Senior Citizen Car Insurance
It is easy to wonder what the purpose of car insurance is if, month after month, you never file a claim. Those seemingly high costs do serve a purpose, though. Not only does car insurance provide peace of mind, but it also covers drivers in case of financial, physical, or mechanical damage.
When you get older, you may look for different ways to cut costs. Your car insurance should not be under consideration. Here are some tips and tricks to make sure you maximize your coverage while minimizing out of pocket expenses.
Auto Insurance For Elderly Drivers
More often than not, elderly drivers become a higher risk to themselves and other drivers as they get older. According to the Canadian Automobile Association, “older drivers’ fatality rates are 17 times higher than those for 25- to 64-year-olds.” As a result, the cost of insurance gets progressively higher after the age of 60.
In Canada, full coverage for car insurance will stay relatively static through your sixties. At the age of 65, you can expect a rate of $585. That number may tick up to $718 at the age of 75 and $887 ten years later.Avoiding accidents, while not entirely in one’s control, is the best way to prevent price hikes. That means maintaining a healthy and active lifestyle while taking the occasional driver’s education course to sharpen your skills. Senior citizens can also reduce their risks while driving with a sizeable buffer zone and regular vehicle maintenance.
Finding the Best Car Insurance for Senior Citizens
Car insurance is essential no matter what your age is. What policy works best for your needs is also highly variable. If the cost of driving is a factor, GEICO is consistently one of the most affordable car insurance providers for seniors in Ontario.
The average premium for senior citizens who use GEICO is $493. Progressive is an arm’s length behind at $618. Other insurance providers, including State Farm and Allstate, all have car insurance for senior citizens that eclipses the four-digit mark.
Of course, how much you pay can fluctuate depending on factors including car and location. Newer cars, while safer, have more potential liability when it comes to overall repair costs. Rural areas are also cheaper to insure because the likelihood of an accident is typically lower.
Price isn’t the only factor worth considering, though. Combing an existing auto insurance policy or cutting overall coverage can be quick ways to improve the value. There are also plenty of ways to save money through discounts.
Can Senior Citizens Receive Insurance Discounts?
Generally speaking, senior citizens are eligible for many of the same discounts as the rest of the population. The most common elderly car insurance discount is accident-free driving. This benefit rewards people who consistently show that they are not a liability on the roadway.
Seniors can also get discounts if they upgrade their vehicle. Adding features, such as anti-lock brakes or anti-theft devices, reduce the chance of potential liability. Therefore, many insurers will reward policyholders with lower rates and premiums.
Some companies offer cheap car insurance for seniors if they are loyal to the brand. That may include bundling their auto insurance with other forms, such as home, life, or dental. It can also mean getting multi-car insurance or filing for early renewals.
There are a million and a half ways to save money on your car insurance. Additional ways to save include going paperless on bills, have low overall mileage, using auto-pay, and owning a green car. If you want to know more about potential savings, contact your insurance provider today.
How Old Do You Need to Be to Receive Discounts?
Some insurers provide senior car insurance discounts starting at the age of 55. Many times, seniors can earn these discounts if they take a driver’s safety or defensive driving course. That way, the insurance provider can be confident that the policyholder will be safe on the roads.
Having a pristine track record or a long period since the most recent claim can help individuals get discounts. It is worth mentioning, though, that some providers will hike rates based on age. Premiums start to rise around the age of 65 as faculties, such as eyesight and agility, begin to diminish.
Comparing Rates Is the Best Approach
The single best thing you can to do to get the best deal is to compare car insurance for seniors in Ontario. Take the time to get quotes from several different companies and evaluate your options. Using this strategy allows people to get a clear pick of the pros and cons of each company.
What works best for you is going to be a matter of personal preference. Your driving habits, the model of vehicle, age, health, and driving record can influence what carrier you ultimately choose. If you find better rates and discounts at a different car insurance provider, make sure to switch your policy right away.