Auto insurance coverage for senior citizens is more expensive than it is for the general population. This is because, for better or worse, older drivers are known to be a high-risk group; on average, seniors get into more car accidents than other drivers do.
So, faced with these realities, how can seniors save on auto insurance? There are definitely a few things you can do.
55 ALIVE. This is a course for older drivers available through local AARP chapters. It’s basically a driving refresher course for folks over the age 55 with a focus on the new challenges that come with age. Most insurance companies companies will offer a discount with proof completion of 55 ALIVE, or a similar course.
Low mileage discount. If your spends the majority of its time in your garage or in a parking lot, you might want to ask your provider about a low mileage discount. Similarly, you could also consider pay-as-you-go insurance.
Purchase a car that is inexpensive to insure. Remember the three main factors that will keep the cost of your car’s policy down: safety ratings, damage susceptibility, and likelihood of theft. Here is more detail about the best cars to insure for 2012. You may also want to point out to your carrier that you live in a safe area.
Shop around for the best price. We say this all the time: insurance companies have all kinds of different metrics and criteria for arriving at a quote. Very few are the same; almost none will be identical. Some will have specific deals or discounts for seniors; others will not. We’d advise getting a least three different quotes before choosing a policy.