To much frustration, nothing works. You then go around the slow moving vehicle and notice the driver is elderly and you then just drive right on by and shake your head. The reality is senior citizens are actually much safer on the roadways than most teen drivers and get better rates. Lets check out some simple ways seniors can save even more on car insurance.
There are more Senior Citizens Driving
According to recent census stats, there are about 45 million American citizens aged 65 or older. This represents over 14% of the entire U.S. population. Due to advancements in healthcare and medicine, seniors are now living longer than ever and their numbers will continue to grow. By 2060, this population of older adults is expected to reach almost 100 million. Seniors represent a huge, growing market to businesses and some firms strictly focus on this market segment. Seniors are also more independent now than ever before and most drive their own vehicles well into their 80s.
Many elderly persons are on strict budgets and car insurance is a fixed expense they have to pay each month. The good news is many automobile insurers offer great senior auto insurance discounts. Carriers offer these discounts because stats don’t lie and prove seniors have lower rates of accidents than many other driver age groups. Think about if for a minute, would you feel safer in the passenger seat of a 17 year old teen or a 67 year old experienced driver who is very careful behind the wheel? Most elderly drivers have decades of experience and obey the traffic laws, like not texting while driving.
Senior Drivers file fewer Claims
Some of the best drivers who file the fewest accident claims are those in their 60s. This group still posses the motor skills and quick reflexes to avoid incidents on the road and also have decades of experience, which allows them to avoid dangerous situations. Another reason why carriers offer lower rates, is seniors drive far fewer miles than younger people. This is because most are retired and don’t have to be exposed to dangerous rush hour commutes. Older motorists also don’t tend to go out partying as much between 10 pm and 2 am, which are some of the most dangerous times to be on the road due to intoxicated motorists. This greatly reduces their risk and insurers reward them with cheaper premiums.
The sweet spot for older drivers is 55 to about 75 years of age. If a senior motorists has no tickets on their record and no accidents within the past 3 years, he or she can get very cheap automobile coverage. In fact, it’s plausible for seniors in this age bracket to get quoted with rates that are 15% lower than younger motorists between 25 to 60 and a fraction of what teens pay to get covered.
Auto Insurance Discounts for Seniors
There are many ways seniors can get cheaper auto insurance. Some of the more popular ways include:
* Certified Driver Safety Classes:
Completing a safe driver class that is recognized by insurers can save you 10% or more on coverage. These classes only last 2 or 3 sessions and even experienced older drivers will learn a lot.
* Low Mileage Discounts:
If you drive less than 1,000 monthly miles, you can qualify for a low mileage discount that can save you about 15%. If you are already retired, there is a good chance you don’t drive too much.
* Get a higher Deductible
A smart move for seniors is to get an automobile policy with a deductible of $1,000 or higher. This makes sense because you probably already are a very safe driver that does not drive too much. A high deductible will save you around 10% or more.
* Garage your Automobile
Most people are unaware that insurers will give a discount if you garage your car at night. This greatly reduces the chance it will get stolen or have damage from unusual weather events like flooding. Garaging your car can save you up to 5% off your insurance bill.