Average Cost of Car Insurance for 50-Year-Olds

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Updated: May 20, 2024

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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.

Key Takeaways

At age 50, the annual average for full coverage car insurance is $1,768. The baseline for state-mandated minimum coverage stands at about $1,046 per year.

For individuals aged 50, GEICO presents the lowest annual rate for comprehensive coverage at $1,487, with State Farm trailing slightly at $1,564 per year.

Drivers at age 50, benefitting from years of experience, typically see even lower rates, such as $139 monthly for the state-required minimum coverage.

Why Trust MoneyGeek? MoneyGeek collected data from Quadrant Information Services and state insurance departments. Using this research, an analysis was conducted that considered various driver profiles and geographic locations. This identified how vital it is to compare car insurance rates when looking for a policy since rates for the same driver profile vary depending on the insurance company.

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These rates reflect the average cost of car insurance for 50-year-olds as of 2024.

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Average Cost of Car Insurance for 50-Year-Olds

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.

100/300/100 w/ $1000 DeductibleAverage Annual Premium$1,768Average Monthly Premium$147
300/500/300 w/ $1500 DeductibleAverage Annual Premium$2,141Average Monthly Premium$178
State Minimum Liability OnlyAverage Annual Premium$1,046Average Monthly Premium$87

Average Cost of Car Insurance for 50-Year-Olds by Gender

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.

FemaleAnnual Premium$1,170Monthly Premium$98
MaleAnnual Premium$1,160Monthly Premium$97

Cheapest Car Insurance Companies for 50-Year-Old Drivers

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.

Data filtered by:Results filtered by:
Coverage:100/300/100 w/ $1000 Deductible
GEICOAnnual Premium$1,487Monthly Premium$124
State FarmAnnual Premium$1,564Monthly Premium$130
NationwideAnnual Premium$1,579Monthly Premium$132
TravelersAnnual Premium$1,705Monthly Premium$142
AllstateAnnual Premium$1,736Monthly Premium$145
ProgressiveAnnual Premium$2,023Monthly Premium$169
FarmersAnnual Premium$2,284Monthly Premium$190
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Car insurance rates differ greatly across states, and not all providers may be available in your location. For the best chance at finding the cheapest car insurance companies, compare quotes from at least three providers. Utilizing a comparison tool can make this process quick and straightforward.

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Ensure you're getting the best rate for your auto insurance. Compare quotes from the top insurance companies.

Cheapest Cars to Insure for 50-Year-Olds

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.

Data filtered by:Results filtered by:
Coverage:Full Coverage
Subaru ForesterAnnual Premium$1,226Monthly Premium$102
Subaru OutbackAnnual Premium$1,241Monthly Premium$103
Honda CR-VAnnual Premium$1,269Monthly Premium$106
MINI CooperAnnual Premium$1,279Monthly Premium$107
Mazda CX-5Annual Premium$1,291Monthly Premium$108
Honda OdysseyAnnual Premium$1,295Monthly Premium$108
Jeep WranglerAnnual Premium$1,296Monthly Premium$108
Honda HR-VAnnual Premium$1,300Monthly Premium$108
Compare Auto Insurance Rates

Ensure you're getting the best rate for your auto insurance. Compare quotes from the top insurance companies.

How to Get Cheap Car Insurance for 50-Year-Olds

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.

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    Shop around

    Because rates can vary widely from company to company, comparing quotes for car insurance is one option that every driver can use to find the lowest premiums. In fact, our research shows that you can save as much as 32% each year by comparing quotes.

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    Maintain a clean driving record

    Your insurance rates will likely increase with any blemish on your record — even a minor fender bender or a single speeding ticket. On the other hand, a DUI or a serious accident will cause a significant jump in premium. And if you’ve had multiple offenses, you may find it increasingly difficult to purchase an insurance policy.

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    Look for discounts

    At 50, you're likely in a prime position to qualify for various insurance discounts, including savings for insuring multiple cars or bundling home and auto policies together. Early renewal and discounts tied to affiliations, such as military or employer benefits, might also be available to you. Your chances of receiving safe driving and loyalty discounts are also higher, especially if you've stayed with the same insurer for an extended period.

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    Assign the cheapest car to your young driver

    When your teen starts driving, assign them your safest and most affordable car for them to help manage insurance costs. Adding a teen driver can double your premiums compared to adding an experienced driver. Also, remember that car insurance companies usually require all household licensed drivers to be listed on your policy.

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    Bundle policies

    Bundling home and auto insurance can lead to significant savings. Home and auto bundles also simplify your bills and often reward you with discounts.

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    Regularly review your coverage needs

    At 50, your insurance needs may have changed. Evaluate your coverage to ensure it matches your current situation, potentially lowering costs by adjusting unnecessary coverage.

Frequently Asked Questions

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

What is the cheapest car insurance for a 50-year-old?
At what age is car insurance most expensive?
Does insurance go down when you turn 50?

About Mandy Sleight

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Mandy Sleight is a writer for MoneyGeek and has been an insurance agent since 2005. As a freelance writer, she uses her vast knowledge of the insurance industry to create informative, engaging and easy-to-understand content for consumers. Her work has been featured in Market Watch, Kiplinger and other major publications.