Cheap Auto Insurance for Seniors: How to Get the Best Rates

When we reach the age of 65, our auto insurance rates typically rise. After all, as we age, our eyesight and reaction time deteriorate, potentially putting us at greater risk while driving.

Simultaneously, most senior drivers drive more slowly and safely, and they spend less time on the road, which reduces the likelihood of an accident. Because older drivers are more cautious on the road, insurers show their appreciation by providing discounts to help seniors lower their premiums.

Do you want to know how to get the best rates on senior auto insurance? Continue reading as we go over all of the discounts and money-saving tips for permanently lowering your premium.

Take a Driving Class to Lower Rates

In most states, car insurance companies are required to offer a "mature driver" discount to senior drivers—typically between the ages of 55 and 65.

In some states, auto insurers may require you to complete a qualifying safe driver course before you can receive the discount. Some classes are held in person, while many are available online through organizations such as AAA and AARP. The classes are inexpensive and cover a wide range of topics, including:

  • Driving and the effects of ageing and medications
  • Addressing and accommodating those changes in a safe and secure manner
  • Managing difficult driving situations.

Check with your state insurance department to see which ones are eligible for the discount. Remember that the mature driver discount is conditional on your continued safe driving, and it may be revoked if you are involved in an at-fault car accident.

Choose the Right Car

The type of car you drive can have a direct impact on how much insurance you pay—and it's not as simple as a cheap car equals cheap insurance. Insurers base their rates on the risk that you and your vehicle pose. In general, vehicles with lower rates are models that:

1) Are cheap to repair or replace

2) Are mostly driven by safe, experienced drivers.

3) Are highly regarded for their ability to protect drivers and passengers in the event of a collision, thanks to safety features such as airbags and an anti-lock braking system.

The Subaru Outback, Jeep Wrangler, and Honda CR-V were named the three least expensive vehicles to insure in 2020. Your provider, on the other hand, will be able to provide you with a comprehensive list of options to suit every lifestyle and budget.

Increase Your Auto Deductible

If your policy has a low deductible and you are financially secure, you may want to consider raising the deductible. The lower the deductible amount you select, the higher your premium will be. If you choose a higher deductible, you will pay less, saving up to 5% to 10% on your premiums.

Remember that increasing your deductible is a smart way to cut your costs right away because you'll save money on your monthly premium right away. However, if you can't afford to file a claim, raising your deductible may end up costing you more money in the long run.

Drop Unnecessary Coverage

Examine the specifics of your policy to see where you can cut back on coverage. For example, if you no longer commute to work, you may not require coverage that includes a rental car while yours is being repaired. If your car loan is paid off or has a low balance, you probably don't need gap insurance. And, if your car isn't brand new, it might make sense to forego collision coverage and comprehensive coverage. If your car is damaged or stolen, this type of coverage will pay to repair or replace it, but the maximum payout is usually limited to the current value of your car minus the deductible. As a result, if the value of your car is less than ten times the extra premium you'll pay, it may be time to drop this coverage from your policy.

Bundle Your Insurance Policies

Do you intend to spend your retirement cruising on a motorcycle or relaxing in your lakeside boat? You may be able to save money by combining your insurance policies. Companies will usually give you a discount if you buy multiple policies from the same company. A typical bundle includes auto and home insurance, but some carriers also offer discounts for bundling a car policy with a boat, RV, motorcycle, renters, or life insurance policy.

Protect Your Car From Theft

Protecting your car from theft not only helps to keep it from being stolen, but it may also earn you a discount on your insurance. Many insurance companies provide discounts for anti-theft devices like an alarm system, disabling devices (which prevent the car from starting), and vehicle tracking systems like OnStar or LoJack. Some insurance companies even provide a discount for etching the Vehicle Identification Number onto the windshield. Check with your provider to see which anti-theft measures will reduce your monthly premium.

Get Paid for Driving Less

According to insurers, the less time you spend on the road, the less likely you are to file a claim. If you have recently retired, notify your insurer. Avoiding a daily commute will result in a reduction in your monthly premium, known as the low-mileage discount.

You could also look into a pay-per-mile program, which calculates your insurance rate based on the number of miles you drive each year. Several companies, including Allstate, Nationwide, Metromile, Mile Auto, and Esurance, offer the program in certain states, with the discount varying from one to the next.

Use Your Retired Military Discount

Some car insurance companies, such as GEICO, USAA, and Armed Forces Insurance, provide discounts to retired military veterans. Rates for active and retired military personnel are roughly the same, regardless of whether you choose minimum coverage or full coverage car insurance. Check with your provider to see if you and your family are eligible if you have served in a branch of the United States Armed Forces.

Shop Around for Auto Insurance Coverage

Car insurance rates differ greatly by company, state, and even neighborhood, which is why

It is critical to shop for auto insurance on a yearly basis. After all, if you've retired or relocated, the company that provided you with the lowest prices in the past may no longer be the cheapest for you now. You can be confident that you're still getting the discounts you deserve—and the best rate possible—by comparing multiple quotes on an annual basis.

Lower Your Rates for Good With Affordable Car Insurance 

If you're looking for senior car insurance that's less expensive or more comprehensive, you've come to the right place. We make it simple to compare free online car insurance quotes to find the best rates. Simply enter a few details, compare prices, and enroll in coverage—all in a matter of minutes. Get a quote today to get the coverage and savings you deserve.