Best Car Insurance For Seniors
It is important to be judicious about buying a competitive car insurance policy for people in all age groups, but more so when you are no longer working or saving for retirement.
Once you turn 65, car insurance rates will begin to crawl upwards and if you are in your late 70s and crashing into people all the time eventually insurance companies are going to tell you that you should not be driving anymore. It is pathetic that some people just cannot figure out they should not be driving!
You have to focus a little harder to get the best rates. There are many car insurance companies that offer discounts to seniors.
You can get lower insurance premiums if you take defensive driving courses, use drive tracking apps and keep your vehicle up-t0-date with safety features. You might also be eligible for discounts for driving less if you have recently retired and stopped commuting to work every day.
Here are some of the best car insurance options for seniors in the US:
1. Allstate Insurance
If you are above the age of 55 and are retired or working only part time then Allstate shall provide a special senior discount to you. This insurance company is a stellar option and is one of the best where discounts are concerned.
For instance, you get a discount when you use their Drivewise app to track your driving habits. If you are a safe driver you get another discount every 6 months.
You can rack up savings for things like anti-theft system and anti-lock brakes as well. Allstate also gives a discount when you buy yourself a new car. This may not hold true to you personally, but, older drivers are more prone to accidents due to age-related changes like slower reflexes.
Accidents prove to be costlier with elderly insurers because they take longer to recover from their injuries that lead to high medical bills. These factors when combined result in a higher insurance premium.
2. The Hartford AARP Program
The best part about this program is the guarantee that you shall not be dropped once you purchase a policy as long as you do not miss on paying your premiums and do not allow your driver’s license to expire.
This program is best suited for older drivers and their needs. If you take a defensive driving course, you qualify for a 3% discount. These factors make the Hartford AARP Program one of the best overall car insurance policies for seniors.
There is a 24/7 claims hotline which has been rated consistently for high customer service satisfaction levels. The AARP program also provides an additional benefit of RecoverCare which covers the cost of seeking help with household chores or walking the dog, when you are in an accident, if Medicare does not.
The insurance policy comes with a vanishing deductible which means that your deductible decreases for each year that you are accident-free. This is in addition to other special AARP discounts.
A unique contract guaranteeing policy renewal is offered by GEICO to seniors who are 50 years or older. This is called the Prime Time contract which can be added to both renewal policies and new policies.
The eligibility criteria for this contract requires the insurer to be 50 years or above with no one less than 25 years of age on the policy. Additional criteria state that the vehicle should not be used for commercial purposes and you should not have had any violations or accidents in the past 3 years.
There are multiple other discounts for seniors apart from Prime Time contract. These include discounts for completing defensive driving course, owning multiple car insurance policies, having a 5-year good driving record and being a retired military or government employee among others. GEICO also gives a discount when you purchase a new car.
Another great benefit of GEICO insurance policies is their accident forgiveness. This means your insurance premiums will not skyrocket after your first at-fault accident. However, accident forgiveness is not available in Connecticut, California, and Massachusetts.
4. Amica Insurance
This insurance company has some tailor made solutions for older drivers even though it is a relatively small organization. This mighty insurance company has some of the highest customer satisfaction levels in the industry.
You will be eligible for discounts on taking defensive driver course. You also get automatic discounts for owning your own home or paying your insurance premiums in full. There are other perks included with standard policies like lock replacement, regardless of whether you lost your keys or someone stole them, and zero deductibles.
Many insurance companies disqualify older drivers from standard insurance policies because of their age. Dairyland insurance is the perfect option for elders on a tight budget with pay-as-you-go plans. It is a more affordable alternative to other high-risk plans. Dairyland has the fewest customer complaints among all nonstandard car insurance companies.
If you have purchased a luxury car of your dreams, then Chubb is the best insurance option for you. Rather than having to settle for market value in the event the car is totaled or stolen, Chubb insurance coverage allows you and the insurer to agree on a mutual worth of your car.
You also get rental coverage of $15,000 which is much more affordable because of those stellar tax cuts in 2017, anywhere in the world if you cannot think of driving a less-than-luxury vehicle when your car is in for repairs. Chubb also offers superior financial backing as part of their white glove service and above average customer satisfaction ratings.
7. State Farm
State Farm is a great option for road trip travelers. They will cover the cost of your meals, lodging and transportation in addition to the cost of repairs when you get in an accident far from home.
If you are a safe driver, like most people who are often on the road, then you may also qualify for ‘State Farm’s Drive Safe and Save’ program.
You can get up to 50% discount on your premiums once State Farm has analyzed your driving skills through their app. You can get further discounts by taking a defensive driver course.
To get the best car insurance rates as a senior, make sure that you keep your license up to date and renew it every four to five years as per state regulations.
Regardless of the policy you choose, you should ensure that you are healthy enough to drive and are aware of all side effects of any medications you are taking. You can further reduce your premiums by taking driving classes or simply choosing a car that is cheaper to insure.