How To Get Car Insurance For Seniors
Seniors usually pay insurance rates that are just a bit lower than teen rates even though they are usually safer drivers. One reason is that reflexes slow as people age and senses like hearing and vision become less acute. In some states, seniors are required to have regular vision checks in order to maintain their license.
There is no reason that seniors with clean driving records should not receive affordable insurance rates, even if they have slowed down a little.
How Much Liability Car Insurance Do Seniors Need?
Unlike teenagers who usually own no property and a few, if any assets, seniors often own a home and have savings in retirement or investment accounts. While all drivers must carry the state minimum car insurance coverage, it may not be enough to protect the financial assets it took seniors a lifetime to accumulate.
Senior citizens with financial assets should consult a financial planner or insurance agent to decide how much liability coverage is enough for their needs, or may choose to purchase a policy they feel comfortable is enough.
What About Optional Coverage?
Older, mature drivers like senior citizens can save money on car insurance if they drive older model cars. It usually is unnecessary to carry collision or comprehensive insurance on cars that are more than 10 years old. Since these optional coverages carry fairly high car insurance rates, dropping them can save a bundle on insurance premiums. It is a good idea to review insurance policies regularly and drop any coverage which is not needed.
How Can Seniors Lower Their Rates?
When seniors retire, they often fail to report a change of driving habits to their insurance carrier. When car insurance companies determine rates, they factor in the number of miles the policyholder drives each year.
Retirement usually means an end to commuting to and from work, and a lot fewer miles driven each week. By advising the insurance company of the change in driving habits, seniors may be able to get cheaper car insurance rates and discounts.
Finding Insurance Policies For Seniors
Seniors are a growing economic force as the baby boomers reach retirement. Many auto insurance companies offer special auto insurance rates for seniors who belong to certain clubs or organizations. AARP has agreements with all types of insurance carriers including health, life and auto insurers to offer their members special low rates. Some other retirement groups or even trade unions also have similar agreements with insurers to offer cheap car insurance.
Customer Loyalty Discounts
Like younger counterparts, seniors may be able to get customer loyalty discounts on all their insurance policies if they buy all the policies from one company. Many retirees own RVs or boats so they can enjoy their retirement. By insuring home, auto and recreational vehicle policies with one car insurance company, seniors can earn a discount on each policy. Comparing the discounts offered by several companies can help save even more.
Pay Insurance Premiums Annually
While monthly premiums may be convenient for budgeting, they have a finance charge attached that adds to the annual cost of car insurance. By paying insurance premiums for the year upfront, senior’s car insurance can be really cheap.
Some auto insurance companies even offer discounts for policyholders who pay the premiums a year in advance. Seniors who live with family members may be able to add themselves to a family policy and further reduce their auto insurance costs.
Defensive Driving Discounts
Some states mandate that insurers offer a 10% auto insurance discount for up to two years for drivers who complete a defensive driving course. These safety driving courses are inexpensive and available in classrooms at traffic schools and online.
Driver’s education can usually be completed in 8 hours or less and is worth the discount policyholders receive on their auto coverage. Even in states where the discount is not mandated by the state, some insurers will still give the defensive driving discount to drivers.
Comparing Car Insurance Rates Online
Many seniors use computers to shop for everything from clothes and jewelry to groceries and gifts. Online is a great place to find the lowest car insurance rates too. Websites like MyCarInsuranceRates.com offer instant free car insurance quotes from multiple car insurance companies.
It only takes a minute to fill out a short form, receive an online quote and compare car insurance rates to help seniors find the best coverage at the most affordable cost.
Enter your zip code now to find cheap car insurance rates.
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