Discounts for Senior Citizens for Car Insurance

Senior car insurance discounts could save drivers over 60 up to 10% on car insurance rates. Discounts for senior car insurance include long-time customer and low-mileage discounts.

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A former insurance producer, Laura understands that education is key when it comes to buying insurance. She has happily dedicated many hours to helping her clients understand how the insurance marketplace works so they can find the best car, home, and life insurance products for their needs.

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Written by Laura Berry
Former Insurance Agent Laura Berry

Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP® Joel Ohman

UPDATED: Jun 2, 2022

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Seniors in the United States have to be very budget conscience. Most of the time the only money they have to live off of are their Social Security payments, any type of pension payments from their previous job, and whatever money they saved for retirement. Because of this often limited source of income, seniors have to save money whenever they can. As a result, the majority of car insurance providers offer special senior citizen discounts.

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Who Is Eligible for Senior Car Insurance Discounts

While the official age a person is considered a senior citizen in the United States is 65, most car insurance providers offer senior discounts to people in their 50’s. This is often referred to as a mature driver discount.

This type of discount is not always applied automatically, so it is important for the policyholder to review their policy every year or so to make sure they are saving as much money as possible.

It is not uncommon for this type of discount to save the policyholder 10 percent or more on their annual car insurance premium. Just because as a person starts receiving discounts on their car insurance as they get older does not mean they will continue to receive them.

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Car Insurance for Seniors

Once a driver reaches their 60’s and 70’s it is not uncommon for their car insurance rates to start increasing. While senior citizens are less likely to receive tickets for moving violations, they do file a lot of accident claims. In fact, they file almost as many accident claims as teenage drivers.

One of the best ways these drivers can continue having lower car insurance rates is by attending a special driver education course designed for seniors. These classes usually cost between $10 and $30, but if they can save a policyholder 10 percent or more on their car insurance, this minimal cost is more than worth it.

A senior-oriented drivers course is usually around eight hours long and spread over two days. These types of courses are easily found by consulting the AARP or AAA.

Other Car Insurance Discounts

There are many other discounts of which a senior citizen might be able to take advantage. These discounts include low mileage discounts, good driver discounts, quick or full payment discounts, homeowner discounts, and long-time customer discounts.

Someone who is retired most likely will not drive as much as someone who has a daily commute to work.

Because of this, a retired senior could be eligible for a low mileage discount. The reasoning behind this discount is that since these policyholders do not drive as often, they are less likely to be involved in a car accident.

A good driver discount is usually available to anyone with a good driving record. To have a good driving record the policyholder must have no speeding or parking tickets and no accidents on their driving record. Typically, if a person does have a moving violation like a speeding ticket, it takes around five years for it to be removed from their driving record.

A full payment discount is offered to those that choose to pay their annual or six-month car insurance premium in one payment instead of monthly. Seniors are much more likely to make this type of payment arrangement than a younger policyholder.

Seniors are also more likely to receive a discount for being member of an auto club like AAA or an organization like AARP. Seniors tend to plan ahead a bit better than their younger counterparts so are more likely to be a member of these types of organizations.

Car Insurance Discounts for All Drivers

Other common discounts available to all drivers are a multi-vehicle discount, a multi-policy discount, a good student discount, and a safe car discount. Having more than one car or more than one insurance policy with the same car insurance provider usually means a discount.

Having a safe car is also a good way to receive a car insurance discount. The newer the car is the more safety features it has. A car made in the past five years is more likely to have driver- and passenger-side airbags as well as side airbags. These safety features mean that the driver is less likely to be seriously injured in an accident, which makes insurance costs less.

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