Virginia Auto Insurance Rates: Age-Based Increases Explained

Does VA Auto Insurance Increase After Age 75?

Auto insurance rates increase for seniors because insurance companies find this age group of drivers is more likely to have accidents and file claims. Seniors are considered riskier to insure due to age-related factors like vision or hearing loss and slower response times. As a result, insurance companies rate drivers over a certain age as higher risk, and car insurance rates typically go up around age 65 and continue to rise as individuals get older.

Car insurance rates for 75-year-olds

Insurance Rates by Gender

According to Bankrate, the average annual full-coverage rate for a 75-year-old male driver is $2,154, while the rate for a female driver of the same age is slightly lower at $1,952. However, it's important to note that not all states allow gender to be used as a rating factor in car insurance premiums.

Cheapest Insurance Companies for Seniors

Nationwide is often cited as the cheapest insurance option for seniors, with an average insurance premium of $1,456 for a 65- to 75-year-old driver. Other affordable options include Travelers and USAA, the latter of which offers cheaper rates for military members and their families.

Factors Affecting Insurance Rates for Seniors

Insurance rates for seniors tend to increase due to age-related changes in health and cognition, which can impact driving abilities. Statistics show that seniors are more prone to accidents than younger drivers, and older drivers also tend to suffer more severe injuries and fatalities in car accidents, leading to larger insurance claims.

However, there are ways for seniors to save on car insurance. Many insurance companies offer discounts for senior drivers who take defensive driving or mature driver courses. Additionally, retirees who drive less may be eligible for low-mileage discounts or pay-per-mile insurance plans. Comparing quotes from multiple insurance companies can also help seniors find the best rates and coverage options for their needs.

Why auto insurance rates increase for seniors

Auto insurance rates increase for seniors due to a variety of factors. One of the main reasons is that insurance companies consider older drivers to be higher-risk. This is because seniors are statistically more prone to accidents than younger drivers, due to age-related changes in hearing, vision, and reflexes, as well as overall health. As a result, insurance companies charge higher premiums to offset the potential costs of claims. Additionally, older individuals are more likely to suffer severe injuries and fatalities in car accidents, leading to larger claim payments and increased insurance rates.

The increase in insurance rates for seniors typically begins around the age of 65 and continues to rise with age, especially after the age of 80. The cost of insurance for a 65-year-old is significantly higher than that of a 60-year-old, and the rates gradually increase with each year. This is due to the increased risk factors associated with aging, such as cognitive and motor skill decline, which can impair driving abilities.

While the cost of auto insurance tends to increase for seniors, there are ways to mitigate these costs. Many insurance companies offer discounts for senior drivers, such as loyalty discounts, low-mileage discounts, and discounts for completing defensive driving courses. Shopping around and comparing rates from multiple companies can also help seniors find more affordable coverage. Additionally, maintaining a clean driving record and keeping vehicle safety features up to date can lead to lower insurance premiums.

Best car insurance companies for seniors

Car insurance rates for seniors start to go up around the age of 65. This is because insurers see older drivers as riskier to insure, owing to age-related changes in health and driving ability. However, there are still plenty of insurance providers that offer affordable rates for seniors.

State Farm

State Farm is rated as the best car insurance company for seniors by Insurance.com. It has the second-highest score in the J.D. Power customer satisfaction survey and the lowest number of customer complaints filed with the National Association of Insurance Commissioners (NAIC). State Farm also offers discounts for senior drivers and has a stellar reputation for customer service.

USAA

USAA offers affordable rates for military members and their families. It consistently performs well in insurance studies and has a robust selection of insurance products to choose from. Its SafePilot usage-based insurance program can result in a discount of up to 30%.

Travelers

Travelers offers the cheapest full-coverage insurance for seniors, at an average rate of $1,753 per year or $146 per month. It has one of the largest selections of coverage options, including accident forgiveness, gap insurance, roadside assistance, and rental car coverage.

Nationwide

Nationwide is another great option for senior car insurance, with relatively cheap rates and unique programs for saving money. Its usage-based SmartMiles program can help retirees who don't drive as much save up to 40% on coverage. It also offers accident forgiveness, gap insurance, rental coverage, and roadside assistance.

Geico

Geico offers some of the cheapest car insurance rates in the country for many kinds of drivers, including seniors. Its Prime Time program is available to certain drivers over the age of 50, guaranteeing policy renewal. Geico also offers roadside assistance, rental car coverage, and mechanical breakdown insurance.

Progressive

Progressive offers affordable rates and a wide range of coverage options, including roadside assistance, rental car coverage, pet injury coverage, and custom parts insurance. Seniors who don't drive much and practice safe driving habits can get discounts with the Snapshot usage-based program.

The Hartford

The Hartford has an auto insurance program designed specifically for AARP members, featuring discounts and coverage options tailored to drivers aged 50 and over.

Esurance

Esurance offers competitive premiums, a plethora of discounts and coverage options, and great reviews from J.D. Power and the Better Business Bureau. However, it is not available in every state.

AAA

AAA is known for its well-established roadside assistance program, but it also offers great auto insurance policies and competitive rates for seniors, as well as access to a variety of discounts.

How to save on car insurance for seniors

Car insurance rates for seniors start to go up at around 65 and can increase significantly after 75. This is because insurers see older drivers as riskier to insure due to age-related changes in hearing or vision and slowed reflexes. However, there are several ways that seniors can save on car insurance.

Take a Defensive Driving Course

Many states mandate that insurance providers offer discounts to seniors who complete government-approved defensive driving courses. These courses are designed to refresh driving skills, update knowledge of traffic laws, and promote safe driving practices. Organizations like AAA, AARP, and The National Safety Council (NSC) provide these classes, which can lead to discounts of 5% to 15% on car insurance.

Shop Around for Insurance

Every insurance company uses its own algorithms to calculate rates, so it's worth requesting and comparing quotes from multiple carriers. In addition to overall rates, consider the discounts available so you can maximize your savings and get the best deal.

Bundle Your Policies

If you own a home, consider bundling your home and auto insurance policies. Most insurance providers offer a multi-policy discount, which can lead to significant savings. For example, State Farm offers a 23% discount on bundling, the highest in the industry.

Maintain a Clean Driving Record

Avoiding accidents and tickets can help keep your insurance rates down, even as you age. Many insurance companies reward drivers for having an accident-free driving history. For example, Geico offers a 22% discount on most coverages if you've been accident-free for five years.

Drive Less

Seniors can often save on car insurance by driving fewer miles. Many insurers offer low-mileage discounts for drivers who keep their mileage below a certain limit. "Pay-as-you-drive" insurance programs can also save you up to 40%.

Increase Your Deductible

If you have enough savings to cover a higher deductible, you can lower your premiums by increasing your deductible. For example, raising your deductible from $500 to $1,000 could result in lower monthly insurance payments.

Choose Your Vehicle Carefully

The car you drive can also impact your insurance rates. Newer vehicles with advanced safety features may qualify you for safety discounts, and certain makes and models are cheaper to insure than others. For example, Subaru is known for manufacturing cars with low insurance rates.

Consider Your Location

Car insurance rates vary widely from state to state, so it's worth checking the rates in your desired location, especially if you're planning to retire or move somewhere new. Florida, for example, is one of the most expensive states for car insurance.

Join an Organization

Membership in organizations such as AARP can provide access to discounted insurance rates. AARP members who are 50 or older can get up to a 10% discount on coverage through The Hartford, with average annual savings of $507. A one-year AARP membership costs $16.

Review Your Policy

If you've recently retired, you may be driving less than before. Reviewing your stated annual mileage and coverage selections can help ensure you're not overpaying for insurance. You may also be able to drop certain coverages, such as rental car reimbursement, if they're no longer necessary.

Compare Rates Regularly

Insurance rates can change over time, so it's a good idea to compare rates from different providers at least once a year to ensure you're getting the best deal. This is especially important as you age, as your insurance needs may change.

By following these tips, seniors can find ways to save on car insurance and keep their rates affordable, even as they enter their 70s and beyond.

How to get a defensive driving discount as a senior

Car insurance rates for seniors start to increase at around 65 years old, with the average cost of car insurance for a 75-year-old reaching $2,008 a year. However, there are ways for seniors to save on their car insurance, such as taking advantage of defensive driving discounts. Here's a step-by-step guide on how to get a defensive driving discount as a senior:

Step 1: Check with Your Insurer

Before signing up for a defensive driving course, it's important to check with your insurer to see if they offer discounts for senior drivers who complete such courses. Not all insurance companies offer the same discounts, so it's essential to confirm this information first. Ask your insurer if they provide a government-mandated seniors defensive driving discount in your state.

Step 2: Find an Approved Course

If your insurer offers a defensive driving discount, the next step is to find an approved course. There are several organizations that offer mature driver courses, such as AAA, the National Safety Council (NSC), and AARP. The AARP Smart Driver Course is available online or in-person and can help you refresh your driving skills. It is also important to check with your insurance carrier to see if they have any specific course requirements or preferences.

Step 3: Choose Between Online or In-Person Course

Defensive driving courses are usually offered in two formats: online or in-person. The online course provides flexibility and convenience, allowing you to work at your own pace and complete the course from anywhere. On the other hand, in-person courses offer a more traditional classroom experience with interactive and engaging instructors. The choice between the two depends on your preference, schedule, and learning style.

Step 4: Complete the Course and Submit Your Certificate

After successfully completing the defensive driving course, you will receive a certificate of completion. Submit this certificate to your insurance company to claim your discount. The discount can range from 5% to 15% on your car insurance premiums and is typically valid for a period of time, such as three years.

Step 5: Enjoy Your Discounted Insurance Rates

Once your insurance company has processed your certificate, you can enjoy the benefits of discounted insurance rates. Remember that defensive driving courses not only help you save money but also help you stay up-to-date with driving skills and safety practices, making you a safer driver on the road.

It's important to note that eligibility requirements and discounts may vary from state to state, so it's always a good idea to check with your insurance carrier and confirm the specific details of their defensive driving discount program. Additionally, if your state doesn't offer such a program, you may still be eligible for other senior driver discounts, such as low mileage, time of day driving, or good driver discounts.

Frequently asked questions