The make and model of vehicle on the policy is probably the biggest factor in finding the most economical auto insurance for drivers over age 70. Vehicles with economical engines, good crash test ratings, or a track record of few liability claims will cost less to insure than high performance models. The table below ranks auto insurance costs for a number of the cheapest vehicles to insure in New Jersey.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Honda CR-V EX-L 2WD||$2,144|
|Ford Escape Limited 4WD||$2,275|
|Ford F-150 STX Regular Cab 4WD||$2,371|
|Ford Focus S 4-Dr Sedan||$2,472|
|Toyota Tacoma 2WD||$2,477|
|Toyota RAV4 Limited 4WD||$2,502|
|Jeep Grand Cherokee Laredo 2WD||$2,510|
|Chevrolet Equinox LT 2WD||$2,502|
|Chevrolet Malibu Hybrid||$2,512|
|Ford Explorer Limited 2WD||$2,535|
|Dodge Grand Caravan Crew||$2,540|
|Honda Civic LX 4-Dr Sedan||$2,603|
|Jeep Wrangler Unlimited Sahara 2WD 4-Dr||$2,618|
|Hyundai Elantra SE 4-Dr Sedan||$2,633|
|Ford Edge Sport AWD||$2,641|
|Nissan Altima 2.5 S 4-Dr Sedan||$2,633|
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Data based on single male driver age 70, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Jersey minimum liability limits. Discounts applied include multi-vehicle, claim-free, safe-driver, multi-policy, and homeowner. Premium costs do not factor in specific Newark, NJ garaging location which can change insurance rates considerably.
Looking at the data, makes and models like the Honda CR-V, Ford Escape, Toyota Prius, and Ford F-150 should be a few of the most budget-friendly vehicles to insure for older drivers. The cost of auto insurance will be higher anyway just because there is more claim risk for drivers over age 70, but generally speaking those models will tend to have the lowest insurance prices compared to other vehicles.
Finding affordable auto insurance is tough enough, and finding out which companies offer the cheapest auto insurance rates for drivers over age 70 will take even more rate comparisons. Every insurance provider has a proprietary method to set policy rates, so to begin we'll rank the auto insurance companies that tend to be cheaper in New Jersey.
We do need to point out that Newark, NJ auto insurance rates are impacted by many factors which can substantially decrease or increase the price of coverage. That is why drivers need to shop around when trying to get the most budget-friendly auto insurance rates for drivers over age 70. Auto insurance prices are made up of many risk factors and can change without notice, so the lowest-price company the last time you checked may now be quite expensive.
Best Car Insurance Prices for Age 70+
21st Century normally has some of the most affordable car insurance rates in Newark at around $1,067 per year. This is $785 less than the average price paid by New Jersey drivers of $1,852. Travelers, New Jersey Manufacturers, Penn National, and Palisades are also some of the best Newark, NJ car insurance companies.
As depicted above, if you currently buy coverage from Penn National and switched to Travelers, you might achieve a yearly savings of around $145. Insureds with Palisades may save as much as $161 a year, and The Hartford insureds might lower prices by up to $296 a year.
If you want to see how much you could save, click here to start a quote or visit any of the companies below.
Be aware that those rates are averages for all types of insureds and vehicles and do not take into consideration a specific location for drivers over age 70. So the insurer that fits your age and vehicle best may not even be in the list above. That is why you need to get quotes using your own individual information.
Get discount Newark insurance rates
Car insurance companies that offer coverage for drivers over age 70 may additionally offer policy discounts that can lower rates by as much as 25% or more if you meet certain criteria. Large auto insurance companies and a selection of discounts are:
- State Farm discounts include Steer Clear safe driver discount, student away at school, Drive Safe & Save, passive restraint, good driver, safe vehicle, and accident-free.
- Farmers Insurance has discounts for homeowner, pay in full, youthful driver, business and professional, and switch companies.
- Progressive may include discounts for online quote discount, good student, online signing, homeowner, multi-vehicle, multi-policy, and continuous coverage.
- GEICO policyholders can earn discounts including federal employee, multi-vehicle, five-year accident-free, membership and employees, and anti-theft.
- Auto-Owners Insurance offers discounts including good student, group or association, multi-policy, paid in full, and teen driver.
- The Hartford offers premium reductions for vehicle fuel type, defensive driver, air bag, driver training, bundle, anti-theft, and good student.
- Farm Bureau may offer discounts for youthful driver, multi-vehicle, safe driver, multi-policy, 55 and retired, renewal discount, and good student.
- USAA offers discounts for family discount, multi-policy, multi-vehicle, defensive driver, annual mileage, and good student.
The diagram below shows the difference between car insurance rates with and without discounts. The premiums assume a female driver, no accidents or driving violations, New Jersey state minimum liability limits, full physical damage coverage, and $250 deductibles. The first bar for each age group shows the price with no discounts. The lower bar shows the rates with marriage, defensive driving course, anti-theft, claim-free, accident-free, and safe-driver discounts applied. With discounts applied, the average savings per year on auto insurance for drivers over age 70 is 28% or $890.
The illustration below illustrates how your deductible choice can raise or lower insurance costs when researching cheap insurance for drivers over age 70. The costs are based on a single female driver, full physical damage coverage, and no discounts are applied.
The data above shows that a 40-year-old driver could pocket $516 a year by switching from a $100 deductible to a $500 deductible, or save $774 by using a $1,000 deductible. Youthful drivers, like the age 20 example, can save up to $1,322 or more by using a higher deductible.
When using a larger deductible, it will be important to have enough funds in savings to satisfy the extra out-of-pocket expense associated with higher deductibles.
The importance of comparing Newark car insurance rates
New Jersey auto insurance rates are determined by lots of factors that may substantially change the cost of a policy. Simply getting older, buying a different home, or having a fender bender may cause policy rate changes that can now make some companies affordable when they were higher priced. In addition to those changes, insurance companies change the rates they charge in New Jersey every year to help ensure profitability. Heavier than normal losses can result in higher priced premiums, while lower claims may cause cheaper Newark car insurance rates.
To illustrate this example, the data below shows which company has the cheapest car insurance in Newark, NJ for a 30-year-old male driver with a good driving record, no prior claims, and excellent credit. If we look at prices based on his personal profile, 21st Century offers the best car insurance rates in Newark at $1,656 annually. This is $196 less than the average price paid by New Jersey drivers of $1,852. Travelers, New Jersey Manufacturers, Penn National, and Palisades also make the list of the best Newark, NJ auto insurance companies.
In the next rate comparison, we'll give the driver from the first set of rates some claims, bad credit, and a stop sign violation. Since each company uses their own method for filing rates in each state, analyzing rate quotes could result in a slightly different list of companies as shown below.
Allstate now has the lowest price in Newark with The Hartford, USAA, Mercury, and Travelers now rounding out the top five. This illustrates why it is crucial to compare lots of rates to find the cheapest insurance quotes for drivers over age 70. Insurance rates are calculated by many risk factors and change frequently, so the most economical company the last time you compared rates may now be an over-priced policy.