Car insurance for seniors: Discounts and tips for saving

October 15, 2022

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While auto insurance rates are typically lowest during adulthood, you can expect your premiums to rise as you age, even if your driving habits remain the same and your driving record is clean. for drivers over 60, rates start to go up.

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The good news is that there are many ways to get more affordable auto insurance for seniors. Many auto insurance companies offer discounts to older drivers. they include retirees from savings or drivers taking a defensive driving course, for example. Plus, you can always look for new auto insurance quotes anytime your rate goes up.

Reading: Is car insurance cheaper when you retire

To help you find the cheapest rates, insurance.com has identified auto insurance companies offering low rates for seniors in 2022, even if you have a recent traffic violation. We’ve also rounded up details on available discounts for older drivers.

Here’s everything you need to know about saving money on car insurance at age 50, 60, 70 and beyond.

car insurance rates for seniors

Car insurance for seniors often costs more. older drivers as a group are more prone to accidents than their middle-aged counterparts. reasons for this include age-related changes in hearing or vision, slower reflexes, health conditions, and medications. Senior auto insurance rates tend to go up after age 65, but really go up after age 80.

In addition, regardless of the severity of the accident, older drivers suffer more serious injuries and more fatalities than younger drivers. this makes older people more expensive to treat after an injury. These factors can increase insurance claim costs, and those costs are passed on.

Will your insurance premiums go up just because you’ve gotten older? What happens if you have no accidents or fines? that depends on your insurance company, but the answer is that they probably will.

Insurance rates are determined in part by the entire group you belong to, not just your own driving record. That means the accident statistics for all seniors affect you personally.

data from insurance.com shows that older drivers pay more than middle-aged drivers as a group, but not much more. Explore our auto insurance calculator to see what rates apply to you.

state-mandated discounts for older drivers

While older drivers will eventually see their auto insurance rates increase, many states require drivers over the age of 50 to receive discounts for driving safely and/or taking approved driving courses.

for example, if you have an aarp membership, you can enroll in aarp’s smart driver course. This online or in-person defensive driving class helps you brush up on your safe driving skills and could help you get a multi-year discount on your car insurance. AARP’s Smart Driver Course is available in all 50 states and Washington D.C., but you should check with your insurance company to see if they will accept the discount.

In addition to the AARP program, older drivers can also take state-approved defensive driving courses through AAA and the National Safety Council (NSC). Depending on your insurance company and the course you take, you could be eligible for a 5% to 15% discount on your senior auto insurance premium.

what is the best auto insurance company for seniors?

We did some digging to find the best auto insurance companies for seniors, including the best companies for older drivers with speeding tickets, bad credit, an at-fault accident, and a dui on their record.

among the best for seniors with speeding tickets: chubb, erie and allstate

if you’ve recently been cited for speeding, chubb, erie and allstate are among your best options to keep your premium affordable. when we looked at the numbers, chubb increased rates by 14%, while erie increased rates by about 22% after a speeding ticket.

Among the best car insurance companies for seniors with a speeding ticket:

among the best for seniors with bad credit: kemper, nationally, and chubb

if you’re a senior with less than stellar credit, kemper, worldwide, and chubb are great options. Our data shows that these three insurers were among those with the lowest premium increases for drivers with bad credit. rates increased from 29% to 45%.

Among the best auto insurance companies for seniors with bad credit:

among the best for accidents: state farm, american family and erie

state farm was among the best when we looked at rates for seniors after an accident. An accident claim on your policy can result in a dramatic premium increase, but our analysis found that State Farm will only increase its rates by 30%. state farm is consistently ranked as one of the best insurance companies for seniors.

Other companies older drivers with an accident on their record should consider include American Family and Erie.

Regardless of which insurer you use, make sure you get all the discounts you qualify for. ask your agent to do a discount review to make sure all discounts apply to your policy.

Among the best auto insurance companies for older drivers in an accident:

among the best for dui: farmers, american family and progressive

A DUI will result in a dramatic premium increase regardless of your age, but farmers had the lowest increase of the insurers we surveyed. The company raised rates 58% after a DUI. american family increased rates by 64% and premiums increased progressively by 73%, and were still among the lowest increases.

among the best car insurance for dui

Is there cheap car insurance for drivers with previous incidents?

If you have a speeding ticket, accident or other traffic violation on your driving record, you will pay a higher rate than a driver with a clean record. How much your premium will increase will depend on the type of violation, as well as your other qualifying factors.

When we break down the numbers, a speeding ticket could increase your rates by up to 70%, while an accident on your record could result in a 108% increase. however, the rate increase will often vary depending on your insurance carrier and the state you call home.

If you’ve recently been in an accident or received a speeding ticket, shopping around is often the best way to keep your premium affordable. Shop a variety of insurance companies, and be sure to compare similar coverage limits and deductibles.

auto insurance for seniors by decade of age

To see how your age can affect your insurance costs over age 50, let’s compare a full coverage policy with comprehensive insurance, collision insurance, and 100/300/100 liability coverage limits .

car insurance at 50

Car insurance for people over 50 is often cheaper than for younger and older drivers. That’s because drivers in their 50s are among the safest: This group is highly experienced but still has good health, quick reflexes, and reliable hearing and vision.

The average rate for full coverage auto insurance for a 55-year-old is $1,517.

car insurance in the early 60’s

You’re likely to pay less for auto insurance than ever between ages 50 and 65. however, at age 65, some insurers increase premiums. Your current insurer may not be among the best insurance companies for older drivers. Turning 65 could be a signal to look for a better deal.

The average rate for full coverage auto insurance for a 65-year-old is $1,565.

car insurance at 70

Does car insurance go up when you turn 70? unfortunately, yes.

Data from the National Bureau of Transportation and Safety (NTSB) and the National Automotive Sampling System (NASS) show that drivers age 70 and older experience much higher rates of intersection-related crashes and fatalities than drivers age 70 and older. younger drivers. more accidents mean more claims and higher rates. however, this is only the point at which accident rates begin to rise: it is not until drivers reach their 70s or 80s that their skills degrade significantly. Some insurers recognize this and continue to offer affordable car insurance for those over 70.

The average rate for full coverage auto insurance for a 70-year-old is $1,676.

The average rate for full coverage auto insurance for a 75-year-old is $1,847.

car insurance for people over 80 years old

driving becomes increasingly dangerous for people over 80 years of age. According to the American Automobile Association (AAA), death rates for older drivers are 17 times higher than those for drivers ages 25 to 64. mostly not due to poor driving; It is due to the fragility of the human body in its ninth decade of life.

Car insurance for older drivers gets more and more expensive with age, so it’s essential to shop around for car insurance quotes and get all the discounts you’re entitled to.

The average rate for full coverage auto insurance for an 85-year-old is $2,165.

If you don’t drive that much and have reduced your insurance to just the liability limits, here’s how senior auto insurance rates would compare based on your age:

average auto insurance rate for senior driver

car insurance discounts for seniors: tips to save

There are many discounts available for older drivers, and you should look at all of the ones that apply to you. Here are eight specific actions you can take to lower your premium costs:

drive less. If you’ve stopped traveling and are driving less than in the past, let your insurance company know. Depending on your state (some require insurers to consider mileage when setting rates), savings range from next to nothing to more than 10%. most insurers define “low mileage” as 5,000 to 7,500 miles or less, but others are more generous.
consider usage-based insurance. some seniors can save up to 40% with usage-based or pay-per-use insurance programs. a device installed in your car records your mileage and your driving habits: your speed, braking and acceleration tendencies. If your habits are similar to those of most middle-aged or older drivers, you could save in two ways: to drive safely and to drive less. Discounts vary by insurer and can be as high as 40%.
Take a class. Mature driver courses offered by AARP and others, as mentioned above, can lower your premiums at 5% to 15%. most states require insurers to offer the discount, but even where it’s not required, it’s commonly available. age eligibility varies by state.
eliminate a driver. In states that do not require all licensed drivers in a household to have auto insurance, you can exclude to anyone (such as a spouse or elderly parent) who no longer drives to lower their rates. alternatively, you can change the primary driver to a younger family member, if that reflects the reality of your circumstances.
upgrade your car. the latest vehicle safety features can get you a reduced rate on your insurance. even without a discount, features like rearview cameras, lane departure, collision warning systems, and park assist can prevent accidents and claims, which can minimize future premium increases.
keep a clean record. having a clean record for the past three to five years should get you a nice driver discount ranging 15% to 40%.
join a club. Membership in organizations such as AARP may qualify you for promotional pricing. it’s called “affinity discount.”
callback coverage. if you have homes and vehicles you use only part time, look for “parked vehicle” or “snowbird” more affordable” coverage for the months you don’t drive.
combine it. if you haven’t already checked the cost of buying auto and home insurance with the same insurance company It’s a nice perk to have one company to deal with for home and auto policies, plus you can get about 11% off.
Stop driving. If your insurance rates are through the roof because of your driving record, it might be time to quit. aarp lists a number of signs you should stop driving, including frequent close calls, finding dents or scratches on your car or other objects, getting lost in familiar places, trouble seeing or following traffic signs and signals, slower response time to unexpected situations, misjudging gaps in traffic, causing other drivers to honk or complain, difficulty concentrating while driving, difficulty turning to look in the rearview mirror when backing up or changing lanes, and receiving multiple traffic tickets or warnings. aaa provides guidance on how to assess your driving skills.

For more information, review our tips on being a safe driver. Drivers of any age can increase deductibles, bundle with homeowners or renters insurance, or reduce coverage to save on premiums.

how seniors can find cheap insurance rates

Once you pass a certain age threshold, usually age 65, your auto insurance rates can start to go up. Statistics show that older drivers are involved in more accidents than middle-aged drivers. According to the CDC, in 2018, approximately 7,700 drivers over the age of 65 died in traffic accidents and more than 250,000 were treated in emergency departments for crash injuries, resulting in more than 20 older adults killed and 700 injured in accidents every day.

While your rates will most likely increase after age 65, there are some things you can do to keep your premium affordable. Here are some tips to keep your car insurance rates under control:

Shop your coverage: This is one of the best ways to lower your insurance costs. Insurers rate risk differently, which can result in dramatic differences in premium quotes. There are insurers that specialize in insuring older drivers, Hartford being a prime example, they have partnered with AARP to offer auto insurance and discounts to drivers over 50. Get at least five quotes when you shop, and be sure to compare apples to apples when it comes to coverage levels and deductibles.
Change your driving status: Insurers use a variety of factors in setting a rate and one of them is how often you drive. if you’re retired and no longer commute, your rates should go down. tell your insurance company that you no longer drive as many miles and ask them to recalculate your rates, you should see a drop.
defensive driving courses: defensive driving courses They’re not just for teens, older drivers can benefit from a refresher course, and many insurers offer a discount to older drivers who complete a defensive driving course. Check with your insurance company for a list of classes that meet your requirements and ask about a discount once you’ve passed the course.
Look for senior discounts: many insurers offer targeted discounts on seniors. Look for discounts for long-term customers, as well as discounts for seniors who drive less every day. ask your insurer to review your policy to make sure all senior discounts apply to your policy.

best car insurance companies for seniors

There is no single “best” auto insurance for seniors. Different insurers calculate their rates using proprietary methods, and each has a different rating system. The cheapest auto insurance for seniors depends on the driver, the vehicle, and the location. however, to give you an idea of what you’ll pay, we’ve provided average rates for full coverage, with a $500 deductible. data is based on rates from up to six major insurers in nearly every ZIP code in the country. The table below shows the average rates for drivers age 60, 65, 70 and 75 in all states.

safety tips for older drivers

the national institute of health (nih) advises that you can be safer on the road by addressing the effects of aging on your driving and being aware that your ability to drive will almost certainly be affected by changes in her body. These are the most important tips:

maintain your health. regularly assess your hearing, vision, and general health, and keep all prescription equipment, such as eyeglasses and hearing aids, up to date. if you can’t see well after dark, avoid driving at night.
stay physically active. physical activity can promote quicker reaction times.
>Adjust your vehicle. Raise your seat for proper vision and switch to power steering, brakes, and mirrors to control your car.
Check medications. understand how your medications can affect your ability to drive. avoid driving after taking any medication with warnings about operating machinery.
create a healthy buffer zone. follow a greater distance and avoid busy parts of the city and rush hour of the day.
Plan your route. Intersections are especially dangerous for drivers over 80, and there’s no reason to make a risky left turn when three right turns will take you to the same spot.
Hone your skills. Defensive driving classes and behind-the-wheel refresher courses can hone your skills and drive at lower insurance rates.
maintain your vehicle. Regular inspections and tune-ups reduce the chance of breakdowns on the road.

specific state laws for older drivers

Some state departments of motor vehicles treat you differently once you meet their definition of an “older driver.” you may no longer be allowed to renew your license over the phone or online. your renewal period may be shortened and you may be required to pass additional exams.

here is information from the governors highway safety association (ghsa) on the differences by state:

If you realize you may be past your prime as a driver, talk to your doctor. You can come up with a plan on how to address your limitations, decide it’s time to stop driving, or get a license with limits. some states offer a restricted license, like no driving at night if that’s your problem.

It may also be time to look into alternative modes of transportation, such as community-based senior rides, lyft, or uber. If you sell your vehicle, you could easily offset other transportation costs with the savings you receive from not owning or maintaining a vehicle.

frequently asked questions

-additional report by michelle megna

Source: https://amajon.asia
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