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Senior drivers often enjoy lower insurance rates than younger drivers until around age 70. After that, Afilalo says, “rates can tick up for drivers in their 70s and 80s due to a slight increase ...
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For instance, if your car's value has dropped to $25,000 but you still owe $30,000 on your loan, gap insurance would cover that $5,000 difference if your car is totaled or stolen.
Myth #3: Car insurance is more expensive for senior drivers. ... and a car owner won't know which insurer will give them the best rate until they compare quotes and inquire about savings options."
For context, the average car insurance rate in the U.S. is $251 per month as of 2023. Here are the cheapest states for car insurance, based on the lowest rates for minimum liability: State
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