Why Car Insurance for Seniors is Expensive & How to Lower the Rate
Are you wondering why car insurance for seniors seems to be more expensive? Surprisingly, some people think that reverse should be the case. Having been driving for some years, one may expect that seniors should be the one to pay less premium especially if they have very clean driving history. But that is not always the case. The truth is that, car insurance for seniors is usually more expensive. Car insurance premium changes with age. For instance, teens and young adults are charged very high car insurance rates because of their inexperience and lack of driving history. As they grow into their middle age, the rate begins to drop. However, as they are attaining their retirement age, the rate begin to climb again.
Why Car Insurance for Seniors is Expensive
Insurance companies have their own reasons why car insurance for seniors should be high. Below are few of these reasons:
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There is possibility that seniors may have impaired vision or hearing. With impaired vision, seniors may find it difficult to drive in the nights. Besides they may not be able to see road signs or traffic lights from a distance. These make them to be more susceptible to violating traffic rules. This can also lead to accidents on the roads. If you have been with seniors, you will notice that they exhibit slower reflexes. Their response time to situations tends to slow down. When you are driving, there are certain situations that will requires that you respond immediately. For instance, something may suddenly come across your way while you are driving, you will need to quickly apply brake. If you don’t, this may result to an accident.
Another reason why car insurance for senior can be high is because of their increased dependence on medication. There are some drugs that make you become less active after you have taken them. If someone takes that kind of medication and still embarks on driving, he may not know when he dozes off. Just one second doze can make one to skip off the road.
Failing health condition can also be responsible for charging seniors high car insurance rates. Health challenges can range from asthma to diabetes, heart related sicknesses and others. You are expected to disclose your health issues with your insurer whether physical, mental or otherwise. Depending on the health condition of the senior, it may be necessary that the insurance company provides more coverage. More coverage means higher premium.
High fatality rate seems to be high with seniors if they get involved in an accident. They may not be able to absorb sudden shocks the way that younger people will do.
Therefore, if you are a senior citizen and you notice that your car insurance rates are rising, you are not alone. It may not have anything to do with your driving records. It is because of the age group in which you belong. Nevertheless, despite the fact that car insurance for seniors is expensive, it does not mean that you cannot do anything about it.
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Below are some of the steps you can take to keep your car insurance low if you are a senior. If you are still in your middle age, this can still be useful for you. Even if not now, you will one day become a senior citizen.
How to get cheap car insurance for seniors
- Take a safe driving training course: It is possible that you have not taken a safe driving training course for a long time. If you have just retired and you have some time to go for such training, you can do this as this will enhance your driving skill. But before you go for any training, it is better to contact your car insurer so that you will know the approved courses which will qualify you for discounts.
- Bundles your insurance needs: If you have other insurance policies such as renters’ or homeowners insurance, you can bundle them with your car insurance. Some insurance companies grant their customers multiple policy discounts.
- Drive less: Before you retired, it is likely you were commuting to work every day. But now that you have retired, you may not need to drive frequently the way you used to drive before. If this is the case, it is good that you let your car insurer know about this. This can make you enjoy low-mileage discounts.
- Shop around: Since all insurance companies usually charge high rates for car insurance for seniors, why do you still need to shop around? Even though the insurance rates for seniors are high, that does not mean you should not shop around. Insurance companies don’t charge the same rates and they offer different types of discounts to their customers. If you plan to shop around, you start the process early enough so that you don’t experience gap in your policy.
- Choose your car wisely: If you have been driving a car that is very expensive to insure, this may be a good time to drop the car for another car that will be cheaper to insure. Before you buy another new car, try to understand the risk rating of such car. It is not just the price of a car that determines how much premium you will pay to insure the car. If the car is prone to theft or very expensive to repair, the insurance premium on the car will be high.
- Enhanced security/safety features: If your car has some in-built security of safety features such as passengers air bags, anti-lock brakes, car tracking system, alarms or disabling device, you may be able to enjoy discount.
- Other discounts: Having been driving for considerable length of years, it is possible that you have not filed claim over the years. This can qualify you for no-claim discount. Besides, if you have maintained your car insurance policy with the same insurance company over the years, you may enjoy additional discount. There are insurance companies that reward their long standing customers with loyalty discount. Please note that if your car insurer is not offering you the discounts you deserve, you can make demand on them. Otherwise, you may try other insurance companies.
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In conclusion, even though car insurance for seniors could be expensive, you can leverage on the tips discussed above to bring down your premium.