The type of vehicle you are trying to insure is probably the biggest factor when looking for economical auto insurance for seniors. Vehicles with more horsepower, a lack of modern safety features, or a track record of large liability claims will cost substantially more to insure than safer, lower-performance models.
The next list features auto insurance prices for a handful of the cheaper vehicles to buy coverage for.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 2WD | $1,664 |
| Honda Accord LX-P 4-Dr Sedan | $1,671 |
| Ford Escape Limited 2WD | $1,703 |
| Volkswagen Jetta S 2.5 Station Wagon | $1,808 |
| Jeep Wrangler Sport Islander Package 4WD 2-Dr | $1,827 |
| Toyota Prius | $1,846 |
| Dodge Grand Caravan SE | $1,865 |
| Ford F-150 XLT Super Cab 2WD | $1,874 |
| Honda Odyssey EX | $1,932 |
| Ford Edge SE AWD | $1,942 |
| Chevrolet Impala LT | $1,970 |
| Chevrolet Malibu Hybrid | $1,977 |
| Toyota RAV4 Limited 4WD | $1,970 |
| Dodge Ram Quad Cab ST 2WD | $2,005 |
| Ford Explorer Limited 4WD | $2,008 |
| Toyota Tacoma Double Cab TRD Sport Package 4WD | $2,016 |
| Hyundai Elantra SE 4-Dr Sedan | $2,075 |
| Nissan Rogue SL 2WD | $2,110 |
| Kia Optima LX | $2,116 |
| Chevrolet Equinox LTZ AWD | $2,113 |
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Table data assumes married male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include safe-driver, homeowner, multi-policy, claim-free, and multi-vehicle. Estimates do not factor in vehicle location which can revise rates greatly.
By looking at the data, you can figure that makes and models like the Honda CR-V, Honda Accord, and Ford Escape are most likely to be the most affordable vehicles to insure for senior citizens.
Finding cost effective auto insurance is difficult, and finding out which company offers the most affordable auto insurance rates for seniors will take even more perseverance. Each insurance company has a different formula to set their prices, so let's take a look at the auto insurance companies with the most affordable rates in Chicago, IL.
Lowest Insurance Price Quotes for Mature Drivers
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | The Hartford | $753 |
| 2 | Rockford Mutual | $813 |
| 3 | Titan | $852 |
| 4 | Erie | $887 |
| 5 | Cincinnati Insurance | $924 |
| 6 | Utica National | $946 |
| 7 | Travelers | $952 |
| 8 | State Farm | $972 |
| 9 | USAA | $988 |
| 10 | SECURA | $995 |
| 11 | Auto-Owners | $1,033 |
| 12 | Amica | $1,076 |
| 13 | Safeco | $1,095 |
| 14 | GEICO | $1,118 |
| 15 | Farmers | $1,135 |
| 16 | Esurance | $1,197 |
| 17 | California Casualty | $1,197 |
| 18 | State Auto | $1,236 |
| 19 | Progressive | $1,256 |
| 20 | MetLife | $1,257 |
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The Hartford offers some of the most affordable car insurance rates in Chicago at around $753 a year. This is $596 less than the average policy premium paid by Illinois drivers of $1,349. Rockford Mutual, Titan, Erie, and Cincinnati Insurance would also be considered some of the cheapest Chicago, IL car insurance companies.
As shown above, if you are a customer of Erie and switched to The Hartford, you might realize savings of in the vicinity of $134. Insureds with Cincinnati Insurance could save as much as $171 a year, and Utica National policyholders might cut rates by $193 a year.
Be aware that those policy prices are averaged across all ages of drivers and types of vehicles and are not factoring in an exact vehicle garaging location for seniors. So the auto insurance company that fits your age and vehicle best may not even be in the top 36 companies in the list above. That affirms the importance of why you need to compare rates from multiple companies using your own specific driver information and vehicle.
For senior citizens, one of the more important factors that are looked at to help calculate auto insurance rates is where you normally keep your vehicle in Chicago. Regions with larger populations or more claims will most likely have higher rates, whereas areas that tend to be more rural can boast about having cheaper rates.
The following table shows the most expensive areas in Illinois for seniors to buy auto insurance in. Chicago ranks #1 with the yearly price of $1,529 for the average policyholder, which is around $127 per month.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Chicago | $1,529 |
| 2 | Cicero | $1,526 |
| 3 | Skokie | $1,433 |
| 4 | Berwyn | $1,421 |
| 5 | Des Plaines | $1,286 |
| 6 | Oak Lawn | $1,243 |
| 7 | Evanston | $1,226 |
| 8 | Waukegan | $1,224 |
| 9 | Mount Prospect | $1,217 |
| 10 | Joliet | $1,169 |
| 11 | Schaumburg | $1,157 |
| 12 | Palatine | $1,155 |
| 13 | Tinley Park | $1,154 |
| 14 | Elgin | $1,151 |
| 15 | Orland Park | $1,149 |
| 16 | Rockford | $1,141 |
| 17 | Arlington Heights | $1,139 |
| 18 | Bolingbrook | $1,116 |
| 19 | Peoria | $1,092 |
| 20 | Aurora | $1,075 |
| Compare Prices Now Go | ||
Rates are comparative as the specific geographic location can modify coverage prices significantly.
Liability rates compared to full coverage
Finding the cheapest auto insurance is the goal of the majority of people, and one of the fastest ways to save on the cost of insurance for seniors is to not pay for full coverage. The diagram below illustrates the difference between insurance costs when comparing full coverage to liability only. The premiums are based on no claims, a clean driving record, $100 deductibles, single marital status, and no discounts are factored in.
Averaged out for all age groups, physical damage coverage on your policy costs an extra $1,502 per year more than just buying liability insurance. Many drivers may wonder when is it safe to stop buying full coverage. There is no clear-cut rule to stop buying physical damage coverage on your policy, but there is a general guideline. If the annual cost of having full coverage is more than 10% of the replacement cost minus the deductible, then it might be time to consider dropping full coverage.
For example, let's pretend your vehicle's claim settlement value is $9,500 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most you would receive is $8,500 after the deductible is paid. If you are paying more than $850 annually for comprehensive and collision coverage, then it could be time to drop full coverage.
The diagram below shows how different deductible levels can impact insurance rates when trying to find cheap insurance for seniors. The data assumes a single male driver, full physical damage coverage, and no discounts are factored in.
The chart above illustrates that a 40-year-old driver could save $214 a year by changing from a $100 deductible to a $500 deductible, or save $324 by selecting a $1,000 deductible. Even younger drivers, like the 20-year-old category, could shave up to $702 each year just by using higher deductibles.
When raising deductibles, it is necessary to have spare funds to be able to cover the extra out-of-pocket expense that comes with higher deductibles.
What is the best auto insurance company in Chicago?
Picking a high-quality company can be rather challenging considering how many choices there are in Chicago. The company ratings shown next can help you analyze which car insurance companies you want to consider comparing rate quotes with.
These rankings are only made up of the largest companies in America, so smaller companies will not be included in the list. To check rates from the most competitive companies in Illinois, click this link.
Top 10 Major Auto Insurers in Chicago Ranked by A.M. Best Rating
- USAA - A++
- GEICO - A++
- Travelers - A++
- State Farm - A++
- Titan Insurance - A+
- Progressive - A+
- Erie Insurance - A+
- Mercury Insurance - A+
- The Hartford - A+
- Nationwide - A+