Elderly Car Insurance

Older drivers over the age of 65 will have more expensive car insurance rates due to the increased risk of accidents. Poor vision and restricted mobility are just a few reasons why elderly car insurance is more expensive. To keep elderly auto insurance costs low, comparison shop online to get multiple quotes from multiple companies so you can find the best price for your policy. Enter your ZIP code below to get started.

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Tonya Sisler has a Bachelor’s Degree from the University of South Carolina in Journalism and has worked for 15+ years in management. She has also completed a proofreading certification and is currently a professional writer.

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Brad Larson has been in the insurance industry for more than a dozen years. He started out as a claims adjuster for a national carrier. He has since switched to the agency side of the business. Brad is licensed in all P&C lines.

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Reviewed by Brad Larsen
Licensed Auto Insurance Agent

UPDATED: Oct 27, 2020

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Things to know...

  • Older drivers past 65 years have a record of road fatalities leading to high insurance premiums
  • Insurers provide many discounts to the elderly to substitute for the high premiums
  • By choosing a less costly car modeling and maintaining a clean driving record, you can significantly reduce your auto insurance premiums
  • Equip your car with safety features like airbags, brake anti-lock systems, and anti-theft gadgets to qualify for more discounts
  • Comparison shopping can help you get the best car insurance rates

Insurance providers consider any driver aged 65 years and above as an elderly driver. The chances of causing an accident increase with age because of the fragility that comes with old age.

Insurance providers consider the risks involved with age, therefore, increasing the premiums with age.

Sometimes back, the insurers would deny coverage to drivers above 75 years, but most of them provide the services to the elderly presently.

Insurance companies consider senior citizens to be aged 65 years and above and will start charging higher premiums the moment you hit your 65th birthday. That’s why it’s critical to shop around for an insurer that is more lenient on the older drivers.

Compare car insurance quotes right here to find the coverage that’s right for you. Enter your zip code above to begin.

Risks Related to Older Drivers

Research findings have shown that 13 percent of the American drivers are above the age of 65 and we expect the number to rise to 20 percent by 2030. That age bracket has also registered the highest road fatalities after teenagers.

The older people are renowned for following almost all the driving laws and their level of experience is greater than any age bracket.

However, they have delayed decision-making and motor skills, which would easily lead to an accident.

Other conditions that increase their chances of getting into an accident include:

  • hearing impairment
  • poor vision
  • restricted mobility
  • effects of medication
  • diseases such as heart problems

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Factors Affecting Insurance Rates

If you just attained 65 years, you may see an increase in your car insurance rates. Drivers with a clean driving record will not experience a drastic increase in the premiums, but they will be slightly higher than in previous years.

Maintaining a timely renewal of your driver’s license, following the traffic rules, and avoiding any DUI cases would keep the premiums lower. Other factors that affect your insurance premiums include:

  • The car model — High-end cars attract high premiums due to the high cost of repair parts in the case of an accident. A standard family car will keep your insurance rates down.
  • Driving record — A safe driver with a clean record would have reduced insurance rates. The older drivers may be the safest drivers on the roads, but any health condition or poor judgment would lead to an accident.
  • Driving Lessons — Older drivers learned how to drive decades ago, and some road rules may have changed over time. Therefore, taking a refresher course would enhance your driving skills thus maintaining safety on the roads. Most insurers also give discounts for taking the driving lessons.
  • Amount of time you spend on the roads — Retired persons spend minimal time driving since they are not commuting daily to work leading to lowers your premiums.
  • Your insurance policy — Some of the insurance coverage that would have been applicable while you were working are not important once you hit the retirement age. Review your insurance coverage to identify the policies that you do not need such as the loss-of-use coverage.

Assessing your Insurance Coverage

An older driver covering fewer miles may consider raising their deductible to save on the money used paying the high insurance rates.

Additionally, you may choose to include your child as the primary driver. This tip only applies when you are no longer driving the car most of the times lest you risk getting fronting charges.

You may also consider dropping some policies that do not make sense especially while you are not driving the car most of the times.

How to Save on Your Premiums

Purchase a new car that is cheap to insure and equip it with safety equipment such as anti-theft devices, airbags, and anti-lock devices to lower your premiums. Additionally, you may consider limiting the number of miles covered every year to keep the rates as low as possible.

In the past, the insurance companies provided lower premiums and discounts of up to 15 percent to the elderly integrated into a group or clubs such as AAA and Retired Federal Employees Association.

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Senior Car Insurance Discounts

The car insurance companies offer a broad range of discounts to the older policyholders in the United States. The amount given varies from one insurer to another.

Therefore, you may consider shopping around for the company with the best cuts. Some of the potential discounts that the older people may qualify for include:

  • Age discount — Most insurers give senior discounts to people of a certain age (mostly 50 years and above). The age and the amount offered vary from one provider to another.
  • Driver’s education — Driving lessons to refresh your safety skills earns you discounts ranging from 5-15 percent.
  • Safe driver discount — This would require you to install a telematics device in your car that transmits data on how you drive your car to your insurer. The insurer will give discounts for safe driving, maintaining a low mileage, and driving during the day.
  • Club membership — You qualify for discounts if your car insurance provider has collaborated with a club where you are a member.
  • Low mileage discounts — Older people tend to register a low mileage count. Insurers give a discount to anyone who has maintained 5,000 to 8,000 miles a year, although they sometimes extend to 15,000 miles.

Save Money on Premiums Regardless of Your Age

Older people above 65 years may have high insurance premiums, but they have numerous ways of saving up their money. Compare quotes from several providers and settle for the best possible offer.

More importantly, keep a clean driving record and ask for the discounts you qualify for to lower your rates.

There are instances when your health condition may not allow you to drive on public roads, and this may require you to stop driving for your own safety.

Compare car insurance rates to find the best deal for the coverage you need. Enter your zip code below to get started.

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