Best Cheap Auto Insurance for Drivers Over Age 70 in Missouri

The words “bargain” and “auto insurance” really don’t belong together, in particular when comparison shopping for the lowest insurance rates for drivers over age 70. In an attempt to save some money, let’s introduce you to a few of the things that determine insurance premiums, and find a way to take the bite out of your next policy.

The type of vehicle that is being insured is one of the primary factors when comparison shopping for the best cheap car insurance for drivers over age 70 in Missouri. Vehicles with lower performance, a plethora of safety features, or low incidents of liability claims will cost quite a bit less to insure than high performance models.

The next tables features coverage prices for a number of the most affordable automobiles to insure.

Prices based on single male driver age 70, no speeding tickets, no at-fault accidents, $1000 deductibles, and Missouri minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, claim-free, and multi-policy. Rate information does not factor in vehicle garaging location which can increase or decrease coverage prices substantially.

Prices above based on single male driver age 70, no speeding tickets, no at-fault accidents, $1000 deductibles, and Missouri minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, safe-driver, and multi-policy. Rates do not factor in garaging location in Missouri which can decrease or increase price quotes noticeably.

Premium data assumes single male driver age 70, no speeding tickets, no at-fault accidents, $1000 deductibles, and Missouri minimum liability limits. Discounts applied include multi-vehicle, claim-free, multi-policy, homeowner, and safe-driver. Information does not factor in specific Missouri garaging location which can modify price quotes greatly.

Finding out which company quotes the most affordable car insurance rates for drivers over age 70 involves more work in order to find coverage that fits your buget. Each insurance company has a unique approach to establish rates, so to begin we’ll rank the lowest cost car insurance companies in Missouri.

Cheap Insurance Rates for Age 70+

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USAA has some of the cheapest car insurance rates in Missouri at around $668 annually. The Hartford, Allied, Electric, and Auto-Owners also are some of the cheaper Missouri car insurance companies.

In the above rates, if you buy coverage from Auto-Owners and switched to The Hartford, you might realize a yearly savings of in the vicinity of $234. Missouri drivers with Travelers may save as much as $235 a year, and MO Farm Bureau policyholders might reduce rates by $270 a year.

Remember that these prices are averaged for all drivers and vehicles in Missouri and and are not calculated with a rate surcharge for drivers over age 70. So the car insurance company that has the cheapest price for you may not even be featured in the list above. That point stresses why you need to get rate quotes from many companies using your own driver data and vehicle information.

Liability rates compared to full coverage

Finding the best cheap car insurance for drivers over age 70 in Missouri is the goal of most people, and one of the best ways to reduce the cost of insurance is to buy liability only. The example below illustrates the comparison of yearly insurance costs with and without physical damage coverage. The rate quotes are based on no violations or accidents, $100 deductibles, marital status is single, and no discounts are factored in.

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If averaged for all ages, comp and collision coverage costs $1,532 per year more than just insuring for liability. At some point, almost every driver questions if buying full coverage is a good investment. There is no set rule that works best for making the decision to drop physical damage coverage, but there is a guideline you can consider. If the annual cost of comprehensive and collision coverage is more than about 10% of the vehicle’s replacement cost less your deductible, then it could be time to drop full coverage.

For example, let’s say your vehicle’s book value is $12,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $11,000 after paying the physical damage deductible. If you are paying more than $1,100 a year for physical damage coverage, then it may be the right time to buy liability only.

The illustration below illustrates how your choice of deductibles can impact insurance costs when getting quotes for cheap insurance for drivers over age 70. The data assumes a married female driver, comprehensive and collision coverage, and no discounts are applied to the premium.

google.charts.setOnLoadCallback(drawDfdqcibChart);function drawDfdqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘$100 Deductible’,’$250 Deductible’,’$500 Deductible’,’$1,000 Deductible’],[‘Age 20’, 1879,1711,1521,1337],[‘Age 30’, 1325,1203,1063,929],[‘Age 40’, 1303,1185,1051,921],[‘Age 50’, 1143,1043,927,815],[‘Age 60’, 1091,995,883,775],[‘Age 70’, 1169,1063,947,839]]);var options = {title: ‘Deductible Levels and Auto Insurance Rates in Missouri’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 700,’chartArea’: {left:100,top:50,’width’: ‘100%’,’height’: ‘80%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},bar: {groupWidth: ‘80%’},colors: [‘#6791b9′,’#75a8d8′,’#98bee2′,’#bad4ec’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle’,minValue: 0,format: ‘$###,###’},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);}

A 30-year-old driver could lower their policy premium by $252 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $382 by selecting a $1,000 deductible. Even younger drivers, such as the 20-year-old example, have the ability to save as much as $542 or more by using a higher deductible.

If you do raise deductibles, it will be important to have additional funds in a savings account to cover the extra out-of-pocket expense that is associated with using high deductibles.

Best rates: Progressive, State Farm, Allstate, or Geico

When shopping around for car insurance for older drivers, four companies to definitely compare rates with are Progressive, State Farm, Allstate, and Geico. When combined, they make up nearly half of all policies written. The table below points out ratings and policy coverage options that policyholders can buy.

Cheap insurance quotes for older drivers

There are a variety of different ways to shop for and buy car insurance in Missouri, but the three most common are from an independent insurance agent, an exclusive insurance agency such as Liberty Mutual or State Farm, or from a direct company like Geico or Progressive. All three ways can provide car insurance quotes, but car insurance shoppers should know the differences in how they function.

Independent insurance agents write for multiple companies and can provide price quotes from all of them. These types of agents do not sell for just one brand and can provide multiple price quotes, which can help you get improved odds of finding cheaper coverage. If your agent finds better pricing, your policy can be easily switched to a new company and you won’t have to switch agencies.

An agent who is captive is only able to quote your policy with one insurance company like State Farm and Allstate agents. Exclusive agents cannot provide multiple price quotes, so they have to upsell other benefits.

Drivers who opt to buy car insurance direct do not use an exlusive or independent agent and instead shop direct either online or via phone. Shopping for car insurance direct may be the best choice people who do not have a complex risk profile and have a good understanding of the exclusions of a policy.

Which way works best to buy the best cheap car insurance for drivers over age 70 in Missouri? The majority of car insurance shoppers assume that buying from a direct car insurance company results in the cheapest rates because there is no agent taking a commission, but in reality, that argument does not hold true. A valid argument could also be made that buying from an independent agent saves the most money because they can shop around, but that is not necessarily true either. And occasionally, the exclusive agents have price quotes that are the cheapest in Missouri.

Since car insurance prices are based on many different factors, the one way to find out which one is cheapest is to compare lots of quotes. If you have the time, get rate quotes from all three in order to find the best price. For a list of companies with cheap rates in Missouri, click here to view.