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Cheap Auto Insurance for Seniors: How to Get the Best Rates

Once we reach 65 years of age, we tend to see an increase in our auto insurance rates. After all, as we get older our eyesight and reaction time becomes more of a challenge—which can make us a higher risk when we’re driving.

At the same time, most senior drivers tend to drive more slowly and safely, and they also spend less time on the road, which reduces the chance of being in an accident. Because older drivers tend to be more cautious behind the wheel, insurers show their appreciation by offering discounts to help seniors lower their premiums.

Want to learn how you can get the best rates on senior auto insurance? Keep reading as we cover all the discounts and money-saving tips to lower your premium for good.

Take a Driving Class to Lower Rates

In most states, car insurance companies must offer a “mature driver” discount to senior drivers—usually once you’re between 55 and 65 years old.

In other states, auto insurers may require you to take a qualifying safe driver class before you can earn the discount. Some classes are offered in person, while many are offered online through such groups as AAA and AARP. The classes are inexpensive and cover lots of ground, including:

  • The effects of aging and medications while driving
  • Safely addressing and accommodating those changes
  • Navigating challenging driving situations.

You can check with your state insurance department to see which ones are approved for getting the discount. Keep in mind that the mature driver discount relies on your continued safe driving, and that it may be removed if you’re involved in an at-fault car accident.

Choose the Right Car

The type of car you drive can directly impact how much you pay for insurance—and it’s not as simple as cheap car equals cheap insurance. Insurers set their pricing based on the risk that you and your car present. Generally, cars with lower rates are models that are models that:

1) Are inexpensive to repair or replace

2) Are driven by mostly safe, experienced drivers

3) Are highly rated for protecting drivers and passengers in the event of a crash, with safety features such as airbags and an anti-lock braking system.

The Subaru Outback, the Jeep Wrangler, and the Honda CR-V came out on top as the three of the least expensive vehicles to insure in 2020. However, your provider will be able to give you a full list of options to suit every lifestyle and budget. 

Increase Your Auto Deductible

If your policy has a low deductible and you are in a financially stable position, you might  consider raising the deductible. The lower the deductible amount you choose, the higher premium you’ll pay. If you go with a higher deductible, you’ll pay less, saving up to 5% to 10% on your premiums.

Keep in mind that increasing your deductible is a smart way to reduce your costs right away, since you’ll immediately save money on your monthly premium. However, if you can’t afford to make a claim, increasing your deductible may cost you more money in the long-term.

Drop Unnecessary Coverage

Take a close look at the details of your policy to determine where you can cut back on coverage. For example, if you’re no longer commuting to work, you may not need the coverage that includes a rental car when yours is in the shop for repairs. If your car loan is paid off or the balance is minimal, you probably don’t need to carry gap insurance. And if your car isn’t a brand-new model, it could make sense to drop collision and comprehensive insurance. This type of coverage pays to  repair or replace your car if it’s damaged or stolen, but the maximum payout is usually limited to the current value of your car, minus the deductible. Therefore, if your car’s value is less than 10 times the extra premium you’ll pay, it may be time to drop this coverage from your plan.

Bundle Your Insurance Policies

Planning to spend your retirement cruising on a motorcycle or relaxing in your boat on the lake? You may be able to save by bundling your insurance. Companies will generally offer a discount if you buy multiple policies from the same provider. A typical bundle combines auto and home insurance, but some carriers also offer savings for bundling a car policy with boat, RV, motorcycle, renters or life insurance.

Protect Your Car From Theft

Protecting your car from theft helps prevent it from being stolen, and it can also earn you a discount on your insurance. Many insurance companies offer a discount for anti-theft devices such as an alarm system, disabling devices (which prevent the car from being started), and vehicle tracking systems such as OnStar or LoJack. Some insurers even offer a lower rate for etching the Vehicle Identification Number onto the windshield. You can check with your provider to find out which anti-theft measures will lower your monthly premium.

Get Paid for Driving Less

To insurers, the less time you spend on the road, the less chance you’ll make a claim. If you’re recently retired, make sure to tell your insurer. By avoiding a daily commute, you’ll see a drop in your monthly premium, known as the low-mileage discount. 

You can also consider a pay-per-mile program, which calculates your insurance rate based on your annual driving miles. Several companies such as Allstate, Nationwide, Metromile, Mile Auto, and Esurance offer the program in select states, and the discount varies from company to company.

Use Your Retired Military Discount

Some auto insurance companies, including GEICO, USAA and Armed Forces Insurance, offer discounts for retired military veterans. Rates tend to be about the same for active and retired military, regardless of whether you choose minimum coverage or full coverage for your car insurance. If you have served in a branch of the U.S. Armed Forces, check with your provider to see if you and your family are eligible.

Shop Around for Auto Insurance Coverage

Car insurance premiums vary widely by company, state, and even neighborhood—which is why 

it’s important to shop yearly for auto insurance. After all, if you’ve retired or moved to a new location, the company that gave you the lowest prices in the past may not be the cheapest for you now. By comparing multiple quotes on an annual basis, you can feel confident that you’re still getting the discounts you deserve—and the best rate possible.

Lower Your Rates for Good With Affordable Car Insurance 

If you’re looking for cheaper or more robust coverage for senior car insurance, you’ve come to the right place. We make it easy to compare free online auto insurance quotes for the best rates possible. Simply fill in a few details, find the best prices, and get enrolled for coverage—all in a matter of minutes.  Get your quote today to get the protection and the savings you deserve.

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