Most insurance companies offer car insurance to seniors without regard to age discrimination. As long as the senior can meet the physical and mental qualifications, they are normally offered appropriate coverage. On the flip side however, if they have moving violations or are starting to show signs of mental or physical problems, their license may be restricted or even revoked.
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Seniors are regarded in the same way teens are in the world of car insurance, as they are also considered high risk. When teens apply for their driver’s license they have to take a road test, an eye exam, and a written test. If individuals are over a certain age, yet can pass an eye exam, written test, and road test, in most states there is no problem.
In some instances, however, seniors may start to show signs of dementia, which tends to affect memory. Reflexes are not as responsive either. This can be dangerous for the elderly as well as other drivers, especially if they are on medication. They can get lost, cause an accident, or be involved in any number of possible adverse situations.
How much does car insurance cost for seniors?
One way that car insurance companies eliminate high-risk seniors from their books is to increase their premiums to an astronomical rate. If you are fortunate enough to be able to pay these high premiums, it may buy you some extra road time. But should a higher premium suffice for someone who may be financially capable, but has several violations and claims in progress?
High-risk drivers such as seniors pay as much as 50% more than a middle-aged driver with no moving violations. Some insurers believe that this is the safest group of drivers on the road today. If you are a safe-driving senior, you may save that same 50% on your car insurance, according to Allstate, State Farm, and other major carriers.
What car insurance discounts are available to seniors?
Seniors over 50 have a wide selection of insurance companies from which to choose. Through The Hartford, seniors can purchase AARP coverage with built-in discounts. This company claims that a savings of $364 is realized by many of its senior policyholders.
Unlike teens, seniors are usually in their own homes, which makes them candidates for multiple policies or combined policy discounts. Seniors can also take advantage of other discounts such as:
- Advanced premium payments
- Good credit
- Good driver
- Loyal customer
- Decreasing deductible
At this stage of your life you are usually financially stable with a few assets and the need for multiple lines of coverage. In exchange for the option of additional lines of coverage, discounts and incentives are often offered to seniors.
Which companies restrict car insurance for seniors at a certain age?
According to research, insurance companies do have to right to deny coverage to seniors, not based on age, but on other guidelines needed to maintain a license and coverage. One way insurers deny car insurance to seniors is to offer them a high-risk rate. Many seniors are on fixed incomes and cannot afford the quotes issued.
This may be common among major standard carriers if the senior has a recent history of moving violations. Therefore, the denial is disguised in the form of rate hikes, and very seldom disputed. According to several studies, seniors are the more responsible group of drivers and are the preferred policyholders.
Which states restrict car insurance for seniors at a certain age?
States have the control of regulating driving laws through the local DMV. Several states require seniors over 65 to renew their licenses more frequently and perform vision, written, and/or road tests. Which of the three you may be subject to depends on the state where you live.
How do I determine when it is time to take the keys from the senior in my family?
In many instances it is up to the family to take the keys away when they observe patterns of unsafe practices. Many family members recognize the importance of maintaining independence for their elderly loved ones. Once driving privileges are taken away, seniors are more dependent on their adult children to shop and travel to doctor’s appointments.
Since seniors are living longer, healthier lives, maybe state regulators will consider this fact and make appropriate amendments. At the same time, for those whose physical and mental faculties are deteriorating faster, there should be some protection for the other drivers on the road. In that case, the states that carry the yearly renewal requirement for those 65 and older may be good examples for the rest of the country.
You can compare car insurance rates for seniors today by simply entering your zip code in the search tool provided here.
