Did you know that senior citizens can get driver discounts and senior discounts on their car insurance costs?
Well, we’ve got a simple guide to help you get the coverage options that you need and save money while you do.
Here’s what you need to know.
Does Car Insurance For Seniors Cost More?
Not always, no. Car insurance for seniors can vary in cost, unlike health insurance for seniors which is always more expensive (and sadly, there’s no Medicare/Medicaid for auto insurance).
From 60 to 69, the rate goes up slightly but auto insurance for this age bracket is, in fact, cheap. The cheapest car insurance is for people in their 50s but the next cheapest is for those senior drivers in their 60s.
Sadly, after that, premiums do start to climb as car insurance companies tend to see older senior drivers as a higher risk for accidents.
This is because age-related physical and mental issues can make it more likely to have an accident.
How To Get The Best Car Insurance Rates
If you want to keep your premiums down you can take certain steps with auto insurance companies to get the best insurance discounts for seniors.
- Comparison shopping. It’s unlikely that you’ll find the best car insurance company for senior car insurance the first time you enquire about auto insurance rates. So, shop around and make sure that you get, at least, three quotes on insurance rates for seniors before you commit to any policy.
- Senior drivers must ask for discounts. We cover this in our guide to discounts for seniors, but it never hurts to ask for a discount for being a senior. You may not always get one and the best auto insurance quote you get might not have auto insurance discounts for senior drivers but it really can’t hurt to ask.
- Take a defensive driving course. Insurance companies love to see that you’ve taken one of these courses and, in fact, some states now mandate this for anybody over 50 anyway. Older drivers won’t need an insurance company for seniors if they can get cheap car insurance including full coverage from any company.
- Learn to drive less. Your annual premium can be designed to reflect your use of the car. Older drivers can often save a decent amount on their car insurance premiums because as a mature driver, they use their car less often and won’t cover as many miles as when they had a job, Insurance companies offer discounts on this basis all the time.
- Maintain a good record of driving safely. Your car insurance premium reflects the cost of car insurance to the company. A good driving record for a senior driver means you are a lower risk and thus, your average annual fee, can be reduced due to your driving record.
The Best Car Insurance Companies For Seniors
Nationwide – The Most Affordable
Nationwide is generally the cheapest car insurance company for seniors and you can keep your premium under $100 a month.
There’s no official “senior discount” but they do offer multi-policy bundles (which can include roadside assistance, rental reimbursement, gap coverage, etc.) and safe driver discounts. You may also find that AARP members get a discount depending on their current promotions.
GEICO – If You Have A Clean Driving Record
GEICO isn’t always as cheap as Nationwide but if you have a very clean record, they can be cheaper.
On average, their premiums are the second cheapest across all ZIP codes but it’s important to hunt around for quotes anyway as they may be more/less expensive in your ZIP code.
Their policies offer a wide range of coverage including emergency road service, mechanical breakdown coverage, accident forgiveness, and even rideshare coverage. But higher-risk drivers are like to see higher than average premiums with GEICO as are those who make a habit of collecting parking or speeding tickets.
In some states, they also offer a “prime time” contract which guarantees they will renew your policy every year after you turn 50.
Progressive – The Best Option For High-Risk Drivers
Progressive is not as cheap as the other two options on this list as a general rule but for seniors with a less than stellar driving record, they may work out cheaper than the two others.
If you want a usage-based plan, they also have a “SnapShot program” which supplies a plug-in telematics gadget for your car.
This monitors how much you use your car and then charges you based on both your mileage and your driving habits.
State Farm – Basic Coverage Options
State Farm is not the cheapest option but State Farm does offer the most basic set of coverage which can work out lower cost than average. State Farm is often a preferred choice of senior drivers.
Final Thoughts On Auto Insurance For Seniors
Your car insurance policy may not have a specific senior discount but you can certainly get a decent deal on your car insurance coverage by following our tips above.
Driving doesn’t have to be expensive after you retire.