Trying to find reasonably-priced car insurance is difficult, and figuring out which insurers offer the lowest-priced car insurance rates for drivers over age 60 requires a little more work. Each insurance company uses a different method for determining prices, so let’s take a look at the lowest cost car insurance companies in Honolulu, HI.
Best Insurance Companies for Age 60+
|Rank||Company||Cost Per Year|
|7||First of Hawaii||$1,928|
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USAA generally has some of the cheapest car insurance rates in Honolulu at around $936 each year. State Farm, GEICO, Liberty Mutual, and Progressive also qualify as some of the best Honolulu, HI insurance companies.
In the above rates, if you are a customer of Progressive and switched to State Farm, you could see yearly savings of in the neighborhood of $537. Insureds with Allstate might save as much as $819 a year, and First of Hawaii policyholders might realize rate reductions of up to $841 a year.
To get a fast rate comparison, click here to start your custom quote or quote rates from the companies below.
Bear in mind that those policy prices are averages for all ages of drivers and types of vehicles and do not factor in a specific location for drivers over age 60. So the company that can offer you the best rate may not even be in the list above. That point stresses why you need to get auto insurance quotes using your own driver data and vehicle information.
One of the more important criteria that aid in calculating insurance cost is where you call home in Honolulu. Areas with increased crime or more people will most likely pay more, whereas areas that tend to be more rural have the enjoyment of a little cheaper coverage.
The information below lists the highest-priced areas in Hawaii for drivers over age 60 to buy car insurance in. Honolulu comes in at #11 with an annual premium of $1,036 for the average insurance policy, which is approximately $86 each month.
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Rate information is approximated as zip code location can affect rates noticeably.
Poor driving habits will raise your car insurance rates
One of the best ways to earn affordable car insurance premiums for older drivers is to drive safe and avoid traffic citations and accidents. The example below highlights how traffic violations and fender-benders drive up auto insurance rates for each different age category. The premiums are based on a single female driver, comprehensive and collision coverage, $500 deductibles, and no policy discounts are applied.
In the previous chart, the average cost of an auto insurance policy in Hawaii per year with no violations or accidents is $1,615. Get one speeding ticket and the average cost surges to $1,831, an increase of $215 each year. Now get one accident along with the one speeding ticket and the yearly cost of car insurance for drivers over age 60 increases to an average of $2,434. That’s an increase of $819, or $68 per month, just for not being attentive to the road!
How to get discounts on Honolulu insurance rates
Auto insurance companies that provide policies for drivers over age 60 could also offer rate discounts that could lower prices by as much as 35% or more if you meet eligibility requirements. Larger car insurance companies and a partial list of their discounts can be found below.
- American Family discounts include TimeAway discount, defensive driver, early bird, good student, air bags, and mySafetyValet.
- Nationwide may offer discounts for business or organization, good student, accident-free, easy pay, and defensive driving.
- MetLife has discounts for accident-free, claim-free, defensive driver, good driver, and good student.
- 21st Century may include discounts for theft prevention, 55 and older, student driver, teen driver, and automatic seat belts.
- Farmers Insurance offers premium reductions for business and professional, bundle discounts, youthful driver, mature driver, and good student.
- Allstate includes discounts for senior citizen, auto/life discount, economy car, multi-policy, farm vehicle, and teenSMART discount.
The illustration below shows the comparison of auto insurance rates with and without discounts applied. The premium estimates are based on a female driver, no violations or claims, Hawaii state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The lower bar shows the rates with accident-free, vehicle safety, defensive driving course, multiple policy, claim-free, and homeowner discounts applied. With discounts applied, the average amount saved each year on car insurance for drivers over age 60 is 29% or $424.
Your cheap policy may actually be overpriced
Honolulu, HI car insurance rates are influenced by many factors which can significantly increase or decrease the price of coverage. Simply turning a year older, filing a claim, or getting a speeding ticket may prompt premium changes that can now make some companies more affordable than others.
Not only that, but car insurance companies change prices as often as every quarter in order to remain profitable. A period of increased losses can result in additional price hikes, while long-term profits may result in more affordable Honolulu car insurance rates.
For instance, the bar chart below shows which companies have the cheapest car insurance in Honolulu, HI for a 40-year-old male driver with a clear driving record, no claims, and good financial standing. If we estimate rates based on his current rating profile, USAA might quote the best car insurance rates in Honolulu at $963 a year. This is $633 less than the average rate paid by Hawaii drivers of $1,596. State Farm, GEICO, Liberty Mutual, and Progressive are the remaining best Honolulu, HI auto insurance companies.
Let’s now give the driver in the first chart a chargeable accident, bad credit, and a traffic ticket or two. Since each auto insurer uses their own formula for determining rates, getting updated rate quotes may now result in a different set of the cheapest car insurance companies in Honolulu as shown below.
State Farm now has the best car insurance rate in Honolulu with USAA, Allstate, GEICO, and Liberty Mutual now being in the top five. This example demonstrates why consumers need to compare rates when trying to get affordable insurance rates for drivers over age 60. Car insurance prices are calculated by many different factors and change dramatically, so the cheapest rate the last time you shopped around may now be wasting a lot of money.
If you would rather get some professional advice when shopping for the best coverage for drivers over age 60, the professional agents shown below can probably help you determine which insurance coverage you need. To find an agent close to where you live, click the link after the list or click here to get price quotes now.
Suzette Rudolf Trehern – State Farm Insurance Agent
7192 Kalanianaole Hwy g210 – Honolulu, HI 96825 – (808) 395-3434
Dee Ann Lee – State Farm Insurance Agent
600 Kapiolani Blvd #210 – Honolulu, HI 96813 – (808) 599-7666
Allstate Insurance: Boyd Kauhane
1682 Kalakaua Ave #1 – Honolulu, HI 96826 – (808) 638-3673