You’re probably aware that car insurance rates are higher for younger drivers, particularly teenagers, but did you know that the same is true for senior drivers? In fact, generally speaking, auto insurance rates begin to go up again starting at age 65. This is due to the physical and physiological changes that occur as a person ages, such as impaired vision and poorer cognitive function. Senior drivers are also more likely to suffer serious and costly injuries in the event of an accident. The good news is there are things one can do to offset these higher rates and still save some money in the process. Here are 5 such ways to save.
Maintain a Clean Record – Insurance companies consider a number of factors when they calculate how much to charge in terms of rates. One of the major factors taken into account driving record, specifically how many times you’ve had an incident such as a moving violation or an accident. The fewer incidents you have on your record, the less of a risk your insurance provider will view you as, and your rates will reflect this.
Take a Defensive Driving Course – Many insurers offer discounts on auto insurance for drivers who have successfully completed a driving safety course. Doing so may bring your rates down anywhere from 5% to 15%, so check with your provider to see if this is an option. Of course, you’ll have to provide proof of successful course completion.
Change Primary Drivers – Another way to minimize your car insurance expenses is to switch the primary driver listed on your policy. In many instances, senior drivers tend to drive less often and opt for someone else to handle the task for them. In these cases, if that alternative driver is younger or has a better driving record, changing him or her to the primary driver might be worth your while.
Update Your Mileage – As the previous point mentions, in many cases of old age and driving, senior drivers often find they don’t get behind the wheel as much as they did in years past, especially once they retire. By updating your auto insurance provider of your new (lower) annual mileage, you may be able to realize a reduction in your premium amount.
Maximize Available Discounts – Along with the above tips, most insurance companies offer a number of standard discounts that you may not already be taking advantage of, such as lower rates for vehicles that feature anti-theft devices or other safety features. Make sure you are availing yourself of every option you can so that you lower your rates as much as possible.
Old age driving doesn’t have to be a huge financial burden, provided you take a proactive approach and take advantage of as many discounts as are available to you. To truly be sure you are getting the most bang for your buck, your best bet is to sit down with your auto insurance agent and discuss your options. In the end, the savings you can achieve by doing so will be well worth it.