Comparing quotes for cheap auto insurance is hard enough, and figuring out which insurers offer the most affordable insurance rates for drivers over age 60 will involve even more perseverance.
Each auto insurance company has a unique formula for determining prices, so we need to take a look at the most budget-friendly insurance companies in Oakland. It’s a good idea to know that Oakland, CA insurance rates are based on many factors that can increase the policy price. This is why it is so important to take the time to shop around when trying to find affordable auto insurance rates for drivers over age 60. Insurance rates can be determined by many risk factors and change frequently, so the best price the last time you shopped around may now be wasting a lot of money.
Compare Cheap Insurance Quotes for Age 60+
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Wawanesa may have some of the most affordable car insurance rates in Oakland at around $1,146 each year. USAA, Century National, CSAA, and Nationwide would also make the list of some of the best Oakland, CA insurance companies.
In this example, if you are a customer of CSAA and switched to Wawanesa, you might achieve yearly savings of about $88. Customers with Nationwide may save as much as $117 a year, and 21st Century policyholders might cut rates by $233 a year.
It’s important to note that these premium estimates are averages for all types of drivers and the different vehicles they drive and do not take into consideration an exact zip code location for drivers over age 60. So the company that can offer you the lowest price may not even be in the top 24 companies in the list above. That illustrates why you need to get car insurance quotes using your own driver data and vehicle information.
For older drivers, one of the big things that aid in calculating the annual cost of car insurance is where you call home in Oakland. Cities with larger populations will most likely pay more, whereas areas with less crime or weather claims have the enjoyment of a little cheaper coverage.
The information below sorts the priciest cities in California for drivers over age 60 to buy an auto insurance policy in. Oakland shows up at #3 costing $1,738 on average, which is about $145 monthly.
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Rate quotes are estimated as vehicle location can lower or raise coverage prices noticeably.
Types of discounts on Oakland auto insurance
Insurers that offer coverage for drivers over age 60 may additionally offer rate discounts that can reduce rates by as much as 40% or more if you meet specific eligibility requirements. Larger insurance companies and a summarized list of policyholder discounts are detailed below.
- State Farm has savings for Steer Clear safe driver discount, anti-theft, multiple autos, Drive Safe & Save, defensive driving training, multiple policy, and safe vehicle.
- Esurance includes discounts for multi-car, anti-lock brakes, good student, good driver, safety device, online shopper, and renters.
- Progressive may have discounts that include multi-vehicle, good student, homeowner, continuous coverage, online quote discount, multi-policy, and online signing.
- Liberty Mutual offers discounts including safety features, newly married, good student, newly retired, new vehicle discount, and new move discount.
- Auto-Owners Insurance has discounts for mature driver, anti-theft, teen driver, paperless, and safe vehicle.
- GEICO may offer discounts for federal employee, multi-policy, daytime running lights, multi-vehicle, membership and employees, military active duty, and air bags.
The example below visualizes the comparison of yearly insurance costs with and without discounts applied to the policy rates. The data assumes a female driver, no claims or driving citations, California state minimum liability limits, full coverage, and $500 deductibles. The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with claim-free, accident-free, anti-theft, homeowner, vehicle safety, and defensive driving course discounts applied. In this example, the average amount saved each year on insurance for drivers over age 60 is 29% or $581.
Full coverage versus liability only rates
Saving on insurance should be important to the majority of people, and an easy way to find cheap insurance for drivers over age 60 is to only buy liability coverage. The illustration below illustrates the difference between insurance prices with full physical damage coverage compared to only buying the minimum liability limits required in California. The premiums assume no tickets, no at-fault accidents, $1,000 deductibles, single status, and no discounts are applied to the premium.
On average, comprehensive and collision coverage on your policy costs $1,849 per year over and above liability coverage. At some point, about every driver wonders if buying full coverage is a good investment. There isn’t a written rule for dropping comprehensive and collision coverage on your policy, but there is a guideline you can consider. If the annual cost of your full coverage insurance is about 10% or more of the replacement cost minus the deductible, the it may be a good time to stop paying for full coverage.
For example, let’s assume your vehicle’s replacement cost is $8,500 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most your company will settle for is $7,500 after paying your policy deductible. If premiums are more than $750 a year to have full coverage, then it’s probably a good time to buy liability coverage only.
How to find economical car insurance for drivers over age 60
The list below summarizes some penny-pinching ideas that can help drivers get cheap car insurance.
- Do not get into accidents that are your fault
- Avoid speeding and other traffic citations and pay less
- Buy a safer vehicle
- Avoid filing excessive claims
- Buy your auto and home insurance from the same company and save
- Drop full coverage on older vehicles
- Compare prices frequently to find the best deal
The last tip is especially crucial, as we hit on in this article. Coverage rates change a lot, so don’t be afraid to buy a different policy if a better deal can be had. Staying with the same company for years is fine, but it isn’t a good idea if that stubbornness costs you lots of money. Now is a great time to compare rates and find cheaper car insurance for drivers over age 60 in Oakland.
If you aren’t sure which coverage you need and prefer to have some professional guidance when shopping for the best coverage for older drivers, the agents shown below can most likely help you determine which car insurance policy is best.
To find an auto insurance agency near you, click the link after the list.
State Farm Insurance – Oakland – Mat Dahms Agency
4400 Keller Ave #260 – Oakland, CA 94605 – (510) 636-1440
Farmers Insurance: Patrick Siu
993 Jackson St – Oakland, CA 94607 – (510) 350-7829
Farmers Insurance – Lorraine Yip Yung
1168 Franklin St – Oakland, CA 94607 – (510) 832-5113
Allstate Insurance: Francis H. Lan
900 Alice St Ste 128 – Oakland, CA 94607 – (510) 835-8581
On My Way Insurance
320 10th St – Oakland, CA 94607 – (510) 893-3298