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Senior Auto Insurance: What Coverage Should You Get for Your Car?

Updated: November 1, 2018

There are many positives and negatives to getting a senior auto insurance policy.

Many seniors get good rates on their auto insurance policies, because they have demonstrated their ability as a safe driver over a period of many decades.

However, seniors are also part of a group that statistically causes more car accidents than those individuals aged 26-49.

Being in this group means that some insurance companies may raise your premiums as you get to the age of 50 and beyond.

There are ways to ensure that you always pay low amounts of money per month for your auto insurance policy.

What is Senior Auto Insurance?

Senior auto insurance is a type of auto insurance policy that is given out to individuals aged 50 and older. There are many factors that go into determining how much a senior auto insurance policy will cost.

Since they do not need to use their car as much, they can get less coverage, while still retaining the legally required levels of auto insurance.

The first factor is how much coverage the insured individual is requesting. If you are a senior who is still working on a daily basis, you will probably drive a fair amount every single day. This means you will need a thorough insurance policy, which will carry larger premiums.

In contrast, someone in their late 50s and early 60s who is retired may not have to spend as much on auto insurance. Since they do not need to use their car as much, they can get less coverage, while still retaining the legally required levels of auto insurance.

Seniors must remember that the specifics of auto insurance do not change for them. All policies are comprised of liability, comprehensive and/or collision insurance coverage.

Much like other citizens in a fault insurance state, seniors are required to get liability insurance.

How Does Age Impact Auto Insurance?

Age has a major impact on a person’s auto insurance premiums. If we look at broader picture, we know that young men pay the most for auto insurance. Young women also have high premiums, while men and women between 20 to 49 statistically pay the least for coverage, because they cause the least number of accidents.

Car insurance for seniors is also determined by the individual’s health.

When it comes to being an older individual, you are probably going to pay more money for auto insurance. This is especially true if you compare your policy to someone who is 29 and has a similar claims and driving history.

Car insurance for seniors is also determined by the individual’s health. For example, insurance companies might be concerned that a senior individual has problems with their eyesight, which increases the risk of causing a car accident.

However, being older does not automatically mean that you will pay more for your policy. For example, someone who is 55 years old and has no accidents on their record, or traffic tickets, will pay a lot less for insurance than a 30-year-old with one or two accidents on his record.

Seniors can also take advantage of other discounts on insurance policies.

How to Save Money on Senior Auto Insurance?

There are multiple discounts available for senior auto insurance, but it is important to ask your insurance agent about these discounts specifically.

Individuals who drive below a certain level of miles per year, such as 5,000 miles, are eligible for low mileage discounts.

For example, many insurance companies offer a discount if you are claims free for more than a certain number of years. As each year goes by without any claims, your insurance premiums continue to decline.

Individuals who drive below a certain level of miles per year, such as 5,000 miles, are eligible for low mileage discounts. This discount is available from almost every major auto insurance company in the country.

Having more than one type of insurance policy from the same company makes you eligible for group discounts, while having more than one vehicle insured by the same company also comes with rate reductions on each policy.

Senior auto insurance is also cheaper if you pay your premiums up front at the start of the year, as opposed to paying on a monthly basis. This also helps keep you covered at all times.

Affordable Senior Auto Insurance Rates

Getting an affordable senior auto insurance policy is all about knowing what you need. There is no point in having items in your auto insurance policy that are not benefiting you in any way.

As you get older, you should give more consideration to taking defensive driving courses.

For example, seniors with older cars should seriously consider removing comprehensive and/or collision coverage from their insurance policy. This is especially true if your vehicle is only worth $1,000 to $3,000. It does not make sense to pay so much for auto insurance for a car with such a low value.

As you get older, you should give more consideration to taking defensive driving courses.

Not only does this show that you take driver safety seriously, but it also demonstrates to the insurance company that you have lost none of your driving skills.

Getting regular health checkups, especially related to your vision, can help assure an insurance company that your old age is not having any impact on your ability to drive safely. Individuals who are in their 60s and 70s can certainly benefit from this.

Things to Note About Senior Auto Insurance Companies

Any major auto insurance company in the United States will offer senior auto insurance. Unless you have many accidents on your record, or a DUI in the past few years, no insurance company will turn down the chance to cover a senior individual.

It is a much better idea to go with an established company that offers a multitude of discounts, along with excellent customer service and rapid claims processing.

As you get older, there is a temptation to find every possible way of saving money. This is especially true if you are approaching retirement.

But it is a grave mistake to consider a senior auto insurance company that has only been in business for a few years. These companies are too new to have a proper history of reliability, good service and trustworthiness.

It is a much better idea to go with an established company that offers a multitude of discounts, along with excellent customer service and rapid claims processing.

The newer company may save you a few dollars per month on your policy, but they could also cost you hundreds or thousands of dollars if they do not treat you in the right manner when you file an auto insurance claim.