Seniors and Auto Insurance Rates

Many factors, including age, determine how much a person's auto insurance premiums cost. If you're a senior adult, understand the factors that contribute to your auto insurance rates.

Accident Probability

Whether you're 26 or 86, your safe driving record can reduce your auto insurance raters. Unfortunately, senior adults statistically have a high accident rate. That's why many insurance companies raise rates for all drivers over the age of 75.

Insurance Company Loyalty

Being loyal to the same insurance company can result in a healthy discount on your auto insurance premiums. 

Claims Filed

Regardless of age, drivers who have filed numerous auto insurance claims may pay more for auto insurance. Likewise, you may pay lower premiums if you have few or no recent claims.

Physical Capabilities

As a senior driver, you may be in great health. However, many seniors often experience vision or hearing impairments, reduced reaction time, decreased attention to detail and slower leg and arm movements. Even if you pass an annual driving test and vision exam, these health probabilities can affect driving performance and increase insurance rates.

Driving Record

Speeding tickets and other traffic violations can affect auto insurance rates, so keep your driving record clean to reduce your rates.

Car Type

Drive a vehicle with a high safety rating, and pay less for auto insurance.

Full Coverage

Unless you owe money on your vehicle or it's a new model, consider dropping collision and comprehensive coverage. This move reduces your premium.

Low Mileage

When you don't drive your vehicle very often or very far, you can earn a low mileage premium discount.

Multiple Policies

Insure your home and vehicle with the same company to earn valuable discounts.

Defensive Driving Courses

Take a special defensive driving course designed for senior adults and possibly receive a premium discount.

Your insurance company might automatically assign you a higher insurance rate based on your age. Now's a great time to shop around for a better rate. Ask your insurance agent about available discounts and other ways to reduce your premiums as you save money and insure your automobile. 
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