Car Insurance Costs for 50-Year-Olds (and Those Over 50)

According to our research, the average cost of full coverage car insurance for a 50-year-old is $2,698 per year, or $225 per month. GEICO is the cheapest widely available insurer for 50-year-olds on average.

How much is car insurance for a 50-year-old?

Although the average yearly cost of car insurance for 50-year-olds is $2,698, rates vary greatly between individual companies. The insurance companies' rates for this study vary by more than $3,000 per year.

The cheapest companies for 50-year-olds are:

• USAA: On average, fifty-year-olds pay $1,280 for USAA. However, it is only available to current and former military personnel, as well as their families.
• Erie Insurance: At $1,348 per year, Erie Insurance is the second cheapest option, but it is only available in 13 states.
• Geico: Although more expensive than USAA and Erie, Geico is the cheapest widely available insurer for 50-year-olds, costing an average of $1,707 per year.

Because of the large difference in rates, drivers looking for the best deals should always compare multiple insurers. Often, two companies can provide identical coverage and services at vastly different prices.

How do car insurance prices differ for 50-year-old men and women?

Car insurance rates in your 50s tend to be very similar whether you're a man or a woman. We discovered that at the age of 50, women pay slightly more for car insurance than men. On average, the difference is only 0.7 percent, or about $18 per year.

Annual cost - 50-year-old male                     $2,689

Annual cost- 50-year-old female                   $2,707 

The price difference between men and women for car insurance tends to narrow as they get older. On average, 20-year-old men pay 10% more for car insurance than 20-year-old women. This is due to the fact that young male drivers have more accidents than young female drivers.

The practice of gender-based insurance pricing is illegal in some states. If you live in California, Hawaii, Massachusetts, parts of Michigan, Montana, North Carolina, or Pennsylvania, there will be no difference in car insurance rates between men and women, assuming all other factors affecting rates are equal.

Car insurance rates by age

Car insurance costs $2,698 per year, or $225 per month, for the average 50-year-old. This is $509 less than the average cost for a 25-year-old and $4,481 less than the average cost for an 18-year-old. Car insurance typically becomes less expensive as you gain more driving experience.

After the age of 30, the cost of car insurance tends to level off. In other words, if all other factors affecting rates are equal, you won't notice a significant difference in car insurance prices between 30-year-olds and 50-year-olds.

Cheapest car insurance company for 50-year-olds by state

We discovered that USAA is frequently the cheapest insurer, offering the lowest rates in six of the ten most populous states. In three of the states, Geico has the lowest rates.

With an average rate of $1,505, Ohio is the cheapest state for 50-year-olds among the states we studied. This is $6,501 less than Michigan, the most expensive state.

How to find the cheapest insurance as a 50-year-old

We recommend comparison shopping across multiple insurance companies if you're a 50-year-old looking for the best deal. Our analysis above is a good starting point, but your prices will vary because each driver is unique.

When comparing insurance quotes, make sure you choose the same coverage with each insurer to ensure a fair comparison.

You should also check with each insurer to see what discounts are available, as this will affect your final rate. For example, a 50-year-old with a long and safe driving record will most likely qualify for a safe driver discount, which may vary by company.

How to find the best company for customer service

You'll most likely want an insurance company with excellent customer service, as you may need to rely on your insurer in an emergency.

One place to start is with our reviews of the best car insurance companies, which rank insurers based on customer service, coverage options, and price.

If you want to conduct your own investigation, you can:

• Investigate J.D. Power's insurance satisfaction survey, which ranks policyholders' overall satisfaction with their insurer.
• Visit the National Association of Insurance Commissioners to look up an insurer's complaint index. This figure indicates how frequently consumers complain about a given company, adjusted for size.

Methodology

This study analyzed insurance quotes for thousands of ZIP codes in the ten most populous states in the United States.

Our sample drivers were 50-year-old men and women who drove a 2015 Honda Civic EX, were single, and had a clean driving record.

The policy in question was a full coverage policy that included liability, comprehensive and collision coverage. The following are the limits and deductibles.

We included 23 insurance companies in this study, but we only included them in our rate tables if their policies were available to drivers in at least three of the ten states.

The insurance rate data used in LowCostInsurance analysis was obtained from Quadrant Information Services. These rates were obtained publicly from insurer filings and should only be used for comparison purposes. Your quotes may differ from the study's averages.