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UPDATED: Mar 13, 2020
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While young and inexperienced drivers pay the most for car insurance, plenty of discounts exist for mature drivers. People over the age of 50 are able to take advantage of several discount programs through nearly all car insurance companies. Although savings may not be instantaneous, most senior drivers will see their rates begin to decrease substantially.
Why do seniors get car insurance discounts?
Car insurance companies base the cost of premiums on a driver’s risk of being involved in an auto accident. Seniors are less likely to be involved in a collision because they statistically spend less time driving than other groups of people. Drivers between the ages of 50 and 70 are involved in fewer accidents and receive fewer citations than any other group of people.
Over the age of 70, car insurance premiums may begin to rise once more. Drivers over 70 are second only to teenagers in the number of claims filed each year. Of course, many people are still very competent drivers well past this age, and a clean driving record will always result in low premiums regardless of the driver’s age.
Mature drivers have several advantages over younger people when it comes to buying auto insurance. First, senior citizens often have well-established good credit that shows a long history of financial responsibility. Second, mature drivers have a long driving history that can be examined for specific driving information. A person who has driven for over 30 years without a car accident is one who can take advantage of very low car insurance rates.
What kind of car insurance discounts for Seniors are available?
Some car insurance companies offer discounts to all drivers over the age of 50. If you already have auto insurance, you can contact the agent or customer service representative to inquire about this discount. The amount of the discount varies from one company to the next, but could be between 5 and 15 percent off the annual cost of premiums.
Military veterans are also eligible for insurance discounts through many different companies. Some insurance companies specialize in providing auto insurance to military families. Seniors who were in the military or whose spouses were veterans are eligible for these policies.
Senior citizens may be able to take advantage of further discount programs through clubs like AARP. Additionally, retirees may be able to receive certain auto insurance discounts if their income is below a specific threshold. Some insurance companies even offer a lifetime renewal guarantee to senior citizens; this guarantees that a policy will not be canceled during the insured’s lifetime and helps to keep rates at a low cost.
People with a long and safe driving history will already qualify for a safe driving award. Older drivers can save even more on auto insurance by enrolling in an advanced driver’s education course. Defensive driving classes are available through the library, AAA, AARP or the local DMV. Some courses may even be completed online.
Depending on the company, seniors may be able to receive further discounts if they have a very low annual mileage. People who drive infrequently are at a low risk of being involved in a collision. For individuals who put less than 10,000 miles a year on their vehicles, a pay-as-you-go auto insurance policy may be the best investment. This allows the customer to pay insurance only for the miles he drives. You can ask your insurance agent if this type of policy is available in your area and compare the rates with a standard auto insurance policy to see if the change would be worthwhile.
Buying Affordable Car Insurance for Seniors
If you’re paying too much for auto insurance, you can save money by switching to a less expensive policy. The easiest way to find a new insurance company is to search online for a free quote. The form will ask about your age, location and type of vehicle you plan to insure; this will allow the program to match you with the best possible insurance companies to suit your needs.
Once you’ve chosen a company, you can contact the customer service department to discuss the coverage that you need and confirm the final price of your policy. By taking the time to comparison shop between multiple car insurance companies, you can be sure that the price you’re quoted is the best deal. Also be sure to ask the new company if there are any further discounts you may qualify for that can help keep your premiums low, your age is not the only discount around.