Cheap Car Insurance For Seniors: Follow These 5 Ways

By rjn February 27, 2020 View all posts (34)

It is shocking, as a senior, to see your car insurance rates increase as you get older.  But after seeing your car insurance steadily decline each year you’ve been a driver, your fee increases because statistically you’re more accident prone when you’re older.

Rates typically start to increase once you get into your 60s. Luckily, there are multiple ways to lower your insurance. They’re not that difficult to do, especially if you have a good driving history. A lot of these ways involve conscious decision making and the slower lifestyle you tend to gain in retirement. Following these steps has shown to lead to cheap car insurance for seniors.

Raise Your Deductible

If you can afford it, consider raising your deductible. This would mean that in the event of a collision or comprehensive claim, your insurer would cover less of the cost and you would  pay more money out of pocket.

For example, if you have a deductible of $1000 and the repair costs $5000, then your insurer would pay $4000. The trade-off for paying more money once in a while opposed to a higher monthly premium for insurance could make raising your deductible worth it.

Choose A Car That’s Cheap To Insure

Car insurance rates depend on a lot of things — your age, location, driving history and also the type of car you drive. That’s why you should put some thought into the next car you buy. Look for one that won’t cost a lot to repair or replace. Also look for ones that are driven by mostly driven and experienced drivers.

You can also add safety features to your new car. Vehicles with certain safety features that protect its driver and passengers in a crash can also lower your insurance rates.

Get Credit For Driving Less

Something that helps to determine your insurance rate is the number of miles you’re driving it per day. You might not be driving as much or as far in retirement compared to when you were working as a full-time employee. Let your insurance company know of this lifestyle change and it could lower your rate.

Some companies offer programs that base your rate off how much you drive in pay-per-mile insurance. This involves installing a device that measures your mileage. It’s a good option for seniors who don’t know how much they’ll be driving each year.

Cheap Car Insurance for Seniors

Consider Bundling Insurances

As a senior, you might have different types of insurance to pay for besides your car. It could be for your home, life, car with boat policy, RV, motorcycle, renters insurance or whatever else it might be. If you’re paying for at least one of these policies, see if your insurer offers bundles. Companies might issue a deal if you choose to bundle multiple insurance coverage with their service.

Compare different bundling options at different places to score the best rate that makes sense for you.

Shop Around For Coverage

To ensure you’ve considered all options, don’t settle for the first quote you’re given from an insurance company. Seek prices from different places until you find one that offers the lowest premium. Shop for yearly insurance and revisit your plan annually since rates can increase over time.

Some companies provide good insurance rates once you hit a certain age. For example, Hartford’s insurance works with AARP to deliver savings and perks to their customers aged 50 and older. Ask different providers if they also have savings for seniors and you could find some great rates for your car insurance.

There Are More Ways To Lower Your Rate

Doing a combination of these methods can help to lower your car insurance as a senior. Additionally, there are some one-time things you can do. Protect your car with anti-theft devices, take a seniors drivers class and drop any unnecessary coverage you no longer need.

There are different places you can learn more information about insurance rates for seniors. Use online tools like esurance that will instantly give you free insurance quotes from companies after entering some personal details. You can also call various places local to you that will provide the most accurate rates based on your current lifestyle.

What ways have you found to get cheap car insurance for seniors?

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