Tuesday, July 1, 2014

These Five Tips Could Save Seniors Big Money on Car Insurance

We’ve written in the past about strategies that people over the age of 50 can use to save money when insuring a vehicle. In this article, we’ll expand on that with a few extra tips that seniors can take advantage of when purchasing coverage for an automobile. 

Tip #1: Ask for a Senior Discount.

Each insurer is going to have different policies in place, but if you are over the age of 50 and own one or more vehicles, it certainly doesn’t hurt to ask for a senior discount. Generally speaking, seniors are some of the safest drivers on the road. They drive defensively and are less likely to drive over the speed limit or take risks. Insurers are well aware of this, and some offer discounts as a result.

In some places, there may be incentives in place for taking a course on defensive driving. Even if you believe that you already incorporate all of the safe driving tactics, it never hurts to brush up on your skills. And even if you don’t learn anything new, the discount you receive is enough to justify enrollment-. 

Tip #2: Know Your Expected Mileage.

As drivers get on in age, they tend to spend less time behind the wheel. This is especially likely after retirement, when the daily commute is cut out of the picture. Lower mileage will most likely qualify you for a more affordable plan, so keep track of your odometer over the course of a standard month and see how this projects over the course of a year. Ring your insurer and ask them about discounts for low mileage. They will be able to advise you about the availability of cheaper plans with mileage caps. 

Tip #3: Choose the Appropriate Coverage.

These days, you’ll find as many policies and coverage types as there are vehicle types to carry them. Many people over the age of 50 have vintage hobby cars that they plan to work on in retirement and take out for the occasional leisure tour. In this case, you are going to be much better off with classic car insurance. Policies like this are often more affordable than standing coverage, because insurers know that hobbyists take excellent care of their vehicles. Their vintage vehicle is their pride and joy, and that means that the owner is not going to take any unnecessary risks. On the contrary, they’ll pamper their vehicle and treat it with the utmost care.

Note: It may be possible to insure multiple vintage vehicles on a single policy.

Tip #4: Purchase a Vehicle that Suits Your Lifestyle.

Hot rods and sports cars are for the young and reckless. Mature drivers are happier in vehicles with higher safety ratings. As it turns out, insurers prefer these vehicles as well. Flash, high-performance vehicles may turn heads, but they also have a knack for being involved in accidents.

Each year, the Insurance Institute for Highway Safety releases a list of the safest cars on the road. You’ll find a range of vehicle types on the list, one of which is sure to catch your eye. Cross-reference this list with that of your insurer’s and see if a low-risk policy applies. There’s a good chance that you could save some money by driving one of these cars. 

Tip #5: Be Mindful of Your Driving Ability.

This is one of the toughest tips for mature drivers. While those who are over the age of 50 are classed as some of the lowest-risk drivers on the road, it’s worth noting that there’s a limit. At some point, ageing drivers become a higher risk due to a range of factors such as deteriorating vision, delayed reaction time and the onset of dementia.

Remain mindful of your driving record, and be advised that a series of scuffs and bang-ups will eventually lead to higher premiums. Put a priority on your safety—as well as that of those with whom you share the road. Likewise, if family members and loved ones are becoming increasingly concerned with your driving ability, take note. Giving up your position behind wheel can be tough, and it may feel like you’re giving up independence—but don’t let that get you down. This is simply a milestone of ageing.

1 comment:

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