Auto Insurance For Seniors: Money Saving Tips

Young drivers may see their auto insurance drop as they gain experience behind the wheel, but it’s a different story for older drivers.  Rates tend to rise because there is a greater risk of paying out claims to motorists as they age.  The good news is not every insurance company sees older drivers as a risk. Also, we are living healthier and longer lives. The percentage of drivers 70 and older rose 38% between 1997 and 2014. 

Based on data by the Insurance Institute for Highway Safety (IIHS), the frequency of crashes for drivers will start increasing at age 70. It’s the natural thing to happen as the eyesight, hearing as well as reflexes decline with age. Several insurance companies have found out that policyholders tend to be more involved in a crash as they age, especially fender benders. That doesn’t mean you stop driving or that every older motorist out there is a reckless driver.

Every insurer will take a different approach to insure older drivers. If you have reached your gray years, here are a few things you can do to keep your auto insurance rates low:

  • Low-mileage discounts: If you retire from your job and no longer need to drive to work, chances are the number of miles traveled a year is much less – your car is classified as pleasure use. You can ask about low-mileage discounts to help lower your rates.
  • Anti-theft devices: If you have a vehicle alarm system or anti-theft device installed on your vehicle, you may be able to reduce your auto insurance bill. Make sure you ask your insurer first about which devices can help you lower your rates.
  • Ask before you buy a car: Some vehicles are more expensive to insure than others. In general, expensive cars will cost more to insure. Additionally, some vehicles are popular targets for thieves.
  • Technology to reduce your bill: Ask your agent if you can get a discount for using a monitoring device in your vehicle.
  • Defensive driving course: Some insurers may offer discounts if you take a defensive driving course.
  • Shop around: Sometimes all you need is to compare different insurers and choose what’s right for you. Not every insurance company considers older drivers a greater risk. For instance, if your rates went up, you could see another carrier that may offer a better deal.
  • Bundle your policies: If you bundle your home, life, or umbrella policies with the same insurer you may save hundreds on car insurance.
  • Review your coverage: You may not need full coverage as your vehicle gets older. That is if the value of your car is less than the premium you are currently paying.

If you are looking to save on car insurance as a senior driver, one of our licensed insurance agents can assist you.  Request a quote here. 

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