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Things You Need to Know About Senior Citizens’ Auto Insurance

by Krystian Sip,  Sep 8 2021

Senior auto insurance. Something most of us don’t want to talk about, but something we should definitely know about. Up until this point, adult drivers enjoy some of the best car insurance rates out there. This however starts to change once you go into your late 60’s. 

Why does your insurance go up?

Statistically, drivers over the age of 70 tend to experience an increase in their senior auto insurance premiums, as they are more likely to cause serious accidents on the road. The main reason for this being the age-related loss of hearing, eyesight, health conditions, or slower reflexes.

Another reason for the increase is the fact that senior citizens tend to suffer greater injuries following an accident, making the treatment process significantly more expensive.

It might be quite difficult to completely avoid the gradual premium increase over the years, but there are still things you can do to ensure you save money. 

The best way to do this is by making sure you know your options. 

Best Insurance Companies for Seniors

When shopping around for car insurance as a senior citizen it’s worth checking out companies like: 

  • Nationwide 
  • Allstate
  • State Farm 
  • Progressive 
  • Travelers
  • Metlife

These insurance providers are known for offering attractive terms to drivers over 65. It’s worth noting that the rates of these companies may differ depending on your recent driving history and credit score. 

Things you can do to lower your insurance after turning 60

Another great way of lowering your senior auto insurance premium is making sure you have all the discounts you’re eligible for, applied.

Many insurance companies offer discounts for completing the defensive driving course which can be a great option for teenagers and elders alike. Giving senior drivers a chance to refresh their safe driving knowledge.

Several insurers offer discounts aimed specifically at senior drivers. One perfect example of this is the Age and Retirement discount offered by AARP to drivers over the age of 50.

On average, senior drivers tend to travel less, not having to commute to and from work every day. Low-mileage discounts are offered by many companies and are an easy way of reducing your premium.

Other ways of successfully lowering your insurance premium 

  • Joining a “pay-as-you-drive” program. Calculations of one’s insurance premium are based mostly on statistics. You can show your company you’re not their average senior driver and still have “it” in you, by selecting a ‘Pay-how-you-drive” program. The program can bring you significant savings.

Your vehicle will be equipped with a device showing your insurance company not only how much you drive, but also how you drive. Your driving habits will be recorded. It’s a great way of showing your insurer that you still commute in a safe manner, not over-using the gas or brake pedals.

  • Altering your coverage levels is one more way in which you can lower your premium.

If your vehicle is getting old, and the price of insuring it outweighs the actual value of your vehicle, consider dropping full coverage. For more details, check out our collision and comprehensive guide here.

  • If your financial situation is stable enough, you can also consider raising your deductible, which can further decrease your premium.
  • Investing in bells and whistles. Some insurance companies offer discounts for vehicles with fitted parking assist, rearview cameras, or collision warning systems. Not only do their add-ons help you avoid dangerous situations behind the wheel, they are also a great way of ensuring your premium remains lower come renewal time.
  • Bundle up your policies. Purchasing several policies, like your home and auto, can often get you a multi-policy discount if they are all within the same company.
  • If you have a vehicle/vehicles you do not drive often, consider changing their coverage to “in-storage”.

Know your options

Whether you are looking for new insurance, or just want to confirm you have the best deal out there, knowing your options is an important aspect of making conscious decisions.

To get the best deal, it’s best to compare them taking your individual situation into account. Shopping around with multiple insurance companies can be a time-consuming and painstaking process, especially if done manually. 

Luckily, you can avoid this. Gabi takes the absorbing process of shopping for insurance and makes it easy and quick for everyone. 

Request your free quotes here. Your quotes will be ready within minutes and will take your individual situation into account. 

Editorial content on Gabi.com is reviewed by a licensed insurance agent. It is intended for informational purposes only and should not be considered legal or financial advice.
Written by
Jessie Jordan
Jessie is a Marketing Specialist at Gabi. As a licensed insurance agent, she has been helping Gabi customers buy and understand auto, home, renters, landlord, and umbrella insurance in a digestible way since she joined the Gabi team in 2020. Before joining Gabi she was a globally recognized Senior Account Executive for UPS- trusted with advising top brands on how to grow and streamline their business.
Reviewed by
Robbie Boddy
Robbie is the Vice President, Head of Sales & Customer Experience at Gabi. As a licensed insurance agent, he has more than 15 years of experience in the insurance industry, joining Gabi after working with Liberty Mutual as the Assistant Vice President and Site Leader, Direct Sales and Innovation. Robbie is a member of the Chartered Property and Casualty Underwriters society and has a Master of Business Administration (MBA) from Grand Canyon University.
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