Tips on Finding Car Insurance for Seniors

As you get older, your car insurance payments will generally go up. Seniors are considered to be more at risk of being in a car accident. And for those who are living on a fixed budget, you will want ways to keep that cost down. Fortunately, if you have a clean driving record, rates will go down. Your location and how far you travel also play a role in how much you have to pay for car insurance. But even if you live in a place where insurance rates are high and routinely take long car trips, it’s still possible to find car insurance rates that won’t break your budget. Here are some of the ways you can try to find the best rates.

Key takeaways:

• A variety of factors can affect car insurance rates, including your accident history and care safety features.

• You can use online comparison tools to compare quotes from different companies quickly.

• There are some ways to save on your car insurance, including discounts for bundling your auto and home insurance.

• You should review your car insurance each year to ensure you’re getting the best price and the right level of coverage. 

Shop around for quotes and compare

If you’re looking for affordable car insurance, there are a few different places to start.

Use online comparison tools

Online comparison sites are one of the easiest ways to get insurance quotes. You enter your age group and zip code and are given a list of providers that you can sort in a variety of ways. If you want more specific information, you can go to the site of the insurance provider. While most comparison sites only provide a few different things about each provider, it’s a start.

Consider working with an independent insurance agent

An independent insurance agent may be able to give you a better idea of what car insurance plans are out there. They know the ins and outs of various policies and can let you know about discounts you might not be aware of. Agents usually work with a variety of companies and are paid a commission by the insurer you wind up choosing.

Inquire about discounts for seniors

When you contact the insurance companies that you are interested in, ask if they give a senior discount. If you complete some courses, like a defensive driving course for seniors, have no history of accidents, and have various safety features on your car like anti-lock brakes and airbags, you could qualify for discounts.

Review your coverage needs

A certain amount of auto insurance is required by most states. Different states have different minimums. Finding out what insurance you need where you live is a starting point to assess what insurance you need. The minimum might be fine for you, but not for someone else.

Evaluate the necessity of optional coverages

In addition to the coverage mandated by the state, most auto insurance companies offer a variety of optional forms of coverage. Some of these include car rental insurance, which covers the costs of a rental car if your car is in the shop, coverage for towing your car if it becomes disabled, and comprehensive coverage that covers non-vehicle related accidents. If severe weather or vehicle versus animal accidents are a serious problem in your area, you may want coverage for those. If they are non-existent where you live, it’s probably not worth the cost. An independent insurance agent may be able to advise you about what optional forms of coverage are worth it.

Take advantage of discounts

Various discounts are available for most auto insurance providers. While discounts for being a senior are not usually a thing (because seniors are considered more at-risk drivers), there are different discounts that you may still qualify for. These include:

• AAA discounts. You won’t get a discount on AAA membership for being a senior, but that membership will qualify you for a number of discounts, including on various types of insurance.

• Safe driver discount. If you have a long driving record with no history of accidents, most companies will give you lower rates.

• Low-mileage discounts. If you don’t drive frequently, auto insurance providers will give you lower overall fees as your risk is considered less. Using the bus or other forms of public transit and carpooling if possible can cut down your miles without confining you to your home.

Drive safely to keep insurance rates low

Maintain clean driving record

The best discounts on car insurance come from being a safe driver. If you already have a clean driving record, you will get lower rates.

Attend defensive driving courses for potential discounts

Another way to get lower rates by driving safely is to take a defensive driving course. A course aimed at seniors is your best bet. They focus on keeping up driving skills, updating people on new regulations and technology that can make for safer driving, and address different concerns that seniors may have about their driving skills.

Bundle insurance policies

Combine auto and home insurance policies for savings

Auto and home insurance can be bundled together by many providers. This often provides a discount, although the rate of the discount varies. By bundling insurance plans, your coverage is simplified and you only need to remember one procedure for filing claims. It also makes tracking coverage much easier.

Inquire about multi-vehicle discounts

If you own more than one car, or there are multiple people in the home with cars, you can combine the cars together under one insurance plan. Insurers often offer discounts for multi-car policies. They can be further customized even under the same policy; different cars can have different comprehensive coverage depending on what the driver needs.

Consider usage-based insurance programs

Some insurance providers allow for further discounts if you use an app or a monitoring device that you can put in your car. The safer your overall driving habits are, the more of a discount you will receive. Your driving speed, braking, and overall mileage are tracked by whatever system you choose. The one disadvantage to these systems is that if your score is low, your premiums may increase rather than decrease. And if you are using an app to track your driving habits, make sure there is a way to change anything collected by the app if it accidentally tracks a trip when you were a passenger, not driving.

Review and update coverage annually

Even after you pick your insurance provider, there are still things you can do to keep your insurance at an affordable level. As mentioned above, your driving habits and your overall mileage both will affect your insurance rates. But several other factors come into play as well. Your credit history can affect your rates; a lower score can drive up the cost.

Depending on what your comprehensive coverage is, you can change those options later. If you find that some of them don’t seem to have come into play like you thought they would, you can remove them from your coverage. A higher deductible can also lower insurance rates, and you may want to take that risk if your driving habits are generally safe.

Even though car insurance rates generally go up once you are a senior, that doesn’t mean you can’t find affordable insurance. If you drive safely, look at multiple policies for the lowest rates, and pay attention to what coverage you need, you can find the most affordable policy.