Determining which company offers the best auto insurance rates for drivers over age 60 may require more time in order to find the lowest price quote.
Each auto insurer uses a slightly different approach for determining rates, so let’s look at the rankings for the auto insurance companies with the overall best prices in Greensboro, NC. It’s important to understand that Greensboro auto insurance rates are impacted by many things that will increase or decrease the policy price. Turning one year older, buying a home, or getting a speeding ticket can trigger rate changes that can now make some companies cheaper than competitors.
Find the Best Cheap Insurance for Age 60+
Utica National generally has some of the cheapest car insurance rates in Greensboro at around $655 a year. Progressive, Liberty Mutual, Penn National, and NC Farm Bureau would also make the list of some of the lowest-priced Greensboro, NC auto insurance companies.
As the rates illustrate above, if you have coverage with Liberty Mutual and switched to Utica National, you might achieve annual savings of about $52. Policyholders with Penn National might save as much as $62 a year, and NC Farm Bureau policyholders might lower prices by up to $82 a year.
To see if your current coverage is too expensive, click here to get a free quote or quote prices from the following companies.
Bear in mind that those rates are averaged for all insureds and vehicles and and are not figured with an exact location for drivers over age 60. So the car insurance company that fits you best may not even be in the top 20 companies in the list above. That illustrates why you need to quote rates from many companies using your own driver and vehicle profiles.
For older drivers, one of the big things that are looked at to determine insurance cost is where you normally keep your vehicle in Greensboro. Areas with high crime rates or more dense population tend to have higher auto insurance costs, whereas areas with less crime or weather claims benefit from lower coverage costs.
The next table lists the priciest cities in North Carolina for drivers over age 60 in which to purchase auto insurance. Greensboro shows up at #9 with an annual cost of $763 on average, which is about $64 each month.
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Rate quotes are comparative as specific Greensboro zip code can decrease or increase premium rates significantly.
The example below illustrates how your deductible choice can impact insurance premiums when searching for cheap insurance for drivers over age 60. The costs are based on a single male driver, comprehensive and collision coverage, and no discounts are applied to the premium.
In the chart above, a 40-year-old driver could lower rates by $244 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $368 by using a $1,000 deductible. Youthful drivers, such as the 20-year-old example, could lower their rates $808 annually by selecting a higher deductible. If you do make the decision to raise your deductibles, it will now be necessary to have enough spare savings to satisfy the extra out-of-pocket expense, which is the one shortcoming of high deductibles.
Insuring your vehicle with a high-quality auto insurance provider is difficult considering how many different insurance companies sell coverage in Greensboro. The information shown below could help you analyze which car insurance companies you want to consider comparing rate quotes with. These rankings are only made up of the largest companies in America, so smaller companies are not factored into the list.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
Liability only or full coverage
Saving on auto insurance is probably important to most people, and one easy way to save on the cost of insurance for drivers over age 60 is to only buy liability coverage. The example below compares auto insurance rates when comparing full coverage to liability only. The premium estimates are based on no claims, a clean driving record, $250 deductibles, drivers are not married, and no additional discounts are factored in.
If averaged out across all ages, physical damage coverage costs an extra $1,755 per year more than buying just liability insurance. Many drivers will wonder if you should buy full coverage. There is no definitive guideline for phasing out full coverage on your policy, but there is a guideline you can consider. If the yearly cost for physical damage coverage is more than about 10% of the replacement cost minus the deductible, then you might want to consider buying only liability coverage.
For example, let’s say your vehicle’s book value is $5,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most you would get paid by your company is $4,000 after paying the physical damage deductible. If you are paying in excess of $400 annually for physical damage coverage, then you may need to consider dropping full coverage.
There are some conditions where dropping full coverage is not financially feasible. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should not buy liability only.
Tips to find low-cost insurance for drivers over age 60
Here are some penny-pinching ideas that can help drivers buy cheap auto insurance.
- Being accident-free can lower rates significantly
- Buy vehicles with five-star safety ratings
- Clean up your credit rating
- Drop full coverage on older vehicles
- Buying your home and auto policies from the same company can earn a discount
- Shop around for cheaper prices often
That last piece of advice is particularly vital, as we noted in the prior information. Auto insurance rates in Greensboro can be modified anytime, so don’t be afraid to switch companies if a better deal can be had.
Many drivers tend to have loyalty to a certain company, but it’s not a great idea if it’s costing you hundreds of dollars a year. If you have a few minutes, compare rates to find cheaper auto insurance for drivers over age 60.
If you prefer to get some professional input when shopping around for cheaper insurance for older drivers, the agents shown below can most likely answer your questions and help you decide which car insurance policy is best. To locate a Greensboro insurance agent close to where you live, click the button at the bottom.
Nationwide Insurance: Chris Baughan
3225 Battleground Ave – Greensboro, NC 27408 – (336) 286-3303
Jim Young – State Farm Insurance Agent
1308 Wendover Ave E – Greensboro, NC 27405 – (336) 379-1040
Jim Degraphenreid – State Farm Insurance Agent
4218 Hilltop Rd – Greensboro, NC 27407 – (336) 854-1737
3828 Burlington Rd – Greensboro, NC 27405 – (336) 621-5057