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How To Get the Best Car Insurance for Senior Citizens

car insurance for senior citizens


If you're a senior citizen, you know that many perks come with age, but what about car insurance? As it turns out, if you're over the age of 50, you're in luck -- there are ways to save money. Unfortunately, some of these benefits taper off the older you get, so you'll want to take full advantage of the situation while you can.

In this article, we'll discuss…

Common Senior Car Insurance Discounts
Tips for Saving Money on Car Insurance
Making Sure You're Covered
Cutting Back On Your Driving

Let's get started…

Common Senior Car Insurance Discounts

One of the good things about getting older is that insurance companies view you as a less risky driver (this is especially true if you've got a good record). They often reward older drivers with reduced premiums.

Take, for example, Geico who offers a lower rate for people who:

  • Are at least 50 years old
  • Have no operators under the age of 25
  • Have no violations or accidents in the past 3 years
  • Are not using any vehicle for business purposes

For another example check out Allstate's offer.

Tips for Saving Money on Car Insurance

Most of the major carriers have similar offerings. In addition to these senior auto insurance discounts, there are some other methods of saving money.

You can:

  1. Refresh your driving skills by enrolling in a defensive driving course (accepted courses vary by state). Check with AAA or the AARP to see course offerings, sometimes continuing education courses can run as low as $20 (or less).

  2. Buy a safe car -- insurance carriers like high safety rating/awards for safety (Volvo is a definite winner here)

  3. Ask your insurance agent about a low mileage discount. If you don't drive as much as you used to (because you're retired, for example), tell your insurance company. Some companies have “usage based” or pay-as-you-go programs which can save you a lot of money.

  4. Consider buying a car that is cheaper to insure.

  5. Use alarms and online tracking systems to qualify for a discount.

Making Sure You're Covered

The cost is not the only factor to consider when it comes to finding the best auto insurance for seniors. It's also important to make sure you've got appropriate coverage for your needs.

Drivers who reach a mature age are often rewarded with lower rates, but beyond that rates can actually increase. As we age our vision and reflexes are diminished, and this can lead to higher premiums.

Sometimes there is no avoiding this fact, but the best thing to do is sit down and make sure your coverage plan makes sense for you.

For example.

  • If you drive less (and just in a close proximity to your home), raising your deductible can help save a few dollars.

  • Also, some your coverage may no longer be necessary. More than a few seniors drop the comprehensive or collision policies on their cars and reap the reward.

  • Depending on your life circumstances, someone else (perhaps a friend or family member) may have started driving more often than you. By changing the primary driver on your insurance policy you can potentially shave off some more expenses.

Cutting Back On Your Driving

As you become more advanced in years, companies will view you as a higher risk, even if your driving is good. This is partly due to the fact that an older -- and more frail -- driver is more likely to suffer injuries.

That's why it becomes increasingly important to save money on insurance. But many seniors dislike the idea of driving less, as it represents a loss of independence. The truth of the matter is this happens to everyone sooner or later.

Accident prevention is essential for saving money. If you or someone else begins to notice any of the following occurrences consistently, continuing to drive may be unsafe.

  • Driving at erratic speeds, often out of sync with the normal speed of traffic.
  • Dealing with a medical condition that impairs your eyes, ears or motor skills significantly.
  • Getting lost easily (especially if the places are familiar).
  • Having frequent close calls or emergencies.

Summary

When it comes to auto insurance, being a senior initially has its perks, but they slowly trail off as one advances in years. You may not even think of yourself as a “senior” but many 50-year-olds save money with mature driver discounts.

Regardless of where you are on the spectrum, the most important thing to do is remember the critical points.

  • Most insurance companies offer a discounted rate for mature or senior drivers. Check with your agent to see what's available, if you're not happy shop around.

  • To save money you can take a refresher driving course, buy a car that's cheap to insure, or inquire about a low mileage discount.

  • For seniors, it's important to assess your policy to make sure you don't have unnecessary coverage -- there may be ways you could save money (such as a raised deductible, or dropping some add ons).

  • As we reach our golden years, insurance companies view people as higher risks. It's important to be aware of risk factors (eyesight, reflexes decreasing, unsafe driving, getting lost, etc) in determining whether continuing to drive is worth it.


Sources:

1 - Geico
2 - Allstate


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