Insurance companies recognize mature drivers for the experience behind the wheel. All of that driving experience can get you a better premium on your insurance policy. You will be rewarded for your longevity and wisdom on the highways. There are many different ways that you can qualify for a senior police. Those who have turned 50 or hit another milestone, will find that their rates take a drastic drop.
Understanding Your Insurance Rates
There are many factors that will affect your insurance rates. For instance, the type of vehicle you drive means everything when talking dollars and cents. A Ford Taurus won’t cost you nearly the money to insure as a Lincoln Navigator does. Each car is rated according to what it will cost to repair or replace it. So, if your car is on the higher end of the price spectrum, you can expect to pay more to repair it. However, being a senior does give you a break in that total cost. See, your experience will count for something.
Why Your Daily Commute Matters
One of the many reasons why your senior insurance premiums go down is because you are probably not on the road as much. When you were commuting back and forth to work every day, you had a greater risk of having an accident. Now that you are retired, your chances of being in an accident have decreased, simply because you’re just not out on the roadways as much. How often you drive has a great impact on your premiums. Consequently, if you are paying the same amount for your auto insurance that you were when you were working, then you are paying too much.
Factoring In Your Driving Record
No matter your age or what kind of car you drive, insurance companies are still going to look at your driving record. In general, seniors are safe drivers that are very cautious on the roadways. However, many lose confidence when they have a loss of hearing or vision. These issues can lead to more accidents and many other mistakes. Taking a driving course is a great way to refresh skills learned years ago. Though no amount of education is going to replace a loss of your five main senses. An insurance company will, however, reward you if and when you do take one of these classes.
Getting All The Discounts Available
Finally, when reviewing your auto insurance policies, you need to make sure you are not paying for coverages you don’t need. Also, there are numerous discounts that you can qualify for. Here are some discounts you should take advantage of:
- Age Discount – Starts at the age of 50 and takes an additional drop each 5 years.
- Low Miles Discount – If you drive fewer than 5,000 miles per year, you get an additional discount on the policy.
- Multi-Car Discount – If you have more than one auto, boat, or home insured through the same company, they give you a discount for having multiple lines.
- Paying Ahead – Most companies offer a break in the cost of insurance if you pay ahead. Rather than paying monthly, the costliest method, try paying once or twice a year. This can add up to significant savings.
As you can see, getting older does have its benefits. Rather than spending way too much on coverages that are not needed, spend some time reviewing your policy. Make sure your company gives you all the breaks you deserve for your good driving record and mature age.