How to Save Money on Car Insurance For Seniors

The best type of car insurance if you’re elderly has a higher deductible that includes discounts for low mileage and taking driving courses.
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Car insurance is a major expense, and if you’re retired and on a fixed income, getting the best rate on car insurance can free up money in your budget to spend how you really want. The following spells out the best type of car insurance to get if you’re over a certain age, which fits your specific needs and driving habits. In this article, Part 1 describes how age affects insurance rates and Part 2 discusses ways to save money on insurance as you get older.

Part 1 of 2: How does getting older affect insurance rates?

A general trend in car insurance rates is for prices to decrease as you age. Older drivers are seen as more mature, savvy, and experienced on the road. Generally, this longer driving history translates into better driving habits.
Insurance companies often recognize and reward these habits in the form of lower rates. Also, the time that retired drivers spend on the road is generally less than those who have a daily commute to work, so the likelihood of an accident is lower overall.
Not having a daily commute means you are not only driving less but also that you are not driving around when there is a high volume of traffic on the roads and when other drivers are more erratic and less careful. There is a reason that it is called “rush hour” after all.
If you think your rates are still higher than you think they should be, contact your insurance to see if you can get lower rates.

Part 2 of 2: How to save money on insurance as a senior

If you are in the market for a new plan, then look into plans that not only give you a lower rate but offer special discounts as well.
One possibility is to take advantage of a plan that has a low-mileage discount. This is particularly useful for seniors who are not routinely putting miles on their cars driving to work.
Another option is to take a driver education course. Even though older drivers get better rates, this trend starts to change as you get older, particularly if you get in an accident, as eyesight and other faculties may begin to wane. A driver course is a good way to prove to the insurance company that you are still an adept driver, and you will get a discount as a result.
Besides investigating every possible discount available to you, look into changing the structure of your insurance plan itself. This may result in significant savings for you in addition to being more appropriate for your situation overall.
Since elderly drivers are on the road less, one example of changing a plan is by raising the deductible. The deductible is the amount of money you pay before insurance kicks in. This will save you money on your premium since it takes more before your car insurance must pay out on your behalf. While this may seem daunting, if you drive very little, it may be a wise financial decision.
In addition to raising the deductible, evaluate your plan when it comes time to renew to see if there are services you no longer need.
One common example of this is loss of use coverage. By having this coverage, your insurance provides you with a vehicle in the event that an accident renders your car in need of repairs. For someone who works daily, this service is a must; if, however, you no longer work and could go a few days without a vehicle, then consider dropping this service for some savings.
If your car is paid off, you could also consider dropping comprehensive coverage, which will lower your premium, and retaining only liability coverage as required by law.
By taking advantage of special discounts and tailoring your coverage to your specific driving needs, it is possible to get a car insurance plan that covers everything you need without breaking the bank.
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