Car Insurance Costs for 50-Year-Olds (and Those Over 50)

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We estimate that the average cost of car insurance for 50-year-olds is $2,698 per year, or $225 per month. This is for a full coverage policy including liability and comprehensive and collision insurance. On average, the cheapest widely available insurer for 50-year-olds is GEICO.

Drivers 50 and over usually pay much less for car insurance than other age groups. However, car insurance rates tend to start rising again as drivers reach their 60s.

We've compared auto insurance rates for 50-year-olds by gender, company location and more, but these rates only serve as a general guide. To get the cheapest rates, compare your rates between multiple insurers. To find the best companies regardless of price, you can start with our recommendations below.

How much is car insurance for a 50-year-old?

The average 50-year-old pays $2,698 per year, or $225 per month, for car insurance.

We obtained this average by collecting thousands of quotes for a sample policy in the 10 biggest states in the country. The same policy is much more expensive for younger drivers. In fact, 18-year-olds and 25-year-olds pay 2.7x and 1.2x more, respectively.

AgeAverage annual premium
18$7,179
25$3,207
50$2,698

The cost of car insurance tends to level off after the age of 30. In other words, you won't notice a ton of difference between car insurance prices for 30-year-olds and 50-year-olds, as long as all other factors affecting rates are held equal.

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How do car insurance prices differ for 50-year-old men and women?

Whether you're a man or a woman, car insurance prices in your 50s tend to be very similar. We found that women pay a tiny bit more than men for car insurance at age 50; in fact, the difference is only 0.7% or about $18 per year on average.

AgeAnnual premium - maleAnnual premium - female
50$2,689$2,707

The gap in car insurance prices between men and women tends to narrow as they age. For example, 20-year-old men pay about 10% more for car insurance than equivalent women, on average.

There are some states where the practice of gender-based insurance pricing is prohibited. If you live in California, Hawaii, Massachusetts, parts of Michigan, Montana, North Carolina or Pennsylvania, you won't see any difference in car insurance rates for men and women, assuming all other factors affecting rates are equal.

Car insurance rates for drivers 50 and over can vary greatly by company

Although the average yearly cost of car insurance for 50-year-olds is $2,698, rates between individual companies can vary widely. In fact, among our sample insurance companies they varied by more than $3,000 per year.

The cheapest companies for 50-year-olds are:

  • USAA: Fifty-year-olds pay $1,280 for USAA on average. However, it's only available to current and former members of the military.
  • Erie Insurance: The second cheapest option at $1,348 per year, but Erie Insurance is only offered in 13 states.
  • GEICO: Although it costs more than USAA and Erie, GEICO is the cheapest widely available insurer for 50-year-olds. It cost our sample driver $1,707 per year on average.
CompanyAnnual premium
USAA$1,280
Erie$1,348
GEICO$1,707
Nationwide$1,842
Progressive$2,228
State Farm$2,287
Allstate$4,450

The big differences in rates is why 50-year-old and over drivers looking for the cheapest rates should always compare multiple insurers. Often, two companies can offer the exact same coverage and very similar services at vastly different prices.

Cheapest car insurance for 50-year-olds by state

We analyzed the average cost of car insurance for 50-year-olds in the 10 biggest states and noted the cheapest insurer in each one.

Ohio is the cheapest state for 50-year-olds, while Michigan is the most expensive by far.

StateAverage 50-year-old insurance premium
Ohio$1,505
North Carolina$1,543
Pennsylvania$1,710
California$1,767
Illinois$1,960
Texas$2,125
Georgia$2,479
New York$2,585
Average cost of car insurance$2,698
Florida$3,300
Michigan$8,006

Below we note the single cheapest insurance companies for 50-year-olds, on average, in the same states. GEICO and USAA were almost always the cheapest options. However, USAA is only available to current or former military members and their families.

The cheapest car insurance company for 50-year-old drivers in the 10 biggest states

StateCompanyAverage annual premium
CaliforniaGEICO$1,339
FloridaGEICO$1,723
GeorgiaUSAA$1,210
IllinoisUSAA$1,004
MichiganUSAA$2,324
New YorkUSAA$1,327
North CarolinaGEICO$1,112
OhioState Farm$1,065
PennsylvaniaUSAA$740
TexasUSAA$1,078

Finding the best car insurance as a 50-year-old

Finding the best car insurance can mean different things for different people. We think the best car insurance companies blend affordability with reliable customer service.

How to find the cheapest company

If you're a 50-year-old looking for the lowest price, we recommend comparison shopping across multiple insurance companies. Our analysis above provides a good starting point, but your prices will differ, as every driver is different.

When you compare insurance quotes, make sure you select the same coverages with each insurer so that you're making a fair comparison

You should also check what discounts are available with any given insurer, as that will affect your final rate. For instance, 50-year-olds with a long and safe driving record will likely qualify for a safe driver discount, and this discount may differ between companies.

How to find the best company for customer service

You want an insurance company with good customer service, as you'll likely be going to them in a time of crisis.

One way to start your search is to read our reviews of the best car insurance companies, which rate insurers on customer service, coverage options and price.

If you want to do your own research, you can:

  • Research J.D. Power's insurance satisfaction study, which rates policyholders' overall satisfaction with their insurer.
  • Look up an insurer's complaint index at the National Association of Insurance Commissioners. This number gives you an indication of how often consumers complain about a given company, adjusted for its size.

Methodology

This analysis used insurance quotes for thousands of ZIP codes in the 10 biggest states in the U.S.

Our sample drivers were 50-year-old men and women driving a 2015 Honda Civic EX. All other factors that affect car insurance rates were consistent; drivers were single and had a clean driving record.

The policy used was a full coverage policy, including liability, comprehensive and collision insurance. Limits and deductibles are listed below.

Coverage typeStudy limits
Bodily injury liability$50,000 per person/$100,000 per accident
Property damage$25,000 per accident
Uninsured/underinsured motorist bodily injury$50,000 per person/$100,000 per accident
Comprehensive and collision$500 deductible
Personal injury protection (PIP)Minimum when required by state

This study included 23 insurance companies, but we only used a company as a recommendation if its policies were available to drivers in at least three of the 10 states.

ValuePenguin's analysis used insurance rate data from Quadrant Information Services. These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes may be different.

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