Best Cheap Car Insurance Quotes for Drivers Over Age 50 in New Hampshire

We always joke that when we write about car insurance, the word “cheap” should never appear anywhere in the article to describe car insurance rates. Excuse the oxymoron, but cheap car insurance for drivers over age 50 can be extremely hard to find. We’ll try to make it up to you, because we are going to show you how you can find auto insurance that is cheaper than your current rate.

The vehicle model requiring insurance is a significant factor that determines whether or not you find cheaper auto insurance for drivers over age 50. Vehicles with lower acceleration and performance, excellent safety ratings, or a track record of few liability claims will cost quite a bit less to insure than higher performance models.

The next table illustrates auto insurance rates for some of the cheapest vehicles to buy insurance for.

Prices based on single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Hampshire minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, multi-policy, and claim-free. Price estimates do not factor in zip code location which can influence auto insurance rates greatly.

By looking at the data, vehicles like the Honda Accord, Honda CR-V, Ford Escape, and Chevrolet Traverse should be a few of the most economical vehicles to insure for older drivers.

Trying to find cheap auto insurance is confusing at best, and determining which company quotes the best insurance rates for drivers over age 50 requires a bit more work. Coverage rates will most likely be slightly lower-priced than the average policy in New Hampshire due to the potentially lower risk that comes with selling coverage for older drivers. Economical insurance should be easy to buy from a lot of different insurance providers.

Each insurer uses a different method to establish rates, so let’s take a look at the most competitive insurance companies in New Hampshire. Keep in mind that New Hampshire insurance rates are determined by lots of factors which can significantly increase or decrease the cost of coverage. Things like having a birthday, buying a home instead of renting, or getting caught speeding can cause premium changes that can cause some rates to be cheaper than before.

Best Insurance Companies for Age 50+

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Concord normally has some of the best car insurance rates in New Hampshire at around $684 each year. Travelers, Patriot, USAA, and Vermont Mutual also are some of the most economical New Hampshire insurance companies.

As shown in the rates above, if you are a customer of Travelers and switched to Concord, you might realize an annual premium reduction of around $11. Drivers with Patriot could save as much as $112 a year, and USAA customers might reduce prices by as much as $136 a year.

To find the best cheap auto insurance for drivers over age 50 in New Hampshire for your vehicle, click here to get a free quote or quote rates from the companies below.

Understand that those policy prices are averages for all drivers and vehicles in New Hampshire and do not take into consideration a price discount for drivers over age 50. So the company that can offer the best rates for your situation may not even be shown in the rate chart shown above. That emphasizes why you need to get rate quotes from many companies using your own personal information and vehicle type.

Full coverage or liability only

Finding the best cheap auto insurance for drivers over age 50 in New Hampshire is the goal of the majority of vehicle owners, and one of the easiest ways to buy cheap insurance is to not insure for full coverage. The example below compares auto insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The data is based on no claims or driving violations, $100 deductibles, single marital status, and no policy discounts are applied.

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If averaged for all ages, full coverage on your policy costs $1,367 per year over liability only. That is a big expense that brings up the question if buying full coverage is a waste of money. There isn’t a steadfast formula of when to exclude comp and collision coverage, but there is a general school of thought. If the annual cost of coverage is more than around 10% of the replacement cost minus the deductible, then it might be time to consider dropping full coverage.

For example, let’s assume your vehicle’s replacement cost is $4,500 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most your company would pay you is $3,500 after you pay the deductible. If premiums are more than $350 a year for comprehensive and collision coverage, then it may be the right time to buy liability only.

There are a few cases where removing full coverage is not advised. If you still have a loan on your vehicle, you have to maintain full coverage to protect the lienholder’s interest. Also, if you cannot afford to purchase a different vehicle in case of an accident, you should not eliminate full coverage.

The chart below highlights how deductible selection can influence yearly insurance costs when getting quotes for cheap insurance for drivers over age 50. The rates are based on a single female driver, full physical damage coverage, and no additional discounts are factored in.

google.charts.setOnLoadCallback(drawDfdqcibChart);function drawDfdqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘$100 Deductible’,’$250 Deductible’,’$500 Deductible’,’$1,000 Deductible’],[‘Age 20’, 2563,2353,2123,1909],[‘Age 30’, 1763,1611,1439,1277],[‘Age 40’, 1635,1497,1345,1197],[‘Age 50’, 1431,1311,1177,1049],[‘Age 60’, 1383,1267,1139,1015],[‘Age 70’, 1617,1485,1341,1205]]);var options = {title: ‘Effect of Higher Deductibles on Insurance Premiums in New Hampshire’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 700,’chartArea’: {left:100,top:50,’width’: ‘100%’,’height’: ‘80%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},bar: {groupWidth: ‘80%’},colors: [‘#6791b9′,’#75a8d8′,’#98bee2′,’#bad4ec’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle’,minValue: 0,format: ‘$###,###’},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 50-year-old driver could lower their policy premium by $254 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $382 by selecting a $1,000 deductible. Even younger drivers, like the 20-year-old example, could roll back prices as much as $654 annually by choosing larger deductibles on their policy.

If you make the decision to raise deductibles, it’s a good idea to have plenty of discretionary funds to cover the extra out-of-pocket expense, which deters some people from using high deductibles.

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

When shopping for auto insurance for older drivers in New Hampshire, four good companies to start with are State Farm, Geico, Allstate, and Progressive. Each company has different options that may influence your buying decision. The data below ranks price and claims rank as well as some different options shoppers can expect to find with each one.