Tuesday, May 9, 2017

Senior Citizens: 4 Ways to Save Money on Your Auto Insurance Policy

Your Golden Years are supposed to be the best time in your life. You’ve worked hard so you will have the ability to enjoy them, but even if you have plenty of money stashed away, you still must treat your nest egg with respect. 

You cannot simply spend, spend, spend, yet you’ve earned the right to have fun. One way to protect your savings is to save money where you can, and you might be surprised that you, too, can save money on your auto insurance coverage.

Even Though You’re Over 55

Senior citizens have a bad rap behind the wheel. Most people think you can’t drive once you reach a certain age, and for some, this might be true. Overall, however, many seniors are excellent drivers, and one reason why is because they’ve been driving for a very long time. Experience counts. 

Over the years, you learn to be more alert and defensive, you learn to gauge other driver’s actions better, and insurance companies are finally cluing in the benefits of insuring experienced drivers, which is why many offer...

1. A Discount for Your Age

Bankrate reports that most insurance carriers will begin to discount your policy as you age. You must maintain a good driving record, of course, but once you read 55 or older, you might see additional savings. 

Some companies will give you a discount if you are retired and not looking to work. Others will discount your premium once you retire as well-deserved congratulations. Younger drivers look forward to that 26-year-old discount, now you can look forward to that 55-year-old one.

2. Even More Savings if You Drive Less

Another thing to consider is how much you drive. Many retirees drive less, plain and simple, because they aren’t headed to and from work every day. 
The less time you spend on the road, the less likely you are to have an accident or get a ticket. 

If you can find a carrier that offers a low-mileage discount, you’ll save even more money on your policy if you stay within the annual mileage requirements. 

Track how much you drive and then talk with carriers to see if your lower mileage will fetch you some extra dough.

3. Are You Willing to Prove Your Driving Savvy?

If you are willing to allow your insurance carrier to put a diagnostic device in your vehicle that records your driving habits, you might be surprised how much you’ll save on your premiums. 

Many companies offer significant savings to drivers who will put their driving skills where their mouth is. The company will install a diagnostic device into your or have you upload an app onto your smartphone that will prove to the company that you are as good a driver as you say. What have you got to lose, except premium costs?

4. Sign Up for the AARP

If you haven’t done so already, sign up for the AARP. This is not only the largest lobbying group in Washington D.C., but it also offers classes that will get you significant savings on your auto insurance. 

According to carinsurancecheap.net, many carriers reduce premiums for seniors who take a defensive driving course to refresh their skills. What’s one class if it means you can save more money to spend doing fun things during your retirement.

Besides, AARP isn’t the only club that offers auto insurance savings opportunities. You should also look into any club of which you are currently a member, such as the Elks or other organization. 

Don’t forget to check your alma mater’s alumni association either. Perhaps AAA will do more than just offer you roadside assistance and travel plans. Don’t leave any stone unturned. Ask all of your associations if they can help you save money on your auto insurance.

You should not be penalized for finally reaching your Golden Years. This is the time to enjoy life, and stressing over your nest egg is no way to do that. Look into these four ways to save on your auto insurance so you have more money to enjoy life. 

The more money you save, the more opportunity you have to do the things you’ve always dreamt of doing once you retire. Spoil your grandkids until they can be spoiled no more and take that dream trip, too!

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