Car insurance rates get less expensive for older drivers, but what is the cheapest insurance for seniors not affiliated with the military? We found this study (https://www.usnews.com/insurance/auto/cheapest-car-insurance-companies) that shows Geico as the winner between the major insurance companies. This was specifically for 60-year-olds, with the average per annum rates of $1,004 for men and $1,036 for women.
DID YOU KNOW:
You should think twice before just stopping a payment to switch coverage? Canceling your current policy incorrectly could cost you BIG TIME. It could even result in you not being able to get coverage with the company you planned on switching to— not to mention the headache it could cause by damaging your credit score. Always make sure you follow the necessary procedures and paperwork (including any cancellation forms) before you stop payment. Check to see when your policy ends and be aware of those dates.
Consumer prices
The Bureau of Labor Statistics consumer price index (CPI) tracks changes in the prices paid by consumers for a representative basket of goods and services. The cost of living (all items) rose 1.2 percent in 2020. The cost of motor vehicle insurance declined significantly at 4.6 percent as insurers nationwide returned over $14 billion to their customers in response to reduced driving during the Covid-19 pandemic. The cost of tenants and household insurance declined slightly, down 0.5. percent. Hospital services rose faster than overall inflation, up 4.2 percent, and total medical care rose 4.1 percent.*
*Source: https://www.iii.org/fact-statistic/facts-statistics-auto-insurance
Consumer Price Indices For Insurance And Related Items And Annual Rates Of Change, 2011-2020
| Motor Vehicle & Bodywork | New Vehicles | New Cars | New Trucks | |||||
| Year | Index | Percent change | Index | Percent change | Index | Percent change | Index | Percent change |
| 2011 | 259.9 | 2.2% | 141.9 | 2.8% | 142.2 | 3.0% | 146.5 | 2.7% |
| 2012 | 264.9 | 1.9 | 144.2 | 1.7 | 144.2 | 1.4 | 149.4 | 1.9 |
| 2013 | 271.0 | 2.3 | 145.8 | 1.1 | 144.9 | 0.5 | 151.8 | 1.6 |
| 2014 | 278.0 | 2.6 | 146.3 | 0.3 | 144.5 | -0.3 | 153.6 | 1.1 |
| 2015 | 280.8 | 1.0 | 147.1 | 0.6 | 144.4 | -0.1 | 155.4 | 1.2 |
| 2016 | 287.6 | 2.4 | 147.4 | 0.2 | 143.7 | -0.5 | 156.4 | 0.6 |
| 2017 | 294.5 | 2.4 | 147.0 | -0.2 | 142.7 | -0.7 | 156.6 | 0.1 |
| 2018 | 302.7 | 2.8 | 146.3 | -0.5 | 142.0 | -0.5 | 155.8 | -0.5 |
| 2019 | 313.5 | 3.5 | 146.8 | 0.4 | 142.8 | 0.6 | 156.3 | 0.3 |
| 2020 | 324.7 | 3.6 | 147.6 | 0.5 | 144.0 | 0.8 | 157.1 | 0.5 |
| % change,2011-2020 | 24.9% | 4.0% | 1.2% | 7.2% |