Senior Driver Discounts
Senior Driver Car Insurance Discounts
One of the benefits of getting older is that you begin qualifying for senior discounts. Car insurance companies are no different from any other company that offers a financial break to customers who've reached a certain age (generally 50 years old). However, you might not realize that you may be able to tap into several other car insurance discounts as a “mature driver."
Available Discounts for Senior Drivers
Many car insurance companies offer more than the typical senior discount. Depending on the car insurance company you choose, you could save money with one or more of the following programs:
Mature Driver Discount
This is your general senior discount; you'll typically be offered a certain percentage off your premium for reaching a specific age (set by your car insurance company).
If you drive under a certain number of miles, you may be able to save money on car insurance rates. When you retire and stop driving to and from work, you might find you easily qualify for this discount.
Mature Driver Training Course Discount
Many companies offer reduced rates to senior drivers who take defensive driving courses tailored to senior drivers. Speak with your insurance provider to see which courses they recommend, or check our Defensive Driving section.
Retired Military Member Discount
In order to show their gratitude to military service members, many car insurance companies lower the premium for those who have retired from service.
Senior Organization Membership Discounts
Belonging to specific organizations can earn customers of all ages discounts on their car insurance; senior organizations may be included in this list. For example, you may save money by being a member of AARP.
Finding Senior Driver Discounts
It's important to speak with your car insurance agent to determine which discounts are available.
When you're shopping around and comparing car insurance rates and discounts, always remember to ask about savings for which you might qualify. Your insurance agent might not mention them unless you ask, which could leave you paying more than you need to.
If the insurance company doesn't offer car insurance discounts, you might wish to look around and compare rates and discounts from other insurance providers.
Other Ways to Keep Your Rates Down
While seniors can tap into multiple car insurance discounts to lower their rates, it's also true that as a driver continues to age, his insurance premium may increase due to statistics on lowered reflexes, diminished eyesight, etc.
Aside from discounts, there are other ways you can reduce your car insurance premium.
Reassess Your Current Coverage
If you have a very broad insurance policy that includes several optional coverages like collision and comprehensive, you may want to reduce your coverage.
Many insurance companies advise that drivers whose vehicles are worth 10 times the amount paid for collision and comprehensive coverage, it may not be worth the cost to keep those coverages.
Raise Your Deductible
If your rates are continuing to rise as you get older, you might want to consider raising your deductible. If you're driving fewer miles, your likelihood of an accident goes down.
While you'll end up paying a higher dollar amount in the event of a claim, you may save a lot of money in the long run if you have no or very few accidents.
Change the Primary Driver
You may be able to save money by switching the primary driver on your policy to a younger driver. Many seniors often choose to switch the primary driver to one of their children.
This is a great idea if you are no longer driving as much as you used to, or your child is doing a major share of the driving.