Senior drivers, like teenage drivers, can be hit with higher insurance rates. In this article, we’ll briefly discuss why seniors may have to pay more and present several ways to make sure you are not overpaying for car insurance.
Why Are Rates Higher For Seniors?
Insurance premiums are based on risk. And just as teenagers are viewed as risky because of their young age, insurance companies view drivers as more of a risk the older they get. This is due to issues such as declining eyesight, declining mobility and even reduced reflex response, which can be crucial when driving. The bottom line is that insurers see these age-related changes as a liability,
So, if aging is a fact of life and car insurance rates for seniors will continue to rise, how can you ensure you are not overpaying? How can you keep your rates as low as possible? Here are a few ways to get started
- Make Sure You Take Your Discounts
Discounts provide a number of opportunities for seniors to save on car insurance. For instance, another common trait of older drivers is that they drive less. Often due to retirement, time on the road decreases as drivers age and this means the likelihood of an accident also decreases. Be sure to ask your insurance provider about low-mileage discounts to save more money.
In addition, senior drivers who maintain a clean driving record should be looking for safe driving discounts to reduce monthly premiums.
- Let Technology Help Reduce Your Bill
Technology is increasingly being used to monitor the actual driving practices of people on the road. This data is being used to tie rates to driver behavior. Known as telematics, devices on your vehicle can monitor your speed, how you brake and how far you actually drive. If you are a safe driver, and this is borne out by the data, you will get a better rate. So, be sure to ask your insurance provider about discounts for using a telematics device in your car.
- Understand Insurance Before You Buy a New Car
One thing you have complete control over is the type of car you buy. As an older person, you may feel like it’s time to buy your dream car and enjoy it. But that fancy car may be very expensive to insure. Regardless of being a senior driver, insurance companies also consider the cost to repair or replace a high-end vehicle, and this will drive up your rates.
4.Take a Safe Driver Course
One proactive way to potentially reduce your rates is to take a course. You can find defensive driving courses through senior centers or even through the American Association of Retired Persons (AARP). Many insurance providers will grant you a multi-year discount for taking a safe driver course.
- Shop Around
No matter what age you are, shopping around is always the best way to begin saving money on your auto insurance. But if you do notice that your rates have gone up as you age, it might be time to see if another insurance company can offer you a better deal. The car insurance industry is very competitive, and carriers are always looking for new customers. You can use this to your advantage.
When you’re ready to shop around, the InsuranceWins fast and easy form is the place to start. Just fill out a few details about yourself and you’ll be on the road to finding cheaper rates, no matter your age.