As most drivers 65 and older have probably noticed, senior drivers tend to pay higher premiums than their middle-aged counterparts. This increase in price is due to a perceived increase in risk -- older drivers tend to get into more accidents, largely because of dulling reflexes.
Even among senior drivers, prices increase by the decade. Drivers around 65 may notice they pay more than they used to, but the increase likely isn’t extreme. Drivers in their 70s, and those in their late 70s specifically, are going to notice a sharper rise in their rates, which will certainly take its toll on their wallet. Once a driver hits 80, the risk of accidents is much higher and the rates jump to reflect that -- and these rates, combined with the increased risk of accidents, often make maintaining a license simply not worth it.
Although paying more for insurance can feel unfair, it’s important to keep in mind that some senior drivers are better off giving up on the road. As reflexes dull and other medical conditions, including eyesight problems, become more of an issue, aging drivers that recognize their own abilities degrading should weigh the risks of continuing to drive. However, for drivers who haven’t yet had issues with their reflexes or health when it comes to driving, and who likely still need to drive in their daily life, finding ways to save despite higher rates is a priority. For helpful tips on lowering car insurance costs as a senior driver, read on.
As with any driver type, senior drivers should always look into discounts when searching for car insurance. There is a myriad of discounts available, whether they’re based on driving habits, demographics, or vehicles, and senior drivers should take advantage of as many as possible. Here are just a few to consider:
Using the discounts available to you can lead to notable savings on insurance, even if the percentages seem small on paper. As not all carriers are upfront about all the discounts they offer, make sure to ask about which ones you’re eligible for before signing up for a new policy.
Besides discounts, there are several ways senior drivers can try to decrease their insurance costs:
Shop around: As with any type of driver, shopping around for insurance is a must. Drivers that stick to the same provider for years and drivers that go with the first carrier they get a quote from both end up overspending on insurance in the long run. The insurance market changes constantly, and most carriers don’t reward loyal customers with low prices. By consistently comparing quotes and policies, senior drivers can find lower prices and better coverage.
Get a newer car: In most cases, driving a newer car with updated safety features means lower insurance costs. In the case of seniors, it’s important to weigh the costs before going out and purchasing a new car, however -- consider how much longer you expect to be driving and calculate if the savings on insurance are worth it compared to the cost of a new car. If you do think you’ll be driving for long enough to make the purchase worth it, you may also find yourself feeling safer in your new car as a bonus.
Try a low-mileage policy: Seniors who are no longer making long commutes to work may find the amount they drive has fallen significantly. If this is the case, looking for a provider that offers plans that benefit low-mileage drivers may be a good idea to consider.
While senior drivers who are still in good shape to drive are understandably frustrated by the higher rates they’re asked to pay, finding low-cost insurance isn’t impossible. By utilizing available discounts and using our site to compare quotes easily, it’s possible to find even lower prices than you paid before you turned 65.
Senior drivers do not have to overpay. Enter your zip code now to compare the best quotes from companies that specialize in senior drivers. Start saving today!