Best Cheap Car Insurance Quotes for Seniors in Michigan

It’s hard to avoid all the captivating ads from companies like Liberty Mutual and Farmers that promise enormous savings. So drivers should just choose any one of them, right?

It’s not that simple, unfortunately, as there are a whole slew of unknown factors like whether you are married or single, if your vehicle is considered high performance, and your financial responsibility, that all impact the cost of coverage. This article goes into detail about these factors and others that can influence the price of auto insurance and hopefully give you enough understanding to have a good beginning to your quest for cheaper car insurance.

Determining which companies have the lowest-priced car insurance rates for seniors will require a little more effort than just comparing rates from one or two companies.

Each company has a unique formula for setting prices, so let’s take a look at the most competitive car insurance companies in Michigan. We do need to point out that Michigan car insurance rates are impacted by many things that control the price you pay for coverage. Simply improving your credit, increasing liability limits, or getting caught speeding may generate price changes that can cause some rates to be more affordable than competitors.

Cheapest Insurance Rates for Mature Drivers

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USAA quotes some of the cheapest car insurance rates in Michigan at around $949 per year. GEICO, Safeco, MetLife, and Chubb also rank well as some of the cheaper Michigan insurance companies.

In this example, if you are a policyholder with Safeco and switched to USAA, you could see savings of approxmiately $88. Insureds with MetLife might save as much as $401 a year, and Chubb policyholders might see rate reductions of $437 a year.

To find the best cheap car insurance for seniors in Michigan for your vehicle, click here or click through to the companies below.

Remember that these premiums are averaged for all types of drivers and the different vehicles they drive and and are not calculated with a price discount for seniors. So the insurer that fits your situation best may not even be included in the company chart above. That underscores the importance of why you need to compare as many prices as possible using your own specific driver information and vehicle.

The vehicle model you are insuring is one of the biggest factors that determines if you can find low-priced car insurance for seniors. Vehicles with high performance features, poor safety features, or an increased likelihood of liability claims will cost much more to insure than safer, lower-performance models.

The next list shows auto insurance prices for a selection of the cheaper automobiles to insure.

Prices above based on married female driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Michigan minimum liability limits. Discounts applied include safe-driver, multi-policy, multi-vehicle, claim-free, and homeowner. Table data does not factor in garaging location in Michigan which can revise premiums substantially.

Based on these rates, we can infer that models like the Hyundai Elantra, Honda CR-V, and Jeep Wrangler are most likely going to be some of the more affordable vehicles to insure for senior citizens.

Full coverage rates compared to liability only

Finding the best cheap car insurance for seniors in Michigan should be important to most drivers, and one of the easiest ways to reduce the cost of insurance is to only buy liability insurance. The diagram below shows the difference between annual premium costs when comparing full coverage to liability only. The rates are based on no claims or driving violations, $1,000 deductibles, marital status is single, and no other discounts are factored in.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $1,000 Deductibles’, ‘Liability Only’],[‘Age 20’, 4891,2067],[‘Age 30’, 2579,1127],[‘Age 40’, 2503,1043],[‘Age 50’, 2293,975],[‘Age 60’, 2223,959],[‘Age 70’, 2771,1287]]);var options = {title: ‘Savings of Only Insuring for Liability’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in Michigan’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.BarChart(document.getElementById(‘qcibfcl’));chart.draw(data, options);}

As an average, comprehensive and collision coverage on your policy costs $2,877 per year more than insuring for liability only. That is a large expense which might make you wonder if it’s a good idea to buy full coverage. There isn’t a steadfast formula of when to phase out physical damage coverage on your policy, but there is a guideline you can use. If the yearly cost for physical damage coverage is about 10% or more of the settlement you would receive from your company, then you might consider buying liability only.

There are some cases where eliminating full coverage is not advised. If you haven’t satisfied your loan, you have to maintain full coverage to satisfy the loan requirements. Also, if your finances do not allow you to purchase a different vehicle in the event your current vehicle is totaled, you should not buy liability only.

The illustration below highlights how deductible selection can change insurance prices when trying to find cheap insurance for seniors. The premiums assume a single male driver, full physical damage coverage, and no discounts are factored in.

google.charts.setOnLoadCallback(drawDfdqcibChart);function drawDfdqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘$100 Deductible’,’$250 Deductible’,’$500 Deductible’,’$1,000 Deductible’],[‘Age 20’, 6753,6157,5505,4891],[‘Age 30’, 3499,3223,2895,2579],[‘Age 40’, 3465,3169,2827,2503],[‘Age 50’, 3149,2883,2581,2293],[‘Age 60’, 3041,2787,2499,2223],[‘Age 70’, 3689,3399,3077,2771]]);var options = {title: ‘Deductibles and Insurance Rates in Michigan’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 700,’chartArea’: {left:100,top:50,’width’: ‘100%’,’height’: ‘80%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},bar: {groupWidth: ‘80%’},colors: [‘#6791b9′,’#75a8d8′,’#98bee2′,’#bad4ec’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle’,minValue: 0,format: ‘$###,###’},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 chart above illustrates that a 50-year-old driver could cut expenses by $568 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $856 by changing to a $1,000 deductible. Youthful drivers, like the Age 20 chart data, could shave up to $1,862 each year by choosing a higher deductible. When choosing a higher deductible, it will now be necessary to have enough funds in savings to allow you to cover the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.

Find the best cheap car insurance for seniors in Michigan

Below you’ll find some of the recommended penny-pinching solutions that can help Michigan drivers get cheaper coverage.

• Improve your credit score
• Drive vehicles with five-star safety ratings
• Be a safe driver
• Do not waste money insuring older vehicles for full coverage
• Prevent rate increases by staying accident-free
• Higher deductibles mean lower rates
• Comparison shop at least once a year

The last item on the list is notably necessary, as we discussed in the prior article. Coverage rates in Michigan fluctuate constantly, so drivers shouldn’t be reluctant to change to a new company if you find a cheaper price. Staying with the same company for years is fine, but it’s not a good idea if that inflexibility results in costing you thousands of dollars over several years. In just a few minutes you could compare prices and find cheaper insurance for seniors.

Who has the cheapest insurance quotes for senior citizens?

There are many different ways to quote car insurance rates in Michigan, but the most common ways are through an exlusive agent like Allstate or Liberty Mutual, an independent insurance agent, or direct online or over the phone from a company like Progressive or Geico. You can use whichever you prefer, but they differ slightly in how they provide price quotes.

Independent agencies are appointed by several companies and can get rate quotes from every one. These agents are not restricted to one company and can give you a larger rate selection, which may give you a better overall rate comparison. If they find a lower price, your agent can just switch to a different company and you don’t have to switch agencies.

An exlusive, or captive, agency is only able to write with one insurance company like an Auto-Owners or State Farm agent. Exclusive agents are unable to quote prices from more than just one company, so smart shoppers will want to get additional comparison quotes.

When you buy car insurance direct, you forego an independent or exclusive agent and instead buy from a direct company like Geico or Esurance. Shopping for car insurance direct is good for families who do not need complex risk management and have knowledge of the limitations of their policy.

Which method is best to find the best cheap car insurance for seniors in Michigan? It would be simple to say shopping direct saves the most money since it doesn’t require paying agent commissions, but unfortunately, that is not the case. It could also be said buying from an independent agent results in the best rates because they can quote many companies, but again, that’s not a true statement. In many cases, exclusive agencies have coverage prices that are the lowest in Michigan.

Since car insurance rates vary so much, the only true way to get the cheapest rates is to get quotes and compare. The ideal approach is to get rate quotes from independent agents, exclusive agents, and direct companies in order to have the best selection to choose from. For a list of car insurance companies with low rates, click here to view.