Deciding on a car insurance policy is tough for everyone, but it may be especially important for many seniors. When you’re on a fixed income and your reflexes may not be as sharp as they used to be, you may have to weigh auto insurance costs against the type of coverage that will benefit you most. If you want to lower your car insurance rates and make sure you’re safe on the road, these tips will be of benefit to you.
- Take a class, get a discount
At any age, it’s a good idea to brush up on your driving skills. But as a senior, you might really be rewarded for your efforts. Taking a class in-person or online through AARP, AAA, and others can allow you to get a refresher and reduce your car insurance premium. These classes are often geared towards seniors in particular and may cover helpful topics like how age and medications may impact your driving, new state laws, and situations that many seniors face behind the wheel. Not only will you be able to make better decisions while driving, but your premiums may be reduced by 5% to 15% as a result.
- Choose a non-costly vehicle
There are several factors that play a part in determining your insurance premiums, and your choice of car is one of them. If you’re driving an insured vehicle that’s notoriously expensive to cover, you might want to think about switching up your vehicle. You might be surprised by just how much you can save by choosing a car that doesn’t come along with extravagant repair costs and that’s considered to be very safe. In 2015, the average cost to own and operate a sedan was around $8,558. But if your car is in any way rare or luxurious, your premiums will probably be sky-high. While it’s nice to own a beautiful, coveted car, those costs may be keeping you from taking a vacation or saving for expenses down the road.
- Consider driving less
As we get older, a good way to prevent accidents is to stay off the road whenever possible. You might even consider looking into a usage-based insurance policy that determines your premium partially on how much (and how well) you drive your car. This can allow you to save money and ensure you don’t drive when you don’t need to. Retirees may also want to ask their insurer about reduced rates, as your premium may decrease when you don’t need to commute on a daily basis.
- Make your vehicle safer
Making an effort to protect your car will safeguard your possessions, but it may also have a positive effect on your insurance quotes. Anti-theft devices, alarms, disabling devices, tracking systems, rearview cameras, lane drift alarms, collision warning systems, and more can help to prevent accidents and criminal activity. Because of that, your insurer will likely realize that you won’t be as likely to file a claim due to these events. And that foresight can result in lower premiums. If you’ve made the effort to equip your car with these features, be sure to ask your insurer about related discounts.
Saving money on your car insurance may not be the most straightforward task, but it’s an important one for many seniors. By following these tips and requesting quotes from several insurers before making a decision, senior drivers can increase their overall safety and potentially reduce their premiums.