Senior drivers have numerous ways to lower their auto insurance rates. You could save by enrolling in driver safety courses, increasing deductibles or bundling policies or shopping around.
State Farm boasts the lowest average rates for seniors, and their network of agents makes it simple to connect with an agent near your location. They have earned top marks from both J.D. Power customer satisfaction research and the National Association of Insurance Commissioners complaint ratio ranking systems.
Discounts
Many car insurance providers provide discounts for seniors. These may range from simple loyalty discounts, bundling policies or increasing deductibles, and more specialized policies that cover usage-based or pay-per-mile insurance for those driving less often post retirement.
AARP provides competitive rates, coverage options and discounts tailored specifically for drivers over 50. Travelers also offers good premiums to senior drivers while maintaining outstanding customer service; however, some individuals have made complaints regarding its claims process.
USAA provides military-connected seniors with discounts and benefits that make their insurance cost effective, such as discounts from USAA membership. Their ratings on WalletHub and J.D. Power are fantastic; USAA ranks amongst the cheapest car insurers for seniors in most states (though coverage only extends to 31). Meanwhile, The Hartford has an affordable option available to drivers over 50 with limited claims processes and customer service issues; moreover their customers often express displeasure about this program.
Choosing the Right Coverage
As you age, your auto insurance rates may increase due to insurers considering seniors as more of a driving risk than younger drivers. They’re more likely to take medication that impairs driving abilities or develop health conditions that reduce reaction speed in dangerous situations; according to the Centers for Disease Control and Prevention’s research, people aged 70 years old experience higher accident rates than drivers ages 24 through 54 years old.
To reduce car insurance costs, check with your insurer to see if any discounts may apply to you, such as for mature drivers, AARP members and those completing defensive driving courses. In addition, lower your rate by opting for less costly vehicles or bundling policies and paying upfront.
GEICO provides some of the lowest car insurance rates for senior drivers, as well as a guaranteed renewal program that could protect you from having your policy cancelled when over 60. Furthermore, this company boasts national presence with local agents across all 50 states; customer service rating by JD Power was high while AM Best’s financial strength rating is outstanding.
Shopping Around
Many insurance companies provide policies specifically tailored to senior drivers. These may include discounts and coverage options to make car insurance more cost-effective for them, taking into account factors like car type (easy repairs/replacements/safety features can have lower premiums) as well as your location; certain insurers charge higher rates in certain locations.
The Hartford is partnered with AARP and offers seniors competitive car insurance at highly competitive rates with multiple coverage options and discounts available to them. State Farm also provides competitive rates, broad selection of coverage and numerous discounts; their customer service has received mixed reviews however. USAA stands out as a great choice with rates among the lowest available and offers a variety of discounts like bundling home and auto policies together and increasing deductibles as additional incentives.
Raising Your Deductible
If you have substantial savings and retirement income, increasing your deductible could lower car insurance premiums significantly. Doing this could save money on collision and comprehensive coverage if you can cover a higher deductible should an accident occur.
Take a defensive driving class offered online through organizations such as AARP or the National Safety Council and you could earn a discount on your policy. Such courses will teach you about how aging and medication affect your driving, and also provide tips on safe driving practices.
Geico provides seniors looking for affordable auto insurance a great value, offering competitive rates and generous discounts, excellent customer service and top-tier pay-per-mile programs that could save them up to 10% of their annual premium costs. Also worth considering for older drivers is Nationwide with their pay-per-mile program which could save them money if no longer commuting – saving them both money and hassle on annual premium costs!