The words “low-cost” and “insurance” probably shouldn’t be used together, in particular when comparison shopping for the best insurance rates for drivers over age 50. Because it’s not cheap, let’s learn about a few of the things that have an impact on car insurance rates, and come up with some ways to reduce the cost of your next policy.
One of the many considerations that are used to help calculate the price you pay for insurance is where you live in Cleveland. More populated areas tend to have higher auto insurance costs, whereas more rural areas benefit from lower prices.
The following table sorts the most costly cities in Ohio for drivers over age 50 in which to purchase auto insurance. Cleveland comes in at #1 costing $1,259 for car insurance, which is approximately $105 each month.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Cleveland | $1,259 |
| 2 | Youngstown | $1,235 |
| 3 | Toledo | $1,229 |
| 4 | Columbus | $1,211 |
| 5 | Cleveland Heights | $1,202 |
| 6 | Cincinnati | $1,174 |
| 7 | Hamilton | $1,146 |
| 8 | Euclid | $1,129 |
| 9 | Akron | $1,123 |
| 10 | Dayton | $1,120 |
| 11 | Fairfield | $1,095 |
| 12 | Newark | $1,095 |
| 13 | Springfield | $1,094 |
| 14 | Canton | $1,091 |
| 15 | Middletown | $1,066 |
| 16 | Kettering | $1,051 |
| 17 | Strongsville | $1,041 |
| 18 | Parma | $1,037 |
| 19 | Mansfield | $1,032 |
| 20 | Lakewood | $1,031 |
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Information shown are estimated as the specific geographic location can raise or lower rates considerably.
Trying to buy budget insurance is not the easiest thing to accomplish, and finding out which companies offer the lowest-priced car insurance rates for drivers over age 50 will involve even more rate comparisons. Every insurance company uses their own formula for determining prices, so we need to take a look at the most competitive car insurance companies in Cleveland.
Find the Cheapest Car Insurance for Age 50+
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $635 |
| 2 | Erie | $687 |
| 3 | Frankenmuth | $687 |
| 4 | Allied | $690 |
| 5 | Travelers | $712 |
| 6 | USAA | $719 |
| 7 | Merchants Insurance Group | $771 |
| 8 | Cincinnati Insurance | $772 |
| 9 | Motorists Mutual | $800 |
| 10 | General Casualty | $805 |
| 11 | Grange Mutual | $836 |
| 12 | State Farm | $858 |
| 13 | Central Mutual | $866 |
| 14 | Hastings Mutual | $866 |
| 15 | Westfield | $908 |
| 16 | Atlantic States | $940 |
| 17 | Western Reserve | $941 |
| 18 | Progressive | $953 |
| 19 | Auto-Owners | $968 |
| 20 | Farmers | $1,005 |
| Compare Rates Now Go | ||
Utica National has some of the lowest car insurance rates in Cleveland at around $635 annually. Erie, Frankenmuth, Allied, and Travelers also rank well as some of the best Cleveland, OH car insurance companies.
As shown above, if you are insured with Allied and switched to Erie, you might achieve yearly savings of upwards of $3. Drivers with Travelers might save as much as $25 a year, and USAA policyholders might cut rates by $32 a year.
To see if your current coverage is too expensive, click here to get a free quote or visit several of the following companies.
It’s important to note that these policy rates are averaged for all drivers and vehicles and do not factor in a specific vehicle garaging location for drivers over age 50. So the car insurance company that can offer you the best price may not even be in the top 33 companies shown above. That’s why you need to quote rates from many companies using your own specific driver and vehicle information.
The chart below illustrates how your choice of deductibles can change premium costs when quoting cheap insurance for drivers over age 50. The premiums assume a married female driver, full physical damage coverage, and no other discounts are factored in.
The data above shows that a 50-year-old driver could reduce rates by $216 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $326 by using a $1,000 deductible. Even younger drivers, such as the Age 20 example, could roll back prices as much as $536 each year just by choosing higher deductibles.
If you make the decision to raise deductibles, it is a good idea to have plenty of discretionary funds to cover the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
Discount Cleveland car insurance
Insurers that provide policies for drivers over age 50 may also provide policy discounts that could lower prices by 40% or more if you are eligible for them. The best car insurance companies and a selection of discounts are detailed below.
- Progressive offers discounts for multi-vehicle, good student, online quote discount, multi-policy, continuous coverage, and online signing.
- SAFECO has savings for multi-car, safe driver, teen safe driver, accident prevention training, drive less, and bundle discounts.
- American Family discounts include mySafetyValet, early bird, good driver, TimeAway discount, defensive driver, multi-vehicle, and Steer into Savings.
- MetLife has discounts for good student, multi-policy, defensive driver, accident-free, good driver, claim-free
- GEICO offers discounts including daytime running lights, multi-policy, emergency military deployment, multi-vehicle, and air bags.
- The Hartford may have discounts that include defensive driver, anti-theft, bundle, vehicle fuel type, air bag, and driver training.
The chart below illustrates the difference between insurance costs with and without some available policy discounts. The premiums are based on a female driver, no tickets, no at-fault accidents, Ohio state minimum liability limits, full coverage, and $1,000 deductibles.
The first bar for each age group shows the average annual price with no discounts. The lower bar shows the rates with passive restraint, defensive driving course, multiple vehicle, multiple policy, safe-driver, and claim-free discounts applied. With discounts applied, theaverage amount saved on car insurance for drivers over age 50 is 29% or $357.
Tips to find low-cost car insurance for drivers over age 50
Lowering your rates is not difficult, and here are some of the recommended penny-pinching suggestions that can help you get more affordable coverage.
- Speeding tickets and other violations increase rates
- Buy safe vehicles
- Maintain a safe distance and avoid accidents
- Good credit can help you save money
- If possible, pay for small claims out-of-pocket
- Shop around and save
The last item on the list is notably crucial, as we stressed in the article above. Car insurance rates can be changed at any time, so drivers shouldn’t be reluctant to switch carriers if a lower-cost policy is available. Brand loyalty is great, but we do not recommend it if it’s costing you a lot of money every month. Take a couple minutes and compare prices and find cheaper car insurance for drivers over age 50 in Cleveland.
The agents listed below are willing to help you decide which coverage meets your needs best, since some people have coverage questions and would like to have some advice when comparing insurance rates for drivers over age 50. It can be difficult to find the cheapest rates, so a professional agent can provide you satisfaction knowing you have adequate protection in case of an accident or claim.
To find a Cleveland insurance agency close to you, click the button link following the list or click here to get price quotes now.
Robin Gorman – State Farm Insurance Agent
16812 Chagrin Blvd – Shaker Heights, OH 44120 – (216) 283-0080
Mraz Insurance Agency
20180 Center Ridge Rd – Cleveland, OH 44116 – (440) 356-2055
Marsh Insurance
200 Public Square #100 – Cleveland, OH 44114 – (216) 937-1700
Abc Auto Insurance Agency Inc.
1970 E 55th St – Cleveland, OH 44103 – (216) 881-2600