More than any other time, senior citizens still drive. Hey, as long as they can pass the test, age doesn’t matter. Besides, a lot of elderly individuals love their independence, something a car provides. But because car insurance rates can increase as a person ages, it’s essential to look at reviews. For instance, with reviews of Geico, you can compare different companies, policies, and prices quickly and easily.
Some insurers begin charging older drivers more due to increased risk. Like teenagers, elderly drivers tend to cause more accidents than middle-aged people. For that reason, it’s common to see premiums increase.
Check this out. At the age of 16, the average cost of car insurance for a teenage girl is $6,777 per year. That’s because teens are three times more likely to cause an accident than adult drivers. At the age of 55, the same coverage drops to about $1,690 annually. But as soon as an individual hits 85, most premiums jump to around $2,400 yearly. Yes, it’s cheaper to drive at retirement age than as a teenager, but premiums double for someone who’s in their 50s as opposed to their 80s.
Doing Your Part
Unfortunately, there’s no way to turn back the hands of time. We all age, which is part of the lifecycle. But you can do a few things to get great coverage at an affordable price still. As mentioned, it starts by looking at reviews. With that, you can identify insurance companies that offer the type of coverage you need, provide substantial discounts, and keep their prices affordable.
One thing you can do is focus on insurance companies that offer discounts as you get older. For teenagers, some insurers reduce rates for those who maintain a B or higher grade in school. Obviously, that wouldn’t apply to you as a retiree. However, keeping a good driving record does. If you don’t get any tickets or cause any accidents, you should see a nice drop in your premiums. Also, if you drive a car with an anti-theft device or some other preventative system, insurers are happy to offer a discount.
- Type of Vehicle
This applies to drivers of all ages, but it’s incredibly helpful for individuals with a limited income due to age. The type of vehicle you drive comes into play. As a default, large and luxurious automobiles are more expensive to cover. So, when in the market for a different car, you might stay with a mid-size having the right technology but not necessarily all the “bells and whistles.”
- Liability or Full Coverage
If you have your automobile financed, the lending institution will mandate that you maintain full coverage. Also, if you have a newer vehicle paid off, full coverage would make the most sense. However, if your car is older or not in the best condition, then liability is probably the way to go. With that coverage, if you caused an accident whereby the other party sustained injuries or their car had massive damage, your insurance would pay. It just wouldn’t cover any of your injuries or damage to your vehicle. For that reason, your premium would be far less compared to full coverage.
- Safe Driving Education
Considering that older adults cause more accidents than people aged 25 to 60, a lot of insurance companies reduce the premiums for someone who completes a safe driving course. Various organizations around the country offer these for a nominal fee. Not only would this help lower what you pay for car insurance, but there’s also the potential it would prevent you from causing an accident.
- Low-mileage Driver
Another way to save on insurance as a retiree is by driving fewer miles. Now, most individuals from age 70 and up don’t drive as often or as far as they once did when they were younger. So, if you fall into that category, talk to different insurance agents to see what kind of savings you could get. For instance, if you only put 6,000 to 8,000 miles on your car each year, you definitely won’t pay as much as if you drove 10,000 miles annually.
The Bottom Line
Suppose you’re at retirement age and still driving; kudos to you. And like a lot of older people, you probably don’t want to stop driving. As long as you’re still safe on the road, there’s no reason you should. But you must have the right insurance coverage, which doesn’t automatically mean you have to pay more. Take some time to look at reviews so you can make a well-educated decision on car insurance companies.
Again, multiple insurers offer reviews, but not all of them are as detailed as what Geico has. The more information you can get, the easier it will be to make the right choice.