The make and model of vehicle needing coverage is probably the biggest factor when trying to find cheap insurance for drivers over age 50. Vehicles with higher performance, poor crash test ratings, or high incidents of liability claims will cost more to insure than safer models.
The next table showcases car insurance costs for a handful of the most cost-effective automobiles to insure in Hawaii.
| Make, Model, and Trim Level | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX-L 2WD | $891 |
| Ford Escape Limited 4WD | $946 |
| Volkswagen Jetta S 2.5 Station Wagon | $953 |
| Hyundai Elantra SE Touring Station Wagon | $946 |
| Toyota Prius | $965 |
| Ford F-150 FX2 Super Cab 2WD | $976 |
| Toyota Tacoma 4WD | $981 |
| Honda Civic DX 4-Dr Sedan | $1,011 |
| GMC Sierra SL Extended Cab 2WD | $1,030 |
| Chevrolet Malibu Hybrid | $1,040 |
| Toyota RAV4 Sport 4WD | $1,030 |
| Ford Explorer Eddie Bauer AWD | $1,049 |
| Dodge Grand Caravan SXT | $1,058 |
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Data based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Hawaii minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, multi-vehicle, and claim-free. Price estimates do not factor in specific Honolulu, HI garaging location which can lower or raise premium rates greatly.
Based on these rates, we can infer that models like the Honda CR-V, Ford Escape, Volkswagen Jetta, and Hyundai Elantra should be some of the cheaper vehicles to insure for older drivers.
For older drivers, one of the more important components that aid in calculating the price you pay for insurance is your address. More densely populated places tend to have higher auto insurance costs, whereas areas with less congestion benefit from lower rates.
The next table ranks the highest-priced areas in Hawaii for drivers over age 50 to buy car insurance in. Honolulu comes in at #6 with an annual cost of $1,047 for the average insurance policy, which is approximately $87 monthly.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Hilo | $1,131 |
| 2 | Kailua | $1,084 |
| 3 | Mililani Mauka | $1,047 |
| 4 | Kapolei | $1,047 |
| 5 | Mililani Town | $1,047 |
| 6 | Honolulu | $1,047 |
| 7 | Halawa | $1,036 |
| 8 | Nanakuli | $1,036 |
| 9 | Waimalu | $1,036 |
| 10 | Wailuku | $1,026 |
| 11 | Ewa Beach | $1,026 |
| 12 | Ewa Gentry | $1,026 |
| 13 | Kaneohe | $1,016 |
| 14 | Waianae | $1,016 |
| 15 | Royal Kunia | $1,015 |
| 16 | Makakilo | $1,015 |
| 17 | Waipahu | $1,015 |
| 18 | Wahiawa | $1,005 |
| 19 | Pearl City | $1,005 |
| 20 | Schofield Barracks | $1,005 |
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Premium costs are estimated as the specific area where the vehicle is garaged can modify coverage rates substantially.
Careless driving habits raise Honolulu auto insurance rates
The obvious way to snag the most affordable auto insurance premiums for older drivers is to drive cautiously and avoid accidents and traffic violations. The example below demonstrates how traffic citations and accidents increase car insurance rates for different ages of insureds. The information is based on a single female driver, full physical damage coverage, $500 deductibles, and no policy discounts are applied.
The chart shows that the average cost of car insurance per year with no violations or accidents is $1,195. Receive one speeding ticket and the average cost hikes up to $1,355, an increase of $160 each year. Then add in two accidents along with the one speeding ticket and the yearly cost of auto insurance for drivers over age 50 jumps again to an average of $2,781. That’s an increase of $1,586, or $132 per month, just for being a careless driver!
Selecting the top insurance company is difficult considering how many choices drivers have in Hawaii. The ranking data shown next may help you decide which car insurance companies you want to consider when comparing rate quotes. The rankings below are only comprised of companies that write coverage in many states, so smaller companies are not factored into these rankings.
Top 10 Large Car Insurance Companies in Honolulu Ranked by A.M. Best Rating
- USAA – A++
- State Farm – A++
- GEICO – A++
- Esurance – A+
- Nationwide – A+
- Allstate – A+
- Progressive – A+
- The Hartford – A+
- AAA Insurance – A
- Liberty Mutual – A
The information below illustrates how your deductible choice can affect yearly insurance costs when quoting cheap insurance for drivers over age 50. The premium estimates are based on a single male driver, full coverage, and no discounts are taken into consideration.
The data above shows that a 50-year-old driver could lower their car insurance rates by $296 a year by switching from a $100 deductible up to a $500 deductible, or save $444 by switching to a $1,000 deductible. Even younger insureds, like the 20-year-old, could roll back prices as much as $982 or even more by selecting a higher deductible. When choosing a higher deductible, it is a good idea to have spare funds to allow you to cover the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
Why you should compare rates
Honolulu, HI auto insurance rates are calculated based on many things that will increase or decrease the cost of coverage. Simply having a birthday, buying a home, or getting into an accident can trigger changes in premium that can make some companies cheaper than others. Not only may your situation change, but companies change their prices without warning as an adjustment for underwriting gains or losses. Higher than normal claim frequency or severity may cause increased rates, while a better claims history may cause cheaper Honolulu car insurance rates.
For example, the graph below shows which company has the cheapest car insurance in Honolulu, HI for a 45-year-old female driver with a clear driving record, no claims, and a decent credit rating. If we look at prices based on her current rating profile, USAA quotes the lowest car insurance rates in Honolulu at $1,013 a year. This is $583 less than the average price paid by Hawaii drivers of $1,596. State Farm, GEICO, Liberty Mutual, and Progressive are the remainder of the best Honolulu, HI auto insurance companies.
Now let’s give the driver from above a chargeable accident, bad credit, and a blemish on her driving record. Due to the fact that each insurance company has a different formula to determine rates, comparing quotes could result in a completely different list of companies as shown below.
State Farm now has the cheapest auto insurance in Honolulu with USAA, GEICO, Liberty Mutual, and First of Hawaii now being in the top five. This example demonstrates why it is so important to shop around with many companies when trying to find the most affordable car insurance quotes for drivers over age 50.
Rates are impacted by many things and can increase or decrease at any time, so the best company six months ago may now cost much more than other companies.