Money-Saving Car Insurance Tips for Seniors

This is a guest post by Kathleen Solares.

As a card-carrying senior, you are probably fed up with all the negative stereotypes about older drivers. Several high-profile accidents in recent years have unfairly blemished older drivers’ reputations, and you may have noticed your insurance premiums increase as a result. Of course, your golden years are the worst possible time for your insurance company to start gouging you: you’ve retired, you’re probably living on a fixed income, and you want to relax with your loved ones without having to worry about your finances day-in and day-out. Fortunately, there are a few easy ways that you can start saving money on your car insurance right away.  

1. Argue Your Case

According to AAA’s accident statistics, drivers in their late 50s and early 60s are among the safest on the road. That’s great news if you fall into that age group because it gives you substantial negotiating power with your insurance company. Make sure that they know that not all AARP members are sub-par drivers.

2. Participate In a Metered Insurance Plan

Programs like Progressive’s “Snapshot” discount, which holds out the promise of significant rate reductions if drivers maintain safe driving habits and reduce their total number of miles traveled, are becoming ever more popular in the United States. The catch: you must consent to install a device in your vehicle that measures your mileage, speed, braking distance, and other metrics for a period of months. If you are comfortable doing that, your premiums may decrease significantly if your insurer decides that you are a safe driver.

3. Switch It Up

The marketplace for insurance is more competitive than ever these days. The economics are simple: the recent proliferation of cut-rate insurers has made traditional insurance companies desperate for new business and cut premiums for everyone. Even if you think your current insurance is a good deal, take a few days to shop around. You may be able to get a quote for several hundred dollars cheaper than your current rate, at least for the first year of your new policy, from a comparable insurance company.

4. Investigate Loyalty Programs

If you’re not comfortable switching to a new insurer, don’t worry. Your current insurer knows that you can leave at any time and wants to make it worth your while to stay. Merely mentioning over the phone that you are considering switching may be enough to get a loyalty discount, often worth a couple hundred dollars per year, added to your bill.

5. Keep Your Car Current

If your vehicle is in good shape and you don’t use it that much, you don’t need to rush out and buy a new one. You may want to update your older car’s safety systems, however. Most insurers now offer generous discounts for the latest safety features, so having airbags and a car alarm installed in your old vehicle will likely pay for itself in the long run.

With so many competing companies offering so many different policies and discounts, it’s hard to know when you’re getting the best possible deal on car insurance. For starters, don’t believe anyone who says that senior citizens can’t get cheap insurance. If you cut back on your driving, take advantage of discounts, and install safety features in your older car, then you will save money and avoid stress during your golden-years.

Author Bio: Kathleen Solares blogs about cheap car insurance for seniors. If you are a senior citizen, you might want to look at www.carinsurance.org.uk for senior discounts.

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