Average Cost of Car Insurance for 50-Year-Olds

Older adults aged 50 and over enjoy the cheapest rates among all age groups, with annual premiums averaging $1,768.

Because most 50-year-old drivers have many years of driving experience, their rates tend to be lower than most, but this is highly dependent on personal factors. At 50, your car insurance rates are less influenced by age and more by factors such as the type of car you drive, your driving record and credit score.

MoneyGeek has identified the top insurers that offer competitive rates for 50-year-old drivers, helping you keep your insurance costs low.

At 50, the average full coverage car insurance is approximately $1,768 per year or $147 monthly. However, choosing a higher coverage level like a 300/500/300 policy with a $1,500 deductible brings the average cost up to $2,141 annually or $178 monthly.

Because quotes can vary so much from one insurer to another, it's important to shop around and compare to find the best car insurance company for you.

For 50-year-olds, age barely affects car insurance rates, making them almost the same. Gender doesn’t affect rates like it does for drivers below 25. Rates for older adults are determined more by factors like driving record, credit score or car type. However, once drivers hit 65, they should see an increase in rates every year.

The cheapest car insurance companies for drivers aged 50 and over are:

• GEICO: $124 per month, $1,487 per year
• State Farm: $130 per month, $1,564 per year

These rates are full coverage car insurance policies with 100/300/100 policy limits.

The average yearly premium for 50-year-old drivers ranges from $1,768 for comprehensive and collision coverage to a high of $2,141. Remember that these are averages, so expect to pay more if you have a less-than-stellar driving history or live in an area where rates are typically higher.

Insurance rates for 50-year-olds with clean driving records are generally low, yet they can differ greatly between companies — sometimes by hundreds of dollars a year.

The cheapest cars to insure for 50-year-old drivers are:

• Subaru Forester: $102 per month, $1,226 per year
• Subaru Outback: $103 per month, $1,241 per year

Even with rates that are typically lower than average, your choice of vehicle can dramatically impact the cost of your insurance. A sports car or a luxury vehicle will be more expensive to repair and, therefore, more expensive to insure. A simple sedan or minivan, on the other hand, is likely to help keep your rates low.

When adding your child to your car insurance policy, assign them your least expensive car. Doing so can help minimize costs, as young drivers typically face the highest insurance rates.

One way to get the best car insurance for a 50-year-old driver is to add them to a family insurance policy. Insuring the whole family with one policy can give you access to multiple discounts, including a bundled policy discount and a discount for insuring more than one vehicle. You can employ many strategies to further drive down costs for 50-year-old drivers.

For individuals at 50, we break down key elements of car insurance, providing clarity and enabling you to make educated decisions with confidence.