Car Insurance Discounts for Seniors
The average senior driver in the U.S. pays $2,536 annually or $211 monthly for auto insurance. Saving money is important no matter your age, but drivers 55+ could receive up to 10% off their insurance premium. There are plenty of discounts that carriers offer for senior drivers to help save on their auto insurance. We have compiled them all into one place to save you the headache of searching for savings.
Key Takeaways
- Drivers over the age of 75 will see higher insurance rates than those in their 50s and 60s.
- Some carriers offer discounts for seniors that complete a mature driver course.
- Driving less can help lower your auto insurance rates.
Most insurance companies will offer seniors discounts on their auto insurance. Sometimes, additional discounts for membership in certain organizations or taking a mature driver course are offered.
It’s important to keep in mind that auto insurance tends to be higher for drivers 75 years and older for two reasons:
- Higher risk of being involved in an accident.
- A higher risk of serious injuries resulting from an accident leads to higher medical care costs and generally higher costs to insurance companies.
So, while some carriers do provide a senior discount, your age, driving record, type of vehicle, and number and age of the drivers on your policy all have an impact on your premium.
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Average Car Insurance Rates For Seniors By Age
Factors like age, location, and driving record have a big impact on how much you pay for car insurance. Below you can find what most drivers can expect to pay as they age.
| Age | Average Annual Premium |
|---|---|
| 55-64 | $2,335 |
| 65-74 | $2,531 |
| 75+ | $2,742 |
*This is for a full-coverage auto insurance policy
Typically drivers in their 50s and 60s will see the lowest auto insurance premiums compared to other age brackets. This is due to their driving experience and lessened risks of hearing or vision impairments.
When you hit your 70s, you’ll see your auto insurance rate rise about 6% sheerly because of the higher chance of getting into an accident and suffering a serious injury. Drivers in their 80s see the highest insurance premiums, with a nearly 16% rate increase due to the abovementioned reasons, as well as the effects age can have on a driver’s reflexes and reaction times.
How Seniors Can Save Money On Car Insurance
A senior discount isn’t the only way you can lower your auto insurance bill. There are a few other things you can do to save on your premium:
- Reduce your mileage
- Remain accident-free and avoid moving violations
- Enroll in usage-based programs
- Invest in a vehicle equipped with safety features such as blind-spot monitoring, lane departure warning systems, and rearview cameras
Most states have mandated mature driver discounts for seniors who complete a state-approved driving course. The National Safety Council (NSC), AAA, and AARP are among the organizations that provide qualified courses.
Who Has The Best Auto Insurance For Seniors?
There is no one best auto insurance carrier for senior citizens, as each carrier offers discounts to make insurance more affordable for older drivers. These discounts could include multi-policy, mature driving course completion, accident-free, safe driver, and membership in a qualifying organization.
It comes down to what’s most important to you as a driver. If a cheap rate is your top priority, then, of course, go with the carrier that offers you the best premium. However, if you value an excellent customer service experience or a solid financial rating, it’s best to conduct additional research. Knowing what you want as a consumer will help you make the best decision!
How To Buy Car Insurance For Senior Citizens
There are a few easy ways seniors can shop for auto insurance, including:
- Compare quotes: As you get to your late 60s, you’ll see premium increases, which will continue into your 80s. The increased risk because of your age will cause you to have a higher rate regardless of your driving record. You should always look over your quote and review coverage amounts, deductibles, available discounts, and premiums.
- Consider an auto policy specifically for seniors: Some carriers offer policies specifically written for seniors through an AARP membership. These programs typically come with perks such as roadside assistance or concierge customer service.
- Change your annual mileage: You will pay less for auto insurance when you retire or drive less! Be sure to note either through the online quoting system or to your agent directly that you drive for “leisure” rather than as a commuter.
- Review your coverage limits: Consider increasing your coverage limits to include additional protection, such as personal injury protection. Statistics show that senior drivers are more likely to get into an auto accident and sustain more severe injuries than middle-aged drivers.
Buying auto insurance can be tedious at any age, especially as your premiums start to increase. This can often cause people to scramble for the cheapest rate, but doing so may cause you to miss out on coverage. Be sure to consider all of your options before making a decision to ensure you’re getting proper coverage at the best price.
Find the Best Senior Discount With TGS
TGS Insurance is dedicated to helping you find the coverage that works for you at a price that works for you. We understand that senior drivers are on fixed incomes and every dollar counts. Finding a policy that fits both your budget and your coverage needs can be a hassle. Because the chances of an accident or serious injury increase with age, a well-rounded policy is ideal.
TGS is here to take that hassle away. We work with over 60 different carriers and do the shopping for you to find you the best coverage and discounts on your auto insurance. Contact us today to learn how much senior discounts can save you on your auto insurance.
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