Senior Living: Senior Car Insurance

piggybankSeniors often worry about whether their car insurance rates will remaining affordable and in their budget as they get older. This is a valid concern given that many insurances premiums rise as you age. Life insurance, for example, is largely dependent on your age and as you get older rates can increase substantially.

Older vs. Younger Drivers

For auto insurance, however, rates often go down as you age – to a point. When compared to the rates for younger drivers in their teens and early twenties, senior rates are generally much lower and more affordable. Of course, car insurance rates are always dependent on your personal driving history, but if you have a good record you should not expect any huge increase in rates as you age, at least into your fifties and your sixties. In fact, your age and solid driving record should result in your car insurance rates going down. However, as you get older, rates may start to increase – especially for drivers over seventy-five.

Finding Cheap Senior Car Insurance

Once you hit your seventies and eighties, however, you may see age related increases in your auto insurance rates. These drivers may be considered “high risk” even if they have a perfect driving record. Compared to teenage drivers, your rates will be much lower, but they will also likely be higher than when you were in your fifties. For seniors on fixed budgets, these increases can be a cause of great concern and also frustrating, especially for those with stellar driving records.

If you are in this group of drivers and are facing a rate increase, there may be some actions you can take to lower your premiums. This includes installing certain safety equipment in your car or taking a defensive driving class. If you only drive infrequently, this can lower your rate as well (as about “low-mileage discounts”). You may also want to research rates on a yearly basis, especially if you notice a substantial increase due to your age.

Regardless of your age, you should do your research and compare rates. Modern seniors who are computer savvy may be able to find the best rates through researching different insurance companies online.

About Susan Day

Susan Day is a mother to two beautiful daughters and a grandmother to one adorable five year old boy. She is determined to live an active, happy life well beyond here current 70 years of age!