Senior citizens can absolutely get car insurance discounts. In fact, most insurance companies automatically lower your rates when you turn 55 because the assumption is that you will be driving less. This isn’t always the case, but in many instances it is.
What’s more, you will find that some car insurance companies offer a 55-year and older discount. This discount typically applies when a senior citizen agrees to take a defensive driving course that is approved by the state in which they live.
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There are a lot of jokes about the dangers of letting senior citizens drive. According to the Insurance Information Institute however, statistics show that the least amount of accidents occur in the 55 and older age group. Even though there is concern of slowing reflexes, older drivers tend to simply drive more carefully.
Do car insurance companies still consider other factors, like credit, when determining the insurance rates for senior citizens?
Outside of offering lower rates to senior citizens, everything else with the insurance company stays the same. You will not get lower rates if you have a terrible driving record, bad credit, or a series of DUIs on your record. This discount applies to drivers in good standing with their insurance companies.
In fact, in addition to your senior citizen discount, you can still qualify for:
- Good driver discounts
- Loyalty discounts
- Multiple policy discounts
- Multiple car discounts
- Safe car discounts
When a car insurance company considers you for a customer, some of the things that they continue to consider are:
- Your age
- Your gender
- Whether you’re married
- Whether you’re college educated
- Your credit score
- What type of car you drive
- Your driving record
- Where you live
Does my insurance rate change automatically when I turn 55?
In most cases, your insurance rate will change automatically when something major changes in your life. Of course, there are a few things that the insurance company has no way of knowing unless you tell them, such as if you get married or if you have a child.
However, because they require you to provide your birthday when you apply for car insurance, they will know when you hit any major milestones age-wise that will affect your rates. If you are with an insurance company that only provides a discount when you take a defensive driving course, then you will have to provide them with the information about your course to get the discount.
Does this mean that my rates will be cheaper for me than at any other age?
This is an interesting question as there is no way to say “yes” for sure. The reason for this is that at the age of 55 you may be driving a $60,000 car, while at the age of 25 you might have been driving a $7,000 car.
What’s more, if you live in an area that has higher crime rates than you did in previous years, then your rates will be higher as well. There is just no sure way to say that you will pay less than ever before.
If, however, from the age of 54 to the age of 55 nothing has changed in terms of where you live and what kind of car you drive, there is every possibility that you will be paying less money for your car insurance.
However, while rates will be lower for you between the ages of 55 and 70, according to the Insurance Information Institute, the risk that you will have an accident increases significantly after your turn 70. At that point, you will probably pay more for your insurance.
Do all insurance companies offer car insurance to senior citizens?
While this article can’t speak to absolutely every insurance company, you will find that every reputable car insurance company does offer car insurance to people of all ages, as long as they are legally able to drive. If a car insurance company turns you down, it is very likely that there are other underlying reasons for the cause rather than it being about your age.
If you are concerned about how an insurance company might treat you, use sources like J.D. Power or Weiss Ratings, to see how companies are rated on customer service. This may help ease your mind about the insurance company that you choose.
What happens to my insurance rates if I can’t pass my driver’s test again?
Actually, if you fail your driver’s test, your insurance rates won’t change, at least for the time being. In some states, the DMV informs your insurance company of the change in your driving status, but in many it doesn’t.
What it really boils down to is that if you cannot drive your car, then you need to consider dropping your car insurance. There is no reason to pay for a service from which you cannot benefit.
If you have other drivers on your vehicle, you can have your name removed from the list of insured people on the vehicle. If you have a bumpy driving history, then this could actually help to lower your rates, especially if other drivers on your policy have great driving records.
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