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

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

Find Cheap 50-Year-Old Auto Insurance Quotes

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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.

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

Although the average yearly cost of car insurance for 50-year-olds is $2,698, rates between individual companies can vary widely. The rates from the insurance companies used for this study vary by more than $3,000 per year.

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

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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 and their families.
  • Erie Insurance: The second cheapest option is Erie 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 at $1,707 per year on average.
Company
Annual 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 difference in rates is why drivers looking for the cheapest rates should always compare multiple insurers. Often, two companies can offer exactly the same coverage and very similar services at vastly different prices.

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 slightly more than men for car insurance at age 50. The difference is only 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. For example, 20-year-old men pay about 10% more for car insurance than women, on average. This is because young male drivers get into more accidents than young female drivers.

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 by age

The average 50-year-old pays $2,698 per year, or $225 per month, for car insurance. This is $509 cheaper per year than the average cost for a 25-year-old, and $4,481 cheaper than the average for an 18-year-old. Car insurance typically gets cheaper as you gain more years of experience driving.

Age
Average annual premium
18$7,179
25$3,207
30$2,390
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 large difference between car insurance prices for 30-year-olds and 50-year-olds, as long as all other factors affecting rates are equal.

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

We found that USAA is frequently the cheapest insurer, as it offers the cheapest rates in six of the 10 most populated states. Geico offers the cheapest rates in three of the 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

Ohio is the cheapest state for 50-year-olds out of the states we studied, with an average rate of $1,505. This is $6,501 cheaper than 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 as a 50-year-old

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 coverage 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, a 50-year-old 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'll likely want an insurance company with good customer service, as 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 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 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 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 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 put 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.