Automotive

Car Insurance for Older Drivers

Drivers aged 50 or more are, in general, considered a lower risk by car insurance companies. Even though age is a detrimental factor (seizures and heart attacks while behind the wheel are much more likely to occur in your sixties than for a thirty-year-old), insurers take into account the experience and the driving history.

Statistics show that older drivers are much less likely to cause traffic accidents than younger ones, and even when these occur, they tend to be less severe, and the damages aren’t that serious. Seniors drive less, and when they do, they tend to move slowly and carefully, giving them less opportunity to be involved in an accident. However, this is a generalization, so just because you just turned 60 doesn’t mean that your insurance company will offer you a discount.

Will all drivers aged over 50 get cheaper insurance?

Long story short, no. The actual cost of your premium depends, among others, on your driving record and the number of claims you have filed in the last couple of years. Age also makes a difference: as you age, your eyesight starts to deteriorate, and medical conditions associated with age start to kick in.

Statistics show drivers over 70 are almost 15% more likely to file a claim than those in their forties or fifties. Therefore, as you reach 65, your premiums will gradually go up. Some insurance companies even refuse to cover motorists 80+ years old.

How to get cheaper insurance for older drivers

Just because you are 65 or close, it doesn’t mean that you should be paying more. The insurers have the general statistic model in mind when assessing your application, but your actual driving record counts. Here are some tips to get cheaper insurance.

  1. Drive fewer miles: If you are retired, you probably don’t need to commute daily. Apply for a restricted mileage policy, and if you drive less than 5,000 miles per year, you can get a significantly better rate because your risk exposure is low. Walk or use public transportation if you have to travel short distances.
  2. Enroll in defensive driving courses for seniors: Not only will such classes teach you how to be a better driver and brush up on your theoretical knowledge, but you will also be entitled to a discount from your insurance company.
  3. Drive carefully: A spotless driving record is imperative if you want reasonable insurance rates.

How To Get The Most Affordable Insurance At Any Age?

With unemployment rates reaching new highs and a never-ending recession, proper budget management is imperative for most American households. We all want the best performance for the money spent, as is the case with car insurance. Regardless of age, there are general ways to get cheaper insurance rates. Here are five tips for getting the most affordable auto coverage:

  • Shop around

There are many factors that an insurer takes into account when deciding how much to bill you, and no two drivers have the same profile. This is one of the critical factors that will help you get cheap auto insurance with a low down payment policy. Don’t listen to your friends, family, or neighbor Bob who says company X is the best. Don’t listen to TV commercials, either. What has worked for neighbor Bob might be a lousy deal for you.

  • Enroll in defensive driving courses

Your local DMV offers such classes, usually listed on their website. You pass a defensive driving course that will teach you how to be a better driver and give you a discount of 10% of the retail value. Given that the mean cost of auto insurance in the United States is around $2,000, this tip alone will save you an excellent $200 a year.

  • Arrange for cheap payment methods

Buy now, pay later car insurance may have been a good alternative back in the late nineties. However, most companies will charge you a nominal fee of $5.00 or $10.00 per processed check. It may not seem like a large amount, but it will pile up to quite a consistent value over the lifetime of a policy. Instead, bill the expenses on a credit or debit card or use EFT payments. These alternatives are free or very cheap.

  • Look for a group discount

Many companies have teamed up with some organizations and clubs and will offer their members a discount of a few percent. These can be golf clubs, college sororities, or credit unions, but you can get a cheaper rate just for holding a credit card issued by a certain institution. Make sure you ask for a list of organization affiliations — you may be nicely surprised!

  • Monitor your credit rating

Keep your credit clean if you want cheap auto insurance at the Praetorian insurance company. The original purpose of the credit scoring system was for banks and other financial institutions to assess your ability to repay a loan. However, these days, everybody queries the credit bureaus: landlords, phone companies, and insurance carriers. A poor score shows a lack of responsibility — if you cannot pay your bills on time, you will probably miss insurance payments too. Also, from a statistical perspective, people with low FICO scores tend to file claims more often.

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