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UPDATED: Mar 13, 2020
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As individuals become older, statisticians have discovered that their ability to drive and subsequent involvement in automobile accidents change from that of different age groups.
Because of this, insurance premiums often increase with the age of the driver.
Unfortunately, with this increase comes a reduction in income as retirement and health issues increase.
Use our FREE comparison tool at the top of this page to start your search for car insurance quotes!
Saving Money on Car Insurance as You Become Older
There are a number of methods to save money when purchasing car insurance. Some of these methods apply to all drivers, and some apply mainly to older drivers:
- Research insurance costs by obtaining quotes from different companies on your automobile insurance
- Choose an automobile that is less likely to be stolen. There are certain cars that are “low profile” and not as attractive to thieves.
- Hybrid cars often receive enough credits from insurance companies to make them cost-effective.
- Choose a vehicle with a less powerful engine to reduce the possibility of accidents.
- Buy a car that is cheap to repair.
- Built-in motorized seatbelts and dual-passenger airbags can earn credits on car insurance.
- Anti-lock brakes, built-in anti-theft devices, and daytime running lights can earn credits, too.
- For older individuals, safe-driving courses can help reduce premiums. A few organizations offer these courses, which have been proven to help reduce accidents for older drivers.
- Purchase auto and home insurance from the same insurance company.
- Increase deductibles for more credit, and even consider dropping physical damage coverage for older, paid-for vehicles.
- Be frank about the mileage you drive. Lower mileage can reduce premiums.
Discounts that may be offered by Insurance Companies
Different insurance companies offer discounts, one of the reasons why several different quotations are useful. Some types of discounts that you may ask about are:
- Discounts based upon membership in organizations or certain employers may be available. Ask about these.
- Professional discounts are available from some companies for members of certain occupations such as teachers, government workers, or members of the armed forces. Ask about these discounts as well as those for retired service members or National Guard membership.
- Ask about discounts for senior citizens – these may not be automatic, so ask about them.
Shopping for Auto Insurance
Obtaining quotes from at least three different insurance companies can be the best way to save money. Factors to consider as you shop for insurance are listed below.
Examine the Insurance Companies from Whom You Purchase Auto Insurance
Insurance companies and agents must be licensed within your state to sell insurance. Furthermore, an insurance company reflects its ability to do its job by its financial situation.
Vagaries in the investment market can affect earnings, but an insurance company with more liabilities than assets have that situation reflected in their financial ratings. To find out about financial ratings and event complaints, link to the following resources:
- Your state’s insurance website – look under the state government website for insurance. A great deal of consumer information is often available on these sites.
- National Association of Insurance Commissioners (NAIC) – for financial ratings and complaint data
- A.M. Best Insurance Ratings
- Standard and Poor’s
Determine Limits of Liability for Auto Insurance
- Bodily Injury Liability – Your legal responsibility to others for bodily injury incurred in an auto accident – $100,000 per person/$300,000 per accident is recommended, but the limits are dependent upon state law and your financial situation.
- Property Damage Liability – Your legal responsibility to others for property damage incurred in an auto accident – $50,000 per accident is recommended, depending upon state law.
- Medical Payments Coverage – $5,000 or more, depending upon state law and the situation you maintain with your health insurance company. This pays for immediate medical care and transportation needs for you and your family resulting from an accident.
- Underinsured and Underinsured Motorists Coverage – The limits should be the same as you purchase for bodily injury liability. The coverage pays for bodily injury to you and your family if you are involved in an accident with an uninsured motorist.
Liability coverage is mandated by the states, but some states require medical payments coverage as well as underinsured/uninsured motorist coverage whereas some states do not.
You can purchase this coverage even though it is not required by your state.
Medical payments coverage can bridge the gap between the costs of transportation to a hospital and that provided by your medical insurance.
Considering that costs for flights to hospitals can be as high as $50,000 per flight, you need to examine this coverage.
Uninsured Motorists coverage is necessary because the percentage of uninsured motorists in some states may be as high as 17%.
In states without No-Fault Coverage, this may be a problem for you.
Physical Damage Coverage for your Automobile
Liability coverage does not provide any protection for your own automobile. To satisfy the needs of a lender and protect yourself, you should purchase the following:
- Comprehensive coverage – pays for damage to your automobile from incidents other than an automobile accident. Such things as theft, fire, vandalism, weather, falling objects, and animal damage are covered under comprehensive insurance.
- Collision coverage – pays for damage to your automobile from collisions with other autos and objects.
If you purchase collision coverage, you must also purchase comprehensive coverage. A deductible usually applies to both. A $500 deductible is recommended, if you can afford it. This deductible is removed from the settlement of an insurance claim. Larger deductibles may earn reductions in premium.
When to Skip Physical Damage Coverage on your Automobile
Sometimes it is not cost effective to purchase physical damage coverage. Examine what you pay for premiums on comprehensive and collision, and then decide if you are paying more for this insurance than your vehicle is worth.
For example, a vehicle worth $2,000 may not receive enough to warrant the insurance premiums.
Information You Will Need to Obtain Quotes
Prepare the following information when you are shopping for insurance:
- Names, dates of birth, drivers license numbers, and driving records for all drivers of your vehicles
- Addresses for each of the drivers – be sure to mention children you have that are away at college.
- Makes, models, and VIN Numbers for each automobile
- Limits of liability you wish to purchase
- Physical damage – comprehensive and collision, and for which vehicles.
- Deductibles required.
- Any driver’s education or defensive driving courses taken by any of the drivers
- Miles driven for each automobile as well as the use of each vehicle.
Examine each quotation, line by line, to compare premiums for each coverage quoted.
Check the financial status and complaint ratio of each company quoted. Ask questions about coverage, customer service, and additional discounts.
Sometimes, as individuals age, particularly as they reach 70 and above, insurance companies may require physical examinations as well as completion of defensive driving courses.
If you have not had an accumulation of points and accidents and evidence of being physically impaired, your insurance company will not increase your premiums unduly.
Use the FREE quote comparison below to start your search for auto insurance!