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

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

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Our study found that the average cost of a full coverage car insurance policy for a 50-year-old is $2,698 per year, or $225 per month. On average, the cheapest widely available insurer for 50-year-olds is Geico.

Our analysis of thousands of quotes across nine of the most populated U.S. states found that Geico offers the best car insurance rates for 50-year-olds. To ensure you get the best rate, be sure to compare several quotes, since rates for 50-year-olds can vary by as much as $3,170 per year.

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

We found that the average yearly cost of car insurance for 50-year-olds is $2,698, but rates vary widely from one company to the next. Amongst the 23 insurance companies included in our study, rates varied by more than $3,000 per year.

This graph ranks car insurance quotes for 50-year-olds across varying insurers

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These are the cheapest companies we found for 50-year-olds:

  • USAA: Fifty-year-old drivers pay $1,280 on average, however this rate is only available to current and former members of the military and their families.
  • Erie Insurance: The second cheapest option is Erie, at $1,348 per year, but coverage is only available in 13 states.
  • Geico: Although it costs more than USAA and Erie, Geico is the cheapest insurer that is widely available for 50-year-olds, at $1,707 per year on average.
Insurer
Average cost per year
USAA logo
USAA$1,280
Erie logo
Erie$1,348
Geico logo
Geico$1,707
Nationwide logo
Nationwide$1,842
Progressive logo
Progressive$2,228
State Farm logo
State Farm$2,287
Allstate logo
Allstate$4,450

As you can see, the cost of coverage is significantly different across insurers. Often, two companies even offer the same coverage and very similar services at vastly different prices. For that reason, drivers looking for the cheapest rates should always compare multiple quotes.

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

Regardless of gender, car insurance prices are similar for drivers at this age, however we found that women pay slightly more than men for car insurance at age 50. The difference we discovered through our analysis was 0.7%, or about $18 per year, on average.

Annual cost - 50-year-old male
$2,689
Annual cost - 50-year-old female$2,707

The gap in car insurance prices between men and women tends to narrow as they age. We've found that 20-year-old men pay an average of about 10% more for car insurance than women. This is because young male drivers are more likely to get into car accidents than young female drivers.

In some states the practice of gender-based insurance pricing is prohibited. Residents of 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 that determine their rates are equal.

Car insurance rates by age

Auto insurance generally gets more affordable as drivers get older and gain more driving experience. The average 50-year-old pays $2,698 per year, or $225 per month, for car insurance. That's $509 less than the average cost for a 25-year-old, and $4,481 less than the average for an 18-year-old.

Age
Average annual premium
18$7,179
25$3,207
30$2,390
50$2,698

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The biggest drop in prices happens as a driver approaches the age of 30. In other words, you won't notice a large difference between insurance prices for 30-year-olds and older drivers, as long as all other factors affecting rates are equal.

Cheapest car insurance company for 50-year-olds by state

Overall, we found that USAA is the cheapest insurer, as it offers the lowest rates in six of the 10 most populated U.S. states. However, USAA is only available to current and former members of the military and their families. Geico, which is much more widely available, offers the cheapest rates in three of the 10 states.

State
Company
Average 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

Fifty-year-olds in Ohio are privy to the lowest rates available, at an average of $1,505. That's $6,501 lower than auto insurance rates in the most expensive state, Michigan.

State
Average 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

How to find the cheapest insurance for 50-year-olds

If you're a 50-year-old driver looking for the lowest price, we recommend comparing rates from multiple insurance companies. Our analysis provides a good starting point, but your prices will differ based on your own driving record and other personal details.

When you compare insurance quotes, make sure you select the same coverage with each insurer so you can make a fair comparison.

You should also check to see what discounts are available from the insurer, as that could affect your final rate, too. For instance, a 50-year-old with a long and safe driving record will likely qualify for a safe driver discount, but the rate reduction may differ between companies.

How to find the best company for customer service

While rates are important, you'll also want to find an insurance company with good customer service, since you could be relying on your insurer 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 their customer service, as well as coverage options and price. Here are some other ways to learn more:

  • J.D. Power's Insurance Satisfaction Study See how policyholders' rate their overall satisfaction with their insurer.
  • National Association of Insurance Commissioners (NAIC) Complaint Index. This number gives you an indication of how often consumers complain about a given company, and whether or not the volume of complaints is proportional to the company's size.

Methodology

This analysis used insurance quotes for thousands of ZIP codes in the 10 most populated states in the U.S. Our sample drivers were 50-year-old men and women driving a 2015 Honda Civic EX, and the drivers were single and had clean driving records.

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

Coverage type
Study limits
Bodily injury liability$50,000 per person/$100,000 per accident
Property damage liability$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 included a company in our rate tables if its policies were available to drivers in at least three of the 10 states.

ValuePenguin's analysis collected insurance rate data from Quadrant Information Services. These rates were publicly sourced from insurer filings and should be used for comparative purposes only. Your quotes might vary from the averages in this study.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.