Why Do Senior Auto Insurance Rates Tend To Rise?
As we age, our eyesight, hearing, reflexes, strength, and mobility may begin to decline. This can affect one’s ability to navigate a motor vehicle safely, and insurance companies, therefore, consider older drivers to be a greater risk – which leads to rate increases. Also, while seniors don’t get in more fatal accidents than non-seniors, they do have a greater risk of severe injury in non-fatal car accidents.
From age 55 and up, many people see gradually rising premiums. Only teenagers looking for auto insurance for the first time and those with poor driving records or with sporty, red muscle cars have a harder time finding affordable car insurance.
Additionally, many states have special rules relative to senior citizens getting their licenses renewed. Florida, however, is very generous to seniors and only requires license renewal every 6 years and a vision test at age 80.
How Can You Keep Your Premiums Low Later In Life?
If your insurer has raised your rates too high as you’ve gotten older, you may be looking for a new company to replace them. But whatever your current insurance situation, everyone likes to save money. Here are 7 ways to do that:
- Have a great driving record. By driving carefully and avoiding accidents, you lower your auto insurance rates at any age. An older person with a better record may pay less per month than a younger person with a poor one.
- Reduce your driving time. By using your vehicle less often or avoiding long trips, you lower your monthly mileage average, which then reduces risks and pulls down your premiums.
- Accept a higher deductible. If you rarely, if ever, get into an accident and feel comfortable with a higher deductible, raising it can definitely keep your car insurance rates down as you age.
- Get a safer car to drive. A newer vehicle with improved safety features can help bring down car insurance costs too. Rearview cameras for backing up and anti-collision alarms, for example, are taken into account by most insurers.
- Take a driving safety course. Through a local AARP center or another senior group, you may be able to take and pass a driving safety course to prove you are a safe drive. This could earn you a discount for several years.
- Agree to use a driving monitoring device. An app or other device that tracks you while driving can lower premiums by up to 40% in some cases – if it confirms you habitually drive safely.
- In some cases, seniors may pay less by being added to a relative’s insurance policy – someone they live with, if they intend to occasionally drive that person’s car.
These are only some of the creative ways that seniors can save on auto insurance. To discover more, contact Flagler County Insurance Agency today!