Secrets to Lowering Car Insurance Costs That Seniors Should Know About

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Everyone knows, that owning and driving a car can be very expensive. But did you know, that it gets even more expensive once you reach the ripe-old-age of 55? That’s right. Every year, insurance companies adjust the premiums that they charge senior citizens, increasing their coverage rates with each passing birthday.

If you’re still driving well into your golden years, better keep reading to find out how you can lower your car insurance costs.

Why Do Insurance Companies Increase Their Rates for Seniors? 

Statistics show, that people, especially drivers aged 70-years-old and above, have a bigger chance of getting into serious car accidents than everyone else, the main reason why their premiums are higher. 

This is because older persons deteriorate physically as they age, affecting their coordination and ability to drive. Many, for example, are forced to operate vehicles despite failing eyesight, while others, become impaired by the medications they are taking or by the medical conditions they are suffering from.  

Tough spot you’re in if you’re a senior, but what if we told you that there are ways to work around it?

Look at What Other Insurance Companies Have to Offer.

You’ll be surprised that not all car insurance companies charge the same rates. Premiums can vary quite a lot between insurance companies so ask around and get as much information as you can before you sign up. Many providers offer customer discounts and packages which give you more value for your money. The key is to always ask. 

Some companies offer plans that combine other types of insurance coverages under one policy. These may look expensive at first but actually give you more for your premium payments compared to when you sign up for each individually.  

You can also declare other people in the coverage. Multiple drivers under one plan can also get you lower rates. 


Choose the Right Car

Certain cars get charged higher insurance premiums, which is why choosing the right vehicle helps lower insurance costs. Newer cars usually get charged higher rates, particularly for collision and comprehensive coverage, however, green or eco-friendly variants get discounted rates. 

Cars with high safety ratings also get charged lower insurance rates, so get in-the-know of which brands and models are the safest, particularly those that have good crash protection. Things like size and weight, air bags, anti-lock brakes, rigid roof structure, crumple zones, and seatbelts should be taken into consideration as these help determine a car’s safety. 

Some examples of cars in the market that are cheap to insure are:

  • Jeep Compass
  • Subaru Forester 2.5i
  • Ford Escape
  • Jeep Renegade
  • Honda CR-V
  • Honda HR-V
  • Mazda CX-3
  • Subaru Outback 2.5l
  • Jeep Wrangler
  • Honda Odyssey LX

Make Sure That Your Car is Up to Standard

Insurance companies assess all vehicles, regardless of its age, when coming up with their rates.

Newer cars equipped with safety and security features such as anti-theft, anti-collision, automatic emergency braking systems, adaptive cruise control, etc. are more likely to get lower insurance rates than cars that do not have them installed. Older cars that come with anti-lock brakes, air bags, daytime running lights and electronic stability control, also get lower insurance rates than contemporaries that do not have them. 


Get Your Health and Your Driving Skills Assessed

Many don’t realize that our driving skills deteriorate over time, which is why we need to have these assessed every now and then. Assessments help us evaluate how we perform on the road and also give insurance companies an idea how safe we are being behind the wheel. The more proficient we are, the more likely these insurance companies will lower our premiums.

Taking a refresher course to sharpen your driving skills can also help lower insurance rates, especially if you’re 55 and above. State-approved classes on safe driving, road rules, and driving habit correction, as well as defensive driving courses are conducted by the AAA, AARP and the National Safety Council. These classes can set you back by as much as $45 dollars per class, so make sure to check with your provider first if taking one gets you a discount. 

Clinical tests, on the other hand, are done to assess if you are healthy and fit enough to operate a vehicle. They also help insurance companies determine whether or not you need specialized technology to help you operate your car. In other words, the healthier you are, the less need you will have for these gizmos and the less likely you are bound to get into a bender, driving your insurance lower. 

Let Your Insurance Provider Know That You’ve Been Driving Less

Informing your insurer that you’ve been spending less time behind the wheel will also lower your rates since you’ll be less likely to find yourself in an accident. Additionally, a car that isn’t driven as much doesn’t wear-out as much, further lessening the need for maintenance and parts, things that drive insurance rates up. 

To help them compute what rate they should quote you, insurance companies will most probably install a tracking device in your car to help them assess your driving habits. These devices keep track of how much time you spend on the road and how far you drive during a particular period. It also alerts them when you use your vehicle, and if you drive fast, or break hard, two things that will most likely deem you unsafe and therefore drive your insurance higher.