Car Insurance Discounts For Senior

11 Money Saving Car Insurance Discounts for Seniors

When it comes to your annual outlay for car insurance, age has its privileges. There are many car insurance discounts for seniors, which start as young as age 50. We’ll cover 11 ways seniors can save money on car insurance.   

Because drivers in their 50s are among the safest on the road, their insurance rates are typically lower than younger and older drivers. Additionally, Retirees and pre-retirees have opportunities to save even more by taking advantage of discounts from senior organizations linked to insurers, such as AARP and The Hartford.

Lisa Lobo, regional product lead for personal lines at The Hartford, says mere adjustments to your driving habits can allow seniors to save money on car insurance these days.

“While everybody tends to focus on the mileage – if I drive less, my prices are lower – limited driving is also important,” she says. “If they just drive during the day, we’ll charge less of a premium for that driver, just like somebody who drives less.”

11 Car Insurance Discounts for Seniors

  1. Attaining senior status.
  2. Having a clean driving record.

  3. Adjusting your insurance coverages.

  4. Updating your driving skills.

  5. Downgrading your ride.

  6. Upgrading your safety features.

  7. Changing your marital and family status.

  8. Bundling your policies.

  9. Paying annually.

  10. Driving less.

  11. Using pay-as-you drive programs.

If you’re approaching the half-century mark, ask your insurer (and others) if you qualify for any of these car insurance discounts for seniors:

 

  • Attaining senior status.

Some insurers will cut you a break for joining the loosely defined senior bracket at 50 or 55 and follow with similar discounts at every five-year mark until age 70.

 

  • Having a clean driving record.

If you’ve been free of insurance claims for two years or more, now is the time to inquire about a good driver car insurance discount.

 

  • Adjusting your insurance coverages.

If business use of your vehicle has been reduced or eliminated, you may be able to reduce your car insurance coverages. For instance, you may no longer need rental car reimbursement or collision coverage on an older vehicle. Also, consider increasing your deductible to reduce your auto insurance premium.

 

  • Updating your driving skills.

Currently, 34 states require premium discounts for completing a state-approved driver safety course. That could give seniors an auto insurance discount in the range of 5 to 15 percent.

 

  • Downgrading your ride.

Don’t need that Lexus anymore? You’ll save by driving a non-luxury car, for one good reason: they’re cheaper to fix.

 

  • Upgrading your safety features.

Many insurers offer discounts if your vehicle has such safety features as anti-lock brakes, rearview cameras, lane drift and collision warning systems, parking assist and anti-theft technology.

 

 

  • Changing your marital and family status.

If you marry and your new spouse has a vehicle, you can save with a multi-vehicle discount. Conversely, a divorce or spousal death could eliminate one or more vehicles from your policy.

“For folks 50 plus, there are so many different life triggers and events that could happen and they’re always a good opportunity to assess your insurance,” says Lobo.

 

  • Bundling your policies.

While most insurers typically offer package discounts to customers who “bundle” their home and auto insurance, it’s a good idea to inquire just to make sure it happens.

 

  • Paying annually.

Your insurer will likely waive your service fees if you pay your full premium annually.

 

  • Driving less.

If retirement or semi-retirement has dramatically reduced your commute, ask for a review. Additionally, the less annual miles you drive, the lower your risk of an accident. Many insurers will cut your rate by up to 10 percent if you drive between 5,000 and 7,500 miles annually.

 

  • Using pay-as-you-drive programs.

Additionally, You may also want to consider usage-based or pay-as-you-drive insurance for more discounts. These programs use an onboard device to track metrics such as your speed, mileage, braking and times of day you drive. Even seniors can be rewarded with auto insurance discounts if you’re deemed a safe driver.

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