Best Auto Insurance for Retirees in 2024 (Top 8 Companies Ranked)
Find the best auto insurance for retirees with Geico, State Farm, and Allstate. Geico is our top pick with retiree discounts, affordable rates that average $130/mo for retiree drivers, and strong financial ratings. Retiree car insurance is often more affordable due to retirees' decreased driving time.
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Michael Vereecke
Commercial Lines Coverage Specialist
Michael Vereecke is the president of Customers First Insurance Group. He has been a licensed insurance agent for over 13 years. He also carries a Commercial Lines Coverage Specialist (CLCS) Designation, providing him the expertise to spot holes in businesses’ coverage. Since 2009, he has worked with many insurance providers, giving him unique insight into the insurance market, differences i...
Commercial Lines Coverage Specialist
UPDATED: Mar 18, 2024
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Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Mar 18, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
Company Facts
Avg. Monthly Rate for Retirees
A.M. Best Rating
Complaint Level
Pros & Cons
Company Facts
Avg. Monthly Rate for Retirees
A.M. Best Rating
Complaint Level
Pros & Cons
Company Facts
Avg. Monthly Rate for Retirees
A.M. Best Rating
Complaint Level
Pros & Cons
You can find the best auto insurance for retirees at Geico, State Farm, and Allstate.
Geico comes in first for the cheapest auto insurance companies for retirees with its mature driving discount, affordable rates, and strong financial ratings.
The other top auto insurance companies for retirees on our list are also highly rated due to their coverage options, discounts, local agents, and other great benefits they offer to retirees.
Take a look at the cheapest retiree companies below.
Our Top 8 Company Picks: Best Auto Insurance for Retirees
Company Rank Defensive Driver Discount Low Mileage Discount Best For Jump to Pros/Cons
#1 15% 30% Senior Discounts Geico
#2 15% 30% Local Agents State Farm
#3 10% 30% Add-on Coverages Allstate
#4 31% 30% UBI Discount Progressive
#5 5% 20% Military Savings USAA
#6 10% 20% Vanishing Deductibles Nationwide
#7 20% 10% Bundling Policies Travelers
#8 10% 30% Customizable Policies Liberty Mutual
Read on to learn which companies offer the best retiree car insurance and how retirees can save on car insurance. You can also begin comparing quotes by entering your ZIP code above.
- As a retiree, you are considered a different driver type than an average adult
- When you retire, your insurance needs and mileage will change
- If your mileage goes down, ask for a low-mileage discount at your company
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#1 – Geico: Top Pick Overall
Pros
- Mature driver discount: Geico offers a mature driver discount to drivers over 50 who have had no accidents within the last three years.
- Strong financial ratings: Geico has strong financial stability, which means it is well-established as a company and able to pay out claims easily. Learn more in our Geico auto insurance review.
- User-friendly app and website: Geico’s website and app have great ratings and are easy to use, making it easy to manage policy details online.
Cons
- Few local agents: Geico doesn’t have very many local agents, which means retirees won’t be able to get in-person assistance with their policies.
- Mixed customer service reviews: Geico has mixed customer service reviews, although this is typical of most large insurance companies.
#2 – State Farm: Best for Local Agent Network
Pros
- Large agent network: State Farm’s local agent network makes it easy for retirees to find in-person assistance, which you can learn more about in our State Farm review.
- Multiple auto insurance discounts: There are plenty of State Farm auto insurance discounts that can help retirees save, from safe driver discounts to bundling discounts.
- Great customer service reviews: State Farm has good customer service reviews, likely due to the amount of in-person assistance.
Cons
- Online tools have mixed ratings: State Farm has some mixed reviews about the level of response customers receive when communicating with State Farm online.
- Lacking a few add-on coverages: State Farm has a decent array of coverage options but doesn’t have add-ons like modified car insurance.
#3 – Allstate: Best Array of Coverages
Pros
- Drivewise discount program: Allstate’s Drivewise program can help retirees save on their auto insurance (read more about the program in our Allstate Drivewise review).
- Multiple coverage options: Allstate has a wide range of coverages for retirees to choose from, including roadside assistance. Learn more in our Allstate review.
- User-friendly mobile app: Allstate’s mobile app has good ratings, making it easier for retirees to manage their policies from their smartphones.
Cons
- Higher auto insurance rates: Allstate’s average auto insurance rates are more expensive than the majority of other companies.
- Mixed customer service reviews: Allstate’s customer service reviews are mixed, although this is typical of most reviews of insurance companies.
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#4 – Progressive: Best Usage-Based Discount Program
Pros
- Snapshot program: Progressive’s Snapshot program offers discounts to safe drivers, helping retirees save with their good driving habits. Read more about Snapshot in our Progressive Snapshot review.
- User-friendly online services: Progressive offers online quotes and claims in a simple online format.
- Multiple discounts: Progressive has multiple discounts beyond its Snapshot program that can help retirees save.
Cons
- Mixed customer reviews: Progressive has mixed customer service reviews when it comes to claims, which you can learn more about in our review of Progressive.
- Lack of local agents: Progressive doesn’t have many local agents, so most retirees won’t be able to get in-person assistance.
#5 – USAA: Best for Military Retirees
Pros
- Benefits for military retirees: USAA offers multiple perks for its auto insurance customers, such as shopping and traveling discounts.
- Great customer service reviews: USAA is highly rated by customers and also has great financial stability ratings. Learn more about the benefits of USAA in our USAA auto insurance review.
- Affordable insurance rates: USAA’s average rates generally make it the cheapest auto insurance for retirees.
Cons
- Lack of local agents: USAA doesn’t offer many local agents, so most retirees won’t be able to get in-person assistance at USAA.
- Limited eligibility: USAA is only for military members and their families, so non-military retirees can’t buy insurance from USAA.
#6 – Nationwide: Best Deductibles
Pros
- Vanishing deductibles: Nationwide has a vanishing deductible program to reward accident-free drivers, which can help retirees save on accident costs with their first accident at Nationwide.
- Multiple auto insurance discounts: There are multiple Nationwide auto insurance discounts beyond a vanishing deductible, such as safe driver discounts.
- Multiple auto insurance coverages: Nationwide offers an array of auto insurance coverages, including add-ons like roadside assistance. Read our Nationwide auto insurance review for more information.
Cons
- Lack of local agents: Nationwide doesn’t have a wide local agent presence in some areas, so not all retirees will be able to find in-person assistance at Nationwide.
- Higher auto insurance rates: Nationwide’s average auto insurance rates aren’t the cheapest on the market for drivers.
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#7 – Travelers: Best Multi-Policy Bundling
Pros
- Multi-policy discount: Retirees who bundle policies at Travelers, such as home and auto insurance, can earn a significant discount.
- Strong financial stability: Travelers has great financial stability ratings, making it a solidly established company more than capable of paying customer’s claims.
- Multiple coverage options: Travelers has a multitude of coverage options, including GAP insurance and roadside assistance. Read more: Travelers Auto Insurance Review
Cons
- Lack of local agents: Travelers customers will have to communicate with agents mostly over the phone or online unless they have a local agent nearby.
- Mixed customer reviews: Some reviews of Travelers’ claim process report delays in processing.
#8 – Liberty Mutual: Best Personalized Policies
Pros
- Multiple coverages and bundling discounts: Liberty Mutual offers a number of coverage options and bundling options to help customers customize their policies to fit their needs.
- 24/7 claims assistance: Liberty Mutual has 24/7 claims assistance, so retirees can check on their claim or receive help with filing a claim at any time.
- User-friendly tools: Liberty Mutual’s app has good reviews, and its website is user-friendly for quotes and account access. Read more in our full Liberty Mutual auto insurance review.
Cons
- Higher auto insurance rates: Liberty Mutual’s average rates are higher than other companies in some states.
- Mixed customer service reviews: Like some other companies on our list, Liberty Mutual has mixed customer service reviews.
Updating Your Employment Status on Your Auto Insurance Policy
Insurance agents have to take the time to get to know you when they are handing out quotes. There are so many different boxes to check and coverage limits to choose from.
One of these boxes is related to your current employment status. You could be classified as one of the following:
- full-time professional
- part-time professional
- student
- retiree
You probably won’t pick up the phone and call your current provider the moment that you retire. Most people are too excited to go on their first trip to worry about seemingly trivial things like their listed employment status.
You might think it’s a waste of time, but simply updating your employment status could save you, depending on where you’re insured.
How Updating Status to Retired Reduces Auto Insurance Rates
While most people have to wait until their 60s to officially retire because of the rules set by the Social Security Administration, some professionals are so successful at their retirement planning that they can stop working in their 50s or sooner.
When you change your employment status from employed to retired, your rate could decline just because of that simple update. This isn't just a goodwill gesture; it's because your level of risk changes.Daniel Walker Licensed Auto Insurance Agent
Studies show that retirees tend to be better drivers because they are happier and less stressed. They also have the choice not to drive in stressful conditions if they don’t want to. Because of this, auto insurance companies lower rates. Below, you can see the average rates at our top eight companies for retirees.
Geico and Travelers have some of the cheapest average rates for retirees.
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Retiree Lifestyle Changes That Can Reduce Auto Insurance Rates
Retiring from your job is definitely going to change the way that you live. You don’t have to wake up early in the morning to get ready for work, and you also don’t have to brave congested roads to commute to the office. Some of the lifestyle changes will create a need to change your auto policy.
Read more: Best Auto Insurance for Seniors
The first and most common endorsement that you’ll need to make to your insurance after you retire involves how you use your vehicle. If you used to commute in your car or drive it to business meetings, you need to update how your car is classified. Instead of being a commuter or a business vehicle, it’ll be classified with a pleasure rating.
Pleasure Driving Rating for Retirees
No work means no commute, and that translates into savings. Commuters pay more for their insurance coverage because they have to be on the road during peak hours when drivers are stressed and in a hurry.
These conditions mean that drivers are exposed to more accidents. When your usage is changed, your rates can drop by as much as 10 percent.
Not all retirees drive less than professionals. If you’re the type of person who wants to be out of the house discovering new places, you may wind up driving more in your golden years than you did when you were stuck in the office nine hours a day. To see how much your rates could change, it can help to visit your auto insurance company’s website and get another quote for a different mileage.
If you’re planning on putting less mileage on your car, let your agent know. Premiums are strongly based on how much you drive. The more you drive, the more you’re exposed to loss. Drivers with high estimates pay higher rates.
Retiree Auto Insurance Coverage Updates
Do you need the same level of protection when you retire? The short answer to the question is yes, probably.
Just because you’re not bringing home a regular paycheck doesn’t mean that you don’t have income coming in. You need to protect all of your assets and your retirement savings from people in today’s litigious society.
You don’t want to lower raised liability limits that you have but you could consider removing some first-party coverage that you possess. Evaluate your medical insurance limits before you remove Medical Payments from your package.
You may also want to drop collision, which could save you a pretty penny. Just beware of dropping collision if you can’t afford to repair your car on your own.
Retiree Auto Insurance Discounts
If you’re a senior and you’re retired, your rates might start to climb even after the changes that you made. That’s because rates are age-based, and when you grow older, you become a riskier driver. If you want to save money, here are some of the auto insurance discounts to look for:
Best Discounts for Retirees
Discount Type Description
Mileage Discounts Reduced rates for driving fewer miles annually
Usage-Based Discounts Discounts based on safe driving habits tracked by devices
Senior Discounts Age-based discounts for drivers over a certain age
Defensive Driving Courses Discounts for completing approved defensive driving courses
Multi-Car Discounts Lower rates for insuring multiple vehicles
Bundling Policies Discounts for bundling auto insurance with other policies
Good Student Discounts Discounts for seniors with a good driving record
Safe Driver Discounts Rewards for maintaining a clean driving history
Vehicle Safety Features Discounts for vehicles equipped with safety features
Loyalty Discounts Discounts for long-term customers with the same insurer
Affiliation Discounts Discounts for belonging to certain organizations or groups
Some auto insurance providers want to insure the growing population of senior drivers, and others don’t. You can sift through all of the carriers by looking at the rates and seeing which rates are competitive.
You can’t reasonably get quotes from every carrier in your state, but you can shop around effectively for car insurance for seniors over 60
by using the Internet. Use our online quote platform to find low-cost insurance as a retired driver.
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Frequently Asked Questions
How can I find affordable auto insurance as a retired driver?
To find cheap car insurance for retirees, you can utilize online quote platforms like ours to compare rates from different insurance providers. This allows you to efficiently shop around and find competitive rates that suit your needs and budget.
Are there any discounts available for retirees?
Yes, there are discounts that seniors and retirees may qualify for. These can include mature driver training discounts, daytime driver discounts, multi-line and multi-car discounts, and discounts for being a member of organizations like AARP. It’s advisable to explore these discount options with your insurance provider.
Should I update my coverage when I retire?
While the level of protection you need may remain similar, you could consider removing some first-party coverage, such as collision coverage, if you can afford to repair your car on your own. It’s important to assess your specific situation and consult with your insurance agent to make informed decisions.
Why should I update my employment status with my insurance company after retiring?
Updating your employment status from employed to retired can potentially save you money on your auto insurance premiums. Retirees are generally considered lower-risk drivers and may qualify for lower rates.
Should I review my auto insurance policy annually as a retiree?
Yes, it’s recommended to review your auto insurance policy annually, even as a retiree. This allows you to ensure that your coverage aligns with your changing needs, potentially uncovering opportunities for savings or adjustments.
Can I still receive roadside assistance coverage as a retiree?
Roadside assistance coverage is generally available to all policyholders, including retirees. It’s advisable to check with your insurance provider to confirm if this coverage is included in your policy or if it can be added for an additional fee.
Who has the cheapest auto insurance for seniors?
USAA has the cheapest auto insurance for seniors, but it is only for veterans and military members. Geico and State Farm are cheap for non-military retirees.
Does USAA offer a senior discount?
USAA does not have a senior discount, but it offers other discounts that retirees can still take advantage of, such as a defensive driving discount.
Is Progressive better than Geico?
Both companies are good, but Geico ranks as our number one best auto insurance company for retirees.
What age range pays most for car insurance?
Young drivers pay the most for car insurance, as they are more likely to crash due to inexperience. It is much easier to find affordable auto insurance for retirees than for young drivers.
What does a pleasure rating mean for retirees?
If you’re planning on driving less than 10,000 miles per year, your car use may fall into car use for pleasure, which can lower rates.
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Enter your ZIP code below to view companies that have cheap auto insurance rates.
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Michael Vereecke
Commercial Lines Coverage Specialist
Michael Vereecke is the president of Customers First Insurance Group. He has been a licensed insurance agent for over 13 years. He also carries a Commercial Lines Coverage Specialist (CLCS) Designation, providing him the expertise to spot holes in businesses’ coverage. Since 2009, he has worked with many insurance providers, giving him unique insight into the insurance market, differences i...
Commercial Lines Coverage Specialist
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.