The words “bargain” and “insurance” really shouldn’t be used in the same sentence, especially when trying to find the cheapest car insurance for drivers over age 70. Let’s start off by going over some of the factors that determine auto insurance premiums, and find out if we can help you reduce the price of the next policy you buy.
The make and model of vehicle that needs insurance is a significant factor when looking for economical coverage for drivers over age 70. Vehicles with limited speed and performance, good safety features, or a positive history of liability claims will cost significantly less to insure than high performance models.
The next list presents insurance premiums for a number of the most affordable automobiles to insure in Illinois.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLS 2WD | $2,380 |
| Honda CR-V LX 4WD | $2,388 |
| Honda Accord LX-P 4-Dr Sedan | $2,380 |
| Toyota Prius | $2,609 |
| Ford F-150 STX Super Cab 2WD | $2,629 |
| Toyota Tacoma 4WD | $2,668 |
| Ford Explorer XLT 4WD | $2,676 |
| Dodge Grand Caravan CV | $2,668 |
| Volkswagen Jetta 2.0T Station Wagon | $2,760 |
| Jeep Grand Cherokee Laredo 4WD | $2,819 |
| Toyota RAV4 4WD | $2,828 |
| Chevrolet Equinox LT 2WD | $2,819 |
| Chevrolet Malibu LT | $2,859 |
| Dodge Ram Quad Cab ST 2WD | $2,888 |
| Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr | $2,937 |
| Hyundai Elantra GLS 4-Dr Sedan | $2,970 |
| Chevrolet Impala LTZ | $2,980 |
| Honda Odyssey EX-L W/Navigation | $2,970 |
| Toyota Corolla XLE | $2,979 |
| Ford Edge Sport 2WD | $2,970 |
| Toyota Camry SE | $2,978 |
| Nissan Altima Hybrid 4-Dr Sedan | $3,009 |
| Ford Fusion SEL 4-Dr Sedan | $3,016 |
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Data assumes single female driver age 70, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include homeowner, safe-driver, multi-policy, claim-free, and multi-vehicle. Information does not factor in the specific area where the vehicle is garaged which can raise or lower coverage prices significantly.
Based upon these rates, models like the Ford Escape, Honda CR-V, Honda Accord, and Toyota Prius are a few of the most affordable vehicles to insure for older drivers. Prices will tend to be more expensive because there is more claim exposure for drivers over age 70, but generally speaking those particular vehicles will have the lowest insurance prices that you’ll find.
Finding affordable insurance is easier said than done, and deciding which companies offer the cheapest insurance rates for drivers over age 70 will involve a little more work.
Each company has a unique formula for determining prices, so let’s begin by taking a look at the lowest cost insurance companies in Chicago, IL. It’s a good idea to be aware that Illinois insurance rates are determined by lots of factors that may substantially change the cost of coverage. Events like a birthday, getting married, or getting caught speeding can trigger price changes that can now make some companies higher-priced than the competition.
Best Insurance Companies for Age 70+
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | The Hartford | $753 |
| 2 | Rockford Mutual | $847 |
| 3 | Titan | $860 |
| 4 | Erie | $914 |
| 5 | Cincinnati Insurance | $915 |
| 6 | USAA | $950 |
| 7 | Utica National | $955 |
| 8 | Travelers | $981 |
| 9 | State Farm | $1,002 |
| 10 | SECURA | $1,005 |
| 11 | Auto-Owners | $1,033 |
| 12 | Safeco | $1,063 |
| 13 | GEICO | $1,074 |
| 14 | Amica | $1,109 |
| 15 | California Casualty | $1,161 |
| 16 | Farmers | $1,181 |
| 17 | Esurance | $1,197 |
| 18 | Progressive | $1,219 |
| 19 | MetLife | $1,220 |
| 20 | State Auto | $1,260 |
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The Hartford may have some of the most affordable car insurance rates in Chicago at around $753 a year. Rockford Mutual, Titan, Erie, and Cincinnati Insurance also make the cut as some of the best Chicago, IL car insurance companies.
As shown in the table above, if you are insured with Erie and switched to Rockford Mutual, you could earn an annual savings of approximately $67. Insureds with Cincinnati Insurance could save as much as $68 a year, and USAA customers might realize rate reductions of up to $103 a year.
Remember that these policy rates are averages for all ages of drivers and types of vehicles and and are not figured with a specific zip code for drivers over age 70. So the car insurance company that is best suited for you may not even be in the top 36 companies shown above. That’s why you need to quote rates from as many companies as possible using your own driver and vehicle profiles.
How to get discounts on Chicago auto insurance rates
Insurance providers that offer coverage for drivers over age 70 may also provide rate discounts that could lower prices by as much as 40% or more if you qualify for them. A list of insurance companies and a selection of discounts are:
- Progressive includes discounts for multi-vehicle, online signing, homeowner, multi-policy, continuous coverage, good student, and online quote discount.
- SAFECO has discounts for safe driver, teen safe driver, anti-theft, teen safety rewards, and bundle discounts.
- American Family may have discounts that include mySafetyValet, bundled insurance, good driver, air bags, and good student.
- MetLife may include discounts for multi-policy, accident-free, good student, good driver, defensive driver, claim-free
- GEICO has savings for multi-policy, air bags, five-year accident-free, good student, driver training, and seat belt use.
- The Hartford policyholders can earn discounts including defensive driver, driver training, air bag, bundle, and good student.
The example below compares insurance premiums with and without discounts being applied to the rates. The data assumes a female driver, no accidents, no driving violations, Illinois state minimum liability limits, comprehensive and collision coverage, and $100 deductibles. The first bar for each age group shows the average annual price with no discounts. The second shows the rates with marriage, accident-free, multiple vehicle, passive restraint, multiple policy, and safe-driver discounts applied. With discounts applied, theaverage yearly reduction on insurance for drivers over age 70 is 28% or $528.
Selecting a high-quality insurance company is hard considering how many different companies sell coverage in Chicago. The information in the lists below can help you choose which car insurance companies to look at when trying to find cheaper insurance for drivers over age 70. The rankings below include the largest companies in the United States, so companies that only write business in Illinois or surrounding areas are not taken into consideration for this list.
Top 10 Major Auto Insurance Providers Overall in Chicago
- USAA
- 21st Century
- GEICO
- Nationwide
- AAA Insurance
- Liberty Mutual
- Safeco Insurance
- State Farm
- Travelers
- American Family
You may be paying too much for car insurance
Chicago, IL insurance rates are calculated based on many things which can substantially decrease or increase the price you have to pay. Simply getting older, getting divorced, or getting a couple of tickets can produce rate changes that may make certain companies more affordable than before.
Not only may things change on your end, but insurance companies file new Illinois auto insurance rates multiple times each year to adjust for unexpected claims or profits. Significantly higher losses may result in high rates, while a better loss history can result in lower-priced Chicago car insurance rates.
For instance, the bar chart below shows the companies that have the cheapest car insurance in Chicago, IL for a 35-year-old female driver with a good driving record, no prior claims, and great credit. If we estimate rates based on her current risk factors, The Hartford quotes the best car insurance rates in Chicago at $1,235 annually. This is $114 less than the average price paid by Illinois drivers of $1,349. Rockford Mutual, Titan, Erie, and Cincinnati Insurance are the rest of the top five cheapest Chicago, IL auto insurance companies.
The example below compares rates after we give the driver from the above example a claim or two, bad credit, and a speeding ticket. Since each company has a proprietary method to set policy rates, comparing quotes most likely will result in a slightly different list of companies as shown below.
Travelers now has the cheapest car insurance in Chicago, IL with USAA, SECURA, State Farm, and Auto-Owners now being in the top five. This example illustrates why it is crucial to compare many different companies when trying to get the most economical insurance rates for drivers over age 70. Rates are determined by many risk factors and change frequently, so the best company the last time you checked may now be quite expensive.