The words “bargain” and “auto insurance” really don’t belong together, specifically when shopping around for the cheapest coverage for seniors. Because it’s so expensive, let’s start the ball rolling by going over some of the things that determine car insurance premiums, and come up with some ways to shave a little off the next policy you buy.
Comparing quotes for budget auto insurance is challenging, and finding out which insurers offer the lowest-priced auto insurance rates for seniors calls for a bit more work. Each company uses a slightly different approach for determining rates, so let’s take a look at the auto insurance companies that tend to be cheaper in Hawaii.
Find the Best Cheap Insurance for Mature Drivers
Click Here to Start Your Quote
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $926 |
| 2 | State Farm | $1,120 |
| 3 | GEICO | $1,348 |
| 4 | Liberty Mutual | $1,406 |
| 5 | Progressive | $1,560 |
| 6 | First of Hawaii | $1,928 |
| 7 | Allstate | $1,984 |
| 8 | AIG | $2,445 |
| Find Cheaper Rates Go | ||
USAA may have some of the best car insurance rates in Honolulu at around $926 a year. State Farm, GEICO, Liberty Mutual, and Progressive would also make the list of some of the cheapest Honolulu, HI car insurance companies.
As shown above, if you buy coverage from Liberty Mutual and switched to USAA, you may realize a yearly savings of roughly $480. Customers with Progressive may save as much as $634 a year, and First of Hawaii customers might reduce prices by as much as $1,002 a year.
These prices are averages across all ages of drivers and types of vehicles and do not factor in a specific zip code for seniors. So the car insurance company that is most affordable for your situation may not even be in the list above. That’s why you need to compare prices as often as possible using your own driver information and specific vehicle type.
For senior citizens, one of the more important considerations that determine insurance cost is the neighborhood you call home. Areas with high crime rates or more dense population will most likely pay more, whereas areas with lower vehicle theft rates and fewer weather claims have the benefit of cheaper auto insurance prices.
The illustration below lists the most expensive areas in Hawaii for seniors to purchase a policy in. Honolulu is ranked #8 with the yearly price of $1,036 for coverage, which is around $86 monthly.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Hilo | $1,098 |
| 2 | Kailua | $1,084 |
| 3 | Waianae | $1,047 |
| 4 | Makakilo | $1,046 |
| 5 | Kapolei | $1,036 |
| 6 | Kaneohe | $1,036 |
| 7 | Mililani Mauka | $1,036 |
| 8 | Honolulu | $1,036 |
| 9 | Royal Kunia | $1,026 |
| 10 | Ewa Beach | $1,026 |
| 11 | Lahaina | $1,026 |
| 12 | Wahiawa | $1,016 |
| 13 | Schofield Barracks | $1,016 |
| 14 | Halawa | $1,016 |
| 15 | Kihei | $1,016 |
| 16 | Mililani Town | $1,016 |
| 17 | Ewa Gentry | $1,015 |
| 18 | Waipahu | $1,015 |
| 19 | Pearl City | $1,005 |
| 20 | Nanakuli | $1,005 |
| Find Cheaper Insurance Go | ||
Price information shown is estimated as the specific geographic location can modify auto insurance rates considerably.
Cost of full coverage in Honolulu
Paying a lower price for auto insurance is important to the majority of vehicle owners, and a great way to find cheaper insurance for seniors is to not insure for full coverage. The diagram below illustrates the difference between car insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Hawaii. The information is based on no claims or driving violations, $1,000 deductibles, drivers are not married, and no discounts are taken into consideration.
If we average all the age groups together, full coverage costs $1,118 per year more than buying just liability insurance. Many people question if physical damage coverage is worth the money. There is no specific rule to stop paying for full coverage on your policy, but there is a guideline you can consider. If the annual cost of having full coverage is more than about 10% of the replacement cost minus the deductible, then you may need to consider dropping full coverage.
There are some scenarios where eliminating full coverage is not a good plan. If you haven’t paid off your loan, you have to carry full coverage as part of the loan requirements. Also, if you can’t afford to buy a different vehicle in the even your car is totaled, you should not opt for liability only.
Get discount Honolulu auto insurance rates
Auto insurance companies that sell policies for seniors may additionally offer rate discounts that could potentially reduce rates by as much as 40% or more if you are eligible to receive them. A few popular companies and some of their more popular discounts are included below.
- State Farm offers discounts for safe vehicle, driver’s education, accident-free, multiple autos, student away at school, and defensive driving training.
- Farmers Insurance discounts include alternative fuel, electronic funds transfer, distant student, early shopping, homeowner, and multi-car.
- Progressive policyholders can earn discounts including good student, homeowner, multi-vehicle, online quote discount, online signing, multi-policy, and continuous coverage.
- GEICO may include discounts for emergency military deployment, daytime running lights, federal employee, military active duty, and five-year accident-free.
- Auto-Owners Insurance may offer discounts for anti-theft, air bags, good student, paperless, and anti-lock brakes.
- The Hartford offers premium reductions for good student, anti-theft, bundle, air bag, driver training, and vehicle fuel type.
- Farm Bureau may have discounts that include good student, driver training, 55 and retired, multi-vehicle, and renewal discount.
- USAA has discounts for vehicle storage, good student, loyalty savings, multi-vehicle, and new vehicle.
The information below shows the comparison of car insurance costs with and without discounts applied to the policy premium. The premium estimates are based on a male driver, no violations or claims, Hawaii state minimum liability limits, comp and collision included, and $1,000 deductibles. The first bar for each age group shows the average annual price with no discounts. The lower bar shows the rates with vehicle safety, accident-free, homeowner, multiple policy, marriage, and claim-free discounts applied. With discounts applied, the average savings per year on auto insurance for seniors is 30% or $361.
How to find the cheapest auto insurance for seniors
Below you’ll find some of the recommended penny-pinching solutions that can help Honolulu drivers quote cheap auto insurance.
- Good credit scores may make rates cheaper
- Avoid preventable accidents
- Bundle home or renters insurance to earn a discount on car insurance
- Increase the comprehensive and collision deductibles on your policy
- Save money by observing traffic laws and speed limits
- Pay for small claims rather than turning them in to your insurance company
- Comparison shop at least once a year
The last idea is certainly necessary, as was pointed out in the prior article. Coverage rates can change significantly in a year, so don’t be afraid to change to a new company if a cheaper price is available. We understand brand loyalty, but it’s not recommended if that faithfulness ends up costing you money that could be used for better things. Now is a great time to compare prices and find cheaper insurance for seniors in Honolulu.
The insurance agencies listed below are willing to help you decide which insurance coverage will be best for you, since lots of drivers aren’t clear which coverage they need and would like to have a professional recommendation when shopping for cheaper insurance for senior citizens. It can be time-consuming to find the best policy yourself, and a licensed agent can give comfort knowing your policy gives you enough coverage if you have a claim.
To find a Honolulu insurance agency nearest to you, click the button after the list.
- John H Connors Insurance
500 Ala Moana Blvd # 2303 – Honolulu, HI 96813 – (808) 534-7300 - Allstate Insurance: Ricky N. Bonilla
2024 N King St #101b – Honolulu, HI 96819 – (808) 842-5844 - Allstate Insurance: Kirk Paterson
1259 S Beretania St Ste 1 – Honolulu, HI 96814 – (808) 593-8844 - Island Insurance Hawaii
1022 Bethel St – Honolulu, HI 96813 – (808) 643-4000