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As you move into your 60s and beyond, you’ll often see your car insurance rates go up. This is because seniors statistically tend to be involved in more accidents. But there are discounts retired people can qualify for and other strategies for keeping your rates down.
While restrictions on older drivers vary by state, and policy coverage varies by insurer, there are ways to save on your car insurance.
Steve Pritchard
Founder of Cuuver.com, UK insurance website
Once you’ve built up a wealth of driving experience with a good, safe driving history, your insurance premiums should be relatively modest. However, this doesn’t mean there aren’t things you can do to reduce your premiums even further, and a good way of doing this is to purchase a dashcam for your car.
These small cameras record incidents which occur on the road while you drive, which you can provide as evidence in the event of a crash you’re needing to claim on. So, if you haven’t already, invest in a dashcam.
Insurance companies base their premiums on groups of people. If you fall into a category that tends to be a higher risk, like drivers under 21 and senior drivers, insurance companies can charge more.
From an insurance company’s perspective, many age-related factors can affect your ability to drive, and therefore increase your insurance rates. Factors can include:
If you don’t drive as much as you used to, you can probably get a low mileage discount applied to your policy. Some insurance companies apply stipulations, mainly that you’ll lose the discount or even possibly be penalized with a fee if you go over your mileage limit.
If you plan to take any long trips or otherwise think you could break that limit after having the discount applied, you may be better off waiting.
Many retirees spend part of the year in a place that isn’t their primary home, including snowbirds who winter in the South. If you spend your winters in warmer climes, your insurance rates could be different depending on your locale. This is especially likely if you renew your car insurance every six months instead of annually.
You might be able to negotiate a cheaper rate during your time in the sun, or vice-versa if you spend your summers in a quiet northern town.
While you want to get the best deal, don’t skimp on coverage. If you’re at fault in an accident and you don’t have enough coverage, you could be sued. Legal fees could put your savings at risk if your coverage maximums aren’t high enough to cover costs after an accident.
Depending on your insurer, you might qualify for one discount or several based on your age and when you retired or plan to retire. Some of these discounts include:
Because older drivers tend to be injured more often after an accident, it’s a good idea to increase coverage to include personal injury protection or medical payments coverage to supplement health insurance.
Some insurers offer senior-specific car insurance exclusively to drivers over a certain age. The Hartford offers customized insurance to drivers over 50. Thanks to its partnership with AARP, this insurer also offers a number of benefits to AARP members, so older drivers may get more out of their policies.
If you’ve decided to stop driving and need your grandkids or anyone else to drive your car to get you around, you’re required to add them to your insurance policy as a nominated driver.
If you plan on letting your grandchildren drive your car regularly, you should list them as a driver in the insurance policy. This covers them in case of an accident, though it will be more expensive if they’re under 25. Car insurance follows the car more so than the driver.
Having car insurance is necessary to keep people safe and protected. As you get older and your risk and rates go up, it’s important to stay diligent about your ability to drive and stay safe as you get older.
Driving is a big part of keeping a sense of independence. But if you have multiple claims, causing sky-high rates, it may be time to hand over the keys. And your insurance might not cover you for certain coverage exclusions if you’re not honest about your driving ability.
Watch out for these signals that you’re risking the safety of yourself and others on the road:
Yes, typically drivers between ages 25 and 65 get the best rates on car insurance.
But once you turn 65, some insurance companies will raise your premium. If that happens, it’s best to see what you can do to lower your rates, like taking a defensive driving course or getting new quotes to find the best deal.
Drivers over 80 might have an even harder time finding good rates or even getting coverage. Some insurance companies set a maximum age they’ll cover customers, which could be anywhere from 70 to 110. Your insurer will notify you if you reach this age before canceling your policy.
There are a lot of reasons to let your insurance company know you’re retired, and available discounts could save you some serious money on your auto policy. Before you commit to switching insurance companies, shop around and compare your options, taking those retirement-age discounts into consideration when you do.
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