How Much is Car Insurance for Drivers Over Age 60 in Tennessee?

Wouldn’t it be great if we could look into our crystal ball and tell you that one special company that has the best auto insurance prices for drivers over age 60? Unfortunately, it’s not that simple as there are a ton of unknown factors like whether or not you have had gaps between policies, where your residence is in Tennessee, your driving record, and if you just need liability coverage, that all impact the cost of coverage. If you keep reading, we will teach you about these factors and others that can influence the price of auto insurance and also should give you a good start to your coverage search.

Shopping around for cheap car insurance is challenging, and deciding which company quotes the lowest-priced auto insurance rates for drivers over age 60 will require a little more work. Insurance rates will most likely be a little bit lower-priced than the average rate in Tennessee, with the decrease attributed to the decrease in risk related to offering insurance for older drivers. Economical coverage should be possible from a lot of good insurance companies.
Each company has their own formula for filing rates in each state, so let’s begin by examining the auto insurance companies with the most affordable rates in Tennessee.

It’s a good idea to know that Tennessee auto insurance rates are calculated based on many things which can substantially decrease or increase the price you pay for coverage. This is why consumers need to perform an extensive rate comparison to get the most budget-friendly car insurance rates for drivers over age 60. Car insurance prices consist of many things and change substantially, so the best option three years ago may now be costing you a lot of money.

Cheap Insurance Rates for Age 60+

Compare Rates Today

Utica National may offer some of the lowest car insurance rates in Tennessee at around $737 annually. Auto-Owners, Cincinnati Insurance, Penn National, and Tennessee Farmers also qualify as some of the lowest-priced Tennessee auto insurance companies.

As shown above, if you currently have coverage with Tennessee Farmers and switched to Auto-Owners, you could earn an annual savings of roughly $62. Customers with USAA might save as much as $86 a year, and Erie customers might cut rates by $96 a year.

Remember that these policy rates are averages for all insureds and vehicles and are not factoring in a rate decrease for drivers over age 60. So the car insurance company that can offer you the best rate may not even be shown in the rate chart shown above. That affirms the importance of why you need to get auto insurance quotes using your own personal information and vehicle type.

For older drivers, one of the largest factors that help determine the price of your policy is your zip code. Regions with more people or even just more weather-related claims like Memphis, Collierville, and Jackson tend to pay higher rates, whereas areas with less people or fewer weather incidents tend to receive slightly lower rates.

The information below lists the most expensive places in Tennessee for drivers over age 60 in which to purchase auto insurance.

Table data uses approximated as the specific geographic location can lower or raise coverage prices substantially.

Does it make sense to buy full coverage?

Finding cheap auto insurance for drivers over age 60 in Tennessee is probably important to most vehicle owners, and one way to find cheaper insurance is to buy liability only. The illustration below shows the difference between insurance rates with full physical damage coverage compared to only buying liability only. The rates are based on no claims, a clean driving record, $500 deductibles, marital status is single, and no discounts are applied.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $500 Deductibles’, ‘Liability Only’],[‘Age 20’, 3157,1161],[‘Age 30’, 1647,637],[‘Age 40’, 1619,591],[‘Age 50’, 1475,553],[‘Age 60’, 1431,545],[‘Age 70’, 1759,727]]);var options = {title: ‘Price Comparison of Full Coverage Versus Liability Only’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in Tennessee’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.BarChart(document.getElementById(‘qcibfcl’));chart.draw(data, options);}

If we average all the age groups together, physical damage coverage on your policy costs an extra $1,848 per year more than just insuring for liability. That may make you wonder if buying full coverage is worth the expense. There is no set rule for eliminating full coverage on your policy, but there is a guideline you can use. If the annual cost of coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, then you might want to think about dropping full coverage.

For example, let’s assume your vehicle’s replacement cost is $4,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most you would receive is $3,000 after the policy deductible has been paid. If you are paying in excess of $300 a year for physical damage coverage, then it may be the right time to buy liability only.

The diagram below highlights how deductible choice can influence insurance premiums when getting quotes for cheap insurance for drivers over age 60. The prices are based on a single female driver, comprehensive and collision coverage, and no discounts are taken into consideration.

google.charts.setOnLoadCallback(drawDfdqcibChart);function drawDfdqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘$100 Deductible’,’$250 Deductible’,’$500 Deductible’,’$1,000 Deductible’],[‘Age 20’, 2311,2127,1923,1731],[‘Age 30’, 1611,1475,1321,1173],[‘Age 40’, 1491,1369,1229,1095],[‘Age 50’, 1307,1199,1077,961],[‘Age 60’, 1261,1159,1041,929],[‘Age 70’, 1465,1349,1219,1097]]);var options = {title: ‘Deductibles and Insurance Premiums in Tennessee’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 700,’chartArea’: {left:100,top:50,’width’: ‘100%’,’height’: ‘80%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},bar: {groupWidth: ‘80%’},colors: [‘#6791b9′,’#75a8d8′,’#98bee2′,’#bad4ec’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);formatter.format(data,3);formatter.format(data,4);var chart = new google.visualization.BarChart(document.getElementById(‘qcibdfd’));chart.draw(data, options);}

A 50-year-old driver could reduce rates by $230 a year by switching from a $100 deductible to a $500 deductible, or save $346 by using a $1,000 deductible. Young drivers, like the Age 20 chart data, could roll back prices $580 annually by selecting a higher deductible. When insureds make the decision to increase the deductibles on their policy, it’s a good idea to have enough savings to allow you to pay the extra out-of-pocket expense that deters many people from opting for higher deductibles.

Geico, State Farm, Allstate, and Progressive: Who is best?

When researching auto insurance for older drivers in Tennessee, four good companies to start with are Geico, State Farm, Allstate, and Progressive. If you put them all together, they insure over 45% of all policies written in the United States. The following table rates ratings for price and service, as well as some optional coverages that you can purchase from each one.