Who has the best car insurance for Age 55 and over drivers?
Age brings wisdom, but it also brings health concerns, slowed reaction time and poor eyesight, all of which can affect both your lifestyle and your car insurance premiums. While companies will reward customers with long, safe driving records, you can expect your rates to steadily increase throughout your 50s and beyond. By the time a driver reaches 70, he or she will be paying more for car insurance on average than any other age group except for teens. Fortunately, there are ways to reduce the cost of insurance, and by taking advantage of these discounts you can save some of your well-earned money.
Why Seniors Pay More for Insurance
As drivers age, their risk of being involved in a collision increases. Older drivers may have poor vision or night blindness that can lead to a collision. They may have slower reaction time, inattentiveness or other technical problems with driving.
Some drivers begin to lose hearing and may not be aware of all of the risks around them while driving. Older drivers are also prone to health conditions that may cause an accident; they may suffer a heart attack or stroke while driving, leading to a serious collision. Still others may be taking medications that will damage their driving abilities.
These risks increase with each passing year, and by the time drivers reach age 75, many insurance companies may be unwilling to provide coverage. Fortunately, some insurance companies will offer discounts to aging drivers, and others cater directly to this demographic.
Auto Insurance for Seniors
Most insurance companies will offer insurance to seniors, although some may provide better rates than others. The best way to find coverage for your needs is to comparison shop online between multiple companies. This will enable you to obtain quotes and compare them to see the best rates.
Some companies provide affordable coverage specifically to high-risk drivers. These companies may also offer coverage for classic cars or other specialty policies. Seniors often pay the lowest premiums of any “high risk” insurance group, so you may be able to get the most affordable coverage from an insurance company by choosing a high-risk insurer rather than another company.
Many seniors are familiar with AARP, but they may not realize that this company underwrites insurance through The Hartford. This may be an excellent choice for some drivers. Of course, many other mainstream insurers such as Allstate, Geico, Progressive or Nationwide also provide affordable insurance to seniors.
Ultimately, your age is only one of the deciding factors behind the cost of your insurance premiums. Because so many other factors play a role in determining the cost of coverage, it’s a good idea to get a full quote based on your driving history, type of car you drive and other factors unique to you. This will help ensure that you find the best and most affordable company for your needs.
Senior Driving Discounts
AARP offers driver’s education courses called 55 Alive that will help prepare seniors for the unique driving challenges that they face. Once the course is completed, a driver and provide proof of completion to the insurance company for a discount. Drivers may be able to take other similar courses that will reduce the cost of their premiums.
Seniors may be in a good position for discounts that can help negate the risk of their age. For example, many mature drivers have excellent credit. They may also drive fewer miles each year than other drivers, and they might qualify for discounts based on this low mileage; be sure to ask the insurance company if this might apply to you.
Finally, drivers with a long history of safe driving will have lower insurance rates by default. Some seniors may have maintained the same insurance policy for many years, and their long relationship with the insurance company coupled with a safe driving record can result in very affordable premiums.
If you’re in your 50s, now is the best time to focus on factors that will help keep your premiums low throughout the years to come. Be sure to focus on safe driving and take advantage of any discount programs available to you know; you may be able to continue using them later. Also be sure to communicate with your insurance company to see if there are any options available that will help reduce your costs even further.