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Auto Insurance For Seniors and Elderly Drivers

Just like any other driver on the road, senior citizens need auto insurance that is not only affordable but offers good coverage. Senior drivers have years of experience behind the wheel, and while their age may be concerning for car insurance companies, there are still ways to get good coverage for Auto Insurance For Seniors.

Auto Insurance for Seniors premiums decrease the older you get right up until you hit a certain age, and then you will have to deal with increased rates. But there are steps seniors can take to combat this trend. Outlined below is a look into how car insurance changes for seniors and steps that can be taken in order to lower car insurance premiums.

Auto Insurance for Seniors: What you Need to Know

Every Senior driver needs to have at least the minimum amount of car insurance coverage required by the state they live in. Senior drivers are no exception to this. But finding good, affordable auto insurance for seniors may be a bit difficult.

Companies tend to increase rates for seniors as soon as you hit a specific age, usually around 65 years old, putting you in the non-standard auto insurance category.

Due to this, a senior may have to start looking for either discounts or a new car insurance company to purchase a policy with. Auto Insurance for seniors isn’t impossible to obtain; it just may take a little bit of hunting for affordable rates.

Auto Insurance for Seniors: Factors to Consider

There are a number of factors you need to keep in mind as an elderly driver looking for auto insurance for seniors. A Seniors needs are going to be different than those of a younger driver, so it’s important to find a senior car insurance policy that fits you.

You will also want the insurance company to be able to meet your needs with good auto insurance for seniors. Don’t let your non-standard auto insurance label discourage you. Seniors are still entitled to coverage from a car insurance company that cares about its customers and can be there during times of stress.

Auto Insurance Coverage For Seniors

Every driver on the road needs liability auto insurance, so you may already carry that. You may also have opted to purchase collision and comprehensive coverage for even better protection while on the road.

While these are good types of coverage to have, there are still ways you may want to expand or adjust your policy. Hitting a certain age as a senior and seeing your rates go up is usually a good time to analyze your policy.

Some additional types of auto insurance for seniors include:

Pay-per-mile car insurance

If you feel so inclined to, a senior could completely change what kind of car insurance they carry. Pay-per-mile car insurance is a type of auto coverage that sets your insurance rates based on how much you drive each month.

This may be perfect for seniors if they are retired and no longer have to commute to a job every day.

Auto Insurance for Seniors Coverage limits

It may make sense for you, as a senior driver, to purchase higher liability limits. Being older, you probably have more wealth and assets that will be left vulnerable in an accident. Re-evaluate your auto insurance coverage and make sure all your valuables will be protected following a collision.

New car replacement insurance

Seniors who have recently purchased a new vehicle would benefit by adding new car replacement coverage on their policy. Each auto insurance company sets its guidelines for it a bit differently, but generally, this coverage will replace your totaled vehicle.

Car rental reimbursement coverage

Car rental reimbursement would be a smart purchase if your household only has one vehicle. This is typically the case as seniors often downsize when entering retirement.

Car rental reimbursement will help pay for a rental car if your vehicle has been in an accident and needs to spend time in the repair shop.

Accident forgiveness

Under this car insurance coverage, a senior will be forgiven for one at-fault accident. Specific of this coverage varies from one auto insurance company to another, but it typically forgives one accident every three to five years.

With accident forgiveness, your car insurance rates will not increase following that one accident you are forgiven for.

What has been outlined above are just some examples of ways seniors can expand their coverage as they enter the next phase of their life.

For further advice, it would be best to consult with your insurance agent. They can help analyze your senior policy and suggest other types of car insurance to fill in any gaps in coverage.

Cost of Auto Insurance For Seniors

The cost for a car insurance policy as a senior can get a bit pricey. While it is not too far off from the national average (around $1,670 per year for full coverage car insurance), it still may be more for seniors than what you had been paying at your younger age.

On average, senior drivers may pay around $1,700 per year for full coverage senior auto insurance. That comes out to be about $142 per month for car insurance.

It is important to remember that car insurance rates for seniors are personalized, meaning what you are quoted can easily be above or below this national average.

For example, if a seniors driving record has a number of accidents or a DUI conviction, their auto insurance rates will be fairly high.

On the other hand, if seniors practice safe driving and take steps to secure their vehicles, like installing car alarms, their rates may decrease. It is also always possible to get senior discounts on your car insurance policy. More on what may be available to you as a senior is explored in the next section.

How Seniors Can Save on Auto Insurance Coverage

There are a number of ways that senior drivers can lower their auto insurance rates. Some of them are instant, like policy discounts, while others may take some research to find a better price.

Whatever route you choose to take, know that good coverage at good rates is certainly available regardless of your age. Outlined below are some steps seniors can take to lower their auto insurance rates.

Senior Discounts for Car Insurance Coverage

Senior Discounts are a very valuable part of car insurance. It is always wise, no matter your age, to look into them when purchasing an auto insurance policy.

Make sure you take time to ask your insurance agent about any senior discounts you qualify for. They can save you a lot in a matter of seconds.

Some insurance discounts senior drivers may want to look into include:

Loyalty Senior discounts

If you have stayed with the same car insurance company for a number of years, they may offer you a loyalty discount. Loyalty discounts can usually be enacted after a set period of time with an auto insurance company. Seniors, being of older age, may qualify for such discounts.

Safe driver discount for Seniors

It can pay to stay claims-free. Many car insurance companies offer breaks on rates for seniors who practice smart, safe driving and don’t end up in accidents. Not only does a lack of claims keep your auto insurance premiums at a semi-fixed rate, but you can also save with this policy discount for seniors.

If you have the means to do so, pay your car insurance rates in full upfront when purchasing your policy. By doing this, some auto insurance companies may offer you a paid in full senior discount on the cost.

Alternative fuel discount for Seniors

The type of vehicle you have will impact your car insurance rates. For this reason, it may be wise of you to switch to hybrid or fully electric cars. Not only will this be environmentally friendly, but some insurers may also offer seniors a discount for switching.

Military Senior discounts

Seniors who are retired military members may qualify for a military discount. This may also be available to retired government employees. Ask your insurance agent about eligibility. You can also find car insurance from providers that specifically offer coverage to service members and veterans.

Low mileage discount for Seniors

Since you are a senior, you are probably retired, meaning you no longer have a daily commute. Due to this, seniors are likely driving less. Auto Insurance companies may offer senior drivers a break for this.

Senior Defensive Driving Classes

A number of car insurance companies will offer discounts to seniors on rates following your completion of a driving class.

Driving classes will help seniors brush up on their skills and remind them how to be a defensive driver. It covers subjects like how aging affects driving, how to adapt to these changes, and how to navigate challenging driving situations.

These defensive driving classes for seniors may be offered both in-person and virtually online. They are generally cheap, too, with some costing around $20. Check with your state’s insurance department or AARP, to see which classes are approved for the auto insurance discounts prior to signing up for one.

Adjust your Senior Auto Insurance Policy Coverage

Your car insurance type isn’t the only thing seniors should be re-assessing as they hit an older age. Switching to pay-per-mile insurance is a good start, but you should also look into what types of coverage you have and where your deductibles are set at.

Take note of the various details of your car insurance policy. You may be able to ditch something like gap coverage if the loan on your vehicle is little to nothing. At the same time, maybe you don’t need as much collision and comprehensive coverage because you are not driving as often.

Seniors can adjust their limits or get rid of them completely. Removing collision and comprehensive coverage may be worth it if your vehicle is an older model since payouts for such coverage can be limited.

By taking away coverages you do not need, your car insurance rates will decrease. But you need to be absolutely certain you can do without the coverage you are giving up. You never want to be caught in an accident underinsured.

When it comes to your car insurance deductible, if you are able to do so, consider raising it for a lower insurance premium. As a general rule of thumb, the higher your deductible is, the lower your insurance premiums will be. This is due to the fact that when you set your deductible, you are promising to pay that much out of pocket in the event of an accident.

The more you are willing to pay, the less your insurer has to put out. Once again, make sure you can actually pay what you set your deductible at. Lower insurance rates for seniors can be appealing, but it won’t be worth it if you are unable to pay what you promised.

Bundling Senior Insurance Coverage

Seniors Bundling insurance policies can be a great way to save money on their annual premiums. Bundling simply means that you carry multiple insurance policies with one company. As you are retiring, you may be making some dream purchases, such as a boat.

For that, you are going to need boat insurance. Before purchasing a boat policy from a new insurance company, see if the insurer your auto policy is with offers boat insurance.

By having both policies under the same insurance company, you may receive a break on your rates. This can also be done with other types of policies like homeowners insurance and life insurance.

Compare Senior Auto Insurance Quotes

One of the most important things seniors can do when it comes to insurance is to shop around and compare quotes. Seniors should get quotes from both national and local companies in order to get a good idea of what coverage is out there.

Insurance premiums and subsequent coverage vary from insurance company to insurance company. In order to make sure you are getting the best coverage at the best price, seniors should do their research and get multiple quotes. Calling companies to speak with an insurance agent can also be very beneficial.

Get Quotes on Auto Insurance for Seniors Today

Ready to get a Senior Auto insurance policy? Call us today to get a free car insurance quote. Make sure you let us know your zip code, your driving history, and information on your car(s). By providing us with all this, we can get a better idea of the coverage you need.

You can get a quote either at one of our many locations or online via our website and mobile app. You can also start your quote over the phone. Get Senior Auto Insurance coverage today and drive worry-free tomorrow.

For more information about Car Insurance for Seniors or to receive a personalized auto insurance quote, call Insurance Navy™ today at 888-949-6289.

*Senior Auto Insurance may not be available in every state, please call an insurance agent for more information.