Who Has Cheap Car Insurance for Drivers Over Age 60 in Maine?

Anytime the topic is auto insurance, the words cheap or affordable should not appear anywhere in the article. Excuse the oxymoron, but cheap auto insurance for drivers over age 60 can be difficult to find. But don’t let us ruin your dream, because we are going to show you some ways you can find coverage that is easy on your budget.

The model of vehicle that is being insured is one of the primary factors when shopping for cheap auto insurance for drivers over age 60 in Maine. Vehicles with economical engines, an excellent safety record, or a track record of few liability claims will cost significantly less to insure than higher performance models. The tables below features car insurance rates for a handful of the more afforable vehicles to buy coverage for.

Data based on single female driver age 60, no speeding tickets, no at-fault accidents, $500 deductibles, and Maine minimum liability limits. Discounts applied include safe-driver, multi-vehicle, claim-free, homeowner, and multi-policy. Prices do not factor in vehicle garaging location which can raise or lower coverage prices substantially.

Data based on single female driver age 60, no speeding tickets, no at-fault accidents, $500 deductibles, and Maine minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, claim-free, and multi-policy. Premium amounts do not factor in specific garaging location which can raise or lower price quotes significantly.

Data rating is based on single female driver age 60, no speeding tickets, no at-fault accidents, $500 deductibles, and Maine minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, multi-policy, and safe-driver. Rates do not factor in garaging location in Maine which can change auto insurance rates considerably.

For older drivers, one of the big components used to determine the price you pay for insurance is where you choose to live. Areas with a lot of weather claims or more people like Auburn, Winslow, and Portland are more likely to have higher rates, whereas areas with fewer weather claims and lower vehicle theft rates have the luxury of lower rates.

The next table lists the most expensive places in Maine for drivers over age 60 to buy car insurance in.

Premium costs are approximated as the specific Maine residence address can influence auto insurance rates significantly.

Finding low-priced auto insurance is not most people’s favorite thing to do, and finding out which company quotes the cheapest insurance rates for drivers over age 60 calls for even more perseverance. Policy rates should be a little bit cheaper than the average rate in Maine, with the lower price attributed to the decrease in risk that goes along with selling coverage for older drivers. Cheap coverage should be possible from many providers.
Each insurer has their own formula to set policy rates, so we need to take a look at the most budget-friendly insurance companies in Maine.

It’s important to understand that Maine insurance rates are calculated based on many things which can substantially change the price you have to pay. Simply having a birthday, having a teen driver, or getting a ticket for careless driving may generate price changes that can now make some companies affordable when they were higher priced.

Best Auto Insurance Prices for Age 60+

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Travelers generally has some of the best car insurance rates in Maine at around $630 each year. USAA, Countryway Insurance, Vermont Mutual, and Patriot are also some of the lowest-priced Maine car insurance companies.

In the above example, if you have coverage with Vermont Mutual and switched to USAA, you may realize a yearly savings of about $73. Insureds with Patriot might save as much as $97 a year, and The Hartford policyholders might realize rate reductions of up to $109 a year.

It’s important to note that these policy rates are averages for all insureds and vehicles and do not take into consideration a rate discount for drivers over age 60. So the company that is best for you may not even be shown in the above rate chart. That emphasizes why you need to get auto insurance quotes using your own driver and vehicle profiles.

Cost difference between full coverage and liability

Finding cheap auto insurance for drivers over age 60 in Maine is important to the majority of people, and a great way to lower the cost of insurance is to not buy comprehensive and collision coverage. The example below compares premium costs with full physical damage coverage compared to only buying liability only. The prices are based on no driving violations, no at-fault accidents, $1,000 deductibles, single marital status, and no discounts are taken into consideration.

As an overall average, physical damage insurance costs $1,152 per year over and above liability coverage. That amount may make you wonder when is it safe to stop buying full coverage. There is no exact formula to stop buying physical damage insurance, but there is a broad guideline. If the annual cost of coverage is more than around 10% of the vehicle’s replacement cost less your deductible, then it’s probably a good time to buy liability coverage only.

For example, let’s pretend your vehicle’s settlement value is $8,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most you would receive is $7,000 after paying the physical damage deductible. If you are paying more than $700 annually for full coverage, then you may need to consider dropping full coverage.

Insurance rate increases from tickets or accidents

The recommended way to maintain low insurance rates for older drivers is to be a safe driver and not have accidents or get tickets. The example below demonstrates how traffic citations and fender-benders impact insurance premiums for each age group. The price estimates are based on a single male driver, full physical damage coverage, $1,000 deductibles, and no other discounts are factored in.

The data in the chart shows the average cost of auto insurance per year with a clean driving record and no accidents is $1,152. Get two speeding tickets and the average cost rises to $1,514, an increase of $362 each year. Then include two accidents along with the two speeding tickets and the 12-month cost of insurance for drivers over age 60 increases to an average of $3,036. That’s an increase of $1,883, or $157 per month, just for not driving attentively!

How to get cheap auto insurance for drivers over age 60 in Maine

The list below details many penny-pinching solutions that can help you get the cheapest car insurance.

• Lower rates by purchasing a safer vehicle
• Good credit can save money
• Raise your physical damage coverage deductibles
• Full coverage is expensive so only insure older vehicles for liability only
• Avoid accidents
• Ensure your driving record is clean
• Compare rate quotes often

The last tip in the list is incredibly critical, as was stressed in the article above. Auto insurance rates in Maine can be changed at any time, so drivers shouldn’t hesitate to switch to a new company if you find a cheaper price. Loyalty to a specific company is fine, but we do not recommend it if that devotedness results in you overpaying money that could be spent on other things. In less than five minutes you could shop around and find cheaper insurance for drivers over age 60.

Cheapest insurance quotes for older drivers

Consumers have many ways to quote cheap insurance rates in Maine, but the most preferred are either through an independent agent, an exclusive agency like State Farm or Allstate, or direct online or over the phone from a company like Geico or Progressive. They all follow the same basic process, but buyers need to know the differences in how they work.

Independent insurance agencies work with multiple companies and can quote your policy with each one. These types of agents do not work for one specific company and can compare multiple rates, which can help you get more bang for your buck. If cheaper coverage is found, your agent can switch companies which makes it easier to save money.

An exlusive, or captive, agency is only able to quote your policy with just one company, two popular examples being an Auto-Owners or Allstate agent. Exclusive agents cannot provide prices from multiple companies, so if the price isn’t competitive there isn’t much they can do.

If you want to buy insurance direct, you skip an exlusive or independent agent and buy direct from companies such as Esurance or Progressive. This insurance option can be good for families who do not have a need for a risk management assessment and have an above average understanding of what limits they need.

What is the best method to find cheap auto insurance for drivers over age 60 in Maine? One answer would be shopping direct results in the cheapest price because you bypass the agent, but in reality, that argument does not hold true. An argument could also be made that buying from an independent agent saves the most money because they can quote many companies, but that assumption is not true either. And often times, the exclusive agents have really good rates that cannot be met by either independent or direct companies.

Because there is so much variation in insurance prices, the only true way to buy the cheapest coverage is to compare, compare, and compare some more. Make the effort to get quotes from all three types to have the best rate selection. A great place to start is our list of online companies offering discounts: click here to view.