One of the more important criteria that are looked at to help calculate the price you pay for insurance is your zip code. Areas with increased crime or more people are more likely to have higher rates, whereas more rural areas benefit from lower rates.
The information below lists the most costly cities in Michigan for drivers over age 70 to buy auto insurance in. Detroit ranks #1 with a yearly premium of $4,960 for the average policyholder, which is around $413 per month.
|11||St. Clair Shores||$2,819|
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Table data uses comparative as the vehicle garaging location can influence coverage rates noticeably.
The vehicle that needs insurance is probably the largest consideration when comparison shopping for low-cost car insurance for drivers over age 70. Vehicles with more horsepower, a lack of advanced safety features, or a high likelihood of having liability claims will cost substantially more to insure than more modest models.
The list below features car insurance premiums for a handful of the more affordable automobiles to buy coverage for.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Honda Accord LX-P 4-Dr Sedan||$4,448|
|Ford Escape XLT 4WD||$4,520|
|Honda CR-V EX-L 4WD||$4,526|
|Hyundai Elantra SE Touring Station Wagon||$4,802|
|Ford F-150 STX Regular Cab 2WD||$4,918|
|Ford Edge SE 2WD||$4,928|
|Ford Explorer Eddie Bauer 2WD||$4,990|
|Volkswagen Jetta 2.0T Station Wagon||$5,151|
|Honda Odyssey EX W/Rear Entertainment||$5,200|
|GMC Sierra SLE Regular Cab 2WD||$5,272|
|Toyota RAV4 Limited 4WD||$5,281|
|Chevrolet Impala LT||$5,272|
|Chevrolet Malibu LS||$5,278|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$5,344|
|Dodge Grand Caravan SXT||$5,354|
|Toyota Camry SE||$5,550|
|Toyota Corolla LE||$5,559|
|GMC Sierra 2500HD SLE Extended Cab 4WD||$5,622|
|Chevrolet Equinox LTZ AWD||$5,632|
|Jeep Grand Cherokee Limited 2WD||$5,622|
|Hyundai Sonata GLS 4-Dr Sedan||$5,671|
|Nissan Rogue S 2WD||$5,677|
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Prices based on single female driver age 70, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Michigan minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, claim-free, and multi-policy. Premium amounts do not factor in specific location which can alter coverage rates noticeably.
Looking at the rates, models like the Honda Accord, Ford Escape, Honda CR-V, and Hyundai Elantra are likely to be the more affordable vehicles to insure for older drivers. The price for an auto insurance policy will be more costly because of the fact that there is more claim risk for drivers over age 70, but in general those vehicles will most likely have the lowest prices compared to other vehicles.
Impact of careless driving on Detroit car insurance rates
The recommended way to receive the best car insurance premiums for older drivers is to drive cautiously and avoid at-fault accidents and violations. The illustration below demonstrates how citations and accidents influence yearly insurance costs for each age group. The prices are based on a married female driver, full physical damage coverage, $500 deductibles, and no additional discounts are factored in.
In the chart above, the average cost of an auto insurance policy in Detroit per year with no accidents and a clean driving record is $2,482. Receive two speeding tickets and the average cost increases to $3,524, an increase of $1,043 each year. Next add two accidents along with the two speeding tickets and the annual cost of car insurance for drivers over age 70 increases to an average of $7,596. That’s an increase of $5,115, or $426 per month, just for not driving responsibly!
The illustration below demonstrates how deductible levels can increase or decrease yearly insurance costs when trying to find cheap insurance for drivers over age 70. The data is based on a single male driver, full physical damage coverage, and no other discounts are factored in.
The data above shows that a 40-year-old driver could cut expenses by $568 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $856 by selecting a $1,000 deductible. Young drivers, like the Age 20 category, can cut $1,862 or more just by choosing higher deductibles. When using a larger deductible, it will be required to have plenty of savings on hand to cover the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
What aren’t you shopping around?
Detroit, MI car insurance rates are impacted by many things that may substantially change the price of coverage. Getting older, buying higher coverage limits, or getting a speeding ticket can trigger price changes that can now make some companies more affordable than competitors.
Not only may your situation change, but companies modify rates every year or even multiple times each year as an adjustment for underwriting gains or losses. A period of increased losses can result in increased policy costs, while long-term profits may produce lower-cost Detroit car insurance rates.
To illustrate this example, the bar chart below shows which companies have the cheapest car insurance in Detroit, MI for a 35-year-old male driver with no prior claims, no tickets, and a good credit rating. If we look at prices based on his current risk profile, USAA has the best car insurance rates in Detroit at $2,211 each year. This is $182 less than the average policy premium paid by Michigan drivers of $2,393. GEICO, Safeco, MetLife, and MEEMIC round out the rest of the most affordable Detroit, MI auto insurance companies.
Let’s now give the driver in the first chart a chargeable accident, poor credit, and a speeding ticket. Due to the fact that each insurance company has their own guidelines for setting rates, analyzing rates may now result in a slightly different list of the cheapest companies as shown below.
GEICO now has the best price in Detroit, MI with Pioneer State Mutual, USAA, Safeco, and Hastings Mutual completing the list. This shows why consumers need to perform an extensive rate comparison when trying to find cheap insurance quotes for drivers over age 70.
Insurance prices consist of many things and change dramatically, so the best option when you bought your policy may now be wasting a lot of money.