Auto Insurance For Seniors In Indiana: The Lowdown

Car insurance rates for seniors in Indiana vary depending on age, driving record, and other factors. While some companies offer discounts specifically for senior drivers, others provide opportunities for mature drivers to reduce their car insurance costs. According to a 2022 analysis by CarInsurance.com, the average car insurance cost for a 60-year-old driver in Indiana is $1,089 per year for a full coverage policy. The cost increases with age, with a 70-year-old driver paying 10% more and a 75-year-old driver paying 23% more than a 60-year-old. Geico offers the cheapest car insurance rate for senior drivers in Indiana, at about $583 per year, or $49 per month.

Senior car insurance in Indiana: rates and rankings

Overview

Indiana seniors pay an average of $1,188 for auto insurance, which is $410 less than the national rate for seniors. However, car insurance rates for seniors in Indiana vary depending on age, driving record, location, and other factors. This article will explore the rates, rankings, and ways to save on senior car insurance in Indiana.

Rates by Age

In Indiana, car insurance rates for seniors start to increase around age 65. A 70-year-old driver in Indiana pays 10% more than a 60-year-old, and a 75-year-old pays 23% more than a 60-year-old, according to CarInsurance.com. The average cost of a full coverage policy for a 60-year-old driver in Indiana is $1,089 per year.

Rankings by Company

According to various sources and based on different criteria, the best car insurance companies for seniors in Indiana include:

• GEICO: Offers the cheapest rates for seniors in Indiana, with an average of $49 per month for full coverage.
• State Farm: Ranked highly for customer satisfaction and low complaint rates; offers good rates for seniors with speeding tickets or accidents.
• USAA: Provides some of the lowest rates, especially for military members and their families.
• Nationwide: Offers affordable rates and unique coverage options like accident forgiveness and vanishing deductibles.
• Progressive: A good option for high-risk drivers, with usage-based coverage and accident forgiveness.
• The Hartford: Specifically designed for older drivers and AARP members, with comprehensive coverage options.
• Farmers: Offers a senior driver discount for those over 55 who complete a defensive driving course.

Ways to Save

• Shop around and compare quotes from multiple companies.
• Take a defensive driving course to qualify for discounts.
• Bundle your auto insurance with other types of insurance, such as homeowners or renters insurance.
• Ask about discounts for low mileage, paperless billing, and safe driving.
• Consider usage-based insurance programs that reward safe driving habits and low mileage.

Senior car insurance discounts

Senior citizens can save money on their car insurance by taking advantage of discounts offered by insurance companies. While few major insurance providers offer explicit senior citizen car insurance discounts, many offer a variety of other ways for mature drivers to save money on coverage.

• Safe driving discounts: Many insurance companies offer safe driving discounts for policyholders who complete a defensive driving course. For example, Farmers Insurance offers a mature driver discount for drivers over 55 who have completed a safe driver course in the past three years.
• Multi-policy discounts: Customers are often rewarded for bundling their auto coverage with another product, such as homeowners, renters, or life insurance.
• Military discounts: Some providers offer savings to military members and veterans.
• Accident-free discounts: Drivers who go a certain amount of time without getting into car accidents may be eligible for discounts.
• Multi-car discounts: Customers with more than one car on their policy may get a discount.
• Safety feature discounts: If your car has safety features such as anti-lock brakes, airbags, or daytime running lights, you may qualify for a discount.
• Low mileage discounts: If you drive less, you can save money on your insurance. Some companies offer pay-as-you-drive or low-kilometre policies, where you pay based on the number of miles you drive.
• Good driver discounts: Maintaining a clean driving record can result in discounts of up to 40%.
• Loyalty discounts: Staying with the same insurance company for multiple years can lead to lower premiums.
• Paperless/electronic document discounts: Opting for paperless billing and electronic documents can sometimes result in small discounts.

Additionally, senior citizens can save money on car insurance by comparing rates from different insurance providers and choosing the one that best suits their needs and offers the most competitive rates. It is recommended to compare quotes from multiple providers and review the Product Disclosure Statement (PDS) and Target Market Determination (TMD) to ensure the policy meets your needs and offers suitable coverage.

Senior car insurance: best companies

Overview

Car insurance rates for seniors vary by state, driving record, age, and other factors. The cost of auto coverage tends to increase after retirement age, but there are still ways to find cheap car insurance with quality coverage.

Geico

Geico provides the cheapest car insurance rate for senior drivers in Indiana at about $583 per year, or $49 per month. It also has the cheapest car insurance for seniors in 2024, costing on average $461 per year. Geico also offers discounts for seniors and has strong customer service.

USAA

USAA offers the most affordable full-coverage insurance for military-affiliated seniors at $1,158 per year or $97 per month. It has some of the lowest rates on the market and is one of the best auto insurance companies for seniors. However, USAA is only available for military members, veterans, and their families.

State Farm

State Farm is the largest insurance provider in the country, with a large network of local agents. It offers a large number of car insurance discounts, in addition to its already-affordable coverage for senior drivers. It is the best overall car insurance company for seniors.

The Hartford

The Hartford offers cheap car insurance for seniors by partnering with AARP. AARP members who are at least 50 can put family members on their car insurance policies.

Travelers

Travelers has one of the largest selections of coverage options. Senior drivers who don’t own cars but rent them often may find non-owner insurance cheaper than the rental company’s insurance.

Nationwide

Nationwide is an excellent choice for seniors in need of usage-based car insurance. Senior drivers may be able to take advantage of the company’s usage-based SmartMiles program. People who don’t drive as much (such as retirees) could pay up to 40% less for coverage.

Progressive

Progressive has the lowest average rates for drivers with a DUI on their record, out of the insurers in our analysis. It also has the lowest average rates for drivers with a DUI on their record.

Esurance

Esurance is rated highly by users and boasts great reviews from J.D. Power and the Better Business Bureau. It also offers competitive premiums, along with a plethora of discounts and coverage options. However, Esurance is not available in every state.

Auto-Owners

Auto-Owners has the lowest customer complaint ratio among the top-scoring car insurance companies in our analysis. It has a 0.49 National Association of Insurance Commissioners (NAIC) complaint ratio, well below the national average of 1.0.

Erie

Erie is the best car insurance company if you prioritize a strong collision repair experience. It has the best CRASH Network grade (A-) among the senior car insurance companies we analyzed.

Other Companies

Other car insurance companies that offer good rates for seniors include Grange, Mercury, Allstate, and Liberty Mutual.

Senior car insurance: how to save money

Car insurance rates for seniors in Indiana start to increase around age 65, and drivers in this age group pay more than the national rate for seniors. However, there are ways for seniors to save money on car insurance.

Shop Around for the Best Rates

It's a good idea to shop around for car insurance once in a while, regardless of your age. Doing so can help you find the cheapest car insurance for your specific coverage needs. Some drivers choose to do this every time their policy is up for renewal, while others wait every few years to take advantage of their provider's loyalty discount.

Take a Defensive Driving Course

In Indiana, senior drivers can save up to 5% on their car insurance by taking an approved defensive driving course. The American Automobile Association (AAA) and AARP offer defensive driving courses for senior drivers in the state.

Ask About Discounts

Some car insurance companies, like Geico, offer car insurance discounts specifically for seniors (usually defined as people over the age of 50). Many auto insurers also offer discounts for bundling auto coverage with homeowners insurance or renters insurance, switching to paperless billing, and paying the full premium in advance.

Reduce Your Mileage

If your insurer takes mileage into account, you might be able to lower your rate by driving less, as this would reduce your risk of being in an accident.

Choose the Right Car

The vehicle you drive can impact your car insurance premiums. Reliable vehicles equipped with advanced safety features are generally cheaper to insure.

Senior car insurance: safety and health considerations

Senior drivers are defined as those aged 65 and above. As drivers age, their insurance needs change, and health and safety become increasingly important factors in their insurance coverage. Senior car insurance rates are influenced by various factors, including age-related changes, health, driving history, and location.

Health Considerations

Age-related health changes, such as slower reflexes, reduced vision, and hearing impairments, can impact a senior's ability to drive safely. These factors are considered when determining insurance rates, as seniors are more likely to suffer injuries in accidents due to their age. It is important for seniors to regularly assess their health and ensure their prescription equipment, such as glasses and hearing aids, is up-to-date.

Safety Considerations

Senior drivers can take several steps to improve their safety on the road and potentially lower their insurance premiums:

• Defensive driving courses: Completing accredited safety or defensive driving courses can enhance driving skills, boost confidence, and reduce the risk of accidents. Insurance providers often offer discounts to seniors who have completed these courses.
• Anti-theft and safety features: Installing anti-theft devices, such as car alarms and GPS tracking systems, not only protects vehicles from theft but also demonstrates a commitment to risk mitigation, which can lead to lower insurance rates. Additionally, safety features like airbags, anti-lock brakes, and electronic stability control can reduce the risk of accidents and injuries, resulting in lower insurance premiums.
• Usage-based insurance: Opting for usage-based insurance (UBI) allows insurance providers to monitor driving behaviour, including speed, mileage, and braking habits. Seniors who demonstrate safe driving practices can benefit from lower premiums as their rates are based on actual driving habits.
• Reduced mileage: Seniors who drive fewer miles annually may be eligible for lower insurance premiums as they have a lower chance of being involved in accidents. This can be achieved by limiting driving to essential trips or utilising alternative transportation methods, such as public transit or ridesharing services.
• Consolidating insurance policies: Seniors can often receive discounts by bundling their car insurance with other policies, such as home or tenant insurance. This not only simplifies coverage management but also results in significant cost savings.

Additional Considerations

When considering senior car insurance, it is important to keep the following in mind:

• Shop around: Compare policies from different insurance providers to find the best rates and coverage options.
• Discounts: Ask about available discounts, such as those for safe driving, low mileage, and bundling policies.
• Driving record: A clean driving record can result in lower insurance rates, while accidents, speeding tickets, and other violations can increase premiums.
• Vehicle type: The make, model, and safety features of a vehicle can impact insurance rates. Newer and high-end cars may have higher insurance rates due to increased repair or replacement costs.
• Location: Geographic location plays a significant role in determining insurance rates. Factors such as population, traffic congestion, accident rates, and crime rates are considered when setting premiums.

Frequently asked questions