The words “low-cost” and “auto insurance” really shouldn’t be used in the same sentence, especially when searching for the lowest insurance prices for drivers over age 50. In an attempt to save some money, let’s start the ball rolling by going over some situations the can have a considerable influence on auto insurance premiums, and find out if you can shave a little off your next policy.
One of the more important components that are used to help calculate auto insurance rates is where you choose to live in Lubbock. Areas with more people or even just a higher incidence of claims tend to have higher auto insurance costs, whereas less populated areas tend to receive cheaper rates.
The next table lists the most expensive areas in Texas for drivers over age 50 to buy an auto insurance policy in. Lubbock is ranked at #13 costing $1,733 for the average insurance policy, which is about $144 monthly.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | McAllen | $1,956 |
| 2 | Houston | $1,909 |
| 3 | Laredo | $1,889 |
| 4 | Brownsville | $1,851 |
| 5 | Garland | $1,850 |
| 6 | Dallas | $1,837 |
| 7 | Mesquite | $1,825 |
| 8 | Amarillo | $1,804 |
| 9 | Beaumont | $1,772 |
| 10 | Grand Prairie | $1,757 |
| 11 | Pasadena | $1,740 |
| 12 | Irving | $1,736 |
| 13 | Lubbock | $1,733 |
| 14 | San Antonio | $1,671 |
| 15 | Fort Worth | $1,670 |
| 16 | Austin | $1,659 |
| 17 | Arlington | $1,642 |
| 18 | Plano | $1,624 |
| 19 | El Paso | $1,616 |
| 20 | Carrollton | $1,615 |
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Table data uses estimated as the specific garaging location can lower or raise insurance rates greatly.
Deciding which companies quote the cheapest insurance rates for drivers over age 50 involves a bit more work than just quoting one company’s rates. Each insurance company uses their own method to determine premium rates, so let’s look at the rankings for the most competitive insurance companies in Lubbock, TX.
Best Cheap Insurance Rates for Age 50+
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $1,052 |
| 2 | USAA | $1,128 |
| 3 | Texas Farm Bureau | $1,235 |
| 4 | Germania Mutual | $1,282 |
| 5 | Esurance | $1,365 |
| 6 | California Casualty | $1,438 |
| 7 | State Farm | $1,495 |
| 8 | Mercury | $1,521 |
| 9 | Safe Auto | $1,597 |
| 10 | Nationwide | $1,600 |
| 11 | Allstate | $1,667 |
| 12 | Progressive | $1,715 |
| 13 | Amica | $1,723 |
| 14 | GEICO | $2,072 |
| 15 | Home State | $2,155 |
| 16 | MetLife | $2,227 |
| 17 | Encompass | $2,232 |
| 18 | Unitrin | $2,310 |
| 19 | 21st Century | $2,469 |
| 20 | Titan | $2,646 |
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Travelers has some of the best car insurance rates in Lubbock at around $1,052 annually. USAA, Texas Farm Bureau, Germania Mutual, and Esurance also qualify as some of the lowest-priced Lubbock, TX car insurance companies.
In the above example, if you are insured with Germania Mutual and switched to Travelers, you could see an annual premium reduction of in the vicinity of $230. Customers with Esurance might save as much as $313 a year, and California Casualty policyholders might reduce rates by $386 a year.
To find the cheapest rates for your vehicle, click here to start your free quote or visit any of the low-priced companies below.
Remember that these policy rates are averaged across all drivers and vehicles in Texas and do not factor in an exact zip code location for drivers over age 50. So the company that is best suited for you may not even be in the top 23 companies in the list above. That illustrates why you need to get car insurance quotes using your own driver data and vehicle information.
The vehicle model that needs insurance is one of the main factors when shopping for the most economical coverage for drivers over age 50. Vehicles with average performance, excellent safety ratings, or a track record of few liability claims will cost less to insure than high performance models. The next table showcases coverage prices for a selection of the cheapest automobiles to buy insurance for.
| Make, Model, and Trim Level | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord EX 4-Dr Sedan | $1,033 |
| Honda CR-V EX 4WD | $1,058 |
| Ford Escape Limited 4WD | $1,122 |
| Ford Edge SE 2WD | $1,133 |
| Toyota Prius | $1,145 |
| Dodge Grand Caravan CV | $1,159 |
| Toyota Tacoma 4WD | $1,168 |
| Chevrolet Silverado LS Regular Cab 2WD | $1,218 |
| Chevrolet Impala LT | $1,223 |
| Toyota RAV4 Sport 4WD | $1,233 |
| GMC Sierra SLE Crew Cab 2WD | $1,223 |
| Toyota Camry LE | $1,228 |
| Chevrolet Malibu Hybrid | $1,223 |
| Ford Explorer Eddie Bauer AWD | $1,246 |
| Ford F-150 FX2 2WD | $1,251 |
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Above prices assume single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include homeowner, safe-driver, multi-vehicle, multi-policy, and claim-free. Premium amounts do not factor in specific zip code location which can alter premiums significantly.
Based on these rates, vehicles like the Honda Accord, Honda CR-V, Ford Escape, and Ford Edge are going to be some of the less-costly vehicles to insure for older drivers.
Do you need full coverage?
Paying a lower price for insurance is probably important to most drivers, and an easy way to buy cheaper insurance for drivers over age 50 is to not insure for full coverage. The chart below compares premium costs with full physical damage coverage and with liability coverage only. The information is based on no claims, a clean driving record, $1,000 deductibles, single marital status, and no discounts are applied to the premium.
If we average the cost for ages 20 through 70, full coverage on your policy costs an extra $1,598 per year over and above liability coverage. That raises the question if you should buy full coverage at all. There is no definitive guideline to drop comp and collision coverage, but there is a broad guideline. If the yearly cost for physical damage coverage is about 10% or more of the settlement you would receive from your company, then it may be the right time to buy liability only.
For example, let’s pretend your vehicle’s book value is $11,500 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most your company would pay you is $10,500 after paying your deductible. If it’s costing in excess of $1,050 annually for physical damage coverage, then you might want to think about dropping full coverage.
Driving violations and accidents
The best way to snag good insurance premiums in Lubbock for older drivers is to be a good driver and not have accidents or get tickets. The information below demonstrates how citations and at-fault collisions can impact auto insurance rates for different age groups. The premiums are based on a single female driver, comp and collision included, $100 deductibles, and no other discounts are factored in.
The chart shows that the average cost of car insurance per year with no violations or accidents is $2,067. Get one speeding ticket and the average cost rises to $2,343, an increase of $276 each year. Now add in 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 $3,118. That’s an increase of $1,051, or $88 per month, just for being a little careless behind the wheel!
How to find cheaper insurance for drivers over age 50
Here are some of the better money-saving suggestions that can help drivers find low-cost coverage.
- Do not file small claims
- Raise deductibles to save money
- Older vehicles may not need full coverage
- Accidents can significantly increase rates
- Tickets and violations raise rates
- Compare prices frequently to find the best deal
That last tip is extraordinarily important, as was discussed in this article. Auto insurance rates can change considerably in a year, so drivers shouldn’t be resistant to switch to a new company if you can find a cheaper rate. Many consumers stick with the same company and that’s fine, but it’s not recommended if that dedication is costing several hundred dollars every year. If you have a few minutes, compare rates and find cheaper insurance for drivers over age 50 in Lubbock.