The words “low-priced” and “auto insurance” probably shouldn’t be used in the same sentence, in particular when you are looking for the best price on coverage for seniors. Because of the high cost, let’s lead off by showing you some things the can have a considerable influence on auto insurance prices, and find a way to shave a little off the next policy you buy.
Comparing rates for cheap auto insurance is not always easy, and finding out which insurers offer the cheapest insurance rates for seniors will take even more shopping around. Each auto insurer has their own guidelines for setting rates, so we’ll take a look at the insurance companies with the overall best prices in Cincinnati, OH.
Keep in mind that Ohio insurance rates are based on many factors that will increase or decrease the cost of having a policy. Events like a birthday, increasing liability limits, or having an at-fault accident can cause premium changes that can cause some rates to be cheaper than competitors.
Find the Best Cheap Insurance for Mature Drivers
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $635 |
| 2 | Erie | $687 |
| 3 | Allied | $697 |
| 4 | Frankenmuth | $701 |
| 5 | USAA | $733 |
| 6 | Travelers | $733 |
| 7 | Merchants Insurance Group | $771 |
| 8 | Cincinnati Insurance | $772 |
| 9 | Grange Mutual | $804 |
| 10 | General Casualty | $805 |
| 11 | Motorists Mutual | $816 |
| 12 | Central Mutual | $840 |
| 13 | Hastings Mutual | $893 |
| 14 | State Farm | $894 |
| 15 | Atlantic States | $940 |
| 16 | Westfield | $946 |
| 17 | Western Reserve | $961 |
| 18 | Progressive | $962 |
| 19 | Nationwide | $998 |
| 20 | Auto-Owners | $998 |
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Utica National generally has some of the lowest car insurance rates in Cincinnati at around $635 annually. Erie, Allied, Frankenmuth, and USAA also make the cut as some of the lowest-priced Cincinnati, OH car insurance companies.
In this example, if you are insured with Allied and switched to Utica National, you might achieve yearly savings of in the vicinity of $62. Insureds with Frankenmuth could save as much as $66 a year, and USAA insureds might lower prices by $98 a year.
To find out how your current rates compare, click here to start your free quote or click through to the companies below.
It’s important to note that these policy prices are averages across all types of insureds and vehicles and and are not calculated with a vehicle location for seniors. So the insurer that has the cheapest price for you may not even be in the top 33 companies in the list above. That point stresses why you need to get rate quotes from many companies using your own individual information.
The vehicle requiring coverage is probably the biggest factor when comparing quotes for cheap coverage for seniors. Vehicles with high performance features, a lack of advanced safety features, or a high likelihood of having liability claims will cost much more to insure than more economical and safe models.
The next table ranks auto insurance costs for a handful of the cheapest vehicles to buy coverage for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 2WD | $919 |
| Ford Escape Limited 2WD | $941 |
| Volkswagen Jetta S 2.5 Station Wagon | $1,000 |
| Toyota Prius | $1,021 |
| Ford Explorer XLT 4WD | $1,033 |
| Chevrolet Impala LS | $1,071 |
| Ford Fusion S 4-Dr Sedan | $1,092 |
| Chevrolet Equinox LS 2WD | $1,102 |
| Toyota Tacoma Double Cab 4WD | $1,092 |
| GMC Sierra SLE Crew Cab 2WD | $1,098 |
| Toyota RAV4 Sport 2WD | $1,092 |
| Dodge Grand Caravan Hero | $1,101 |
| Chevrolet Malibu LT | $1,114 |
| Ford F-150 FX4 Super Cab 4WD | $1,123 |
| Ford Focus SES 4-Dr Sedan | $1,128 |
| Hyundai Elantra Blue 4-Dr Sedan | $1,136 |
| Honda Civic VP 4-Dr Sedan | $1,128 |
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Data variables include married male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include safe-driver, homeowner, claim-free, multi-vehicle, and multi-policy. Estimates do not factor in specific zip code location which can change prices significantly.
Based on these rates, we can assume that models like the Honda CR-V, Ford Escape, and Volkswagen Jetta will be a few of the most economical vehicles to insure for senior citizens.
For senior citizens, one of the more important criteria that are used to help calculate car insurance rates is where you keep your car in Cincinnati. Regions with larger populations or more claims likely pay more, whereas areas with less congestion have the gratification of cheaper auto insurance rates.
The information below sorts the most expensive areas in Ohio for seniors in which to buy car insurance. Cincinnati is listed at #6 having an annual price of $1,174 for the average insured, which is around $98 per month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Toledo | $1,267 |
| 2 | Columbus | $1,247 |
| 3 | Youngstown | $1,235 |
| 4 | Cleveland | $1,235 |
| 5 | Cleveland Heights | $1,214 |
| 6 | Cincinnati | $1,174 |
| 7 | Akron | $1,169 |
| 8 | Euclid | $1,164 |
| 9 | Hamilton | $1,135 |
| 10 | Dayton | $1,108 |
| 11 | Canton | $1,102 |
| 12 | Springfield | $1,094 |
| 13 | Newark | $1,085 |
| 14 | Fairfield | $1,053 |
| 15 | Beavercreek | $1,047 |
| 16 | Lakewood | $1,041 |
| 17 | Strongsville | $1,041 |
| 18 | Mansfield | $1,032 |
| 19 | Middletown | $1,024 |
| 20 | Kettering | $1,020 |
| 21 | Mentor | $1,018 |
| 22 | Lorain | $1,015 |
| 23 | Cuyahoga Falls | $1,007 |
| 24 | Parma | $997 |
| 25 | Elyria | $965 |
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Premium costs are comparative as the specific geographic location can revise auto insurance rates greatly.
Price comparison of only insuring for liability
Saving on insurance is probably important to most drivers, and one way to find cheap insurance for seniors is to buy only liability coverage. The chart below shows the comparison of insurance costs with full coverage compared to only the Ohio minimum liability coverage. The data is based on no violations or accidents, $100 deductibles, marital status is single, and no discounts are applied to the premium.
As an overall average, physical damage coverage costs an additional $1,750 per year more than just buying liability only. At some point, almost every driver questions if it’s worth it to buy full coverage. There is no exact rule to stop buying physical damage coverage, but there is a guideline you can consider. If the annual cost of comprehensive and collision coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then it could be time to drop full coverage.
For example, let’s assume your vehicle’s settlement value is $5,500 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most your company would pay you is $4,500 after paying the physical damage deductible. If you are currently paying more than $450 a year for comprehensive and collision coverage, then you might consider buying liability only.
Accidents and violations increase rates
A great way to get low insurance rates for senior citizens is to be an attentive driver and avoid getting tickets or having accidents. The information below illustrates how speeding tickets and at-fault accidents can impact auto insurance rates for different insured age categories. Data assumes a single male driver, full coverage, $100 deductibles, and no discounts are applied to the premium.
In the prior example, the average cost of an auto insurance policy in Ohio per year with a clean driving record and no accidents is $1,782. Add in one speeding ticket and the average cost surges to $2,005, an increase of $224 each year. Next add two accidents along with the one speeding ticket and the 12-month cost of insurance for seniors goes up to an average of $3,878. That’s an increase of $2,096, or $175 per month, just for being a little careless behind the wheel!
The illustration below shows how choosing a deductible can affect premium costs when searching for cheap insurance for seniors. The costs are based on a married male driver, full physical damage coverage, and no other discounts are factored in.
The data above shows that a 50-year-old driver could reduce rates by $216 a year by switching from a $100 deductible to a $500 deductible, or save $324 by using a $1,000 deductible. Even younger insureds, like the 20-year-old, could shave up to $718 or more by choosing larger deductibles on their policy. If you do make the decision to raise your deductibles, it is essential to have additional funds in a savings account to enable you to cover the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.