Car Insurance for Seniors

Senior Driver
Getty Images/Marcus Lund

Car insurance carriers have some interesting views on aging drivers. Some of the best car insurance rates are available to newly deemed senior citizens in their fifties. But, as time goes on car insurance can become more difficult to afford. Understanding the process and knowing what to expect can ease the burden because it makes it so you can make a plan. Many seniors are taken by surprise when it comes to car insurance costs, so hopefully this will make you better prepared.

Drivers Age: 50 to Early 60s

Drivers in their fifties and possibly early sixties will enjoy some great car insurance rates assuming they have good driving records. Many insurance carriers will reward these drivers with a senior discount along with top tier discounts for other rating factors.

Common Mature Driver Attributes

  • A clean driving record is a very important attribute to insurance carriers and great discounts are offered to good drivers.
  • Minimum driving is also a bonus. Less time on the road commuting back and forth to a job puts older drivers at a lower risk for a claim.
  • Good credit can be a shockingly large discount on car insurance. Many mature drivers have built up the best insurance credit score and it will be reflected in their car insurance premium.

Drivers Age: 65 and Up

As older drivers increase in age, car insurance rates tend to increase and sometimes even sky rocket. Each car insurance carrier handles age differently and may use different ages to start implementing increases.

Aging drivers are often treated the same as newly licensed drivers due to failing eye sight, reaction time, and mobility. Going from such a good rate to a high rate over night can be alarming and stressful. Talk to your car insurance agent to see when possible rate hikes take effect based on age.

Ways to Save for Seniors

Everyone wants to save some money on car insurance and seniors are no different.

The ways to save are essentially the same as any other driver, but there are a couple areas to emphasize reevaluating.

  • Coverage Options: Many seniors are slow to reduce physical damage coverage on aging vehicles. It is pointless to carry a $500 deductible on collision if the vehicle is only worth $700 or $800. Medical coverage can also be an issue. It is recommended to have medical expenses related to an accident covered under your auto insurance verse an individual health insurance policy. Review coverage with a licensed insurance agent regularly to verify you are covering your vehicle in a smart manner.
  • Verify Discounts: It never hurts to verify your discounts with an agent. Discounts change and even worse sometimes they can be overlooked if nobody is paying attention.
  • Shop Around: Seniors are the least likely to shop around for a better car insurance rate. Change can be difficult but often necessary in the car insurance world. Get a family member to help verify you are currently receiving the best car insurance rate for your situation.

It is a great idea to have a good relationship with your car insurance agent. He or she is going to be the most helpful resource in making sure you have the coverage needed.

Take the time to get to know her and most importantly let her get to know you. The best way to ensure you are taken care of properly is through strong reliable amounts of communication.

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