Who Has Cheap Auto Insurance Quotes for Drivers Over Age 60 in Detroit?

The words “low-priced” and “insurance” really shouldn’t be used in the same sentence, especially when you are trying to find the best price on coverage for drivers over age 60. Because it’s so expensive, let’s familiarize you with a few of the things that have an effect on insurance prices, and figure out some ways to slash the price of the next policy you buy.

The type of vehicle that is being insured is probably the most important factor when trying to find affordable auto insurance for drivers over age 60. Vehicles with higher performance characteristics, a lack of advanced safety features, or a track record of large liability claims will cost substantially more to insure than more modest models. The next table outlines insurance costs for the more affordable automobiles to insure in Michigan.

Cheapest Vehicles to Insure in Detroit, MI
Vehicle Make and Model Estimated Cost for Full Coverage
Honda Accord LX 4-Dr Sedan $4,247
Honda CR-V EX 4WD $4,337
Ford Escape Limited 2WD $4,345
Hyundai Elantra SE Touring Station Wagon $4,599
Honda Odyssey LX $4,670
Toyota Prius $4,689
Dodge Grand Caravan CV $4,760
Ford F-150 STX Super Cab 4WD $4,851
Ford Edge Limited 2WD $4,931
Volkswagen Jetta 2.0T Station Wagon $4,955
Nissan Altima 2.5 4-Dr Sedan $5,022
Toyota RAV4 Sport 2WD $5,032
Chevrolet Impala LT $5,022
Chevrolet Malibu Hybrid $5,031
Jeep Wrangler Unlimited Sport 2WD 4-Dr $5,107
Ford Explorer Limited 4WD $5,112
Toyota Tacoma Double Cab 4WD $5,120
Toyota Corolla LE $5,288
GMC Sierra SL Crew Cab 4WD $5,378
Jeep Grand Cherokee Limited 2WD $5,386
Chevrolet Equinox LTZ 2WD $5,378
Chevrolet Silverado LT Extended Cab 2WD $5,388
Dodge Ram Quad Cab SLT 4WD $5,478
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Table data assumes single female driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Michigan minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, multi-policy, and safe-driver. Table data does not factor in specific location which can alter insurance rates considerably.

Based upon the rates shown, we can conclude that models like the Honda Accord, Honda CR-V, Ford Escape, and Hyundai Elantra are most likely to be some of the cheapest vehicles to insure for older drivers.

Finding out which company offers the lowest-priced car insurance rates for drivers over age 60 calls for a little more work in order to find the lowest price.

Each auto insurance company has their own process to set premium rates, so let’s take a look at the car insurance companies with the most affordable rates in Detroit, MI. It’s important that readers know that Michigan car insurance rates are determined by lots of factors that may substantially change the price you pay for coverage. Getting older, increasing liability limits, or getting a couple of tickets may cause policy rate changes resulting in some rates now being much cheaper than others.

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Rankings for the cheapest car insurance companies in Michigan
Rank Company Cost Per Year
1 USAA $978
2 GEICO $1,033
3 Safeco $1,069
4 MetLife $1,364
5 Chubb $1,428
6 MEEMIC $1,436
7 Pioneer State Mutual $1,488
8 Hastings Mutual $1,595
9 Auto-Owners $1,636
10 Frankenmuth $1,696
11 SECURA $1,778
12 Progressive $1,923
13 Wolverine Mutual $2,191
14 Grange Mutual $2,253
15 Allied $2,263
16 Allmerica $2,316
17 Hanover $2,399
18 Auto Club Group $2,489
19 Nationwide $2,516
20 Farm Bureau $2,573
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USAA offers some of the best car insurance rates in Detroit at around $978 each year. This is $1,415 less than the average premium paid by Michigan drivers of $2,393. GEICO, Safeco, MetLife, and Chubb also qualify as some of the cheapest Detroit, MI insurance companies.

In this example, if you are insured with Chubb and switched to GEICO, you could realize an annual premium reduction of about $395. Drivers with MEEMIC might save as much as $403 a year, and Pioneer State Mutual insureds might reduce prices by as much as $455 a year.

If you would like to find cheaper car insurance rates, click here to get a free quote or visit any of the companies below.

Bear in mind that those policy rates are averaged across all drivers and vehicles in Michigan and are not factoring in an exact zip code location for drivers over age 60. So the car insurance company that fits your needs best may not even be in the list above. That helps illustrate why you need to compare rates from as many companies as possible using your own driver information and specific vehicle type.

Does it make sense to buy full coverage?

Saving on car insurance is important to the majority of people, and an effective way to save on the cost of insurance for drivers over age 60 is to buy liability only. The diagram below illustrates the comparison of car insurance costs with full coverage compared to only the Michigan minimum liability coverage. The costs are based on no accidents, no driving violations, $250 deductibles, drivers are single, and no policy discounts are applied.

Averaged for all ages 20 through 70, full coverage costs $4,820 per year over having just liability coverage. That may make you wonder if it’s worth it to buy full coverage. There is no definitive formula of when to stop paying for physical damage coverage on your policy, but there is a general guideline you can use. If the annual cost of having full coverage is 10% or more of the settlement you would receive from your company, then you might want to think about dropping full coverage.

For example, let’s say your vehicle’s replacement value is $5,500 and you have $1,000 policy deductibles. If your vehicle is totaled, the most your company will settle for is $4,500 after the deductible is paid. If you are currently paying more than $450 annually for your policy with full coverage, then it could be time to drop full coverage.

There are a few situations where removing full coverage is not recommended. If you haven’t satisfied your loan, you have to keep full coverage to protect the lienholder’s interest in the vehicle. Also, if you cannot afford to purchase a different vehicle in the even your car is totaled, you should keep full coverage in place.

The information below shows how choosing a deductible can increase or decrease insurance prices when quoting cheap insurance for drivers over age 60. Data assumes a married male driver, comprehensive and collision coverage, and no discounts are applied to the premium.

A 40-year-old driver could cut expenses by $480 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $728 by selecting a $1,000 deductible. Even younger drivers, like the Age 20 chart data, could roll back prices up to $1,602 every year by using higher deductibles when buying full coverage.

When using a larger deductible, it will be necessary to have enough in a savings account to allow you to cover the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.

Ideas for buying budget-friendly auto insurance for drivers over age 60

Here are some thrifty suggestions that can help you get more affordable coverage.

The last item on the list is especially crucial, as was stressed in this write-up. Coverage prices in Detroit vary greatly, so don’t be afraid to change insurance companies if a more affordable rate is found. Having brand loyalty is commendable, but it isn’t a good idea if that faithfulness ends up costing you a lot of money every month. It only takes a couple minutes to compare rates and find cheaper auto insurance for drivers over age 60.