For older drivers, one of the more important components that are looked at to determine the annual cost of car insurance is where you normally keep your vehicle. Areas with more people or more claims are more likely to pay higher prices, whereas areas that tend to be more rural get the luxury of paying less.
The next table rates the most costly cities in Michigan for drivers over age 50 to buy car insurance in. Detroit makes the list at #1 with a yearly premium of $4,960 for the average insured, which is around $413 per month.
|11||St. Clair Shores||$2,736|
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Information shown are comparative as the garaging address in Detroit can impact coverage rates considerably.
Trying to buy reasonably-priced car insurance is hard enough, and finding out which company offers the best insurance rates for drivers over age 50 requires even more work. Each company uses their own method for determining rates, so first we will examine the overall cheapest insurance companies in Detroit, MI.
We do need to point out that Detroit, MI insurance rates are calculated based on many things that can increase the price of coverage. Price variation is why it is critical to perform an extensive rate comparison to find the best auto insurance quotes for drivers over age 50. Car insurance prices can be determined by many different factors and change dramatically, so the cheapest company when you bought your policy may now be priced much higher than other options.
Best Car Insurance Prices for Age 50+
|Rank||Company||Cost Per Year|
|7||Pioneer State Mutual||$1,444|
|18||Auto Club Group||$2,489|
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USAA may have some of the cheapest car insurance rates in Detroit at around $978 each year. GEICO, Safeco, MetLife, and Chubb also rank well as some of the more affordable Detroit, MI insurance companies.
As depicted above, if you are insured with Chubb and switched to GEICO, you could realize a yearly savings of roughly $349. Policyholders with MEEMIC could save as much as $385 a year, and Pioneer State Mutual insureds might reduce rates by $421 a year.
To get a quick, customized rate comparison, click here to start your free quote or quote rates from the companies below.
Understand that those premium estimates are averages across all types of insureds and vehicles and do not factor in an exact vehicle garaging location for drivers over age 50. So the auto insurance company that has the cheapest price for you may not even be in the top 30 companies shown above. That emphasizes why you need to get rate quotes from many companies using your own specific driver and vehicle information.
The vehicle model on the policy is probably the largest consideration when comparison shopping for cheap insurance for drivers over age 50. Vehicles with high performance, a lack of safety features, or a history of substantial liability claims will cost significantly more to insure than safer models.
The next list features auto insurance costs for a selection of the most budget-friendly vehicles to insure in Michigan.
|Vehicle||Estimated Cost for Full Coverage|
|Hyundai Elantra GLS Touring Station Wagon||$4,117|
|Honda CR-V EX 4WD||$4,209|
|Ford Escape Limited 4WD||$4,469|
|Ford F-150 STX Super Cab 2WD||$4,515|
|Dodge Grand Caravan CV||$4,606|
|Ford Edge Limited 2WD||$4,775|
|Chevrolet Impala LS||$4,784|
|Ford Focus SE 4-Dr Sedan||$4,775|
|Volkswagen Jetta 2.0T Station Wagon||$4,825|
|Toyota RAV4 Limited 2WD||$4,867|
|Toyota Camry LE||$4,877|
|Chevrolet Malibu LS||$4,867|
|Chevrolet Equinox LT AWD||$4,876|
|Ford Explorer Eddie Bauer AWD||$4,958|
|Toyota Tacoma Double Cab 4WD||$4,964|
|Honda Civic LX 4-Dr Sedan||$5,040|
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Data based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Michigan minimum liability limits. Discounts applied include claim-free, multi-vehicle, homeowner, multi-policy, and safe-driver. Price estimates do not factor in specific zip code location which can modify auto insurance rates greatly.
By looking at the data, you can see that vehicles like the Hyundai Elantra, Honda CR-V, Ford Escape, Ford F-150, and Toyota Prius are most likely to be some of the more affordable vehicles to insure for older drivers.
Buying coverage from a high-quality insurance company can be a challenge considering how many different companies sell coverage in Michigan. The ranking information listed below could help you select which coverage providers you want to consider comparing prices from. The ratings below are for companies that write coverage in many states, so companies without a large exposure are not included in the list.
Top 10 Large Auto Insurers in Detroit Ranked by A.M. Best Rating
- State Farm – A++
- USAA – A++
- GEICO – A++
- The Hartford – A+
- Allstate – A+
- Nationwide – A+
- Esurance – A+
- Progressive – A+
- Safeco Insurance – A
- Liberty Mutual – A
Top 10 Large Auto Insurers in Detroit Ranked by Value
- The Hartford
- Farmers Insurance
- AAA Insurance
- 21st Century
- Safeco Insurance
- State Farm
- American Family
- Liberty Mutual
Discount Detroit auto insurance
Insurance companies that provide policies for drivers over age 50 could also offer policy discounts that could reduce prices by as much as 30% if you are eligible for them. The best insurance companies and the discounts they provide are outlined below.
- Farmers Insurance may have discounts that include switch companies, distant student, alternative fuel, good student, teen driver, pay in full, and early shopping.
- State Farm offers discounts for Steer Clear safe driver discount, good student, multiple policy, safe vehicle, passive restraint, anti-theft, and accident-free.
- Liberty Mutual discounts include newly married, preferred payment discount, multi-policy, safety features, new vehicle discount, and multi-car.
- MetLife includes discounts for multi-policy, good driver, accident-free, claim-free, defensive driver, and good student.
- Progressive has discounts for online quote discount, multi-policy, online signing, multi-vehicle, homeowner, and good student.
The example below illustrates the comparison of premium costs with and without discounts applied to the rates. The rates are based on a male driver, a clean driving record, no at-fault accidents, Michigan state minimum liability limits, full coverage, and $500 deductibles. The first bar for each age group shows the average annual price with no discounts. The lower bar shows the rates with anti-theft, defensive driving course, vehicle safety, marriage, claim-free, and multiple vehicle discounts applied. When taking advantage of discounts, theamount saved on insurance for drivers over age 50 is 30% or $1,293.
Don’t stick with an overpriced policy
Detroit insurance rates are based on many factors which can significantly increase or decrease the cost of a policy. Simply improving your credit, marrying your spouse, or having a fender bender may cause policy rate changes resulting in some rates now being more affordable than the competition. Additionally, insurers file new rates every year or even multiple times each year in order to offset underwriting gains or losses. Significantly higher losses can result in higher priced premiums, while less frequent claims may result in cheaper Detroit car insurance rates.
To help illustrate this point, the data below demonstrates which company has the cheapest car insurance in Detroit, MI for a 30-year-old male driver with no accidents or violations, and good financial standing. When comparing rates based on his current situation, USAA might quote the lowest car insurance rates in Detroit at $2,234 per year. This is $159 less than the average premium paid by Michigan drivers of $2,393. GEICO, Safeco, MetLife, and MEEMIC are the remaining top five cheapest Detroit, MI auto insurance companies.
In this next rate comparison, we will give the driver in the first chart a claim or two, a lower credit rating, and a traffic citation. Since each company uses their own method to establish rates, analyzing rate quotes could now result in a slightly different list of companies as shown below.
GEICO now has the best auto insurance rate in Detroit with Pioneer State Mutual, Safeco, USAA, and Hastings Mutual now being in the top five. This illustrates why Detroit drivers need to shop around with many companies when trying to find the most budget-friendly insurance rates for drivers over age 50.
Prices consist of many things and can increase or decrease at any time, so the lowest-price company the last time you checked may now be priced much higher than other options.
How to find economical insurance for drivers over age 50
The list below summarizes a few thrifty ideas that can help drivers locate cheap car insurance.
- Buying home and auto together can help save money
- Avoid accidents
- Improve your credit
- Do not pay for comprehensive and collision coverage on older vehicles
- Choose a safer vehicle and pay lower rates
- Shop around for cheaper prices often
That final tip is certainly critical, as we hit on in the prior article. Coverage prices in Detroit can change considerably based on profitability, so you should be ready to change to a new company if you find a better deal.
Many drivers tend to have loyalty to a certain company, but it’s not a great idea if it’s costing you several hundred dollars every year. Take a couple minutes and compare rates and find cheaper car insurance for drivers over age 50.