The words “economical” and “auto insurance” really don’t belong together, especially when you are shopping around for the cheapest coverage for drivers over age 60. Because of the high cost, let’s lead off by showing you some of the factors that significantly impact insurance premiums, and see how we can help you reduce the price of the next policy you buy.
One of the more important criteria that are used to help calculate car insurance rates is where you live. Areas with high crime rates or more dense population tend to have higher rates, whereas areas with less people or fewer weather incidents tend to receive slightly lower rates.
The table below lists the most expensive areas in Wisconsin for drivers over age 60 to buy car insurance in. Milwaukee is ranked #1 with a yearly premium of $1,354 for coverage, which is approximately $113 monthly.
|Rank||City||Average Per Year|
|20||Fond du Lac||$995|
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Premium costs are approximated as zip code location can modify premiums considerably.
Shopping around for affordable car insurance is tough enough, and finding out which companies offer the most affordable auto insurance rates for drivers over age 60 will take even more shopping around. Every insurance provider uses their own method to establish rates, so let’s rank the auto insurance companies that tend to have lower prices in Milwaukee.
It’s important to know that Wisconsin auto insurance rates are calculated based on many things that may substantially change the price you have to pay. Events like turning one year older, buying higher coverage limits, or having an accident may cause policy rate changes that can make some companies more affordable than competitors.
Cheap Insurance Rates for Age 60+
|Rank||Company||Cost Per Year|
|7||Rural Mutual Insurance||$779|
|11||West Bend Mutual||$917|
|15||Auto Club Group||$968|
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USAA may offer some of the lowest car insurance rates in Milwaukee at around $604 per year. This is $557 less than the average rate paid by Wisconsin drivers of $1,161. Partners Mutual, Erie, Rockford Mutual, and Pekin Insurance would also make the list of some of the best Milwaukee, WI auto insurance companies.
As the example above demonstrates, if you currently have a policy with Pekin Insurance and switched to Partners Mutual, you could see a yearly price reduction of roughly $131. Policyholders with Nationwide might save as much as $161 a year, and Rural Mutual Insurance insureds might cut rates by $165 a year.
Bear in mind that those rates are averaged across all drivers and vehicles in Wisconsin and do not take into consideration an exact vehicle garaging location for drivers over age 60. So the insurer that can offer the best rates for your situation may not even be in the list above. That underscores the importance of why you need to quote rates from as many companies as possible using your own driver and vehicle profiles.
The make and model of vehicle you are insuring is one of the primary factors when consumers are trying to find low-priced car insurance for drivers over age 60. Vehicles with reasonable performance levels, a great safety record, or a low likelihood of liability claims will cost quite a bit less to insure than higher performance models.
The next list illustrates coverage prices for some of the most cost-effective automobiles to buy coverage for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Ford Escape XLS 4WD||$1,632|
|Honda Accord LX 4-Dr Sedan||$1,637|
|Honda CR-V LX 2WD||$1,632|
|Ford F-150 XL Regular Cab 2WD||$1,687|
|Jeep Wrangler Rubicon 4WD 2-Dr||$1,825|
|Ford Edge SEL 2WD||$1,895|
|Chevrolet Equinox LS 2WD||$1,930|
|Toyota RAV4 2WD||$1,940|
|Volkswagen Jetta LE 4-Dr Sedan||$1,930|
|Chevrolet Impala LT||$1,935|
|Nissan Altima 2.5 4-Dr Sedan||$1,930|
|Chevrolet Silverado LS Regular Cab 2WD||$1,936|
|Dodge Grand Caravan Hero||$1,930|
|Ford Explorer Limited AWD||$1,965|
|Ford Focus SEL 4-Dr Sedan||$2,000|
|Honda Civic EX 4-Dr Sedan||$2,005|
|Toyota Tacoma X-Runner 2WD||$2,035|
|Hyundai Elantra GLS 4-Dr Sedan||$2,042|
|Ford Fusion SEL 4-Dr Sedan||$2,070|
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Data assumes single male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Wisconsin minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, safe-driver, and homeowner. Price estimates do not factor in Milwaukee, WI location which can increase or decrease coverage rates greatly.
By looking at the data, you can infer that makes and models like the Ford Escape, Honda Accord, Honda CR-V, Ford F-150, and Toyota Prius are a few of the cheaper vehicles to insure for older drivers.
The diagram below shows how choosing a deductible can change insurance costs when searching for cheap insurance for drivers over age 60. The premiums are based on a single male driver, comprehensive and collision coverage, and no discounts are taken into consideration.
The chart above illustrates that a 30-year-old driver could lower their policy premium by $288 a year by changing from a $100 deductible up to a $500 deductible, or save $432 by using a $1,000 deductible. Young drivers, like the Age 20 category, could lower their rates $852 or more by choosing a higher deductible.
When insureds make the decision to increase the deductibles on their policy, it is essential to have enough savings set aside to allow you to pay the extra out-of-pocket expense. That is the one disadvantage of using higher deductibles.
Finding a highly-rated company can be difficult considering how many companies provide coverage in Wisconsin. The company rank data below could help you choose which coverage providers to look at purchasing from. The ratings below only include the largest companies in the United States, so companies that may only write in Wisconsin are not included in this list.
Top 10 Large Auto Insurance Companies in Milwaukee Ranked by Customer Satisfaction
- USAA – 92%
- Erie Insurance – 88%
- American Family – 88%
- State Farm – 88%
- Nationwide – 88%
- 21st Century – 88%
- AAA Insurance – 87%
- Liberty Mutual – 87%
- Farmers Insurance – 87%
- The Hartford – 87%
Why you are probably overpaying for car insurance
Milwaukee auto insurance rates are based on many factors that may substantially change the policy price. Getting older, buying a different home, or getting caught speeding can cause premium changes that can make some companies cheaper in comparison to the competition. Not only may your situation change, but insurers file new Wisconsin auto insurance rates without warning to ensure their profitability. A period of increased losses can result in high rates, while a better claims history may result in lower-priced Milwaukee car insurance rates.
As an example, the graph below shows rates for the cheapest car insurance in Milwaukee, WI for a 35-year-old female driver with no prior accidents, a clean driving record, and good financial standing. If we compare prices based on her current situation, USAA may have the most affordable car insurance rates in Milwaukee at $848 per year. This is $313 less than the average price paid by Wisconsin drivers of $1,161. Partners Mutual, Rockford Mutual, Erie, and Rural Mutual Insurance round out the rest of the cheapest Milwaukee, WI auto insurance companies.
Let’s now give the driver from the above example a claim surcharge, a little lower credit rating, and a speeding ticket. Since every insurance provider has their own formula for determining prices, analyzing rate quotes may now show a substantially altered list of cheap Milwaukee auto insurance companies as shown below.
Nationwide now has the best car insurance rate in Milwaukee, WI with Pekin Insurance, Western National, Travelers, and Partners Mutual completing the list. This illustrates why Milwaukee drivers need to take the time to shop around to find affordable insurance rates for drivers over age 60. Insurance rates are determined by many factors and can increase or decrease at any time, so the best option the last time you compared rates may now not even be in the top five.