One of the great things about getting older is when you start qualifying for various senior discounts. Many businesses offer these, and a lot of car insurance companies are included in this, as they offer financial breaks to consumers that have gotten to 55 or older. On the other hand, you may not know that there is more than one way to enjoy car insurance savings when you’re a ‘mature driver.’
Drivers of all ages like saving money on their car insurance. In your golden years though, it might be more crucial than ever though. Many older drivers actually see their rates start going up.Saving money is critical in this span of your life. You might be in your final working years and saving every penny you can for retirement. If you’re already in retirement, you might watch your expenses like a hawk, given the fact that you might be on a fixed income. Saving every dollar you can also means you have more to splurge on the grandkids.
Car Insurance In Your Fifties
Car insurance for those in their 50s is often cheaper than both younger and older drivers face. There are reasons behind this. Drivers in their 50s are statistically among the safest group. They’ve got plenty of experience on the road or behind the wheel, and they still have quick reflexes and good health, and their vision and hearing are still reliable.
Car Insurance In Your Sixties
Unless you have a streak of bad luck or some midlife silliness, the bottomed-out car insurance costs of your 50s should last until you are 65. That’s when a number of insurers actually start raising your premiums. No matter how great your current insurer has been to you in the past, they might not still be among the better choices for an older driver. Your 65th birthday might be the time to really start shopping around for a much better deal.
Car Insurance In Your Seventies
If you saw your rates go up at 65, you might wonder if it’s going to go up again at 70. Unfortunately, it likely will. The National Transportation and Safety Bureau and the National Automotive Sampling System both have data showing that drivers 70 and older actually suffer intersection-related accidents and fatalities at higher rates than even the youngest of drivers. This increase in accidents winds up meaning more claims, hence higher rates. It should be noted though that this is the point when accident rates start their climb. It often isn’t until drivers get into the latter half of their 70s and early 80s that driving abilities begin degrading significantly. Some insurers are able to recognize this, and so they still offer car insurance at reasonable prices to anyone over 70. You just need to shop around a little harder to find them.
Car Insurance In Your Eighties And After
For anyone 80 or older, driving starts getting increasingly dangerous. Per data from the American Automobile Association, which you might more likely know as AAA, the fatality rates of older drivers are 17 times as high as those in the 25 to 64 bracket. It’s actually not really due to bad driving though, as it’s more about how frail the body is when its been around for nine decades. Car insurance rates for older drivers rise as their age does, so shopping around for quotes at My Meridian Insurance and snagging any and all discounts you’re entitled to matters.
Discounts Available To Senior Drivers
A lot of car insurance companies do more than just traditional senior discounts. Depending on what particular car insurance carrier you pick, you might save money using one of these programs:
Mature Driver Discounts
This or something like this is going to be the name of your generic senior discount. It varies from one company to the next, but you’re usually offered a particular percentage off of your premium for being over a certain age.
If your total miles are under a certain threshold, you might be able to save some money on your rates. If you retire and cut back on your work driving, qualifying for this one can get easy.
Mature Driver Training Courses
A lot of companies offer reductions in their senior rates if they take a defensive driving course which is tailored to older drivers. Talk to your insurance provider about this and see what their requisites or recommendations are.
Many companies like to express their gratitude to military veterans by lowering the premiums of those that retired from the armed forces.
Senior Organization Memberships
Membership in specific organizations often carries discounts for those involved, and senior organizations often get included in this. For instance, call your insurance provider and see if AARP membership gets you anything.
Finding Other Discounts As A Senior
It’s crucial that you consult your car insurance carrier to figure out other discounts that might be applicable. If you shop around for rate and premium comparisons, always ask about all savings that might apply to you. Many insurance agents aren’t going to mention these things, unless you ask, so you could be paying more than is necessary.
Reassess Your Coverage
If your policy was rather broad and involved comprehensive and collision options, you might want to actually reduce your total coverage. A lot of insurance providers advise their drivers to possibly drop those coverages if their vehicles are worth roughly 10 times the amount they pay for coverage.
Choose A Higher Deductible
Raising your deductible can lower your rates, acting as a counter to them going up with your age. Besides, if you are driving fewer miles than you used to, the chance of you being in an accident is going down anyway. You might pay more if you have to file a claim, but no to few accidents will mean you’re saving money overall.
Change Your Primary Driver
If you can make a younger person, like one of your children, the primary driver on the policy, you can reduce your rates.
As with younger age brackets, the fewer accidents you have, the lower your rates will be. Practice safe driving as a senior by keeping up your health, having proper corrective lenses and hearing aids if need be, staying physically active to maintain reaction times, adjusting your vehicle as necessary, allowing yourself healthy buffer zones, avoiding busy traffic, and reviewing your medications and their side effects.