GEICO is the most widely available company on our list. It’s also consistently one of the most affordable companies on the market, and its policies for seniors are no exception. Additionally, GEICO is unique in offering a special plan for drivers over age 50 that guarantees coverage.
Prime Time Contract
For customers who prefer to stick with the same insurance company over time rather than shopping around at every renewal, GEICO is a good option. The company offers a contract option, called Prime Time, that guarantees your policy won’t be canceled, even if you’re at fault for an accident or get multiple tickets. Note that while the contract guarantees coverage, your rates may still rise as a result of violations and accidents.
You can sign up for the Prime Time contract when you buy a policy with GEICO or at your next renewal. To qualify, you must meet the following requirements:
- At least 50 years old
- No one under the age of 25 on your policy
- No violations or accidents in the past three years
- No vehicle on the policy used for business purposes (e.g., rideshare)
GEICO offers the Prime Time contract in the following states: Alabama, Alaska, Arizona, Arkansas, Colorado, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Minnesota, Mississippi, Missouri, Nebraska, New Mexico, North Dakota, Ohio, Oregon, South Carolina, Tennessee, Utah, Virginia, Washington, West Virginia, and Wisconsin.
Low Rates and Many Discounts
GEICO keeps premiums low by offering more discounts than many competitors, including several that seniors, in particular, may benefit from:
- Defensive driving, for drivers over age 50 (or 55, depending on the state) who take an approved defensive driver course; in some states, you also need to be accident-free for three years to qualify
- Accident-free, which can save you up to 22 percent if you’ve gone five years without an accident
- Retired federal, which can save retired government employees GS-7 and above (or GS-11 equivalent if not on the GS pay system) up to 12 percent
- Retired military, which can save retired U.S. military members up to 15 percent
With GEICO, you can either earn accident forgiveness or purchase it (many providers offer only one or the other). With accident forgiveness, your premium won’t go up even if you or someone on your policy causes a crash, and you’ll keep any good driver discounts.
If you remain accident-free for five years, you’ll earn the benefit for free. You can also purchase the benefit at the time you buy the policy or upon renewal.