How to Find Affordable Car Insurance for Seniors

July 7, 2022

If you’ve enjoyed the lower car insurance rates middle-aged adults get, you may be disappointed to learn that those rates may start climbing. As you hit your senior years, insurance rates begin to get higher. Unfortunately, as you age, you become a higher risk for a car accident. Even if you are in perfect health and have a clean driving record, your rates may increase.

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So how do you prevent your rates from going sky high? Use the following tips.

Tell your Agent About Your Driving Habits

Many seniors drive less as they get older. Retirement, illnesses, and just the desire to be home keep many seniors off the road. Don’t make the mistake of paying higher premiums because your insurance agent still thinks you’re commuting 50 miles each way to work each day. Insurance companies base your rates on your likelihood of having an accident. If you don’t drive much, you have a lower risk of an accident.

Take a Class

Yes, you know how to drive, but going back to driving school may save you money. You can find classes online or in person. Check with AARP or AAA. The classes give you a refresher course on driving. However, they also cover important topics you’ll face as you age, especially dealing with medications and their effects on driving. The class can help lower your premium for only a short investment of your time.

Add Safety Features to Your Car

Insurance companies like anything that helps lower the risk of a claim. While you still pose a risk as a senior driving, there are certain things you can add to your car to keep your rates down:

  • Rearview camera
  • Lane drift systems
  • Parking assist
  • Security alarm
  • Tracking system

As you can see, some features help you stay safe while on the road, yet others help keep your car safe from theft. Insurance companies want to know that even if something does happen, you have the precautions put in place to help the issue.

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Look at Your Coverage

Chances are that when you were younger, you had maximum coverage on your vehicle. It makessense to do so when you are on the road a lot or when you need a car at all times. As you get older, though, your need for coverage may diminish. You always need liability coverage – that’s required by law. But, you may be able to lower or drop other coverages you have on your policy.

Talk with your insurance agent about what you can drop. For example, are you driving an older car? You may not need comprehensive insurance on it any longer. You may even lower your collision insurance coverage. Think about it from a financial standpoint. Will the car even be worth enough to make your higher premiums worth it?

Get a Higher Deductible

Now that you are in your senior years, you may be better able to afford a higher deductible on your car insurance. Look closely at your policy. Can you afford a higher deductible? That alone can knock your premium down significantly. You have a deductible for your collision coverage as well as comprehensive. Look at both deductibles and see if you can make changes.

Ask for Discounts

Finally, ask your insurance agent what discounts you may be eligible to receive. For example, many companies offer bundle discounts. If you have your homeowner’s insurance and car insurance with the same company, you may get a discount.

Don’t stop there, though. Insurance companies each have different types of discounts, such as safe driver discounts, or low mileage discounts. Ask specifically what you may qualify for in order to get your premiums as low as possible.

Insurance rates for seniors are typically higher than the premiums for adults in their middle-age years. That doesn’t mean you have to accept the higher rates, though. Find an agent that will work with you and help you get as many discounts as possible on your insurance.

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