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While every state has their own set of laws used to determine car insurance rates, age is a factor that is considered across all of them. Car insurance and age are correlated because companies use age as an indicator of the risk associated with a policy.
According to Rate Retriever’s Auto Insurance Rates Quarterly Update, teenage and senior drivers currently pay the most for their car insurance premiums, presumably due to their increased likelihood of filing a claim with their insurance company.
Furthermore, the report found that 55-year-old drivers are paying the least for their car insurance among all age groups.
Car insurance rates are typically the lowest for drivers in their mid-50s because they have been shown to have the lowest accident and claims rate. Based on Rate Retriever’s research, the average annual premium for 55-year-old drivers is $1,576, however rates will vary depending on your location, the make and model of your car, and more.
Currently, the state that offers the cheapest car insurance is Vermont, where the average annual cost of car insurance is $1,078, 40.9% less than the national average. Vermont drivers in their mid-50s stand to pay even less for their yearly premium because of the decreased risk they introduce to car insurance companies.
On the other end of the spectrum, New York currently has the most expensive car insurance rates. The average annual premium in this state is $3,061, 67.8% higher than the national average. While drivers in their mid-50s can expect to pay below the state average, they will most likely still pay more for car insurance than this demographic in any other state.
After age 55, you may find that your car insurance rates begin to go up. This is because older drivers tend to have a higher accident and claims rate. According to Rate Retriever’s research, on average drivers experience a total car insurance rate increase of around $570 from age 55 to age 80.
However, the steepest spike usually occurs after age 65, when drivers officially enter the senior age bracket. On average, car insurance rates can go from around $1,606 at age 65 to $2,143 at age 80. Drivers in this age bracket experience rate hikes because they are more likely to have cognitive, physical, or visual impairments that may negatively impact their driving ability.
Age is one aspect used to set car insurance rates that you cannot control, however, there are still many that you can. One way that you could lower your car insurance rates, no matter your age, is to compare premiums from different car insurance companies in your area to see which offers you the lowest price. Take our short quiz to compare companies and save.
Beyond the company you choose, improving your credit score could help to reduce your car insurance rates. Currently, credit score is a factor used to determine car insurance premiums in all states besides California, Hawaii, and Massachusetts.
Car insurance companies use your credit score to assess the potential risk involved with your policy, so staying on top of your credit could help to lower your rates in most states.
Additionally, check with your chosen insurance company for any discounts you may be eligible for. Possible discounts include safe driving discounts, good student discounts (if you are insuring a teenager), and customer loyalty discounts.
Car insurance companies determine how much they charge you based on your driver profile. Factors that can impact your rates include:Â
Read more about the factors that impact your car insurance rateÂ
Switching your car insurance is easy, even if you are in the middle of your current policy.
Here are some helpful tips to consider to switch your car insurance:
The answer to this question depends on where you live and what you would like to cover.
Each state has its own minimum requirements on the type and amount of insurance needed. When you’re trying to determine what and how much car insurance you need, you can start by reviewing your state’s requirements.
Find out what’s required in your stateÂ
Once you review your state’s minimum requirements, you may find that you want additional coverage. For example, sometimes owners of new cars want comprehensive coverage to insure their car from natural disasters and vandalism, even though comprehensive coverage isn’t required by their state. To figure out what insurance you want, you can review the different types of insurance to decide what makes the most sense for your situation. Â
The biggest difference between Rate Retriever and other comparison sites is that we are a free and impartial research tool NOT an insurance marketplace.​ This means you can’t purchase a policy directly through RateRetriever.com, but you can use our tool to independently research your options and seamlessly connect with the provider you choose.
Unlike other insurance comparison sites, we:
We like to think that Rate Retriever is your insurance companion, not just another insurance comparison site. Our values guide everything we do, which is why we strive to offer transparent, trustworthy insurance tools.
There are many ways you can try to get cheaper car insurance. The first is simply to get quotes from multiple providers. This will help you determine if you’re currently receiving the cheapest rates based on your needs and driver profile. Rate Retriever makes the comparison process easy.
Sometimes, the reason your car insurance is so expensive is due to your driver profile. For example, drivers under 20 years old usually pay more for insurance than more experienced drivers, and drivers with a recent at-fault accident or traffic violation typically pay more.
There are ways to lower the cost of your insurance such as taking a defensive driving course. Check with your provider to see if there are any discounts you qualify for or can reasonably earn.
Rate Retriever works with national and local insurance providers to provide our users with a seamless insurance shopping experience. We may earn a commission from our insurance provider partners when you click on a link, call, or purchase a policy from one of the providers listed on our site. That said, we’re committed to providing you with accurate, bias-free information, and we do not allow our partnerships to limit the results or influence the information we share with you. Â
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We do not sell your personal information, charge you for using our tools, or sell you insurance policies. Additionally, should you choose to purchase a policy from one of our partners, the price you pay will not be adversely affected.Â
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