Wouldn’t life be so easy if we could magically tell you the single best company that has the cheapest car insurance rates for drivers over age 70? It’s not that easy, however, as there are a whole bunch of unknown factors like if you have ever had a coverage lapse, your credit rating, if you are married or single, and what deductibles to use for physical damage coverage, that all help calculate your car insurance rates. The content below will cover these things and hopefully give you enough understanding to have a jump start in finding the best auto insurance.
The type of vehicle that is being insured is one of the main factors that determines whether or not you find the cheapest coverage for drivers over age 70. Vehicles with lower acceleration and performance, good safety features, or a low likelihood of liability claims will cost quite a bit less to insure than high performance models.
The data below illustrates car insurance prices for a handful of the more affordable automobiles to buy coverage for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda CR-V LX 2WD||$1,525|
|Honda Accord EX-L 4-Dr Sedan||$1,646|
|Ford Escape Limited 4WD||$1,653|
|Ford Explorer XLT 4WD||$1,711|
|Ford Focus SE 4-Dr Sedan||$1,785|
|Chevrolet Impala LS||$1,790|
|Ford Edge SEL AWD||$1,785|
|Volkswagen Jetta LE 4-Dr Sedan||$1,808|
|Chevrolet Equinox LT 2WD||$1,816|
|Toyota RAV4 Limited 4WD||$1,808|
|Chevrolet Malibu LT||$1,835|
|Dodge Ram 3500 Crew Cab Laramie 2WD||$1,844|
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Data assumes single female driver age 70, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Alaska minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, multi-vehicle, and homeowner. Table data does not factor in specific location information which can decrease or increase auto insurance rates considerably.
Based upon the table data, cars like the Honda CR-V, Honda Accord, Ford Escape, Toyota Prius, and Ford Explorer are likely to be a few of the more affordable vehicles to insure for older drivers. The cost of a car insurance policy will tend to be more expensive because of the fact that there is more inherent risk for drivers over age 70, but overall those vehicles will most likely have the best rates compared to all other vehicles.
Finding cost effective car insurance is not the easiest thing to accomplish, and deciding which insurers offer the cheapest car insurance rates for drivers over age 70 may require even more shopping around. Every car insurance company uses their own calculation to set policy rates, so let’s take a look at the most affordable car insurance companies in Alaska.
Best Cheap Insurance Rates for Age 70+
|Rank||Company||Cost Per Year|
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Umialik has some of the cheapest car insurance rates in Anchorage at around $901 a year. This is $642 less than the average policy premium paid by Alaska drivers of $1,543. USAA, State Farm, Progressive, and GEICO also qualify as some of the best Anchorage, AK car insurance companies.
As shown in the table above, if you are a policyholder with State Farm and switched to Umialik, you might realize a yearly savings of in the neighborhood of $104. Customers with Progressive might save as much as $309 a year, and GEICO policyholders might lower prices by $985 a year.
Understand that those prices are averages for all ages of drivers and types of vehicles and do not factor in a specific zip code for drivers over age 70. So the car insurance company that is best suited for you may not even be in the list above. That is why you need to quote rates from many companies using your own personal information and vehicle type.
For older drivers, one of the big factors that help determine insurance cost is where you choose to live in Anchorage. More populated areas are more likely to have higher rates, whereas areas with lower vehicle theft rates and fewer weather claims have the luxury of lower rates.
The following table rates the most expensive cities in Alaska for drivers over age 70 to purchase a policy in. Anchorage ranks #1 with a yearly premium of $1,308 for the average policyholder, which is around $109 each month.
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Table data uses comparative as the specific garaging location can influence premiums noticeably.
Buying coverage from a highly-rated insurance provider can be rather challenging considering how many companies there are in Anchorage. The company information shown below could help you pick which insurers you want to consider comparing rate quotes with. These rankings include major nationwide insurance companies, so companies that may only write in Alaska are not factored into this list.
Top 10 Major Car Insurance Companies Overall in Anchorage
- American Family
- State Farm
- The Hartford
- AAA Insurance
- The General
- Liberty Mutual
Cost comparison with and without full coverage
Lowering the price of car insurance should be important to the majority of people, and an effective way to find cheaper insurance for drivers over age 70 is to not buy comprehensive and collision coverage. The example below shows the difference between insurance costs with and without physical damage coverage. The data assumes no claims or violations, $100 deductibles, single marital status, and no other discounts are factored in.
If averaged out across all ages, physical damage insurance costs $2,095 per year over having just liability coverage. That is a big expense that brings up the question when is the right time to remove full coverage. There is no specific rule to stop buying physical damage coverage on your policy, but there is a broad guideline. If the yearly cost for physical damage coverage is more than about 10% of any settlement you would receive from your insurance company, then you might consider buying liability only.
There are a few situations where dropping full coverage is not a good idea. If you still have a loan on your vehicle, you must maintain physical damage coverage to protect the lienholder’s interest in the vehicle. Also, if you cannot afford to purchase a different vehicle if your current one is damaged, you should not buy liability only.
The example below illustrates how your choice of deductibles can change insurance rates when searching for cheap insurance for drivers over age 70. The rate quotes are based on a single female driver, full physical damage coverage, and no discounts are factored in.
The chart above illustrates that a 50-year-old driver could lower their car insurance rates by $292 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $438 by switching to a $1,000 deductible. Younger drivers, such as the Age 20 example, can save $750 or more just by choosing larger deductibles. If you do make the decision to raise your deductibles, it’s a good idea to have enough spare savings to pay the extra out-of-pocket expense that is associated with using high deductibles.
If you have questions and prefer to get some professional input when shopping for cheaper insurance for older drivers, the agents shown below can probably provide answers to your questions and help you determine which coverages are best.
To locate an Anchorage insurance agent using an interactive map, click the button after the list.
- State Farm Insurance – Justin Goodman
4200 Old Seward Hwy – Anchorage, AK 99503 – (907) 561-7771
- Gary Annis – State Farm Insurance Agent
3330 C St #101 – Anchorage, AK 99503 – (907) 563-1960
- Allstate Insurance: Kelly L. Snodgrass
9900 Old Seward Hwy #5 – Anchorage, AK 99515 – (907) 346-4006
How to find low-cost insurance for drivers over age 70
It is possible to find better rates, and here are some penny-pinching suggestions that can help Alaska drivers find low-cost coverage.
- Increase your comprehensive and collision deductibles
- Drive safe vehicles
- Do not get traffic citations
- Higher credit ratings may save you money
- Avoid at-fault accidents and claims
- Comparison shop at least once a year
The last item on the list is very critical, as was discussed in this article. Insurance prices change a lot, so don’t be tentative to buy from a new company if you can find a cheaper rate.
Staying with the same company for years is fine, but it’s not a great idea if that dedication is costing lots of hard earned cash every month. In less than five minutes you could compare rates to find cheaper insurance for drivers over age 70 in Anchorage.