Many auto insurance companies base their rates in part, to the age of the driver. Generally speaking, the younger the driver is, the higher the rates will be. Also, the older the driver is, the higher the rates will be. Senior car insurance rates are generally high because, right or wrong, the insurance companies consider older drivers to be higher risk. Also, if there were to be an accident, seniors require more medical attention than middle aged drivers. However, there are some steps that you can take to reduce the cost of senior car insurance.
1) Move your auto policy to the same company that insures your home. There are usually major discounts for doing this. The insurance companies offer major discounts to those who carry multiple policies with them and the biggest discounts are given to those who carry homeowners and auto policies together.
2) Drive safely and don’t make frivolous claims. Take every precaution to drive within the law and not receive any tickets. The auto insurance companies love to insure safe drivers. However, if you do get into a fender bender, don’t claim the damage unless it’s significant. Again, right or wrong, the companies that offer car insurance consider senior citizens to be more likely to make a claim than younger drivers. Show them that this is not the case with you.
3) Credit score. A slipping credit score for a senior citizen is a warning sign to the insurance company that something is not right. This worries them and causes them to raise rates. Keep your score high and you will get much lower auto insurance rates.
