When it comes to car insurance for 55-year-old drivers, the cost can vary depending on the coverage levels chosen. On average, car insurance for 55-year-old drivers can cost around $456 per year or $38 per month for state minimum liability only coverage. Opting for 50/100/50 liability coverage can increase the average cost to $573 per year or $48 per month. For more comprehensive coverage with 100/300/100 liability and a $500 deductible for comprehensive and collision, the average cost jumps to $1,476 per year or $123 per month.

Coverage level Average annual premium Average monthly premium
State Minimum Liability Only $456 $38
50/100/50 Liability Only $573 $48
100/300/100 Liability with $500 Comp/Coll Deductible $1,476 $123

Average car Insurance rates for 55-year-old male and female: Decoding gender impact

Gender can also play a role in determining car insurance rates for 55-year-old drivers. On average, 55-year-old females can expect to pay around $1,466 per year for car insurance, while their male counterparts may face slightly higher rates at $1,476 per year.

Gender Average annual premium Average monthly premium
Female $1,466 $122
Male $1,476 $123

How average car insurance rates for 55-year-old vary by State

Car insurance rates for 55-year-old drivers can vary significantly depending on the state they reside in. For example, in Alaska, the average cost for car insurance for a 55-year-old is $1,208 per year, while in Alabama it is $1,324 . In other states like Louisiana and Florida, the average cost can skyrocket to $2,348 and $2,340 per year, respectively. On the other end of the spectrum, Ohio offers the lowest average cost at $911 per year.

State Average annual premium Average monthly premium
Texas $1,635 $136

Low-cost car insurance for 55-year-old: Drive without breaking the bank

Finding affordable car insurance for 55-year-old drivers is possible. Some companies offer lower average annual costs, such as American National Finance at $718 , Mapfre Insurance at $944 , and Vermont Mutual at $1,046 .

Comparing rates from multiple insurers is one of the easiest ways to find which insurer offers the lowest cost for 55-year-old driver and provides all the required coverage.

Company group Average annual premium Average monthly premium
American National Finance $718 $60
North Carolina Farm Bureau $1,149 $96
Safety Insurance $1,132 $94
Nationwide $1,072 $89
USAA $1,098 $91
Geico $1,178 $98
New Jersey Manufacturers $1,162 $97
Palisades $1,131 $94
Erie Insurance $1,166 $97
American Family $1,252 $104
Vermont Mutual $1,046 $87
Auto-Owners $1,298 $108
State Farm $1,340 $112
Amica Mutual $1,198 $100
Travelers $1,348 $112
Arbella Insurance $1,696 $141
Island Insurance $1,668 $139
Frankenmuth Insurance $1,300 $108
Southern Farm Bureau $1,446 $121
Western National Mutual $1,297 $108
Progressive $1,546 $129
Mapfre Insurance $944 $79
Shelter Insurance $1,586 $132
Farmers $1,784 $149
Allstate $1,925 $160
Country Financial $1,740 $145
Auto Club Enterprises (AAA) $1,857 $155
Westfield Insurance $1,571 $131
Iowa Farm Bureau $2,247 $187
Kentucky Farm Bureau $1,834 $153
The Hartford $2,074 $173
National General Insurance $2,346 $195
Mercury Insurance $2,056 $171
CSAA Insurance (AAA) $2,327 $194
Automobile Club MI (AAA) $2,131 $178
Kemper Insurance $2,167 $181
Oklahoma Farm Bureau $2,409 $201
Chubb Ltd $2,175 $181
Safeway Insurance $2,532 $211
The Hanover $3,887 $324
Sentry Insurance $4,228 $352

Conclusion

Car insurance costs for 55-year-old drivers can vary based on coverage levels, gender, state of residence, and choice of the insurance company. Opting for higher coverage increases the average cost, while gender differences can also impact insurance rates. The average cost varies significantly by state, with some states having substantially higher premiums than others. However, affordable options exist, and it is possible to find lower-cost insurance for 55-year-old drivers by comparing rates from different insurers.

Methodology

CompuQuote commissioned 2022 data for Average car insurance rates for 55-year-old drivers from Quadrant Information Services for all 50 states and Washington, D.C. Rates are based on the following profile:

  • 55-year-old driver
  • Honda Accord LX
  • 12-mile daily commute, 10,000 annual miles
  • Good credit
  • Clean record

Rates are based on coverage limits of:

  • $100,000 bodily injury per person
  • $300,000 bodily injury per accident
  • $100,000 property damage per accident
  • $500 comprehensive and collision deductible

CompuQuotes analyzed rates from more than 34,000 ZIP codes, 56 million quotes, and 136 companies. Rates sourced from Quadrant Information Services are for comparison purposes only; your rates may differ.

About the Author: CompuQuotes Editorial
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