No matter how old you are, saving money is always important. But, if you are retired or trying to build up your retirement savings, it can be especially important to find the best deals. Car insurance is a fact of life, but what are the best car insurance companies for seniors?
Let’s take a look at how rates work for seniors, if there is one best company and how you can save money no matter what insurance company you use.
Car Insurance Rates for Seniors
It’s no secret that car insurance rates rise as you head into your senior years. Even if you maintain a good driving record, the fact that you are aging means you can expect to pay more. You probably had decent rates through your middle years, as you gained experience, kept a clean record and likely took advantage of discounts.
But now that you’re heading into you Golden Years, insurers see you as more of a risk. So, what can you do to combat a rise in rates? Let’s find out about saving money into your 50s, 60s, and even 70s.
The Best Car Insurance Companies for Seniors
There is no one insurance company that is best for seniors. There are companies that target seniors with their marketing but shopping around is the best way to find the best rate at any age. Each company has their own proprietary rules for calculating premiums and all take into account your driving record, the type of car you drive, as well as your location.
Saving Money with Senior Car Insurance Discounts
Seniors have many options when it comes to getting their insurance rates down. Especially if you are retired and more flexible, you can make some changes to reduce your rates. Here are a few actions you can take to help.
Pay per mile insurance – Some states are now offering pay per mile insurance and if you are a senior who doesn’t drive as much as you used to, it could offer big savings.
Drive less – Many insurance companies offer discounts for low-mileage drivers. If you no longer commute to work each day, you can likely reduce your rate. Low mileage is usually considered to be about 5,000 to 7,500 miles or less per year.
Take a class – Senior drivers also have the option of taking a driver training course to reduce their premium. In some cases, this can reduce your costs by 5%-15%. Each state has its own age eligibility requirements.
Add safety features – Cars these days come with all kinds of new safety features, like backup cameras, lane change assist, and other warning systems. If you are in the market for a new car, adding these features could help lower your insurance rates.
Reduce coverage – If you drive an older car you might consider dropping full coverage on it. And, if you have a second vehicle that you only use part-time, you may be able to take advantage of a parked vehicle or snowbird policy for the times you are not using the vehicle.
When you’re ready to shop around for the best car insurance companies for seniors, the InsuranceWins form is the place to start. Just enter some basic information and you can start to investigate all the ways you can save on car insurance just for being older.