Wouldn't it be great if we could just give you the name of the single company that has the lowest car insurance rates for drivers over age 50? It's just not that simple, as there are a ton of unknown factors like if you are a man or woman, whether you just need liability insurance, the vehicle you are insuring, and your credit history. This article goes into detail about the best ways to save money and will hopefully give you some help in finding cheaper rates.
One of the more important criteria that determine the amount you pay for auto insurance is where you normally keep your vehicle. Regions with larger populations or more claims tend to have more expensive auto insurance rates, whereas areas with less congestion have the benefit of cheaper auto insurance prices.
The illustration below shows the most costly cities in New York for drivers over age 50 to buy car insurance in. Buffalo is ranked at #13 with an annual cost of $1,503 for coverage, which is about $125 monthly.
|Rank||City||Premium Per Year|
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Annual rates are comparative as the garaging address in Buffalo can influence coverage prices greatly.
Finding cheap car insurance is challenging, and deciding which company quotes the best car insurance rates for drivers over age 50 calls for additional perseverance.
Every insurance company uses their own method for establishing rates, so we'll take a look at the car insurance companies that tend to have lower prices in Buffalo.
Best Cheap Insurance Rates for Age 50+
|Rank||Company||Cost Per Year|
|12||New York Central Mutual||$1,892|
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USAA may have some of the most affordable car insurance rates in Buffalo at around $1,152 each year. Erie, Utica National, Progressive, and MetLife also are some of the lowest-priced Buffalo, NY auto insurance companies.
As shown in the table above, if you are a policyholder with Progressive and switched to Erie, you might achieve savings of approximately $307. Customers with MetLife might save as much as $367 a year, and Travelers customers might reduce prices by as much as $370 a year.
Bear in mind that those prices are averaged for all drivers and vehicles and and are not figured with a vehicle location for drivers over age 50. So the car insurance company that fits your age and vehicle best may not even be in the top 20 companies shown above. That's why you need to get rate quotes from many companies using your own driver data and vehicle information.
The make and model of vehicle you are seeking coverage for is probably the most important factor that determines whether or not you find cheaper auto insurance for drivers over age 50. Vehicles with lower acceleration and performance, an excellent safety record, or a low likelihood of having liability claims will cost significantly less to insure than high performance models.
The data below estimates coverage premiums for a handful of the cheapest vehicles to insure in New York.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Hyundai Elantra GLS Touring Station Wagon||$2,268|
|Honda Accord LX-P 4-Dr Sedan||$2,275|
|Honda CR-V EX-L 2WD||$2,319|
|Ford Escape XLT 4WD||$2,327|
|Ford Explorer XLT AWD||$2,543|
|Ford F-150 STX Regular Cab 4WD||$2,552|
|Jeep Wrangler Rubicon 4WD 2-Dr||$2,543|
|Chevrolet Impala LT||$2,685|
|Toyota RAV4 Limited 4WD||$2,690|
|Toyota Tacoma Double Cab 4WD||$2,685|
|Chevrolet Equinox LT 2WD||$2,695|
|Dodge Grand Caravan Crew||$2,736|
|Ford Edge Limited AWD||$2,831|
|Toyota Camry XLE||$2,839|
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Data variables include single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New York minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, claim-free, and multi-policy. Estimates do not factor in zip code location which can revise rates noticeably.
Looking at the numbers, models like the Hyundai Elantra, Honda Accord, Honda CR-V, Ford Escape, and Toyota Prius should be some of the most economical vehicles to insure for older drivers.
Buying coverage from the best auto insurance company can be challenging considering how many choices drivers have in New York. The company rank data in the lists below can help you select which providers you want to consider to insure your vehicles. These rankings include companies that insure vehicles nationwide, so companies without a large exposure will not be included in these rankings.
Top 10 Large Car Insurance Companies in Buffalo Ranked by Customer Satisfaction
- The Hartford - 93%
- The General - 91%
- Progressive - 90%
- 21st Century - 89%
- Erie Insurance - 88%
- USAA - 87%
- State Farm - 87%
- Travelers - 87%
- Mercury Insurance - 87%
- Safeco Insurance - 86%
Top 10 Large Car Insurance Companies in Buffalo Ranked by Customer Service
- Mercury Insurance
- The Hartford
- American Family
- State Farm
- Farmers Insurance
The example below shows how choosing a deductible can increase or decrease yearly insurance costs when quoting cheap insurance for drivers over age 50. The information is based on a married female driver, comprehensive and collision coverage, and no discounts are applied to the premium.
The chart above illustrates that a 40-year-old driver could lower rates by $180 a year by switching from a $100 deductible up to a $500 deductible, or save $272 by selecting a $1,000 deductible. Even younger drivers, like the age 20 example, can save as much as $450 annually just by choosing larger deductibles. If you do decide to increase your deductibles, it will now be necessary to have plenty of savings on hand to be able to pay the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.
How to find budget-friendly insurance for drivers over age 50
It is possible to find better rates, and here are a few penny-pinching ideas that can help you buy lower-cost car insurance.
- Full coverage is expensive so only insure older vehicles for liability only
- Insure your home and auto with the same company
- At-fault accidents will increase rates
- Buy vehicles with good safety ratings
- Pay lower rates with good credit
- Comparison shop frequently
That final tip is certainly crucial, as was emphasized in this article. Coverage prices in Buffalo adjust often, so don't hesitate to change to a new company if you find a better deal. Many drivers have brand loyalty and that's fine, but it's not a great idea if your bullheadedness ends up costing you thousands of dollars over the life of your policy. In just a couple of minutes you could compare rates to find cheaper insurance for drivers over age 50.
If you would rather get some guidance when trying to find the best insurance rates for older drivers, the agents below are willing to help you decide which coverages you need.
To locate an agency using an interactive map, click the button below the list or click here to compare price quotes.
MandT Insurance Agency Inc.
285 Delaware Ave - Buffalo, NY 14202 - (716) 853-7960
Niagara Montauk Insurance
1547 Hertel Ave - Buffalo, NY 14216 - (716) 800-4282
361 Delaware Ave - Buffalo, NY 14202 - (716) 849-8618
State Farm: Dan Hawrylczak
1335 Hertel Ave - Buffalo, NY 14216 - (716) 873-3771