Best Cheap Auto Insurance Quotes for Drivers Over Age 50 in Tennessee

It’s impossible to miss the catchy commercials from companies like Liberty Mutual and Nationwide promising enormous savings, so drivers should just pick the company with the best ad, right?

It’s just not that simple, as there are many unknowns such as the annual mileage you drive, the likelihood of vehicle theft where you live, how much liability insurance you need, and if you are married or single, that all impact the price you pay. The information below covers the best ways to avoid high prices and will give you a good start to your coverage search.

For older drivers, one of the big criteria that insurance companies use to determine the amount you pay for auto insurance is where you live. Areas that are more densely populated like Memphis, Collierville, and Jackson tend to have higher auto insurance costs, whereas cities that are not as densely populated have the gratification of the best cheap car insurance for drivers over age 50 in Tennessee.

The illustration below displays the most expensive cities in Tennessee for drivers over age 50 in which to purchase auto insurance.

Price information shown is comparative as the specific geographic location can impact coverage rates substantially.

Establishing which company has the most affordable insurance rates for drivers over age 50 may require more time in order to find the lowest price quote. Each insurer has a unique approach to determine rates, so let’s examine the most budget-friendly insurance companies in Tennessee.

Keep in mind that Tennessee insurance rates are influenced by many factors which can significantly increase or decrease the cost of coverage. Improving your credit score, becoming a homeowner, or having an at-fault accident can trigger price changes resulting in some rates now being more affordable than before.

Best Auto Insurance Prices for Age 50+

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Utica National generally has some of the lowest car insurance rates in Tennessee at around $760 a year. Auto-Owners, Cincinnati Insurance, Penn National, and USAA would also be considered some of the most economical Tennessee car insurance companies.

As shown in the table above, if you are currently insured with Cincinnati Insurance and switched to Utica National, you may realize yearly savings of in the neighborhood of $116. Policyholders with Penn National may save as much as $139 a year, and USAA policyholders might reduce prices by as much as $159 a year.

To get a fast rate comparison, click here to get quotes or visit any of the low-priced companies below.

Bear in mind that those policy rates are averages across all insureds and vehicles and do not factor in a rate decrease for drivers over age 50. So the insurer that is most affordable for your situation may not even be included in the above rate chart. That helps illustrate why you need to get auto insurance quotes using your own individual information.

How much more does full coverage cost in Tennessee?

Finding the best cheap car insurance for drivers over age 50 in Tennessee is probably important to most people, and one of the best ways to buy cheaper insurance is to only pay for liability coverage. The chart below illustrates the comparison of auto insurance costs with full coverage compared to only the Tennessee minimum liability coverage. The costs are based on no claims, a clean driving record, $500 deductibles, single marital status, and no discounts are applied.

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Averaged out for all age groups, physical damage coverage costs $1,848 per year more than just buying liability insurance. Many drivers may wonder if buying full coverage is a waste of money. There is no exact formula that is best for determining when to drop physical damage coverage, but there is a general convention. If the annual cost of your full coverage insurance is more than about 10% of the replacement cost of your vehicle minus the policy deductible, then it could be time to drop full coverage.

There are some conditions where dropping full coverage is not financially feasible. If you still have a loan on your vehicle, you have to carry full coverage in order to keep the loan. 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.

The information below shows how choosing a deductible can affect annual premium costs when quoting cheap insurance for drivers over age 50. The data is based on a married male driver, full coverage, and no other discounts are factored in.

google.charts.setOnLoadCallback(drawDfdqcibChart);function drawDfdqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘$100 Deductible’,’$250 Deductible’,’$500 Deductible’,’$1,000 Deductible’],[‘Age 20’, 3299,3005,2685,2385],[‘Age 30’, 1717,1561,1389,1223],[‘Age 40’, 1645,1507,1345,1195],[‘Age 50’, 1509,1381,1237,1099],[‘Age 60’, 1483,1357,1215,1081],[‘Age 70’, 1707,1571,1419,1275]]);var options = {title: ‘Impact of Deductible Levels on Insurance Prices in Tennessee’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 700,’chartArea’: {left:100,top:50,’width’: ‘100%’,’height’: ‘80%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},bar: {groupWidth: ‘80%’},colors: [‘#6791b9′,’#75a8d8′,’#98bee2′,’#bad4ec’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);formatter.format(data,3);formatter.format(data,4);var chart = new google.visualization.BarChart(document.getElementById(‘qcibdfd’));chart.draw(data, options);}

The data above shows that a 40-year-old driver could reduce rates by $272 a year by increasing from a $100 deductible up to a $500 deductible, or save $410 by choosing a $1,000 deductible. Even younger insureds, like the Age 20 category, can save up to $914 each year just by choosing larger deductibles. When choosing a higher deductible, it will be necessary to have enough savings to allow you to cover the extra out-of-pocket expense. That is the one disadvantage of using higher deductibles.

Geico, Allstate, State Farm, or Progressive: Who is best?

If you’re looking for the best car insurance, four of the best places to start are Geico, Allstate, State Farm, and Progressive. The following table rates some of the different features that are available from each company.