Auto insurance is a complicated, frustrating part of life that everyone must deal with. For seniors, though, it can be an even bigger challenge. Although for drivers between 30 and 65 years old rates are notoriously lower, and most states must offer senior discounts by law, car insurance costs slowly increase each year as you progress past that age range.
However, many companies offer different ways for deals to be found to help seniors with that rise in rates.
Some of the most popular penny-pinching finds are Allstate’s senior discount, a yearly driving test, and insuring a cheaper car. Like any complex and sometimes problematic purchase, you should do your shopping before accepting a policy with high rates.
You should never go flying into car insurance coverage if you haven’t looked around at your other options.
There are loads of different ways to find discounts and put that money in your wallet. So, first things first. If you’re a senior looking to find some extra cash, here are some tips and tricks to help you save on pesky auto insurance rates.
Choose a Cheaper Vehicle
The simplest way to save money on auto insurance for seniors is by driving a cheaper, safer vehicle. If you retire and plan on purchasing an expensive sports car, you can guarantee that you’ll pay an enormous amount of money on your policy.
For the most part, the cheapest cars to insure possess a certain few common qualities. They are highly safe vehicles, they don’t cost a lot to purchase or repair, and they are driven by experienced, safe drivers.
According to the Insurance Institute for Highway Safety (IIHS), the safest vehicle of 2020 is the Subaru Crosstrek. Small, secure, and great-on-gas cars will always save money on auto insurance rates as you get older.
So if you find yourself paying too much for your policy, try trading in your gas guzzler for a Subaru.
Take a Yearly Driving Class
Another sure-fire way to earn discounts on your auto insurance is by taking a yearly driving class. Many seniors will go decades without taking a driving test, and it can make your policy skyrocket.
It’s only natural, but as you get older, your eyes and mind begin to worsen, both of which you heavily rely on behind the wheel. While eating healthy foods that boost your immune system can combat this, it doesn’t solve the issue altogether. However, if your insurer knows that you pass a yearly driving test, they will be more inclined to give you safe driving discounts.
Groups like AAA and AARP will offer in-person tests that brush up on everything from road signs to right-of-ways. These classes typically will cost less than $25 and could save you hundreds of dollars on your annual policy.
Check Out Anti-Theft Devices
Many people add gadgets to make their ride their own, but adding an anti-theft device could equal savings on your auto insurance policy.
These days technology is rapidly advancing in cars. Insurers have noticed this trend and will give seniors discounts when they have anti-theft devices. Alarms, vehicle tracking systems, and disabling devices are all qualified to provide you with a hefty discount on your policy.
Systems like OnStar can track your driving and keep you safe if an emergency is to occur. On newer vehicles, options such as Automatic Emergency Braking, blindspot warning, and adaptive cruise control can get seniors discounts.
Of course, it doesn’t have to be technologically advanced to save you money. Something as simple as a steering wheel lock can help save you a few bucks each month.
Fewer Miles Equals Fewer Dollars
If you’re finding yourself taking more Mediterranean vacations than driving to the kid’s house in Georgia, you may need to report that to your insurer.
The way auto insurance policies work is that the more you drive, the more coverage you need. If someone commutes 60 miles a day, they will pay far more on their policy than someone who works from home.
If you’ve recently retired or neglected to let your insurer know you don’t drive as much as you once did, you could be missing out on extensive discounts for driving less. Call your car insurance company and let them know how far you drive each month. If it’s less than it used to be, you’ve found yourself a discount without the hassle of changing your policy.
Additionally, you should consider utilizing a pay-per-mile car insurance policy. This could save you a ton of money if you only drive now and then. Instead of paying a flat rate each month, you pay only for the miles you drive.
Drop Unnecessary Coverage
The number one cause of expensive auto insurance is neglecting to drop the coverage you no longer need. As you get older, you operate a vehicle far less than you once did. You most likely don’t need rental car coverage anymore if you hardly drive to begin with.
If your vehicle is on its last leg, consider dropping your comprehensive collision insurance. Those types of policies will cover the car’s total value in the case of an accident, but if you still own your 1980 Oldsmobile, it’s probably not worth much money anyway.
Give your insurer a call and see what coverage could be deemed unnecessary for your situation.
Bundle Other Insurance Policies
We’ve all seen the annoying commercials about bundling home and auto insurance, but it’s true — you absolutely should. Bundling all of your insurance in one place will make insurers give you discounts to thank you for your business.
As a senior, you most likely own a home and car, and maybe even an RV or boat. Combining policies to cover all of your necessities in one will save you money collectively. The more policies you have with the same insurer, the more willing the company will be to give you a break.
Insurance Savings are Easy to Find
When searching for auto insurance discounts, something to keep in mind is that insurance companies will always give you a cheaper rate, the safer you are behind the wheel. If you barely drive, have an extremely safe vehicle, and take an annual driving class, you can often find a plethora of deals to choose from.
When you do your auto insurance shopping, be sure to check if the insurer offers these different ways for seniors to save. And if they don’t, consider changing to a different company that does offer these discounts.
Ethan Lichtenberg writes and researches for the car insurance comparison site, CarInsuranceComparison.com. He specializes in insurance and business writing and lives in sunny Tarpon Springs, Florida.
