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Car Insurance

How retirees and seniors can save on car insurance

Are you retired and looking for ways to save money? If you see your auto insurance premiums increasing, know that many carriers offer special discounts to mature drivers.

You’ve been cruising on your way to retirement and your insurance provider has been helping you along the way by offering you lower premiums as you got older.

You’ve come a long way since you first passed your driver’s test and you should be rewarded for staying safe on the roads all these years.

So when it’s time to plan your retirement party, don’t sweat it. Your provider is going to continue to help you save so you can actually enjoy your party and your free time.

With discounts specifically offered to retirees, you’ll finally be able to renovate your home, go on vacation, or pick up that special hobby. Congratulations!

Car Insurance for Retired and Senior Drivers

Despite what you may have heard, aging definitely has its benefits -- especially when it comes to saving money on your car insurance premium.

Insurance providers begin to offer mature driver discounts to their customers around the age of 50. This discount is a general percentage taken off of your premium simply because of your age!

Luckily, this discount comes at a time when many drivers are looking to retire or put their children through college. So wherever you are in life at age 50, you’ll have savings to spend however you wish.

How Retired and Senior Drivers Can Save on Car Insurance

  1. Additional coverages, such as collision and comprehensive, might not longer make financial sense if you’re driving significantly less than you used to when you worked full time. Decreasing or dropping these coverages all together will lower your premium.

  2. If your home is located in an area with high rates or traffic or crime and you’re concerned about your vehicle being stolen or damaged, you may want to keep comprehensive and collision coverages.

    Insurance companies use your location to assess rates. Adding these coverages and buying an anti-theft or tracking device can unlock discounts.

  3. Consider buying a vehicle that has up to date safety features. Cars that include full-front airbags and restraint devices can qualify you for safe driving discounts.

  4. Reliable vehicles such as family sedans are usually cheaper to insure, especially if they’re used. Convertibles are cool, but higher premiums aren’t.

  5. If you’re driving fewer miles than you used to when you worked full time, consider raising your deductible so that your monthly premiums become lower.

    It’s smart to choose the highest possible deductible that you can afford, but it’s important to figure out how much you can actually afford to pay out of pocket if you have to at a moment’s notice.

  6. If you no longer drive yourself very often and have a relative drive for you, consider removing yourself as the primary driver on your policy. Having a younger primary driver will lower your premium.

The Bottom Line: Cheap Car Insurance for Retired and Senior Drivers

Although your current insurance provider may offer you a discount for reaching retirement age, you should still shop around for other car insurance premiums if you’re concerned about finding the cheapest one.

Comparing insurance companies’ prices, coverage options, discounts, features and customer service allows you to make an educated decision on which provider would best for your golden years.