I’m sure you’ve seen the captivating ads from insurers like Liberty Mutual, Allstate, and The General that make promises of huge savings, so drivers just need to choose the one with the most memorable commercial, right?
It’s not that easy, however, as there are a whole bunch of unknown aspects like what deductibles you want to use, if you are a man or woman, if you have ever let your coverage lapse, and whether or not you own a home, that all impact the cost of your policy. This article will discuss the best ways to maintain low rates and will give you a solid foundation to find cheaper car insurance.
Figuring out which company quotes the lowest-priced insurance rates for drivers over age 60 takes a tad more effort than just quoting one company’s rates. Each company has their own process to set premium rates, so let’s take a look at the most affordable insurance companies in Charlotte, NC.
Find the Cheapest Car Insurance for Age 60+
|Rank||Company||Cost Per Year|
|3||NC Farm Bureau||$716|
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Progressive quotes some of the best car insurance rates in Charlotte at around $632 annually. Utica National, NC Farm Bureau, Liberty Mutual, and Penn National also rank well as some of the best Charlotte, NC auto insurance companies.
In the above example, if you are currently insured with Liberty Mutual and switched to Utica National, you may see an annual savings of around $59. Insureds with Penn National might save as much as $63 a year, and State Farm customers might see rate reductions of $87 a year.
Understand that those rates are averages across all types of insureds and vehicles and and are not figured with an exact zip code location for drivers over age 60. So the company that has the cheapest rates for you may not even be in the top 20 companies shown above. That underscores the importance of why you need to get car insurance quotes using your own driver data and vehicle information.
One of the more important things that are used to help calculate the cost of insurance is where your residence is in Charlotte. Cities with larger populations tend to have higher rates, whereas areas with lower vehicle theft rates and fewer weather claims have the benefit of cheaper car insurance.
The information below shows the most expensive areas in North Carolina for drivers over age 60 to buy car insurance in. Charlotte is listed at #3 with an annual cost of $840 for the average policy, which is around $70 each month.
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Rate information is estimated as the vehicle garaging location can revise auto insurance rates noticeably.
Discounts on Charlotte insurance
Insurance providers that offer cheap quotes for drivers over age 60 may also give you policy discounts that could lower prices by 25% or more if you meet specific eligibility requirements. Companies and the discounts they provide can be found below.
- State Farm has discounts for anti-theft, accident-free, student away at school, good student, Drive Safe & Save, driver’s education, and defensive driving training.
- GEICO may offer discounts for driver training, anti-theft, multi-vehicle, good student, five-year accident-free, and air bags.
- SAFECO offers discounts including anti-theft, drive less, anti-lock brakes, teen safety rewards, multi-car, bundle discounts, and homeowner.
- Farmers Insurance includes discounts for early shopping, bundle discounts, youthful driver, alternative fuel, and distant student.
- AAA offers premium reductions for multi-car, education and occupation, AAA membership discount, multi-policy, and good driver.
- USAA has savings for vehicle storage, annual mileage, multi-policy, military installation, and new vehicle.
The chart below compares insurance rates with and without some available policy discounts. The costs are based on a female driver, a clean driving record, no at-fault accidents, North Carolina state minimum liability limits, full physical damage coverage, and $1,000 deductibles.
The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with passive restraint, vehicle safety, accident-free, homeowner, multiple policy, and safe-driver discounts applied. When these discounts are applied, theaverage amount saved on insurance for drivers over age 60 is 29% or $295.
Liability rates compared to full coverage
Lowering the price of insurance is important to the majority of drivers, and one of the fastest ways to save on the cost of insurance for drivers over age 60 is to only buy liability insurance. The chart below illustrates the difference between insurance rates with full physical damage coverage and with liability coverage only. The premiums are based on no driving violations, no at-fault accidents, $500 deductibles, drivers are single, and no other discounts are factored in.
If the expense is averaged for all age categories, full coverage costs $1,598 per year more than just insuring for liability. That is a large expense and it proposes the question if physical damage coverage is worth the money. There is no written rule of when to drop physical damage insurance, but there is a guideline you can use. If the yearly cost of comp and collision coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then it may be the right time to buy liability only.
For example, let’s assume your vehicle’s book value is $10,000 and you have $1,000 policy deductibles. If your vehicle is totaled, you would only receive $9,000 after paying your policy deductible. If you are paying more than $900 annually for full coverage, then you may want to consider only buying liability coverage.
There are some situations where buying only liability insurance is not financially feasible. If you still have a lienholder on your title, you have to keep full coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should keep full coverage.
Ratings for Charlotte insurance companies
Buying coverage from the right auto insurance company can be difficult considering how many companies are available to choose from in Charlotte. The ranking data listed below could help you analyze which car insurance providers to look at comparing rate quotes with. These ratings only include the largest companies in America, so companies that only write business in North Carolina or surrounding areas are not included in this 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
How to find low-cost insurance for drivers over age 60
The list below details some money-saving solutions that can help Charlotte drivers quote cheap auto insurance.
- At-fault accidents can raise rates significantly
- Keep your driving record clean
- Too many claims can make car insurance unaffordable
- Buy vehicles with five-star safety ratings
- On older vehicles, drop full coverage
- Save money by bundling your home and auto policies
- Shop around once a year for cheaper rates
That last piece of advice is especially crucial, as we discussed in the prior article. Auto insurance rates in Charlotte fluctuate constantly, so drivers shouldn’t be reluctant to switch to a new company if you find a better deal. Being loyal to a particular company is commendable, but is isn’t recommended if that devotion results in you overpaying a fortune every year. Take a couple minutes and compare prices to find cheaper auto insurance for drivers over age 60.
If you have questions and prefer to have some advice when shopping around for cheaper insurance for drivers over age 60, the agents listed below are willing to answer your questions and help you decide which auto insurance policy fits you best. To locate a Charlotte insurance agent nearest to you, click the button at the bottom.
4420 C The Plaza – Charlotte, NC 28215 – (704) 563-4343
O H Walker Insurance Agency Inc
2210 Crownpoint Executive Dr – Charlotte, NC 28227 – (704) 814-4343
Allstate Insurance: Bob White
601 S Kings Dr, Ste FF – Charlotte, NC 28204 – (704) 376-3479
3611 Mt Holly-Huntersville Rd #205 – Charlotte, NC 28216 – (704) 395-1239