Senior Drivers Should Consider Higher Auto Insurance Policy Limits and Look for Senior Driver Discounts

Ron Trumbo Insurance Editor

Experience is everything, and senior citizens are worthy of being considered experienced drivers. Sparing the patronizing rhetoric about aging, the truth is that retired and senior drivers have unique auto insurance needs and requirements.

Senior Drivers Have Different Financial and Health Needs

In looking at auto insurance as a financial tool that protects your financial assets and health, senior drivers have different needs. For example, consider a 69 year-old widowed female on a fixed income. Does it make sense for her to be carrying a $1,000 deductible? If the house she’s been living in for 40-years is fully paid-off, perhaps her liability limits should be higher to protect it? Many insurance agents recommend that senior drivers carry higher limits on their auto insurance policies given the increased financial risks and the likelihood of prolonged hospital stays and expensive medical care.

Senior Drivers Should Only Work With a Qualified Insurance Agent

It is suggested that you have a few conversations with different local insurance agents and ask for their recommendation for updating your insurance policy to your retired needs. Many times, just by having a few quote discussion, you’ll find an agent that you can trust and one that’s going to present a couple different options. Trust your instincts: If you feel like you’re being “sold,” you probably are. You want an agent that’s going to want to understand your overall insurance strategy (like a tax strategy), including auto, home and life. Additionally, verify an insurance agent’s license with your state’s insurance department.

Senior Drivers Tend to Drive Less and Should Pay Lower Premiums

If you’re retired or you’ve recently retired, you may have realized that you’re not commuting anymore. Without the daily commute, you should tell your insurance agent that your driving behaviors have changed. Those who drive fewer miles are obviously less of an insurance risk.

Insurance Companies That Specialize in Senior Drivers and Senior Driver Auto Insurance

There are a handful of insurance carriers that offer valuable discount auto insurance programs for senior citizen drivers. Companies like The Hartford partner with the organization like AARP to present affordable car insurance policies for drivers 50 and over.

Overlooked Senior Driver Discounts

Regardless of age, car insurance companies value safe drivers and offer a myriad of insurance discounts for both good driving history and the type of car or truck you drive. Ask for insurance rate discounts if you recently completed a driver’s safety course and if you haven’t been involved in an accident in the past three years. If you don’t have any traffic tickets, make sure your policy reflects this — you’re most likely a “good driver.” What about your car? Do you have daytime running lights, airbags, anti-lock brakes, a car alarm or other anti-theft devices?

What kind of customer are you? Do you have multiple cars on the same policy? If so you should probably benefit from a discount. If you don’t already have your home insurance policy with the same company as your car insurance, you should definitely look into the price savings for bundling insurance policies. How long have you been with your insurance company? Many insurance carriers give discounts for the tenure of a policy.

Additional online resources: AAA has a wonderful information site for senior drivers.

Check out Car Fit, http://www.car-fit.org a resource for senior drivers to help them determine if there car or truck actually fits them and their changing needs.