When discussing high auto insurance premiums, the spotlight often falls on new, inexperienced drivers. However, it might surprise many to learn that seniors, much like their younger counterparts, also face escalating rates. The reasons? Age-related factors such as reduced vision, slower reaction times, and cognitive changes can influence how insurers gauge the risks facing senior drivers. Unfortunately, rate increases can come at a time when retirees on a fixed income can least afford it. Here are eight ways seniors can save on auto insurance without compromising their coverage.
1. Driving Less? Ask for a Discount.
If daily driving and long road trips are in your rearview mirror these days, it might be time to request a reduced mileage discount. Many insurers offer discounts for drivers who clock fewer miles annually, so it’s worth inquiring.
2. Take a Safe Senior Driving Class
Consider enrolling in a senior driving class. Not only do these courses enhance your driving skills, but successfully completing one can also result in a discount on your premium. AAA offers a RoadWise Driver class that’s designed specifically for older drivers and helps seniors “learn about and adjust to age-related physical changes.”
3. Ask About Occasional Driver Discounts or Exclude a Driver
Perhaps you’re not the primary driver of your vehicle, or maybe your older spouse no longer drives. Some insurers offer occasional driver discounts, or in some states, allow you to exclude specific drivers, which can save on your premium. Your We Insure agent can help you see if this option is available where you live.
4. Got Great Credit? That Can Help You.
Many insurers consider credit scores when determining premiums. If you’re a senior with a solid credit history, it might lead to more favorable rates. So, make sure to do all you can to keep your financial health in check as you age.
5. Opt in for Telematics
Telematics devices monitor driving behaviors like speed, braking habits, and driving times. Insurers often offer discounts to those who voluntarily use these devices. If you have safe driving habits, telematics could help you save.
6. Work with a We Insure Agent to Ensure You’re Maximizing Discounts
Our experienced agents can help identify many sources of potential savings, from policy bundling, loyalty bonuses, paperless billing, auto-pay discounts, or rewards for maintaining a clean driving record. As a senior, it’s important to make sure you’re getting every discount that you’re entitled to.
7. Consider Where You’ll Retire
While Florida’s sun and sand might beckon, remember it’s among the states with higher car insurance rates. So be sure to factor in all your insurance costs when choosing your retirement destination.
8. Shop Around — We Insure Is Here to Help
Never settle for the first quote you receive. As a senior, it’s critical to ensure you’re getting the best value for your insurance dollars. We’ll do the legwork for you and comparison shop your auto insurance from top providers in your area to find the coverage that meets your needs and budget.
The Road Ahead
You’ve taken quite a journey to get to this point in life, and there are many more adventures to come. We Insure is here to help you get the most out of the road ahead — wherever it takes you.
Sources
https://exchange.aaa.com/safety/senior-driver-safety-mobility/aaa-roadwise-driver/
https://www.usatoday.com/money/blueprint/auto-insurance/tips-to-save-on-senior-car-insurance/
https://www.foxbusiness.com/features/five-ways-seniors-can-lower-their-car-insurance-rates
