Drivers at the age of 50 are likely enjoying some of the lowest car insurance rates in their lives.
That’s the good news. On the flip side, many will find other expenses have begun to pile up or are on the horizon.
Your children are likely in their teens and getting ready to get behind the wheel for the first time, or they may be off to college and could use some help with expenses. So, while you may be saving on your own car insurance rates, the family commitments could only get bigger.
In addition, this is when insurance professionals say it might be wise to increase your coverage levels.
“You have a lot more assets to protect,” says Kevin Lynch, an assistant professor of insurance at The American College of Financial Services in Bryn Mawr, Penn. “In most cases, you’re going to find that if you double, even triple your coverage, the additional cost is very minimal.”
The average national car insurance rate for a 50-year-old driver is about $1,490 per year or $124 monthly for a full coverage policy. That’s about $94 less than what a driver would expect to pay at age 40.
Read on to learn more about car insurance for 50-year-olds.
- For a full coverage policy, a 50-year-old driver pays an average of $1,490 per year or $124 monthly for car insurance.
- Unlike in their teens and early 20s, a 50-year-old male driver is assessed at the same rate as a female.
- Males pay an average of $1,494 for a full coverage policy, while females pay $1,487.
What’s the average cost for a 50-year-old?
Average car insurance rates for 50-year-oldsThe average car insurance rate for a 50-year-old at three coverage levels is as follows per year:
- State minimum liability coverage: $458
- Liability coverage with limits of 50/100/50: $578
- 100/300/100 liability with a $500 comprehensive and collision deductible: $1,490
What you pay will vary depending on many factors, including the insurance company you choose, where you live, coverage levels and the deductible you select.
The table below shows the cost of car insurance for males vs. females at various coverage levels in each state.
| State | State Minimum Female | State Minimum Male | Liability Only Female | Liability Only Male | Full Coverage Female | Full Coverage Male |
|---|---|---|---|---|---|---|
| Alaska | $325 | $321 | $412 | $399 | $1,257 | $1,251 |
| Alabama | $357 | $358 | $521 | $510 | $1,365 | $1,371 |
| Arkansas | $334 | $337 | $420 | $418 | $1,319 | $1,344 |
| Arizona | $424 | $430 | $624 | $614 | $1,368 | $1,385 |
| California | $565 | $565 | $833 | $833 | $2,048 | $2,048 |
| Colorado | $419 | $419 | $699 | $690 | $1,694 | $1,705 |
| Connecticut | $719 | $726 | $799 | $807 | $1,629 | $1,645 |
| Washington, D.C. | $555 | $558 | $639 | $642 | $1,728 | $1,762 |
| Delaware | $797 | $779 | $986 | $956 | $1,929 | $1,926 |
| Florida | $906 | $842 | $1,583 | $1,475 | $2,499 | $2,421 |
| Georgia | $479 | $478 | $604 | $600 | $1,451 | $1,455 |
| Hawaii | $389 | $389 | $519 | $519 | $1,306 | $1,306 |
| Iowa | $253 | $252 | $312 | $308 | $1,237 | $1,246 |
| Idaho | $278 | $280 | $340 | $341 | $974 | $995 |
| Illinois | $408 | $407 | $456 | $454 | $1,284 | $1,299 |
| Indiana | $336 | $335 | $395 | $390 | $1,124 | $1,127 |
| Kansas | $382 | $368 | $406 | $392 | $1,436 | $1,428 |
| Kentucky | $581 | $559 | $765 | $746 | $1,752 | $1,752 |
| Louisiana | $587 | $593 | $1,159 | $1,125 | $2,423 | $2,385 |
| Massachusetts | $510 | $510 | $624 | $624 | $1,455 | $1,455 |
| Maryland | $563 | $562 | $599 | $599 | $1,396 | $1,412 |
| Maine | $327 | $330 | $331 | $334 | $1,056 | $1,096 |
| Michigan | $725 | $725 | $773 | $773 | $2,027 | $2,027 |
| Minnesota | $467 | $449 | $502 | $483 | $1,341 | $1,343 |
| Missouri | $459 | $460 | $531 | $529 | $1,764 | $1,821 |
| Mississippi | $379 | $385 | $527 | $530 | $1,363 | $1,388 |
| Montana | $323 | $323 | $462 | $462 | $1,627 | $1,627 |
| North Carolina | $380 | $380 | $418 | $418 | $1,293 | $1,293 |
| North Dakota | $328 | $316 | $342 | $330 | $1,183 | $1,196 |
| Nebraska | $309 | $310 | $343 | $343 | $1,844 | $1,864 |
| New Hampshire | $383 | $381 | $417 | $415 | $1,186 | $1,188 |
| New Jersey | $1,026 | $976 | $1,161 | $1,113 | $1,832 | $1,823 |
| New Mexico | $362 | $358 | $545 | $534 | $1,439 | $1,447 |
| Nevada | $627 | $632 | $974 | $958 | $1,859 | $1,882 |
| New York | $909 | $855 | $992 | $938 | $1,976 | $1,938 |
| Ohio | $275 | $276 | $339 | $335 | $945 | $949 |
| Oklahoma | $310 | $310 | $505 | $490 | $1,564 | $1,572 |
| Oregon | $560 | $523 | $608 | $567 | $1,201 | $1,166 |
| Pennsylvania | $306 | $306 | $400 | $400 | $1,196 | $1,196 |
| Rhode Island | $572 | $573 | $719 | $717 | $1,622 | $1,641 |
| South Carolina | $631 | $608 | $812 | $774 | $1,818 | $1,785 |
| South Dakota | $255 | $254 | $277 | $276 | $1,418 | $1,459 |
| Tennessee | $315 | $318 | $398 | $397 | $1,220 | $1,238 |
| Texas | $499 | $493 | $634 | $614 | $1,683 | $1,680 |
| Utah | $487 | $481 | $612 | $598 | $1,331 | $1,331 |
| Virginia | $421 | $421 | $435 | $435 | $1,113 | $1,131 |
| Vermont | $265 | $269 | $292 | $297 | $1,003 | $1,021 |
| Washington | $433 | $432 | $581 | $573 | $1,153 | $1,153 |
| Wisconsin | $307 | $309 | $345 | $347 | $1,192 | $1,224 |
| West Virginia | $422 | $421 | $478 | $476 | $1,443 | $1,453 |
| Wyoming | $266 | $271 | $304 | $310 | $1,472 | $1,521 |
Note:
- State Minimum: State Minimum Liability Only
- Liability Only: 50/100/50 Liability Only
- Full Coverage: 100/300/100 is liability with comp/collision and $500 deductible.
Check out our detailed guide on the average car insurance rates by age
How much is car insurance for a 50-year-old each month?
The table below shows how much car insurance costs for a 50-year-old per month, on average.
| Coverage level | National average cost per month |
|---|---|
| Liability-only coverage | $38 |
| 50/100/50 coverage | $48 |
| Full 100/300/100 coverage | $124 |
How much is car insurance for a 50-year-old male?
At age 50, men pay an average of $1,494 for a full coverage policy, while women pay $1,487. Unlike in their teens and early 20s when males are assessed at substantially higher rates than females, at age 50 the rates are almost identical.
Compare that to a 20-year-old male driver who pays almost $470 more per year than a female for a full coverage policy.
| Coverage level | Average annual rate 50-year-old males |
|---|---|
| Liability-only coverage | $455 |
| 50/100/50 coverage | $573 |
| Full 100/300/100 coverage | $1,494 |
How much is car insurance for a 50-year-old female?
With a good driving record and credit score, 50-year-old female drivers will also get some of the best rates of their driving years.
The average national cost of a full coverage insurance policy for a 50-year-old female with a $500 comprehensive/collision deductible is $1,487, a savings of about $99 from what they would pay if aged 40.
| Coverage level | Average annual rate 50-year-old females |
|---|---|
| Liability-only coverage | $461 |
| 50/100/50 coverage | $583 |
| Full 100/300/100 coverage | $1,487 |
What’s the best car insurance for 50-year-old drivers?
Start with liability car insurance, which pays for others’ injuries and damage you cause to their property in an accident. Typically, the state-minimum coverage isn’t enough – particularly as you accumulate assets, such as a house. Medical costs can quickly escalate if significant injuries follow an accident and property damages.
If you’re financing a vehicle, states usually require comprehensive and collision coverage. If you paid off your car, you decide to continue with these coverages, which cover your car following a crash and for damage due to fire, hail, vandalism and animal strikes.
As adults reach their 50s, they might become accustomed to purchasing new cars on a more frequent basis, some might even hit that mid-life crisis when they want to splurge on a sports car. In that case, you’ll probably want comprehensive insurance and collision coverage. If you have a higher deductible, you can lower your rate but will have to pay for minor repairs following an accident.
As Lynch notes, while you may be enjoying some of the lowest rates of your driving years, this is an excellent time to consider increasing your liability coverage and considering other options, such as an umbrella policy.
Umbrella policies are personal liability insurance covering claims beyond regular homeowners, auto or other coverages, such as boat or RV. Say, for example, you’re out for a walk with your dog and it unexpectedly attacks a passerby. An umbrella policy will have your back if they sue for lost wages, medical bills and suffering.
Progressive Insurance notes that some homeowners’ insurance policies cover dog bites, but not all do. An umbrella policy does what it sounds like–it offers a protective umbrella in the event of a wide range of liabilities.
“If you have a pool in the backyard, a trampoline or swing set … something that would be considered an attractive nuisance, it’s a good idea,” adds Lynch. “It’s very cost-effective coverage, but to get it, you generally must have appropriate automobile insurance.”
Car insurance discounts for 50-year-olds
The three most significant factors in getting the lowest insurance rates are staying accident-free, maintaining a clean, infraction-free driving record and maintaining a good credit score.
After that, it pays to look for various discounts and affiliations that could bring further savings.
At this age, you’re very likely to have several vehicles and multiple types of insurance, such as homeowners, boats and RV. Most carriers will offer discounts if you bundle your policies with the same company.
It’s not always cheaper, so it still pays to shop around.
If you’re working in a trade or for a sizable company, check to see if your trade association has a discount arranged with an insurance carrier or if your company has a partnership. Many professional associations, from doctors to lawyers, accountants, dentists and others, may also be eligible for discounts from certain carriers.
Take advantage of discounts to establish paperless billing and pay your premium upfront.
Jana Foster, owner of Nevada Insurance Agency Co., a full-service brokerage with offices in Carson City and Reno, says it’s important to let your insurance company know about any lifestyle changes that may have reduced your time on the road.
“In recent years a lot of people began working from home full or part-time and are no longer doing the daily commute,” she says. “People often don’t think to tell their carriers about these work and lifestyle changes, but they can be big factors in helping to lower your rates.”
Guide: How to lower car insurance in 2023
Final thoughts on car insurance for 50-year-olds
While drivers at this stage may want to consider increasing their liability coverage seriously, Foster says many will also consider raising their deductibles.
A higher deductible, such as $1,000 instead of $500, can help lower rates. You will be on the hook to pay for minor repairs and damages, but at this age, Foster says most people have the income to cover it.
It’s wise to shop around and compare rates from multiple insurance providers. Using an online calculator, you can find the right policy for the best price.
You might also be interested in Car insurance for teens:
- How much is car insurance for a 16-year-old?
- How much is car insurance for a 17-year-old?
- How much is car insurance for a 18-year-old?
- How much is car insurance for a 19-year-old?
Car insurance for young adults:
- How much is car insurance for a 20-year-old?
- How much is car insurance for a 21-year-old?
- How much is car insurance for a 22-year-old?
- How much is car insurance for a 23-year-old?
- How much is car insurance for a 24-year-old?
- How much is car insurance for a 25-year-old?
Car insurance for adults:
Car insurance for seniors:
Resources & Methodology
Sources
Insurance Information Institute. “ Should I purchase and umbrella liability policy?.” Accessed May 2024.
Progressive. “Does home insurance cover dog bites?.” Accessed May 2024.
Methodology
CarInsurance.com commissioned Quadrant Information Services in 2023 to field rates for auto insurance for 50-year-olds at various coverage levels and for males and females by gender.
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