Finding out which companies quote the most affordable auto insurance rates for drivers over age 70 calls for a bit more effort than just quoting one company’s rates.
Each insurance company has their own formula for determining prices, so we will examine the most affordable auto insurance companies in Tampa.
Cheap Insurance Rates for Age 70+
|Rank||Company||Cost Per Year|
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USAA quotes some of the lowest car insurance rates in Tampa at around $948 annually. Electric, Amica, Progressive, and Mercury would also be considered some of the most economical Tampa, FL auto insurance companies.
As shown in the rates above, if you are a policyholder with Progressive and switched to Electric, you could earn a yearly savings of in the neighborhood of $135. Insureds with Mercury could save as much as $202 a year, and Travelers policyholders might see rate reductions of $233 a year.
It’s important to note that these rates are averages across all drivers and vehicles and and are not figured with an exact vehicle garaging location for drivers over age 70. So the company that has the cheapest price for you may not even be in the top 21 companies in the list above. That’s why you need to quote rates from many companies using your own driver and vehicle profiles.
The vehicle needing coverage is one of the main factors when consumers are trying to find cheaper car insurance for drivers over age 70. Vehicles with limited speed and performance, good crash test ratings, or a track record of few liability claims will cost substantially less to insure than higher performance models.
The next list features coverage rates for a handful of the more affordable automobiles to buy insurance for.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V LX 2WD||$2,117|
|Ford Escape XLT 2WD||$2,122|
|Jeep Wrangler Sport 4WD 2-Dr||$2,213|
|Hyundai Elantra SE Touring Station Wagon||$2,281|
|Ford Explorer Eddie Bauer 2WD||$2,377|
|Honda Odyssey EX||$2,475|
|Ford Edge Limited 2WD||$2,483|
|Nissan Altima 2.5 4-Dr Sedan||$2,508|
|Toyota RAV4 2WD||$2,515|
|Chevrolet Impala LT||$2,508|
|Jeep Grand Cherokee Laredo 2WD||$2,513|
|Dodge Grand Caravan Crew||$2,538|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$2,544|
|Chevrolet Malibu LT||$2,538|
|Ford Focus SES 4-Dr Sedan||$2,607|
|Chevrolet Equinox LTZ AWD||$2,669|
|Volkswagen Jetta SEL 4-Dr Sedan||$2,674|
|Toyota Corolla XRS||$2,669|
|Ford F-150 Lariat King Ranch 2WD||$2,679|
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Data variables include single male driver age 70, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include homeowner, safe-driver, multi-vehicle, multi-policy, and claim-free. Premium amounts do not factor in vehicle location which can revise price quotes noticeably.
Based upon these rates, we can conclude that cars like the Honda CR-V, Ford Escape, Jeep Wrangler, and Hyundai Elantra will definitely be some of the most budget-friendly vehicles to insure for older drivers. The price for an auto insurance policy will be more costly because of the fact that there is more risk for drivers over age 70, but generally speaking those models will probably have the cheapest rates that you are likely to find.
For older drivers, one of the big criteria that aid in calculating the price you pay for insurance is where you live in Tampa. Areas with more people or more claims tend to have more expensive car insurance rates, whereas areas with fewer weather claims and lower vehicle theft rates have the luxury of lower rates.
The table below ranks the most costly cities in Florida for drivers over age 70 in which to buy car insurance. Tampa makes the list at #10 with an annual cost of $2,558 for the average insurance policy, which is around $213 per month.
|6||West Palm Beach||$2,625|
|20||Port St. Lucie||$1,994|
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Price information shown is estimated as the vehicle garaging location can raise or lower insurance rates significantly.
The illustration below shows how different deductible levels can increase or decrease insurance prices when quoting cheap insurance for drivers over age 70. The data assumes a single male driver, comprehensive and collision coverage, and no additional discounts are factored in.
In the chart above, a 40-year-old driver could lower their car insurance rates by $462 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $696 by switching to a $1,000 deductible. Younger drivers, like the 20-year-old, could reduce their rates up to $1,550 or even more just by choosing higher deductibles. If you make the decision to raise deductibles, it will be important to have enough savings set aside to allow you to pay the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.
Types of discounts on Tampa insurance rates
Insurers that provide policies for drivers over age 70 may additionally offer price discounts that can lower rates by as much as 40% or more if you are eligible to receive them. Companies and some of the premium reductions they offer are:
- Farm Bureau has discounts for youthful driver, multi-vehicle, 55 and retired, renewal discount, good student, safe driver, and driver training.
- Liberty Mutual offers discounts for safety features, teen driver discount, exclusive group savings, good student, new move discount, multi-policy, and hybrid vehicle.
- State Farm offers premium reductions for Steer Clear safe driver discount, good driver, anti-theft, Drive Safe & Save, and student away at school.
- Auto-Owners Insurance includes discounts for anti-lock brakes, safe driver, multi-policy, paperless, air bags, and company car.
- GEICO may have discounts that include military active duty, daytime running lights, air bags, good student, and seat belt use.
- SAFECO may offer discounts for teen safety rewards, anti-theft, bundle discounts, drive less, and anti-lock brakes.
The diagram below compares insurance costs with and without policy discounts. Data assumes a male driver, no claims or driving violations, Florida state minimum liability limits, comp and collision included, and $250 deductibles.
The first bar for each age group shows the average rate with no discounts. The lower bar shows the rates with accident-free, anti-theft, passive restraint, claim-free, marriage, and multiple vehicle discounts applied. When discounts are factored in, theaverage amount saved on auto insurance for drivers over age 70 is 28% or $815.
How to find low-cost auto insurance for drivers over age 70
It’s not impossible to find cheaper rates, and here are many thrifty suggestions that can help Florida drivers buy low-cost coverage.
- Discounts for being claim-free can be substantial
- Full coverage may not be needed on older vehicles
- Do not get into accidents
- Increase your policy deductibles
- Save money by observing traffic laws and speed limits
- Compare prices frequently to find the best deal
That final tip is remarkably vital, as we discussed in this piece. Prices charged by companies change a lot, so don’t be tentative to change to a new company if a better rate can be found.
Many consumers stick with the same company and that’s fine, but it’s not a good idea if that faithfulness ends up costing you lots of hard earned cash every month. If you have a few minutes, now is a great time to compare rates and find cheaper car insurance for drivers over age 70 in Tampa.
If you aren’t sure which coverage to buy and prefer to get some professional input when comparing insurance rates for drivers over age 70, the agencies below can most likely help you determine which insurance coverage will be best for you.
To find a Tampa insurance agent using an interactive map, click the button below the list.
Global FIS – A Full Service Independant Insurance Agency
8710 W Hillsborough Ave #201 – Tampa, FL 33615 – (813) 343-0844
Phil Cole Whitco Insurance Agency
6601 Memorial Hwy #230 – Tampa, FL 33615 – (813) 884-7577
Mynatt Insurance Agency
1316 W Busch Blvd – Tampa, FL 33612 – (813) 932-5511
A Complete Insurance Agency
5008 W Linebaugh Ave – Tampa, FL 33624 – (813) 865-9000
Ray Mathews – State Farm Insurance Agent
15271 Amberly Dr – Tampa, FL 33647 – (813) 978-1898