Determining which companies quote the lowest-priced insurance rates for drivers over age 60 in New York involves a bit more work in order to find the lowest price quote.
Each insurance company has a different process to set their prices, so we'll go over the insurance companies with the overall cheapest rates in New York.
Best Insurance Companies for Age 60+
|Rank||Company||Cost Per Year|
|10||New York Central Mutual||$1,874|
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USAA generally has some of the most affordable car insurance rates in New York at around $1,163 annually. Erie, Utica National, Travelers, and Allstate also rank well as some of the more affordable New York insurance companies.
As depicted above, if you are a customer of Travelers and switched to Erie, you might see yearly savings of approximately $274. Customers with Allstate could save as much as $286 a year, and Progressive policyholders might lower prices by up to $287 a year.
It's important to note that these policy prices are averaged for all ages of drivers and types of vehicles and do not factor in a price decrease for drivers over age 60. So the auto insurance company that fits your situation best may not even be in the top 20 companies in the list above. That illustrates why you need to get quotes using your own specific driver information and vehicle.
One of the more important considerations that help determine the amount you pay for auto insurance is your address in New York. Areas with high crime rates or more dense population like New York, Hempstead, and Mount Vernon tend to have more expensive auto insurance rates, whereas areas that tend to be more rural have the benefit of cheaper auto insurance prices.
The table below rates the highest-priced places in New York for drivers over age 60 to purchase auto insurance in.
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Prices are approximated as zip code location can decrease or increase auto insurance rates noticeably.
The make and model of vehicle you are buying coverage for is probably the most important factor when consumers are trying to find the cheapest auto insurance for drivers over age 60. Vehicles with lots of speed or power, a lack of advanced safety features, or high incidents of liability claims will cost quite a bit more to insure than more modest models. The next table estimates coverage costs for a number of the cheapest vehicles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda Accord EX 4-Dr Sedan||$477|
|Hyundai Elantra GLS Touring Station Wagon||$484|
|Honda CR-V LX 2WD||$477|
|Ford Escape Limited 4WD||$518|
|Honda Odyssey LX||$526|
|Chevrolet Impala LS||$556|
|Honda Civic DX 4-Dr Sedan||$563|
|Ford Focus S 4-Dr Sedan||$556|
|Ford Edge SEL AWD||$565|
|Toyota Tacoma 2WD||$556|
|Toyota RAV4 Limited 2WD||$567|
|Chevrolet Silverado LS Extended Cab 4WD||$574|
|Chevrolet Malibu LS||$567|
|Volkswagen Jetta LE 4-Dr Sedan||$574|
|Toyota Camry LE||$567|
|Chevrolet Equinox LS AWD||$574|
|Dodge Grand Caravan SXT||$577|
|Ford F-150 Lariat Crew Cab 4WD||$585|
|Ford Explorer Eddie Bauer AWD||$577|
|Jeep Wrangler Unlimited Sport 4WD 4-Dr||$586|
|GMC Sierra SL Crew Cab 2WD||$608|
|Nissan Rogue S AWD||$613|
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Table data assumes single male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New York minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, multi-vehicle, and claim-free. Table data does not factor in zip code location which can raise or lower price quotes significantly.
Looking at the numbers, you can conclude that makes and models like the Honda Accord, Hyundai Elantra, Honda CR-V, and Ford Escape should be some of the less-costly vehicles to insure for older drivers.
The chart below demonstrates how choosing different deductibles can raise or lower insurance premiums when searching for cheap insurance for drivers over age 60 in New York. Data assumes a single male driver, comp and collision included, and no discounts are factored in.
As shown above, a 30-year-old driver could save $294 a year by changing from a $100 deductible up to a $500 deductible, or save $442 by choosing a $1,000 deductible. Youthful drivers, like the 20-year-old example, can save as much as $858 every year just by choosing higher deductibles when buying full coverage. If you do make the decision to raise your deductibles, it will be necessary to have enough savings set aside to enable you to pay the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.
Liability only or full coverage
Reducing premiums for insurance is important to most drivers, and one easy way to buy cheap insurance for drivers over age 60 in New York is to buy only liability coverage. The illustration below compares auto insurance rates with and without physical damage coverage. The costs are based on no accidents, no driving violations, $500 deductibles, marital status is single, and no policy discounts are applied.
Averaged for all age groups, full coverage on your policy costs $1,253 per year more than insuring for liability only. At some point, about every driver wonders if buying full coverage is worth the money. There is no definitive rule of when to phase out physical damage insurance, but there is a general guideline. If the annual cost of your full coverage insurance is 10% or more of replacement cost minus your deductible, then you might consider buying liability only.
There are a few cases where eliminating full coverage is not advised. If you haven't satisfied your loan, you have to keep full coverage to satisfy the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should not remove full coverage.
Discounts on New York car insurance
Insurers that offer quotes for drivers over age 60 may provide policy discounts that could potentially reduce rates by 35% or more if you are eligible for them. A few of the larger companies and a selection of discounts can be found below.
- 21st Century may include discounts for student driver, air bags, 55 and older, homeowners, and good student.
- State Farm has discounts for good student, multiple autos, Drive Safe & Save, Steer Clear safe driver discount, defensive driving training, and accident-free.
- AAA discounts include education and occupation, pay-in-full, anti-theft, multi-policy, and AAA membership discount.
- Liberty Mutual has savings for good student, multi-policy, hybrid vehicle, preferred payment discount, new move discount, and newly retired.
- Progressive policyholders can earn discounts including multi-vehicle, online quote discount, multi-policy, online signing, homeowner, and continuous coverage.
The chart below shows the comparison of insurance rates with and without discounts applied to the premium. The premiums are based on a male driver, no violations or claims, New York state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows the price with no discounts. The second shows the rates with vehicle safety, passive restraint, multiple policy, multiple vehicle, homeowner, and defensive driving course discounts applied. When drivers take advantage of discounts, the average amount saved each year on insurance for drivers over age 60 is 30% or $372.