Auto insurance costs can be a hardship for some seniors. Those who have a fixed budget may struggle with these costs.
Maintaining car insurance is still necessary if you continue to drive. It is financial protection, after all. However, there are options available to help reduce your costs. Consider a few tips to save you money on your car insurance costs.
#1: Find Out If You Qualify for a Low Mileage Discount
Many seniors do not do as much driving as they used to. You may no longer need to go back and forth to work. You may stick close to home. Many seniors that do travel often do so minimally.
If so, you may qualify for a low mileage discount. Drivers may qualify if they drive under 12,000 miles each year. Different insurers set this level at various limits. Find out if you qualify. It could cut your auto insurance costs down significantly.
#2: Add More Technology and Theft Protection
Unfortunately, seniors tend to be a target for car theft. One way to reduce your cost risk is to add more protection to the vehicle.
For example, an anti-theft device can help to ward off would-be thieves. Many newer cars have them installed. If so, let your insurer know about them. You may also wish to consider adding a GPS or other type of tracking device. This can help your insurer to learn where the vehicle is if someone steals it. These steps could lead to policy savings given the added security.
#3: Improve Your Auto Skills
Another concern for many insurers is changes in a senior’s ability to drive safely. Vision changes as you get older. Many seniors also have slower reactions to incidents on the street. That might raise their own risk of accidents.
One way to prove you still have skill is to avoid moving violations. Avoiding accidents can help, too. Some insurers even offer a discount to drivers who take a defensive driving course. Provided by the insurer or an approved party, these can help to reduce your costs. You’ll brush up on your operating skills, making yourself safe on the road.
How else can you save money? Have a conversation with your auto insurance provider. Discuss the type of car insurance you have. Be sure it matches the value and features of your vehicle. Consider other coverage you do not need. Reduce protections that do not fit your goals.
Most importantly, stay in communication with your agent. He or she can provide you with insight into cost savings options. Or, if not, get a quote from a new insurance company.
FAQ’s About Tips for Seniors to Save on Auto Insurance
What are some common auto insurance discounts for seniors?
Some common auto insurance discounts for seniors include low mileage discounts, good driver discounts, and safety feature discounts.
How can seniors save money on auto insurance?
Seniors can save money on auto insurance by shopping around for the best rates, taking advantage of discounts, and adjusting their coverage to fit their needs.
What types of coverage should seniors consider when purchasing auto insurance?
Seniors should consider liability coverage, uninsured motorist coverage, and personal injury protection when purchasing auto insurance.
What is the difference between liability coverage and comprehensive coverage?
Liability coverage covers damages and injuries that you may cause to others in an accident, while comprehensive coverage covers damages to your own vehicle from non-collision incidents such as theft or weather-related damage.
Should seniors consider increasing their deductible to save money on auto insurance?
Increasing your deductible can help lower your monthly premium, but it’s important to make sure you can afford the out-of-pocket costs if you need to file a claim.
What is the minimum auto insurance coverage required by law?
The minimum auto insurance coverage required by law varies by state, but typically includes liability coverage for bodily injury and property damage.
Can seniors still get auto insurance if they have a poor driving record?
Yes, seniors can still get auto insurance if they have a poor driving record, but they may have to pay higher rates.
What should seniors look for when comparing auto insurance quotes?
Seniors should look for the coverage options and limits that best fit their needs, as well as the overall cost of the policy and any available discounts.
How often should seniors review their auto insurance coverage?
Seniors should review their auto insurance coverage at least once a year to make sure they have the right amount of coverage and are getting the best rates.
Can seniors bundle their auto insurance with other types of insurance for additional savings?
Yes, seniors can often bundle their auto insurance with other types of insurance, such as homeowners or renters insurance, for additional savings on their premiums.
How can seniors save money on car insurance for older cars?
As a senior, you may be driving an older car that is paid off and no longer requires full coverage. Here are a few ways you can save money on car insurance for older cars:
- Increase your deductible: By increasing your deductible, you can lower your monthly premium. However, make sure you can afford to pay the higher deductible if you get into an accident.
- Drop unnecessary coverage: If your car is older and has a lower value, you may not need collision or comprehensive coverage. Dropping these coverages can save you money on your premium.
- Take a defensive driving course: Some insurance companies offer discounts for seniors who take a defensive driving course. This can not only save you money on your premium, but it can also help you stay safe on the road.
- Shop around for quotes: Don’t settle for the first insurance company you find. Shop around and compare quotes from multiple companies to find the best deal.