If you're middle-aged, you're enjoying some of the lowest of any demographic: A 50-year-old male driver pays an average of $2,515 a year for full coverage, or 6% less than a 40-year-old ($2,680) and more than 12% less than a 30-year-old ($2,871).Rates keep declining into your 60s, when that same motorist pays an average of $2,430 a year, or about 15% less than a 30-year-old. But the tables turn as you approach 70, when premiums increase to an average of $2,635.
"That's $350 more a year, which is significant when you're on a fixed income," says Laura Longero, editor-in-chief of CarInsurance.com. "You've got to think outside the box."
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Geico auto coverage is available in all 50 states and Washington, D.C., with 16 discounts and add-ons like roadside assistance, rental car reimbursement and mechanical breakdown insurance.
Geico auto coverage is available in all 50 states and Washington, D.C., with 16 discounts and add-ons like roadside assistance, rental car reimbursement and mechanical breakdown insurance.
Progressive offers an array of riders, including rideshare insurance and a Deductible Savings Bank that deducts $50 each policy period you go without a claim. It also offers mechanical breakdown insurance, which covers unexpected major system failures.
Progressive offers an array of riders, including rideshare insurance and a Deductible Savings Bank that deducts $50 each policy period you go without a claim. It also offers mechanical breakdown insurance, which covers unexpected major system failures.
According to Consumer Reports, drivers 60 and older were more likely than younger policyholders to receive rate increases in the past 12 months. (Only California, Hawaii and Massachusetts prohibit using age as a factor in determining premiums.)
There is a silver lining, though: Thirty-four states and the District of Columbia require insurers to offer discounts to mature drivers who complete a state-approved defensive driving course. Some insurers offer discounts nationwide, regardless of whether there's a state mandate.
That's a valuable benefit, especially since drivers are keeping their licenses longer, according to the Insurance Institute for Highway Safety. Between 1997 and 2023, the number of licensed drivers 70 and older increased 98%.