Senior Auto Insurance

As we age, many things change, including our willingness to drive. While some seniors decide to hand in their keys at a certain point, others opt to stay on the road.

Depending on your driving record and where you live, your auto insurance rates can vary dramatically. Unfortunately, many insurance companies raise rates for seniors because they view them as more accident prone and thus a greater liability. After the age of 60, companies typically raise rates.

Since many seniors are on a fixed income this can become a problem. That’s why finding affordable insurance rates is extremely important.

Tips to Save on Senior Auto Insurance

Sometimes finding affordable senior auto insurance can be difficult. No matter where you live, there are things you can do to get the best auto insurance rates possible. Consider these tips before deciding on a policy.

  • Take a defensive driving course. Many states offer defensive driving courses. If you complete one of these you may be eligible for a discount with some insurance providers.
  • Ask about mature drivers’ discounts. Some companies offer discounts for those they consider “mature drivers”. In order to qualify you need to see when the discount begins and when the cut-off is. It’s definitely something worth asking about because in some cases it can save you as much as 5% on your premium costs.
  • Mileage discounts. If you are not travelling far anymore, you may be eligible for mileage discounts. Estimate your monthly mileage to determine the number of miles you may typically drive in one month. This will allow you to give insurance carriers your average yearly mileage so they can determine whether you can get a mileage discount. If you drive less than 7,500 miles a year, you may be eligible for a discount.
  • Consider adding safety features. Depending on the age of your car you may be able to add safety features to get a lower premium. Rearview cameras, parking assist mechanisms, and collision warning systems are all seen as safety features that can help you avoid accidents, thus making you less of a liability. Having an alarm is also a way to make your car safer and get less expensive coverage.
  • Choose an inexpensive car. If you are driving a luxury car that has expensive parts and is costly to repair, your premium will go up. Choose cars that are less expensive and easier to fix and you should see some relief.
  • Be a safe driver. One of the best things you can do to get a lower auto insurance rate is to be a safe driver. Avoid violations and accidents for an extended period of time and you’ll likely see lower rates.
  • Pay your premium in full. When you pay your entire premium in full, you avoid monthly service charges from the insurance company. If there is a five dollar service charge a month, you can save sixty dollars a year.
  • Look for club discounts. If you’re a member of AAA or AARP, be sure to ask about possible discounts. Many insurance companies will offer discounts to members of those groups.

Coverage Considerations

As you search for auto insurance, you always want to be sure to shop around and ask plenty of questions. You may be surprised at how much rates can fluctuate from one agency to another. No matter which agency you decide to go with, keep the following things in mind in order to get the best price possible.

  • Your deductible. If you’re driving less, you may want to raise your deductible to save money. Typically plans with lower deductibles will cost you more per month.
  • The primary driver. Consider who the primary driver is in your home. Also, look into whether you still need to have all drivers in the home on the policy. Both of these factors can dramatically influence rates.
  • Optional coverage. Under some plans certain coverage choices are optional. Take a close look at all plans and see which types you may be able to remove while still maintaining safe and reliable coverage. Things like rental reimbursement coverage and comprehensive coverage are two types you may be able to eliminate to save money.

One thing to remember when it comes to senior auto insurance is that you need to be proactive and ask about discounts. It is very rare that you will find companies that will outright advertise discounts. As you start to dig, you may discover discounts for things you never thought possible.

As you look for auto insurance be sure to ask around to see what companies other people in the same age group use. If you have an activity or club you go to, start up a conversation about auto insurance. You may not only learn about the best companies but also about other discounts you never heard of.

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