Pinpoint the best provider for your individual or family policy.
Enjoy discounts for your experience level and clean driving record. But keep in mind premium surcharges if you’re adding younger drivers to your policy.
Cheapest car insurance for 40- to 50-year-olds
How do I compare car insurance as a 40- to 50-year-old?
The best provider for you will depend on your exact age, with costs often going down around age 45. However, if you add teen drivers to your policy, your premium could jump.
Start by pinpointing your needs and drivers on the policy. Then, look for companies with discounts and programs based on your situation.
- Adding teen drivers. Look for insurers with multiple teen driver discounts or safe driving programs for teens. Some insurers heavily reward your long, safe driving history.
- Upgrading cars. If you’re trading in the minivan for the convertible you’ve always wanted, your insurance rates will probably go up. But you can still find ways to save on insurance for a luxury car.
- Buying a family car. Getting a family car everyone can share or downsizing from two cars to one could be a great way to save on insurance costs.
- Buying a house. Enjoy your homeowners discount, since insurers consider you less risky if you own a home.
- Getting married. Even getting married can get you a discount, especially if you decide to combine car insurance policies.
- Getting divorced. The bad news is getting divorced can wreak havoc on your finances, including your car insurance. You’ll lose your discount for being married, plus drops to your credit score during the divorce process could raise your rates.
How much does car insurance cost for a 40- to 50-year-old?
The average insurance rates for those age 45 and up peaks at around $1,300 per year, pretty close to the national average for most drivers.
If you have a teen, a standalone policy for them can spike as much as $3,800 per year. If you add that same driver to your policy, your rate will go up.
However, car insurance rates for drivers above 45 drop off dramatically. Quotes average $1,200 but could get as low as $641, depending on your provider and driving history. The takeaway: check out multiple insurance companies for the best value.
How can I save on car insurance as a 40- to 50-year-old?
As an experienced driver, you can find many ways to save while factoring in your family and driving situation:
- Shop around. By comparing multiple quotes, you’ll make sure you’re getting the most bang for your buck. Consider providers that fit your driver situation, like one that offers special discounts or programs for students.
- Look for extra discounts. You may qualify for multiple discounts, such as safe driver, accident-free, multicar, multipolicy or good student.
- Keep a pristine driving record. Do your best to steer clear of accidents or traffic violations. Either could cause an increase on your premium.
- Stick with less expensive cars. Sedans, minivans and small SUVs typically cost the least to insure, which may lower your premium or offset high-risk drivers.
- Lower coverage when possible. Consider what add-on coverage you can do without, like better car replacement or medical payments if you have exceptional health insurance.
- Notify insurer if teen drivers are away. Let your insurance company know anytime there’s a change to your teen driving situation, since changes could lower your rate.
What kind of coverage should I get after I turn 40?
A driver with your experience may need different coverage than a young driver. However, consider added protection if there are other drivers on your policy. Coverage you may need:
- Property damage and bodily injury liability. Required by your state.
- Uninsured/underinsured motorist. Comes in handy if you’re in an accident with a driver who doesn’t have adequate coverage. Some states may require it, and it’s a good idea if you drive an expensive car.
- Collision. Consider this add-on to cover physical damage to your car, especially for busy commuting or young drivers.
- Comprehensive. This coverage may help against weather damage or theft if you live in an at-risk area. Those who are financially strapped to pay for unexpected damage should strongly consider this.
- Personal injury protection (PIP). May be required in some states. Helpful to pay for medical bills and income loss due to accident injuries, but not necessary if you have sufficient health insurance.
- Loan or lease gap. Assists you in paying off car debt after a total loss accident.
Case study: Single mom insuring her teenage daughter
At 45, Linda has a long history of safe driving but pays a higher premium due to her teenage daughter, Jamie, on the policy. Her policy would have cost $2,700 per year for both drivers.
However, Linda stacked discounts such as multipolicy, safe driver and good student discounts to save $300. Once Jamie moved out and got her own car insurance, Linda was able to enjoy a much lower rate of $700 per year.
What should I watch out for?
For the most part, getting car insurance in your age range is straightforward. However, keep these situations in mind:
- Inadequate coverage. Determine your needs based on your specific driving situation. For example, long commutes in a busy city might benefit from extra physical damage protection.
- Change in drivers. You may have a family policy with multiple drivers and ages. Check in with your insurer about changes to primary drivers, students away or those moving out of the house.
- Dramatic change in mileage. You may be experiencing life changes that affect how much you drive daily. Lower mileage could mean new discounts or eligibility for usage-based insurance, which charges you per mile.
Your premium is largely based on your driving situation in this age range, especially if you’re covering teen drivers. Take the time to pinpoint coverage needs, and then consider multiple providers for the best rates.