The words “low-priced” and “auto insurance” really don’t belong together, specifically when you are shopping around for the best price on coverage for drivers over age 50. Because it’s not cheap, let’s get started by showing you some of the factors that influence insurance prices, and find a few ways to lower the price of your next policy.
For older drivers, one of the more important components that are looked at to determine the price you pay for insurance is where you keep your vehicle. More densely populated places tend to have more expensive auto insurance rates, whereas areas with less people or fewer weather incidents benefit from lower coverage costs.
The illustration below ranks the most expensive places in California for drivers over age 50 to purchase auto insurance in. Oakland makes the list at #3 with an annual cost of $1,755 for the average insured, which is about $146 each month.
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Rate information is estimated as vehicle location can impact coverage rates substantially.
Finding decent, budget insurance is not the easiest thing to do, and finding out which insurers offer the cheapest auto insurance rates for drivers over age 50 may require even more rate comparisons. Every auto insurer uses different criteria to determine premium rates, so we need to take a look at the auto insurance companies that tend to be cheaper in Oakland.
Best Car Insurance Prices for Age 50+
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USAA normally has some of the lowest car insurance rates in Oakland at around $1,121 annually. Century National, Wawanesa, CSAA, and Nationwide also are some of the most economical Oakland, CA car insurance companies.
As the example above demonstrates, if you currently have coverage with Wawanesa and switched to USAA, you might see a yearly savings of approximately $71. California drivers with CSAA might save as much as $77 a year, and Nationwide policyholders might cut rates by $105 a year.
To see how much you can save, click here to start a quote or click through to the companies below.
Bear in mind that those premiums are averages across all drivers and vehicles and and are not calculated with a specific vehicle garaging location for drivers over age 50. So the car insurance company that fits your age and vehicle best may not even be in the list above. That underscores the importance of why you need to get auto insurance quotes using your own driver and vehicle profiles.
The diagram below highlights how deductible selection can impact insurance prices when searching for cheap insurance for drivers over age 50. The data assumes a married female driver, comprehensive and collision coverage, and no additional discounts are factored in.
In the chart above, a 40-year-old driver could cut expenses by $300 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $456 by switching to a $1,000 deductible. Even younger drivers, like the age 20 example, could shave up to $750 each year just by choosing higher deductibles when buying full coverage. When choosing a higher deductible, it will now be necessary to have enough funds in savings to allow you to pay the extra out-of-pocket expense. That is the one drawback of using higher deductibles.
Drive safe and save
The obvious way to obtain the best auto insurance rates in California for older drivers is to drive safely and not receive tickets or have accidents. The diagram below shows how speeding tickets and at-fault accidents increase insurance premiums for different age groups. The data assumes a single male driver, full physical damage coverage, $500 deductibles, and no discounts are factored in.
In the example above, the average cost of a car insurance policy in California per year with no accidents or violations is $2,816. Add in two speeding tickets and the average cost surges to $3,725, an increase of $909 each year. Next add one accident along with the two speeding tickets and the 12-month cost of auto insurance for drivers over age 50 goes up to an average of $4,647. That’s an increase of $1,831, or $153 per month, just for not driving responsibly!
Here’s why you should shop around
Oakland, CA auto insurance rates are based on many factors that can increase the price of coverage. Improving your credit score, buying higher coverage limits, or having a fender bender can trigger price changes that can make some companies cheaper than competitors.
Not only that, but auto insurance companies amend pricing multiple times each year to help ensure profitability. Significantly higher claims may cause more expensive prices, while a profitable period can produce more affordable Oakland car insurance rates.
The graph below shows the companies that have the cheapest car insurance in Oakland, CA for a 30-year-old male driver with no violations or accidents, and great credit. When comparing rates based on his personal risk profile, USAA may offer the cheapest car insurance rates in Oakland at $1,435 annually. This is $216 less than the average price paid by California drivers of $1,651. Century National, Wawanesa, CSAA, and Nationwide are the remaining cheapest Oakland, CA auto insurance companies.
Let’s now give the driver from the above example a couple of claims, a lower credit rating, and a traffic ticket or two. Since each insurance company has a proprietary formula for determining prices, comparing quotes could result in a different list of the cheapest companies as shown below.
Grange now has the cheapest car insurance in Oakland with Progressive, GEICO, Mercury, and Allstate completing the list. This example proves why consumers need to do a thorough rate comparison when trying to find the most economical car insurance rates for drivers over age 50.
Insurance prices are made up of many different factors and change frequently, so the cheapest company when you last compared rates may now be quite expensive.
If you aren’t sure which coverage to buy and prefer to have a professional recommendation when buying car insurance for drivers over age 50, the professional agents shown below can probably aid you in deciding which auto insurance policy would work best for you. To locate an Oakland auto insurance agent close to you, click the button below the list or click here to get price quotes now.
Fiesta Auto Insurance Center
4102 International Blvd – Oakland, CA 94601 – (510) 261-1300
Farmers Insurance – Sharon Li
320 13th St #103 – Oakland, CA 94612 – (510) 986-1128
Frank Sanchez – State Farm Agent
5301 Claremont Ave – Oakland, CA 94618 – (510) 658-2722
Susan Bernosky – Strahan Ins Services Inc
5940 College Ave a – Oakland, CA 94618 – (510) 450-9051
Kristen Law – State Farm Insurance Agent
3940 High St c – Oakland, CA 94619 – (510) 530-3200