Retiree Car Insurance

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Things to know...
  • Retirees should review and alter car insurance terms based on current needs
  • Some car insurance discounts are available to help retirees save money
  • Relocating to a new home is a good reason to shop around for lower insurance rates

Retirees often live on a fixed budget, and because of this, they keep a close eye on regular expenses. If you are a retiree or if you are preparing to retire soon, it is wise to review your car insurance policy.

Coverage needs can change as you transition into this stage of life, and you may find that you qualify for additional discounts that were previously not available to you.

Your driving activity may slow down considerably when you are retired and are no longer commuting to work every day. Nonetheless, car insurance is still a requirement that you must comply with at all times when you are behind the wheel.

With this in mind, a closer look at your auto insurance coverage today may help you to save money on your policy.

Are you looking to save on car insurance? Enter your ZIP code above and compare at least three to four policies today!

Adjusting Your Coverage

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Many factors that typically affect car insurance rates change after retirement. Driving fewer miles could translate to a lower monthly premium.

In addition, your specific coverage types and limits may change, which can play a direct role in the cost of your auto insurance policy.

There are three primary types of auto insurance coverage, and these include:

– Liability Coverage

Most states require liability insurance, so it should be viewed as the minimum coverage level to buy. It pays other parties for damages you cause behind the wheel such as property damage, medical expenses for injuries, and more.

– Collision Coverage

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As its name implies, collision coverage pays for your expenses in the event of an accident. It only covers damages incurred during an accident, so other damaging events such as a hailstorm or vandalism aren’t covered.

– Comprehensive Coverage

A comprehensive auto insurance policy pays for your expenses if your vehicle is stolen, damaged in an accident or by inclement weather, and more.

Because of its long list of benefits, most people choose comprehensive as a standard car insurance policy (along with any state-required liability insurance).

Saving Money on Auto Insurance as a Retiree

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While there aren’t any auto insurance discounts specifically for retirees, you can still cut costs and save money on your insurance after you retire.

Some drivers may feel comfortable downgrading to a liability-only policy in retirement if they plan to drive very infrequently; others may not want to risk any potential extra expenses, so they may prefer to obtain full coverage from a comprehensive insurance policy.

There are optional coverage types available as well that you can add to your policy for greater financial protection, such as personal injury protection.

– Adjusting Limits

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Your auto insurance limits also affect the cost of your insurance. The minimal insurance limits required by law in your state will yield the most affordable rates from each insurer you may contact for a quote.

If you have an auto loan, your lender may also ask for additional coverage on the vehicle.

Remember that any expenses that are not paid for by your insurance policy are your financial responsibility. If you adjust coverage too low, there may be a greater chance that your coverage will not sufficiently cover all expenses in a loss event.

Drivers can save $859/yr* by comparing car insurance

*based on a survey of 1,000 car insurance customers

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– Looking for New Coverage

Shopping for new car insurance rates as you make the transition into retirement is a smart idea. Comparison shopping may help you to save money when making changes to your coverage types and limits.

The most convenient way to shop for new coverage is to use the internet.

Remember to pay attention to each insurer’s overall industry reputation and financial strength before you decide which companies to contact for a quote.

Taking Advantage of Discounts for Retirees

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Many insurance providers offer a full range of discounts that may help drivers to save money. Some of these auto coverage discounts are more applicable to drivers in their retired years, and a closer look at some of these possible discounts may help you to identify ways to save money.

As you shop around for coverage, look for discounts for these factors:

  • Low mileage
  • Senior or retired drivers
  • Safe drivers
  • Bundled coverage

The car insurance discounts available to you vary by insurance company. Both the types of discounts and the requirements to qualify for them may vary, and you may be eligible for greater savings through discounts with specific auto insurance policies.

With this in mind, it makes sense to compare quotes from at least three or four top auto insurance companies before you make a final buying decision.

Making Insurance Policy Changes If You Relocate

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Many retirees move immediately before or after retiring, for reasons like:

  • To take advantage of nicer weather conditions
  • To be closer to family members
  • To accomplish other goals

One of the many factors that determine your auto insurance rates is your zip code.

You may be able to strategically take advantage of your residence location to save money on car insurance.

– How Your Zip Code Affects Insurance Rates

Before you can save money on car insurance through your location, you need to understand how your zip code affects auto insurance rates. Car insurance providers analyze statistical data for car accident rates, auto theft rates, and other factors for each zip code.

In some cases, relocating to a street that is a few blocks over and that is located in a zip code with more attractive auto-related statistics can save you a tremendous amount of money.

— Shopping for Rates Before You Decide Where to Live

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If you have not yet relocated to fulfill your retirement plans, it makes sense to inquire about insurance rates for a few of the different zip codes that you are thinking about moving to.

Remember that insurance companies review these statistics differently, so it makes sense to compare multiple rates from a few different insurance companies before you decide where to live.

By taking this step, you could save more money on your auto insurance premium in the future.

When you live on a fixed budget in retirement, every dollar matters. While some of the factors described here may individually have only a nominal impact on your car insurance rates, the combined effect of multiple factors can have a potentially profound effect on the cost of your coverage.

Now is a great time to begin looking for the most affordable coverage that meets your needs.

Start comparison shopping today for better and more affordable auto insurance by entering your ZIP code below!

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