While senior drivers are more likely to receive high car insurance quotes, it’s still possible to secure a better deal. These three tips can help senior drivers get the best price. (iStock)
Most states require drivers to possess at least a minimum level of car insurance, which means car insurance policies will vary in price. Unfortunately, car insurance companies set their rates on a number of factors, including the driver’s age. Seniors, in particular, may face challenges while trying to purchase a car insurance plan.
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Car insurance companies regularly adjust their rates and modify their policies, including those created for senior citizens. So, you'll want to visit an online marketplace like Credible to compare auto insurance companies and shop their plans to ensure you aren't being taken advantage of. Click here to get a free car insurance quote.
How to get cheaper car insurance for seniors
Every auto insurance policy can be uniquely tailored to an individual driver’s needs. For senior policyholders, this means that you shouldn’t have to choose between high rates or reduced coverage. Seniors can find better prices for car insurance by considering these three tips:
- Ask about discounts with your current insurance carrier
- Shop around for better rates regularly
- Trade-in your vehicle for a car that’s cheaper to insure
1. Ask about discounts with your current insurance carrier
One of the biggest mistakes any driver can make is choosing to renew their policy every year without reviewing it. Even if you believe you received a great rate when you first signed up, there’s a good chance that your current insurance provider has new discounts available for qualified drivers.
Different car insurance providers may offer diverse incentives senior drivers can take advantage of. If you’re content with your current car insurance rate but would like to be alerted when a better deal is available, Credible’s partners can send you free quotes if they find a better rate. You can also see if you qualify for car insurance discounts.
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Car insurance discounts that seniors commonly qualify for include:
- Low-mileage discounts awarded to drivers who do not exceed a specific number of miles per insurance term.
- Safe driving discounts offered to drivers who have not filed an accident claim or possess a clean driving record over a certain period of time.
- Discounts earned after the driver completes additional driving courses, such as a defensive driving course.
2. Shop around for better rates regularly
It’s easy to assume that your current car insurance rate will essentially be the same offer you’d receive from another auto insurance company, give or take a few dollars. However, what many senior drivers don’t realize is that you could potentially save hundreds of dollars each year by accepting a similar coverage policy through a different insurer.
Car insurance companies are always striving to remain as competitive in the marketplace as possible, providing policyholders with an opportunity to secure the best rates available. By shopping around and comparing car insurance quotes from multiple insurance companies, you can instantly identify which policy and price suit your needs perfectly.
Explore pricing and find the right auto insurance plan that fits your needs and budget on Credible today.
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3. Trade in your vehicle for a car that’s cheaper to insure
Just as your insurance should cater to your needs, so too should your choice of vehicle. New, high-end vehicles are typically insured at higher rates than more modest, older vehicles. If you’re interested in potentially lowering your insurance rate, as well as lowering your monthly car loan payment, you should consider trading in your current vehicle for a used model in good condition with highly-rated safety features.
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Car insurance savings for senior drivers
Auto insurance may be mandatory but it’s not necessary for senior drivers to overpay for their car insurance. Investigate discounts available through your current provider, including potentially lowering your rate by trading in your vehicle for a safer or older model. You should also compare rates from multiple providers once a year to ensure you’re receiving the lowest rate available. You can use Credible to compare car insurance providers and view your options.
Some car insurers may raise motorist coverage rates for drivers above the age of 65 or 70, citing the following risk factors
- Certain age-related medical conditions, both physical and cognitive, can impact an older adult’s driving ability, including slowed reaction time.
- Some medications taken by older adults may cause side effects that impair their ability to operate a vehicle safely, such as causing drowsiness or confusion.
- Studies have shown that crash rates, injury severity, and fatality rates increase as drivers reach the age of 70.
Despite this, there are still ways to make a senior driver a more appealing candidate for cheap car insurance.
Are you paying too much for your car insurance? If you haven’t compared your rates over the last few months, you may be spending more than necessary for your coverage. Thankfully, it’s free to check online through Credible’s partners to confirm you’re getting the best rate possible.
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February 12, 2021 at 08:09PM
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