The glory years of insurance rates are slowly passing behind you as you reach your 60’s, and now the rates are beginning to climb.
If you want to continue to save money, it’s going to take a little effort. Your former cheap car insurance for over 30s may no longer be available to you. Here are some tips you can employ to combat increasing auto insurance as a senior.
How to Get the Cheapest Car Insurance for Over 70s and Seniors
There are some ways to avoid paying high car insurance rates as you get older. Here are the best tips for getting car insurance deals as a senior.
1) Thief-Proof Your Car
Technology has come a long way, and there are more ways than ever to thwart would-be thieves. Take advance of these features to score a discount on your car insurance rate.
A tracking system such as OnStar can help protect your car. Alarms or devices that prevent your vehicle from starting in the event that someone attempts to steal it can also help.
Not all theft-prevention devices are high-tech; some insurance companies provide other options. The best plan is to simply contact your insurance company and ask what they accept as feasible protective measures to drop your annual fee.
2) Take Advantage of Seniors Discounts
In many states, just reaching a certain age will make you eligible for discounts. But some insurers require you to go the extra mile to earn it.
This often involves taking a driver’s course to refresh your knowledge of the road and learn more about how aging affects drivers. These courses typically provide tips to help with specific driving situations and raise awareness of the risk factors that come with aging, such as the effect of different medications on drivers.
While it may be inconvenient, it’s typically fairly inexpensive. Any discount you can get will save you money in the long run, making it worth the effort.
If you are retired and rarely drive anymore, one cost-effective strategy is to simply let your insurance company know. Your insurance company may offer you better rates or other insurance options which can prove budget-friendly.
This may include a pay-per-mile option where your premium is based on how much you drive, rather than a standard rate. This can be a great value if you rarely use your vehicle.
The bottom line is that it never hurts to talk to your insurer and see what options are available to you.
4) Get an Inexpensive Vehicle
The type of car you drive makes a significant difference in what your premium will be. You most likely drive a lot less than you did when you were younger and may care less about which car you own than before.
If this is the case, do some research or ask your insurer which vehicles get the best insurance rates. Make a plan to acquire a model when appropriate. If it doesn’t matter to you what you drive, you might as well save some money, right?
5) Opt for a Higher Deductible
Continuing with the theme of not driving as much, if you feel that your chances of being in an accident are much lower than before due to limited use of your vehicle, you could consider opting for a higher deductible on a claim in exchange for a lower premium.
Keep in mind that with age come factors such as reduced vision and other impairments, so if you feel like you may be at risk of a collision, you may not want to increase your deductible.
However, if you believe you can handle your vehicle just as well as when you were younger and don’t drive often anymore, this could be a nice benefit for you.
What are some pros and cons of collision insurance? Knowing the answer can be a factor in making your decision:
- If you have an accident, it helps pay for the repairs
- It covers stationary vehicles, too, like if another vehicle hits yours while it’s parked
- If you hit an object that’s not another vehicle, you are covered
- Damage from road hazards such as potholes are covered
- Doesn’t cover medical bills for anyone involved
- Only covers your car’s damage
- Does not protect from hail, vandalism, or other non-crash situations
- Can be expensive
6) Compare Coverage Options
As prices begin to rise, it’s probably a good time to take a look at your coverage. You may be paying for options you no longer need coverage for, so removing those is a pretty simple way to reduce your payments.
Also, if you have other items that need to be insured or are already insured, consider bundling those items. Doing so with the same insurance company often results in a multiple-policy discount.
It is also a great time to shop around with other insurance companies to see if maybe there’s a better option out there now which could give you the savings you seek. Make comparisons to find the cheapest car insurance for over 70s.
When shopping around, keep in mind the saving options above. Find out which company will work with you to provide an acceptable solution whether that be a seniors discount, pay-as-you-go plan, or other saving option.
It’s also important to consider whether you need car insurance for only yourself or if you need to include others, such as a spouse. If you have a partner, shop around for cheap car insurance for couples. Compare those rates with individual options to see which can provide you with more savings.
Once you reach a certain age, car insurance rates stop going down and start crawling back up. Comparing different insurance companies and options, including discount and coverage options, can help you keep prices low.
A little effort can pay great dividends, so try our advice to see what options are available for you! And as always, place your personal and financial safety first. If you think that you do, in fact, need strong coverage, then trimming down on your plan may not be the best option for you.
Featured Image: Twenty20