Whether you’re looking for the best senior auto insurance for yourself or a loved one, it’s important to get the best coverage at the best price. While seniors are more likely to have years of valuable driving experience under their belts, making them a safer bet for insurers, an equal truth is that statistics show that some mature drivers pose a greater risk on the road—just like some younger drivers do.
Because of these statistics, you may notice your insurance premiums start to creep up around age 60. The good news is that your insurance won’t be as much as your teenage grandkids. The word senior is meant to denote maturity, after all, not being incapacitated or inexperienced.
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More good news: if you have years of good driving, this can also work in your favor to reduce your premiums.
Another way to reduce senior citizen car insurance rates is to take a safe driving course. This shows a commitment to remaining a safe driver and, conveniently, the safety course can be done at home online.
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Senior auto insurance rates kick in when you’re around 60-65—but it can be earlier. When, exactly, depends on the company. Studies show that it is around this age that our reflexes have been shown to slow, and vision and hearing begin to decline. Of course, this isn’t going to be the case with everyone, but insurance companies are in the business of making generalizations so even if your reflexes, vision, and hearing are great, your rates may begin to increase.
The exact cost of auto insurance depends on many variables, including your driving record, the kind of car you drive, your credit score, where you live, and your sex, so it is impossible to tell you exactly how much seniors car insurance will cost you.
However, to give you a rough idea of cost, the state minimum car insurance will cost someone who is 65 years old a little over $500, while a more comprehensive package will cost that same person around $1,400. At age 55, the costs of the same sorts of policies would be a little under $500 and around $1,350, respectively.
The best way to get an idea of how much seniors’ auto insurance costs is to get a comparison quote. Don’t assume the provider you have now will give you the best rate. Shop around. We’re here to help.
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The National Council on Aging has called financial scams against seniors the crime of the century. These criminals are banking on seniors not being informed enough to recognize scams, but if you’re a senior and you’re reading this, you’re already proving them wrong.
There are many ways scammers can target seniors looking for auto insurance. Phony agents can pocket your premiums instead of giving them to the insurance company. They can sell coverage you don’t want or need. They can try to scam you on investments they say are linked to insurance, like viaticals, which are investments in policies taken out on terminally ill or sick people. Viaticals can be legitimate, but they can also be bogus and used to weasel you out of your hard-earned money.
Spot Scams With Seniors Car Insurance Quotes
The best and easiest way to avoid scams is to get free comparison quotes. These will allow you to see rates across a variety of insurance companies, which will, in turn, allow you to see if a price looks too good to be true. If a company’s policy seems suspect, verify its legitimacy with the Department of Insurance in your state.
It’s also a good idea to get your first quote from your existing car insurance provider, especially if you’ve been happy with their services and pricing so far. Even if you decide not to stay with them, you can use this pricing as a baseline from which to compare rates. Be sure to be quoted for the same options (coverage, liability limits, and deductibles) so you are truly comparing apples to apples.
If you get a great rate from a smaller insurance company, don’t jump on board before you do that legitimacy check: contact the Department of Insurance. Additionally, you can also look at a company’s financial strength with AM Best—a reputable US credit rating agency.
Trust us: a little more leg-work, in the beginning, can save you heartaches and headaches down the road.
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It’s easy. Maintain a good driving record, take a safe driver course, drop any superfluous drivers off your plan, bundle your insurance, consider usage-based policies and install safety features.
Car insurance rates can increase for mature adults, but it doesn’t always increase by much—especially if you’re a good driver. Your experience and excellent driving habits can go a long way to keeping your rate down.
Hollay Ghadery Hollay Ghadery is a writer and editor who is passionate about financial literacy as a means to personal fulfillment. Hollay has over 18 years of experience creating content about a range of topics related to personal finance, including insurance, investing, banking, and credit cards. When Hollay isn't writing, she's spending time with her four children, two dogs, and three goats.
