Cheapest Auto Insurance Quotes for Drivers Over Age 70 in Ohio

Cost and performance of the vehicle requiring insurance is a large factor when quoting the cheapest car insurance for drivers over age 70 in Ohio. Vehicles with higher performance characteristics, poor safety ratings, or a high likelihood of having liability claims will cost more to insure than more economical and safe models.

The tables below features coverage premiums for a handful of the most economical vehicles to insure in Ohio.

Data based on married male driver age 70, no speeding tickets, no at-fault accidents, $500 deductibles, and Ohio minimum liability limits. Discounts applied include homeowner, multi-policy, claim-free, safe-driver, and multi-vehicle. Rate quotes do not factor in specific location information which can increase or decrease price quotes noticeably.

Data based on married male driver age 70, no speeding tickets, no at-fault accidents, $500 deductibles, and Ohio minimum liability limits. Discounts applied include homeowner, claim-free, safe-driver, multi-vehicle, and multi-policy. Rate quotes do not factor in garaging location in Ohio which can decrease or increase prices significantly.

Premium data assumes married male driver age 70, no speeding tickets, no at-fault accidents, $500 deductibles, and Ohio minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, homeowner, and safe-driver. Prices do not factor in specific Ohio garaging location which can decrease or increase coverage prices considerably.

One of the more important considerations that auto insurance companies take into consideration when calculating the price you pay for insurance is your zip code in Ohio. Larger areas like Cleveland, Toledo, and Cincinnati will most likely pay more, whereas less populated areas receive better rates.

The next table shows the higher priced cities in Ohio for drivers over age 70 in which to purchase auto insurance.

Premium amounts are estimated as vehicle location can affect prices noticeably.

Full coverage rates compared to liability-only

Finding the cheapest car insurance for drivers over age 70 in Ohio should be important to most people, and a great way to lower the cost of insurance is to not buy comprehensive and collision coverage. The diagram below shows the comparison of premium costs with liability coverage only compared to full coverage. The rate quotes are based on no claims or driving violations, $250 deductibles, drivers are not married, and no discounts are applied.

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If we average the cost for ages 20 through 70, physical damage coverage on your policy costs $1,601 per year more than carrying just liability coverage. Many drivers may wonder if you should buy full coverage at all. There isn’t a written rule for phasing out comp and collision coverage, but there is a general convention. If the annual cost of having full coverage is more than about 10% of the replacement cost minus the deductible, then it might be time to buy liability only.

For example, let’s say your vehicle’s replacement cost is $6,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most your company will settle for is $5,000 after paying your policy deductible. If you are paying over $500 a year for comprehensive and collision coverage, then it’s probably a good time to buy liability coverage only.

Driving violations and accidents

The best way to earn the most affordable insurance premiums for older drivers is to drive safely and avoid accidents and violations. The illustration below highlights how traffic violations and at-fault collisions raise car insurance rates for each different age group. The rate quotes are based on a married male driver, full physical damage coverage, $250 deductibles, and no discounts are taken into consideration.

google.charts.setOnLoadCallback(drawVioqcibChart);function drawVioqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘No Violations or Accidents’, ‘Two Speeding Tickets and No Accidents’, ‘Two Speeding Tickets and Two Accidents’],[‘Age 20’, 2367,2887,4817],[‘Age 30’, 1233,1749,3679],[‘Age 40’, 1187,1705,3637],[‘Age 50’, 1087,1609,3539],[‘Age 60’, 1069,1589,3519],[‘Age 70’, 1241,1757,3689]]);var options = {title: ‘Effect of Tickets and Claims on Ohio Auto Insurance Prices’,titleTextStyle: {color: ‘#333’, fontSize: 17, bold: true},width: ‘100%’,height: 600,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},colors:[‘#b2da64′,’#eed355′,’#e39e71’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in Ohio’,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);var chart = new google.visualization.BarChart(document.getElementById(‘qcibvio’));chart.draw(data, options);}

In the previous chart, the average cost of a car insurance policy in Ohio per year with no accidents or violations is $1,364. Get two speeding tickets and the average cost increases to $1,883, an increase of $519 each year. Then throw in two accidents along with the two speeding tickets and the 12-month cost of insurance for drivers over age 70 jumps again to an average of $3,813. That’s an increase of $2,449, or $204 per month, just for not keeping your driving record clean!

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

If you are shopping around for car insurance for older drivers, some of the first companies to look at are Geico, Allstate, State Farm, and Progressive. Between them, they insure over 48% of the entire U.S. market share. They all have your normal coverages like liability, comprehensive, and collision, but each one offers slightly different options that drivers can select from. The data below shows some of the different features offered by each one.

Who has the cheapest insurance quotes for older drivers?

There are many different ways to find lower-cost insurance in Ohio, but the most frequently used are through an independent insurance agent, an exclusive agency like State Farm or Liberty Mutual, or buying direct from a company like Progressive or Geico. You can use whichever method you prefer, but they are slightly different in how they price policies.

Independent agencies have contracts with multiple insurance companies and can compare coverage rates with each one. Agents of this type have the freedom to provide you with more rates, which may give you a better chance of finding cheaper coverage. If cheaper coverage is found, your agent can just switch to a different company which requires no work on your part.

An exclusive ageny is contracted to one company like State Farm and Allstate agents. These agents usually cannot provide rates from more than one company, so it’s a good idea to shop around.

If you buy direct, you bypass an agent and instead shop from a direct company like Progressive. This option can be a good choice for drivers who do not have a lot of assets and know more than average about the exclusions of a policy.

Out of those three methods, which one works best for finding the cheapest car insurance for drivers over age 70 in Ohio? We’d like to tell you buying direct saves the most money since there is no middleman, but in reality, that is not true. And we’d like to say buying from an independent agent is the best way since there are more companies to choose from, but that assumption is also not necessarily accurate. And sometimes, the exclusive agents have extremely competitive rates that other companies cannot beat.

Due to the fact that insurance rates vary so much, the guaranteed way to get the cheapest rates is to compare, compare, and compare some more. It’s a good idea to get prices from all three types to have enough rates to compare. A great place to start is our list of online companies offering discounts: click here to view.