Everything you need to know about senior car insurance
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If you're over the age of 65, then your car insurance premiums are probably more expensive than they were a decade ago. It may be the right time to shop for a more affordable auto insurance provider. You may also want to find a plan that better suits your current needs and lifestyle. Our needs change as we get older and enter new stages of life, which also applies to our driving and car insurance needs. In this guide, we'll cover everything you need to know about car insurance for seniors, from coverage recommendations and costs to getting the best deal on your policy.
If you're retired, then you may not drive as much as you did when you were younger. You can take advantage of pay-per-mile car insurance or another policy with a lower premium. If you have a full schedule and you need your car to run errands, visit friends, and attend your weekly club meetings, however, we recommend making sure you have extra coverage related to risks and how often you drive.
When you sign up for auto insurance, you'll typically have six coverage options.
Nearly every state requires drivers to carry bodily injury liability or property damage liability coverage to cover costs related to injuries or death, along with property damage to another vehicle or property. We recommend increasing these coverage amounts and adding optional coverage to your policy. Older drivers are at higher risk of so a robust policy is more important than ever.
Did You Know: Senior drivers are at greater risk for accidents than younger drivers, but today's older drivers get in fewer accidents than previous generations of seniors.
Make sure you're familiar with your state's laws to determine whether certain insurance coverages are mandatory or optional. In addition to the types of coverage listed above, there are other types of coverage you can add.
Car insurance typically becomes more expensive as you get older. The exact age when rates begin to increase will vary by person and provider. Auto insurance rates may start to increase for seniors at age 65, while drivers in their 50s and early 60s may pay less for auto insurance. According to Progressive, rates will likely begin to increase for people aged 75 and
Money-Saving Tip: Older adults can save on more than just car insurance! Check out our full list of senior discounts for more deals.
The average car insurance premium for seniors varies depending on the state you live in, as well as credit score, driving history, gender, and age. We found that car insurance for seniors ages 70 to 79 starts with an average yearly premium of $1,556, or an average monthly premium of $130 to $145. People 80 or older may pay average yearly premiums as high as
You may wonder why car insurance rates get more expensive as you get older, especially if you have paid your premiums on time and maintained a good driving record. Insurance providers view seniors as more of a liability with a higher risk of being in an accident than younger drivers. Senior drivers are also more likely to have impairments that may affect their driving, including cognitive, physical, or vision
FYI: Want to learn more about the types of insurance and ways to save on premiums? Read our 2022 guide to insurance for seniors.
Several factors may impact the cost of your auto insurance.
There are several ways to get the best deal and save on car insurance.
Before signing up for car insurance, we recommend speaking with an insurance agent and comparing quotes online or over the phone. Here's a checklist to get you started as you shop for affordable car insurance for your unique situation.
Since graduating from Harvard with an honors degree in Statistics, Jeff has been creating content in print, online, and on television. Much of his work has been dedicated to informing seniors on how to live better lives. As Editor-in-Chief of the personal… Learn More About Jeff Hoyt