The words “affordable” and “insurance” really shouldn’t be used in the same sentence, specifically when you are searching for the best price on coverage for drivers over age 50. Because of the high cost, let’s introduce you to a few of the factors that significantly impact car insurance premiums, and find out if we can help you take a little off the next policy you buy.
One of the many considerations that help determine the amount you pay each year for auto insurance is where you call home. Areas with more people or even just a higher incidence of claims tend to have more expensive car insurance rates, whereas less populated areas have the luxury of lower rates.
The next table sorts the highest-priced places in Oregon for drivers over age 50 in which to buy car insurance. Portland is ranked at #2 with an annual cost of $1,544 for the average insured, which is around $129 monthly.
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Premium costs are comparative as the specific Portland residence address can alter premiums greatly.
The type of vehicle that is being insured is one of the biggest factors when comparison shopping for the lowest-priced insurance for drivers over age 50. Vehicles with limited speed and performance, modern passenger safety features, or a low likelihood of having liability claims will cost significantly less to insure than adrenaline junky models. The next table showcases car insurance rates for a handful of the most economical automobiles to insure.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Ford Escape XLS 4WD||$1,265|
|Honda CR-V EX 2WD||$1,273|
|Honda Accord LX-P 4-Dr Sedan||$1,265|
|Jeep Wrangler Rubicon 4WD 2-Dr||$1,422|
|Toyota Tacoma 4WD||$1,431|
|Ford F-150 STX Super Cab 4WD||$1,452|
|Chevrolet Impala LS||$1,471|
|Honda Odyssey EX||$1,480|
|Ford Edge SEL AWD||$1,471|
|GMC Sierra SLE Regular Cab 2WD||$1,501|
|Toyota RAV4 2WD||$1,511|
|Dodge Grand Caravan Hero||$1,501|
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Price data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Oregon minimum liability limits. Discounts applied include claim-free, multi-vehicle, homeowner, safe-driver, and multi-policy. Premium amounts do not factor in the specific area where the vehicle is garaged which can lower or raise premium rates noticeably.
Based upon the table data, you can presume that vehicles like the Ford Escape, Honda CR-V, and Honda Accord should be the most economical vehicles to insure for older drivers.
Types of discounts on Portland auto insurance rates
Insurance companies that provide coverage for drivers over age 50 may also provide special discounts that can lower rates by 30% or more if you are eligible to receive them. Larger auto insurance companies and a summarized list of policyholder discounts include:
- State Farm offers discounts for accident-free, passive restraint, multiple autos, Steer Clear safe driver discount, and driver’s education.
- GEICO offers discounts including multi-policy, military active duty, emergency military deployment, good student, and air bags.
- Liberty Mutual policyholders can earn discounts including safety features, multi-policy, new vehicle discount, preferred payment discount, and new move discount.
- The Hartford offers premium reductions for vehicle fuel type, air bag, good student, anti-theft, and driver training.
- MetLife discounts include claim-free, good driver, accident-free, defensive driver, and multi-policy.
- Progressive includes discounts for good student, homeowner, multi-policy, continuous coverage, online quote discount, online signing, and multi-vehicle.
The illustration below visualizes the comparison of insurance costs with and without discounts applied. The premiums assume a male driver, no claims or violations, Oregon state minimum liability limits, comp and collision included, and $1,000 deductibles.
The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with passive restraint, accident-free, multiple vehicle, homeowner, multiple policy, and anti-theft discounts applied. When taking advantage of discounts, theamount saved on auto insurance for drivers over age 50 is 30% or $399.
The chart below illustrates how your choice of deductibles can change premium costs when trying to find cheap insurance for drivers over age 50. The premiums assume a single male driver, full coverage, and no discounts are factored in.
In the chart above, a 30-year-old driver could lower rates by $296 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $446 by selecting a $1,000 deductible. Younger drivers, like the Age 20 chart data, could drop their prices $860 every year by using a higher deductible. When insureds make the decision to increase the deductibles on their policy, it is a good idea to have additional savings on hand to enable you to cover the extra out-of-pocket expense that comes with higher deductibles.
Here’s why you should compare rates often
Portland auto insurance rates are impacted by many factors which can substantially change the price of your policy. Simply turning a year older, buying a different home, or getting a few speeding tickets may generate price changes that may make certain companies much cheaper than others.
In addition, insurers change rates at least once a year in order to be able to pay unexpected claims. Larger than normal claims may cause rate hikes, while long-term profits can produce lower-cost Portland car insurance rates.
For example, the data below compares the cheapest car insurance in Portland, OR for a 30-year-old male driver with a good driving record, no prior claims, and excellent credit. If we look at prices based on his current rating profile, Grange may have the lowest car insurance rates in Portland at $973 annually. This is $505 less than the average premium paid by Oregon drivers of $1,478. Oregon Mutual, Country, Travelers, and USAA are the remainder of the cheapest Portland, OR auto insurance companies.
Now we will pretend the driver from the above example some claims, less-than-perfect credit, and a traffic citation. Because each company has their own unique process for determining rates in each state, getting updated rate quotes most likely will result in a different set of affordable companies as shown below.
Oregon Mutual now has the lowest car insurance rate in Portland with Amica, GEICO, Country, and Mutual Enumclaw completing the list. This illustrates why it is crucial to compare as many rates as possible to find the cheapest auto insurance rates for drivers over age 50.
Insurance prices can be altered by many factors and change frequently, so the best company the last time you compared rates may now be quite expensive.