Auto insurance companies are mysterious. But, one thing we know for sure are the factors that help determine senior car insurance rates. If you haven’t visited your premiums in a while, it may be time to take a second look.
Life changes once you become a senior—sometimes you drive less frequently, or in a different vehicle.
Many of these changes can impact how much you pay for car insurance. Here’s some information to help you understand auto insurance for seniors, and some things to think about if you’re a senior looking to secure a better rate.
Factors That Impact Your Rate in Colorado
Driving Record. The first thing insurance companies in Colorado consider is your driving record. Are you a safe, cautious driver, or do you have a habit of submitting small claims for frequent accidents? Even small, “fender-bender” type accidents with no injuries can have a big impact on how much you pay.
Vehicle Make and Model. What is the make and model of the car you drive? If you’ve recently switched from a large SUV to a smaller sedan, your rates may drop.
Distance You Drive. Of course, what you drive is sometimes overshadowed by how much you drive. If you’ve recently retired, and rarely get behind the wheel, your rates are sure to be less than when you had a long commute back and forth to work.
Coverage. As a senior, you may not need the comprehensive protection you’ve always had on your car insurance policy. For instance, some policies include the cost of securing a rental car to use for transportation to and from work in the event your car is being repaired. If you no longer work, do you really need this extra?
Senior Discounts in Colorado
As a mature driver, insurance companies often recognize the qualified experience you’ve gained on the road. Assuming you’ve been driving for many years, securing a low rate and a great plan is generally easy. In addition to a better bottom line price, you may be able to count on a variety of discounts too, like safe driver and senior discounts. Here are just a few.
Over Age 50. Many car insurance companies offer age related discounts starting at around age 50. Discounts typically increase with age.
Low Mileage. Some companies offer discounts to drivers who are able to keep annual mileage below a certain amount. If you’re retired and drive less frequently, this may be a good option to pursue.
Safe Vehicle. Certain model cars are considered to be safer than others, and ownership will sometimes make you eligible for a discount on senior car insurance.
Defensive Driving Class. An easy way to secure a great discount is to show that you are a safe driver by completing and passing a defensive driving course. Many insurers recognize this achievement and reward you with a discounted rate.
Multi Vehicle/ Multi Policy. Do you have several cars? If so, the multi-vehicle discount may apply. In the same way, having all of your insurance needs (car, home, life etc.) covered by the same provider usually means a lower rate.
Payment in Full. If you can, paying your entire car insurance up front in full often means you pay less overall.
As a senior driver, you may be able to secure a lower rate on auto insurance than you pay now. If you’d like to explore your options, give us a call, we can help. Or, use our free online quote generator to see what the numbers look like.
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