is not a good idea. If you still owe money on your vehicle, you have to carry full coverage to satisfy the loan requirements. Also, if your finances do not allow you to purchase a different vehicle in the event your current vehicle is totaled, you should not drop full coverage.

How to find low-cost car insurance for drivers over age 60

Lowering your rates is not difficult, and here are some of the better penny-pinching ideas that can help you get cheap car insurance.

• Increase your policy deductibles
• Get cheaper liability coverage by choosing a safer vehicle
• On older vehicles, drop full coverage
• Good credit scores may lower your rates
• Claim-free drivers earn discounts
• Multi-policy discounts save money
• Shop around for cheaper rates regularly

That final tip is extraordinarily important, as was discussed in this piece. Prices charged by car insurance companies can change significantly in a year, so don’t hesitate to change to a new company if you can find a cheaper rate.

Many drivers have brand loyalty and that’s fine, but it isn’t a good idea if that loyalty results in overpaying money that could be going to better use. In just a few minutes you could shop around and find cheaper insurance for drivers over age 60.