Shopping around for budget insurance is hard enough, and determining which companies have the cheapest car insurance rates for drivers over age 60 will involve even more work. Each auto insurer has their own unique process for setting prices, so first we will examine the most affordable car insurance companies in San Francisco.
Find the Cheapest Car Insurance for Age 60+
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $1,155 |
| 2 | Wawanesa | $1,157 |
| 3 | CSAA | $1,198 |
| 4 | Nationwide | $1,213 |
| 5 | Century National | $1,226 |
| 6 | 21st Century | $1,338 |
| 7 | Mercury | $1,488 |
| 8 | Grange | $1,491 |
| 9 | Progressive | $1,496 |
| 10 | Allstate | $1,513 |
| 11 | GEICO | $1,529 |
| 12 | Allied | $1,541 |
| 13 | The Hartford | $1,591 |
| 14 | MetLife | $1,606 |
| 15 | State Farm | $1,699 |
| 16 | Unitrin | $1,750 |
| 17 | Esurance | $1,756 |
| 18 | Travelers | $1,806 |
| 19 | Bristol West | $1,831 |
| 20 | Farmers | $2,026 |
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USAA may have some of the best car insurance rates in San Francisco at around $1,155 per year. This is $496 less than the average premium paid by California drivers of $1,651. Wawanesa, CSAA, Nationwide, and Century National also rank well as some of the most economical San Francisco, CA auto insurance companies.
As depicted above, if you have coverage with Century National and switched to Wawanesa, you may see a yearly savings of roughly $69. Drivers with 21st Century could save as much as $181 a year, and Mercury customers might see rate reductions of $331 a year.
Understand that those policy prices are averaged across all drivers and vehicles in California and do not take into consideration a specific location for drivers over age 60. So the car insurance company that fits your age and vehicle best may not even be in the list above. That affirms the importance of why you need to get rate quotes from many companies using your own driver and vehicle profiles.
One of the more important factors that aid in calculating car insurance rates is your zip code. Regions with more people or even just more weather-related claims tend to pay more, whereas areas that tend to be more rural benefit from lower prices.
The next table lists the most costly cities in California for drivers over age 60 to buy auto insurance in. San Francisco comes in at #4 with the yearly price of $1,711 for the average policy, which is around $143 each month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Los Angeles | $2,146 |
| 2 | Glendale | $2,058 |
| 3 | Oakland | $1,755 |
| 4 | San Francisco | $1,711 |
| 5 | Sacramento | $1,669 |
| 6 | Stockton | $1,603 |
| 7 | San Bernardino | $1,596 |
| 8 | Santa Clarita | $1,580 |
| 9 | Long Beach | $1,562 |
| 10 | Moreno Valley | $1,551 |
| 11 | Modesto | $1,547 |
| 12 | Garden Grove | $1,524 |
| 13 | Fontana | $1,519 |
| 14 | Anaheim | $1,488 |
| 15 | Santa Ana | $1,483 |
| 16 | Riverside | $1,482 |
| 17 | Fresno | $1,472 |
| 18 | Huntington Beach | $1,416 |
| 19 | San Jose | $1,381 |
| 20 | Fremont | $1,348 |
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Price information shown is comparative as the specific zip code location can lower or raise premium rates substantially.
Safe drivers San Francisco pay cheaper rates
The easiest way to score the cheapest car insurance rates for older drivers is to be a cautious driver and avoid tickets and accidents. The information below illustrates how speeding tickets and accident claims can influence auto insurance rates for each different age group. The premium estimates are based on a married female driver, full coverage, $100 deductibles, and no discounts are taken into consideration.
In the example above, the average cost of car insurance per year with no accidents or violations is $2,596. Add in one speeding ticket and the average cost hikes up to $3,023, an increase of $427 each year. Then throw in one accident along with the one speeding ticket and the yearly cost of car insurance for drivers over age 60 jumps again to an average of $4,252. That’s an increase of $1,656, or $138 per month, just for not driving safely!
How much more does full coverage cost?
Saving money when shopping for car insurance is the goal of most drivers, and one easy way to buy cheap insurance for drivers over age 60 is to buy liability only. The chart below shows the difference between insurance rates with full physical damage coverage and with liability coverage only. The data assumes a clean driving record, no claims, $250 deductibles, marital status is single, and no policy discounts are applied.
If we average all the age groups together, full coverage on your policy costs an extra $2,314 per year over and above liability only. That brings up the question if buying full coverage is a waste of money. There is no set guideline of when to stop paying for physical damage coverage on your policy, but there is a guideline you can use. If the yearly cost of comp and collision coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, then you may need to consider dropping full coverage.
There are some conditions where dropping physical damage coverage is not financially feasible. If you haven’t paid off your loan, you have to carry full coverage in order to satisfy the requirements of the loan. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is in an accident, you should not buy liability only.
Who has the cheapest San Francisco car insurance?
California car insurance rates are calculated based on many things that control the cost of having a policy. Simply turning a year older, increasing liability limits, or having an accident may cause policy rate changes resulting in some rates now being cheaper in comparison to the competition.
Not only may your situation change, but car insurance companies modify pricing multiple times each year in order to offset underwriting gains or losses. Significantly higher losses may cause rate increases, while a better claims history may cause more affordable San Francisco car insurance rates.
To illustrate this example, the graph below shows which company has the cheapest car insurance in San Francisco, CA for a 45-year-old male driver with no accidents, a clean driving record, and a good credit rating. If we compare prices based on his current risk profile, USAA has the cheapest car insurance rates in San Francisco at $1,462 each year. This is $189 less than the average rate paid by California drivers of $1,651. Wawanesa, CSAA, Century National, and Nationwide are also on the list of the most affordable San Francisco, CA auto insurance companies.
Let’s now give the driver in the first example a chargeable claim, slightly worse credit, and a speeding citation. Due to the fact that every insurance company has a different formula for determining rates in each state, analyzing rates may now result in a different list of affordable companies as shown below.
Grange now has the best insurance rate in San Francisco with Mercury, Allstate, GEICO, and Progressive now rounding out the top five. This example demonstrates why it is crucial to shop around with many companies when trying to find affordable insurance quotes for drivers over age 60.
Rates are made up of many risk factors and can change substantially, so the most economical company six months ago may now be one of the more expensive options.
How to find budget-friendly car insurance for drivers over age 60
The list below details many thrifty suggestions that can help California drivers find cheap coverage.
- Try to remain claim-free
- Buy your homeowners policy from the same company as your auto insurance
- Improve your credit rating
- Increase your comprehensive and collision deductibles
- Safer vehicles generally have cheaper insurance rates
- Remove physical damage coverage on older vehicles
- Comparison shop frequently
That last tip is certainly critical, as was emphasized in the prior article. Auto insurance prices vary considerably, so drivers shouldn’t be reluctant to change to a new company if a better deal can be had.
Loyalty to a specific company is fine, but it’s not recommended if that loyalty ends up costing lots of money. Take a few minutes and compare prices to find cheaper car insurance for drivers over age 60 in San Francisco.