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Variables in Senior Car Insurance Rates

Today's seniors are a far cry from the grandmas and grandpas of yesteryear. Life expectancy is higher, seniors travel more and often own two homes, and their lifestyles are generally much more mobile than they used to be. Seniors have needs and concerns for auto insurance that are peculiar to their own demographic of drivers. Within this larger group are many smaller subsets divided by characteristics like age and driving habits. Seniors have some of the same worries as everyone else when it comes to the goal of trying to find the best rates on auto insurance. Certain variables can influence those rates one way or another. Having a better of knowing what those variables are and what we can do about them can empower us both as individuals and a larger group to find lower premiums and nail down a better deal on senior auto insurance.

Driving on a Fixed Income

Upon retiring from the work force, the vast majority among us are forced to live on a fixed and usually substantially reduced income. This brings on the necessity of tightening our belts and looking to save money on our expenditures wherever possible. Since there is little anyone can do to increase income from pensions or retirement accounts once they are done working, the focus must primarily be on reducing spending to make every dollar go a little further. This principle applies to driving on a fixed income as well as to every other aspect of senior living in today's world.

Driving on a fixed income means doing everything you can to keep down the costs of owning and operating a vehicle. Senior car insurance is one pertinent area of focus in this regard. The different factors that can play into senior car insurance prices are important to identify and think about. Some of them are things you can work to change. Others are things you have no control over, but nonetheless should be aware of, because their effects may not be uniform with every auto insurance provider. Knowing the difference can help you save a lot of money and grief.

Common Factors Affecting Senior Premiums

The most obvious variable to begin this discussion with has to be age. Obviously, none of us can make ourselves any younger (although many do try). The good news is that getting older is not always a bad thing, at least as it pertains to auto insurance. Senior pricing usually begins either at age 50 or 55, depending on the individual insurer. At this age, you can start getting senior discounts for your age and retiree discounts for your employment status. Different companies offer different rebates, but many of them start to apply when you retire. For example, low mileage policies are available from certain carriers. These policies are based on coverage up to a set maximum annual mileage, and they are much easier to qualify for once you retire and stop piling up the miles driving to and from work day after day. So age and mileage are some factors that can be positive variables.

However, at a certain point, age stops working in your favor as far as insurance is concerned. Senior drivers who get into their seventies often find themselves paying more for car insurance. As they get older this trouble becomes more pronounced. Some companies decline to insure older drivers beyond a certain age. But there are still ways to counteract some of these upward tendencies on your insurance bill

Lowering Senior Auto Policy Premiums

Living on a fixed income is a challenge as it is without having to also wrestle with your auto insurance provider to try to keep your premiums affordable. For this reason, it's important to do everything you can to keep your costs down. As a general rule, do everything you can to keep your rates low, and don't give your provider any unnecessary reason to increase your rates.

Take a defensive driving class and you can often get a discount on your premium. These classes are important for drivers of all ages and not just seniors. They show us new ways to look at our role behind the wheel and teach participants to think more deeply about the actions of other drivers to help cut down on the risk of accidents.

Ask your provider about discounts for group or organization membership. Find out if you can save money by combining your home and auto policies. And if all else fails, get out there and get some free quotes for coverage and see what the market has to offer. Many of us are brand loyal when it comes to insurance. But when every dollar counts, you have to look out for yourself sometimes. Save money on senior car insurance.


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