Car Insurance for Older Drivers
How to get cheapest car insurance rates if you are a senior citizen
Many older drivers or senior drivers have an opportunity to save significant money on their car insurance, especially if they’ve been with the same auto insurance company for years.
Update your information
One of the easiest ways to save money is to simply update your information with your auto insurance company. If your lifestyle has changed, if you’ve retired and no longer commute to work, or if you’ve gotten older (haven’t we all?), it’s a good idea to contact your insurance company and update your profile.
Ask about discounts
Auto insurance companies give discounts for a wide variety of things, such as multiple car discounts, safe driving discounts, retiree discounts, AARP membership discounts, discounts for having a good credit score, discounts for on-time payments, making quarterly/semi-annual, or annual payments rather than monthly payments, and discounts for agreeing to receive your bills online instead of getting paper bills in the mail.
Your qualifications may not only get you discounts but may also allow your insurance company to switch you to another one of their underwriting partners that has much better rates. If you have been with the same insurance company for years, this is something you should consider. Some companies may not be able to switch you if you are not a new customer, or you may already be getting the best rates from their current underwriter. In that case, you should consider changing to a new insurance company so that you qualify as a new customer (see list of recommended companies below).
It is especially important to get car insurance rate quotes from multiple companies if you have had an at-fault accident in the last five years. The “penalty” for accidents varies significantly between auto insurance companies. A company with the highest no-accident rates might have very reasonable at-fault accident rates, and vice versa.
It is actually easier to get good car insurance rates now than ever before. The reason is that the business is so competitive. Each company wants your business and knows that you may be looking at multiple companies and searching for low rates. Just notice all the commercials on TV now for auto insurance companies. It’s hard to go an hour without seeing at least one ad from Geico, Progressive, State Farm, or Allstate.
Another reason to reexamine your insurance is that car insurance is not a constant. It is constantly changing. State laws that regulate insurance companies frequently change the rules on rates and how companies can do business in that state. Insurance companies change. There are rate adjustments, new discount programs, qualification rule changes, and changes with underwriting partners.
Changes happen so frequently, that you should ask your insurance company at least once a year to take a fresh look at your policy and premiums. Your insurance provider may not volunteer to do this automatically unless you ask. Don’t assume they are looking out for your best interests.
It is also wise to check rates with other companies at least every six months. The company with the best rates this year will almost certainly not the company with the lowest rates next year.
Get free auto insurance rate quotes online
You can get free online car insurance rate quotes and easily compare costs.
The easiest and best way to find the cheapest auto insurance for senior drivers is to compare rate quotes from multiple insurance providers.
Here are companies we recommend:
Liberty Mutual Insurance – A well respected national insurance company known for its customer service and customer-friendly policies such as attractive rates, easy rate quotes, 12 month rate guarantee, teen driver discounts, hybrid discounts, and more. Customers who switched saved an average of $509.
Esurance – Single provider, one of the top names in personal auto insurance. Esurance is part of the Allstate family of companies and, as such, has the financial backing to offer great insurance rates, great discounts, and outstanding service when it comes time to make a claim.