Establishing which companies have the lowest-priced car insurance rates for drivers over age 50 takes more work in order to find the most economical policy. Each insurer uses a slightly different approach for setting rates, so we will examine the car insurance companies with the overall cheapest rates in Chicago.
We do need to point out that Chicago, IL car insurance rates are calculated based on many things that will increase or decrease the cost of having a policy. Getting older, moving across town, or getting a driving violation may generate price changes that can cause some rates to be affordable when they were higher priced.
Best Car Insurance Prices for Age 50+
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | The Hartford | $769 |
| 2 | Rockford Mutual | $822 |
| 3 | Titan | $852 |
| 4 | Cincinnati Insurance | $888 |
| 5 | Erie | $905 |
| 6 | Utica National | $955 |
| 7 | Travelers | $961 |
| 8 | SECURA | $965 |
| 9 | State Farm | $982 |
| 10 | USAA | $988 |
| 11 | Auto-Owners | $1,053 |
| 12 | Amica | $1,076 |
| 13 | Safeco | $1,095 |
| 14 | GEICO | $1,107 |
| 15 | Farmers | $1,181 |
| 16 | Progressive | $1,206 |
| 17 | California Casualty | $1,209 |
| 18 | MetLife | $1,220 |
| 19 | Esurance | $1,233 |
| 20 | State Auto | $1,273 |
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The Hartford may offer some of the cheapest car insurance rates in Chicago at around $769 a year. Rockford Mutual, Titan, Cincinnati Insurance, and Erie also qualify as some of the best Chicago, IL car insurance companies.
As shown in the table above, if you are insured with Cincinnati Insurance and switched to Rockford Mutual, you may see an annual savings of roughly $66. Policyholders with Erie might save as much as $83 a year, and Utica National policyholders might reduce rates by $133 a year.
Understand that those estimates are averaged across all types of insureds and vehicles and and are not figured with a specific zip code for drivers over age 50. So the car insurance company that can offer you the lowest price may not even be in the top 36 companies in the list above. That points out the importance of why you need to get rate quotes using your own individual information.
The type of vehicle driven is one of the largest factors when comparison shopping for the cheapest auto insurance for drivers over age 50. Vehicles with lots of horsepower, a lack of safety features, or a high likelihood of having liability claims will cost substantially more to insure than safer models.
The list below estimates coverage costs for a selection of the cheapest automobiles to insure in Illinois.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 2WD | $2,000 |
| Ford Escape XLS 2WD | $2,009 |
| Honda Accord EX-L 4-Dr Sedan | $2,167 |
| Ford Edge SE 2WD | $2,199 |
| Honda Odyssey LX | $2,208 |
| Toyota Prius | $2,212 |
| Ford F-150 XLT Super Cab 2WD | $2,244 |
| Toyota Tacoma 2WD | $2,321 |
| Chevrolet Impala LS | $2,326 |
| Toyota RAV4 4WD | $2,366 |
| Jeep Grand Cherokee Laredo 2WD | $2,376 |
| Chevrolet Malibu LS | $2,366 |
| Volkswagen Jetta LE 4-Dr Sedan | $2,371 |
| Dodge Grand Caravan Crew | $2,411 |
| Ford Explorer Eddie Bauer AWD | $2,418 |
| Ford Focus SES 4-Dr Sedan | $2,446 |
| Hyundai Elantra Blue 4-Dr Sedan | $2,454 |
| Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr | $2,449 |
| Toyota Camry SE | $2,491 |
| Toyota Corolla XRS | $2,536 |
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Data based on single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, homeowner, and claim-free. Price information does not factor in the specific area where the vehicle is garaged which can change premium rates significantly.
Based on these rates, you can conclude that cars like the Honda CR-V, Ford Escape, Honda Accord, and Ford Edge are most likely going to be a few of the most economical vehicles to insure for older drivers.
Which car insurance company is best in Chicago?
Insuring your vehicle with a high-quality insurer is difficult considering how many different companies sell coverage in Chicago. The company rank data in the next section may help you choose which insurers to look at when trying to find the cheapest insurance for drivers over age 50.
These ratings only include companies with a national presence, so companies with more of a regional focus are not included in the list. To compare price quotes from these and other top-rated companies, just click here.
Top 10 Large Auto Insurers in Chicago Ranked by A.M. Best Rating
- USAA – A++
- GEICO – A++
- Travelers – A++
- State Farm – A++
- Titan Insurance – A+
- Progressive – A+
- Erie Insurance – A+
- Mercury Insurance – A+
- The Hartford – A+
- Nationwide – A+
Types of discounts on Chicago car insurance
Insurers that provide policies for drivers over age 50 may also give you premium discounts that could lower prices by 30% or more if you meet the requirements. Large car insurance companies and some of the premium reductions they offer can be found below.
- State Farm discounts include driver’s education, multiple policy, good driver, student away at school, safe vehicle, and multiple autos.
- Liberty Mutual includes discounts for hybrid vehicle, teen driver discount, multi-car, new move discount, new graduate, and new vehicle discount.
- American Family may have discounts that include mySafetyValet, good driver, TimeAway discount, accident-free, and air bags.
- Progressive may offer discounts for continuous coverage, online signing, good student, multi-policy, homeowner, and online quote discount.
- Farmers Insurance offers discounts for youthful driver, switch companies, homeowner, bundle discounts, business and professional, and early shopping.
- Auto-Owners Insurance has savings for paid in full, paperless, multiple vehicles, good student, teen driver, safe vehicle, and student away at school.
- SAFECO offers premium reductions for accident prevention training, safe driver, bundle discounts, homeowner, anti-theft, and drive less.
The chart below illustrates the comparison of insurance costs with and without discounts applied to the rates. The prices are based on a female driver, no claims or violations, Illinois state minimum liability limits, full physical damage coverage, and $1,000 deductibles.
The first bar for each age group shows the price with no discounts. The second shows the rates with marriage, defensive driving course, multiple policy, safe-driver, vehicle safety, and accident-free discounts applied. When drivers take advantage of discounts, the average savings per year on car insurance for drivers over age 50 is 29% or $306.
The chart below illustrates how your choice of deductibles can affect yearly insurance costs when getting quotes for cheap insurance for drivers over age 50. The rates are based on a married female driver, comp and collision included, and no additional discounts are factored in.
In the chart above, a 30-year-old driver could reduce rates by $206 a year by increasing from a $100 deductible up to a $500 deductible, or save $312 by switching to a $1,000 deductible. Even younger drivers, like the 20-year-old example, have the ability to save up to $442 each year by selecting a higher deductible.
When choosing a higher deductible, it will now be necessary to have enough savings to be able to cover the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
If you would rather have some advice when comparing insurance rates for drivers over age 50, the insurance agencies below are a good start to help you make a decision which is the best policy. To find a Chicago insurance agency by location nearest to you, click the button following the list or click here to get price quotes now.
- Skyline Insurance Agency, Inc.
2302 W Belmont Ave – Chicago, IL 60618 – (773) 525-7500 - Mike Matkowskyj – State Farm Insurance Agent
2452 W Chicago Ave – Chicago, IL 60622 – (773) 486-4444 - ABI Insurance Agency
4806 N Milwaukee Ave – Chicago, IL 60630 – (773) 202-9666 - Northwest Insurance Network Inc
4450 N Western Ave – Chicago, IL 60625 – (773) 433-3300 - Mark Mackey – State Farm Insurance Agent
3338 W Foster Ave – Chicago, IL 60625 – (773) 604-4334