Getting a Better Deal with Your Current Insurance Company
- Increasing your deductible can significantly lower your premiums. Raising your deductible from $500 to $1,000 can bring your annual premiums down by 15 to 20 percent, on average.
- Adjusting your coverage can also save you money. If you’re driving an older vehicle, you may want to consider dropping collision and/or comprehensive coverage if your premium is more than 10 percent of the car’s value.
Taking Advantage of Discounts
- Take a defensive driving course: Some insurance companies offer defensive driving discounts – between 5 and 15 percent – to drivers who take a refresher course to brush up on their safety skills.
- Report your mileage: Most insurers offer discounts to customers who drive limited miles each year, which is usually beneficial to retirees who drive less because they don’t commute to work every day.
- Bundling policies: If your auto insurance policy is issued by a different company from the one insuring your home, call each insurer and ask if bundling the policies would be cheaper.
- Driver monitoring: Some insurers offer discounts based on how and when you use your car, via smartphone app or a device that plugs into your car’s diagnostic port.
- Membership discounts: Many insurers offer discounts through professional associations, workers’ unions, large employers or membership organizations such as AAA, NARFE, AARP, etc.
- Improve your credit: You may be able to lower your car insurance premium by paying your bills on time and reducing the amount of debt you carry.
Additional Tips to Lower Your Auto Insurance Rates
| Tip | Description |
|---|---|
| Compare your policies | Use an insurance marketplace website or an independent agent to compare your current premium with other insurers. |
| Be mindful of your driving habits | Some insurers offer discounts for safe driving, such as accelerating slowly, braking smoothly and maintaining a safe following distance. |
| Drop unnecessary coverage | If you’re driving an older vehicle, you may not need comprehensive and collision coverage. Review your policy and consider dropping these coverage types if they’re not necessary. |
Don’t Forget About the Benefits of Being a Senior
Senior citizens may be eligible for discounts on other insurance policies, such as home and life insurance. Contact your insurer to find out what discounts may be available to you.
Final Thoughts
By taking advantage of the discounts and tips outlined above, you can lower your auto insurance rates and save money. It’s also a good idea to shop around and compare your policies with other insurers to ensure you’re getting the best deal.
Additionally, being mindful of your driving habits, dropping unnecessary coverage, and improving your credit score can also help you save money on your auto insurance premiums.
In conclusion, being a senior driver doesn’t have to mean paying high auto insurance rates. With a little research and effort, you can find ways to save money on your premiums and enjoy the freedom of the road.
Some notable discounts for senior drivers include:
- 5-15 percent discount for taking a defensive driving course
- 10-30 percent discount for safe driving through the use of a smartphone app or a device that plugs into your car’s diagnostic port
- 10-15 percent discount for bundling policies with the same insurer
It’s also worth noting that improving your credit score can lower your car insurance premium by up to 20 percent. By paying your bills on time and reducing the amount of debt you carry, you can qualify for better rates and save money on your auto insurance premiums.
By being proactive and taking advantage of the discounts and tips outlined above, senior drivers can enjoy the freedom of the road without breaking the bank.