Understanding your car insurance coverage can be daunting for almost anyone. It can be hard to know whether you're paying too much or whether you need more protection than you currently have. For seniors ages 65 and above, navigating coverage options and knowing where you might be able to save can be critical for protecting yourself and balancing your budget. To that end, here are just three things all seniors should know about car insurance.
Your rates won't automatically increase when you turn 65
Your car insurance rates are determined by a number of factors, including your location, your driving record, and the make and model of car you drive. For instance, the average insurance costs for sedans rose by 9.6% from 2014 to 2015 simply due to the auto type. Your age does play a part in determining how much you'll have to pay for car insurance, but it's not an automatic increase. Typically, it will depend on your auto insurance company's regulations and the laws in your state. Rates for drivers over age 65 do tend to be higher than drivers between the ages of 50 and 65; however, there may be mature driver discounts available to those with impeccable driving records. It really depends on your specific circumstances and your insurer.
Taking safety seriously can pay off
You may be able to save some cash by showing that you are committed to being a safe driver. One way to do this is by taking a mature driving class, like the ones offered by AAA or the AARP. Oftentimes, completion of these courses will allow you to get a discount on your premium. You can also make amendments to your vehicle to benefit from discounts. If your car has full front seat airbags, anti-lock brakes, or daytime running lights, you may be eligible for a discount. In the future, insurers may offer discounts for cars with rear view cameras or collision warning systems, too. Clearly, playing it safe can actually have a positive impact on your monthly insurance payments.
You could probably be saving more than you currently are
There are other ways to save on your car insurance as a senior, too. If you don't drive often but still need access to a vehicle every so often, you may want to look into low-mileage discounts. Typically, you'll be eligible if you drive somewhere between 5,000 to 7,500 miles per year. State discounts may vary, but some offer low-mileage discounts of 10% or more. And if you're driving less frequently, it might make sense to raise your deductible. Since you aren't driving as much, you won't have as high a risk for collision. You'd end up paying more if you do get in an accident, but you could save a significant amount per month as a trade-off. Seniors who are no longer considered the primary driver in their household might consider switching this designation to another driver in the household; you may be able to save money by doing so, granted that the new primary driver is younger than you are. Your insurer can give you more information about discounts for which you might be eligible.
Auto insurance policies might never be as straightforward as you'd like. But the good news is that Best Insurance can help you navigate all the kinds of coverage out there and help you find an insurer that fits your needs. To find out more, contact us today.