Car insurance is one consumer product that follows you throughout your driving life. Car insurance rates reflect the type of car you drive, where you live and your driving history, but also include your age. All insurance rates rely on a variety of personal characteristics and senior citizens car insurance can become quite expensive as the risk of advancing age and driving rises.
So, what can seniors do? As always, the best way to find a rate you can afford is by comparing quotes from several different insurance companies. Once you find the lowest rate, you can try to bring your cost down even further by adding on well-earned discounts.
Read on to find out more about senior citizens auto insurance and how you can save money.
Why Are Car Insurance Rates Higher for Seniors?
You may have had to pay high auto insurance rates when you were young or a new driver without a lot of experience. But like most people, you probably saw your rates even out in your middle years. As you enter senior citizen territory, age becomes a big factor in your rates and you may see another rise.
Even if you have a good driving history with a clean record, your rate will likely increase over time. The reason for this (and all things car insurance related) is risk. Older drivers simply become riskier to insure as their hearing, sight and reaction times begin to decline naturally due to age.
Let’s see how you can get that rate down.
Car Insurance Discounts for Retired and Senior Drivers
There are lots of car insurance discounts that are available to everyone. The important task is to make sure you are taking all that are appropriate to you. Here are some discounts that senior drivers can take advantage of to lower their rates.
Credit for Low Miles
Most people drive less as they age. If you’ve retired and given up the commute, make sure your insurance company knows. Low mileage policies can save you quite a bit of money. In some states low mileage is defined as 5,000-7,500 or less each year, but for some insurance companies this can be 10,000 or more.
Take a Defensive Driving Course
Most car insurance companies offer a rate discount if you voluntarily take a driving refresher course, sometimes referred to as a defensive driving course.
Using technology can save you money on car insurance. That’s right. You can save as much as 40 percent by installing a telematics devise in your car that records your driving habits and your mileage. It takes into account speed, braking, and other factors that can indicate to the insurance company your actual level of risk. For seniors who do not drive much, this can be a big money saver.
That AARP membership can help you save on auto insurance too. Other organizations, even employee groups, also often have insurance discounts. Make sure to check with your employer and your insurance company so you don’t miss out.
The general rule of thumb for everyone is to review your car insurance policy on a yearly basis to make sure you’re getting the best rate, especially if you’ve retired or moved.
Comparing auto insurance rates from multiple insurers, and taking all your available discounts, can help keep rates low. InsuranceWins can help. You can easily compare rates using our simple form to receive quotes. Take some time to review each quote, making sure you are getting your discounts and the coverage you need at a price you can afford.