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Auto Insurance for Elderly Drivers: Are There Special Rules for You?

Updated: October 25, 2018

Getting auto insurance for elderly drivers is all about knowing how to get the best discounts.

While there is a factual basis for why insurance companies charge more from elderly drivers, it does not mean individuals cannot save on insurance.

Saving money on car insurance for the elderly is all about knowing the factors insurance companies prioritize in terms of offering discounts.

For example, seniors can get discounts for driving less per year, taking defensive driving classes and much more.

Here is a deeper explanation of auto insurance for elderly drivers and a look at how you can save on insurance rates for older drivers.

What is Auto Insurance for Elderly Drivers?

When looking at auto insurance for elderly drivers, it is important to understand that the same rules for car insurance apply in this situation. It is important for elderly drivers to think about what parts of an auto insurance policy are most important to them.

Elderly drivers must also understand that insurance companies will charge them more in monthly premiums when compared to people aged 20 to 49.

A typical auto insurance policy for a senior individual will have liability, comprehensive and/or collision coverage included. Depending on the individual’s financial status, car value and driving situation, they may choose to only get liability coverage, or have all three forms of coverage for a thorough policy.

Elderly drivers must also understand that insurance companies will charge them more in monthly premiums when compared to people aged 20 to 49.

Why does this happen? Because insurance companies believe that seniors are more likely to cause accidents than the other group of drivers. Unfortunately, this belief is backed up by driving statistics from around the country.

This means that a 60-year-old man with the same driving history and claims record as a 40-year-old man will probably pay more for auto insurance.

How to get Cheap Car Insurance for the Elderly?

Despite the fact that senior auto insurance often costs more than regular car insurance, it does not mean the elderly cannot save money on their policies.

If you are looking to get more than one insurance policy, such as health insurance or homeowners’ insurance, get it from the same company as your auto insurance policy.

There are many ways to save on auto insurance for elderly drivers, such as asking your insurance agent about the specific discounts offered by a company. Many companies have discounts for belonging to a group or organization, having a great driving history, taking defensive driving classes and improving your car’s safety rating.

It is also possible to get discounts by only driving around for a specific number of miles per year. For example, drivers who go less than 5,000 miles per year will get a low-mileage discount from an insurance company.

If you are looking to get more than one insurance policy, such as health insurance or homeowners’ insurance, get it from the same company as your auto insurance policy. This triggers multi-policy discounts, which can save you a lot of money.

Defensive driving classes may seem time consuming, but they cost very little money, are fairly informative and will save you a significant amount of money on auto insurance.

Discount Insurance Rates for Elderly Drivers

There are also other ways for getting lower insurance rates for elderly drivers. For example, seniors can trade in their bigger and more expensive vehicle for a cheaper model. Less expensive cars are going to cost less to insure, because it is cheaper to get replacement parts.

Seniors may not want to replace their older cars for a newer, more technologically advanced model.

Seniors should not be driving massive vehicles such as SUVs or trucks, because these cars are usually coming with much higher auto insurance premium.

If you get into an accident in an SUV or truck, you will probably cause significant damage to someone else’s car. This fact, combined with being an older driver, means the insurance company will give you much higher premium quotes.

Seniors may not want to replace their older cars for a newer, more technologically advanced model. In this case, it is a good idea to get added safety features to those older vehicles to ensure they are up to standard.

Improving a car’s safety rating will result in the insurance company offering premium discounts.

Tips for Saving Money on Auto Insurance Rates for Seniors

Seniors who no longer work on a daily basis can reduce the amount of miles they put on their car every year. Not only does this mean you can spend more time relaxing at home, but it also results in lower insurance premiums.

Some insurance companies even provide you with a specific device that you can attach to your vehicle to track how many miles you travel.

Auto insurance companies recognize that drivers who do not put that many miles on their car have a lower chance of getting into an accident. This translates to lower premium rates.

Do not hesitate to get a GPS tracking device for your car either. These LoJack style systems make it a lot easier to track a misplaced or stolen vehicle, which means you will get a discounted rate for comprehensive insurance coverage.

Some insurance companies even provide you with a specific device that you can attach to your vehicle to track how many miles you travel.

This device can also track when you are driving. Individuals who take their car on the road during statistically less busy hours will have lower premiums, because they have a reduced risk of being in an accident.

Shopping Around for Auto Insurance Coverage

This is a rule that applies to all insured individuals, whether you are under 18 or a senior: shop around for auto insurance coverage.

When you shop around for insurance and you have a good driving record and existing coverage, companies will offer many discounts and incentives to join them.

One of the best ways to get lower auto insurance rates for seniors is to look at what the competition is offering. If you have been getting insurance coverage from the same company for the past 10 years, you probably missed out on a number of discounts during that time.

When you shop around for insurance and you have a good driving record and existing coverage, companies will offer many discounts and incentives to join them.

This is great for seniors who may regularly see higher rates because of their age, because it gives them an additional way to save money on auto insurance.

If you shop around, you are also forcing your existing provider to offer you discounts and incentives to renew your policy when it expires. This gives you the best of both worlds. Either you get a new, discounted policy, or you get to stay with your existing provider at a lower rate.