Auto Insurance For The Elderly
How to Get Cheap Auto Insurance for Elderly Drivers
People are currently living longer than those in past generations. In fact, the census for the United States predicts that by the year 2030 the number of people that are over 70 years of age will increase from the current 29.7 million in 2012 to over 52 million. In terms of driving, this means that there is going to be an increase in the number of senior drivers on the road as well as in the car insurance market.
If you are a senior driver or if you have a parent or relative that is a senior driver there are several things that you should know about car insurance for elderly drivers.
One of the benefits of getting older is the fact that you become eligible for discounts as a senior. Many car insurance companies will offer a reduced rate to drivers that make it to a specific age, for example above 50 years old.
In addition to the average senior driving discount, there are several other methods that you can use to save money on your auto insurance. These include:
- Often time’s insurance companies will offer discounts to seniors who complete and pass a course in defensive driving. Study up on your skills and you could save some money.
- Low Mileage Discounts: if you are not driving as much as you used to, for example, because you have retired and are not driving to work every day, you should let your car insurance company know. Typically, you will be able to save money under a mileage cap for each year.
- Purchase a safe car: vehicles that have been determined to be low risk or safe by the auto insurance company will typically qualify for a discount on your insurance plan. The IIHS has a list of vehicles that are the top safety picks for the year.
Make Sure You Have the Right Coverage
While there are typically insurance discounts given to those that reach a certain age requirement, the rates will tend to increase for those who are above that age. The reason for this is because as we age our reflexes become slower and our vision decreases. For these reasons, seniors present a bigger risk to car insurance companies. This increase in risk will result in premiums that are higher.
There may be some options available that will allow you to save money on your policy. When you are looking over your insurance policy you will want to consider several factors such as:
- Deductible: if you are not driving as many miles, you could consider raising your deductible amount in order to save money on your policy over the long term.
- Coverage: you may look over the optional coverage’s on your policy and find that they no longer are necessary. You could drop comprehensive coverage in order to lower your premium.
- Primary Driver: for those seniors who are not doing the majority of the driving of your vehicle, for example, your child tends to drive you most places, you could save money on your insurance policy by changing the person who is the primary driver of the vehicle.
Taking a few minutes to go over your car insurance policy in order to create one that will work best for your particular situation will ensure that you have the best possible policy that is the most cost-effective coverage.
Not Driving as Much
One of the most difficult things about aging is giving up your car. For many people, it is a symbol of losing their independence. However, as you get older or as your parents begin to age, it is something that you will need to think about.
If you or your parents are consistently driving slower or faster than the general traffic flow, you may want to consider giving up your vehicle. If you have any type of medical condition or if you are on a medication that impairs your concentration, reaction time, or vision, you will want to consider driving less or not at all.
The best way to lower the cost of your insurance while you are still driving is to make sure that you remain a safe driver. Educate yourself by taking a defensive driving course and investigate the possible senior discounts that are available to you in order to make sure you are getting the best possible rates. You also want to make sure that you have the best policy in place for your current situation.
Make sure that you monitor yourself or watch your parents for signs that it may be time to give up the wheel. While this may be a difficult thing to do, it may become necessary as you get older simply because your body is no longer capable of operating a vehicle safely.