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Why Older Drivers Will Sometimes Pay More For Their Auto Insurance

Friday, July 1st, 2011

An auto insurance quote for older drivers may be higher than for a younger individual. Auto insurance quotes are based on several different factors about the driver, including age. There are many reasons why older drivers are charged higher insurance rates, including their health and potential for being involved in a serious auto accident.

There is no particular age after which an individual is considered too old to drive. Many states require yearly hearing and vision tests, but none insist that a senior’s license to be turned over at a specific age. This does not, however, mean that all older drivers should be driving. While there are many good senior drivers there are just as many bad senior drivers, and it is on the bad ones that insurance companies focus. Therefore, a senior driver in good health with a perfect driving record may be given a higher auto insurance quote because there are other senior drivers that have made the insurance company wary about providing coverage to senior drivers.

As individuals age, vision and hearing capabilities decline. Comprehension and reaction times, too, may be affected. Each of these senses is required to be a safe driver, and having even one problem with either sense can make an individual an unsafe. Insurance companies are aware of this risk, and protect themselves against the likelihood of needing to pay for damages or medical expenses resulting from an accident by charging senior drivers higher rates.

Similarly, older drivers tend to be involved in more serious accidents. Statistically, drivers 75 years of age are nine times more likely than other drivers to cause a fatal accident. In 2008, drivers 65 years and older were responsible for 15% of fatal accidents. Thirty-nine percent of the time, it was the driver who died during the accident. The seriousness of these accidents often means that medical bills and other expenses associated with it are higher. Here again, insurance companies protect themselves by charging higher insurance rates.

Seniors often require more extensive medical treatment after an accident. An older driver may be less healthy than other drivers and also may have serious previous medical conditions. Older drivers require more post-accident medical treatment, and it is the insurance company that will pay for that care. When combined with the likelihood that the senior driver will be involved in an accident, this fact often leads to insurance providers having higher auto insurance quotes.

Seniors are often charged more for auto insurance than other drivers because of the risk they pose to other drivers. The potential – and probability – for injuring themselves while driving and the cost of their medical treatment also makes auto insurance more expensive for older drivers.

Special Considerations For Older Drivers And Their Auto Insurance

Friday, August 20th, 2010

An auto insurance quote for an older driver can be expensive. However, there are some strategies that older drivers can use to show the insurers that they are a good risk, and as a result, get an affordable rate.

One way for older drivers to get better auto insurance quotes is to take a driver safety course. It is best to complete the class and get your certificate before requesting an auto insurance quote. Moreover, some cars are more expensive to insure. These include sports cars, cars that are often stolen, cars that are expensive to repair and luxury cars. Check with your insurer to find out which cars are rated lower.

Ask about getting a discount if you drive less than 10,000 miles per year. If a driver is retired, then all of the cars insured can be considered to be for pleasure use only. This can be a difference of up to 15 percent compared to the rate for a driver who uses his car to commute to work. For older drivers to get the best rates, they may need to pass a medical examination. Living a healthy lifestyle and staying healthy is rewarded with better rates.

When a car has safety features like theft deterrent devices, air bags or safety brakes, the insurance rates will be less. Drivers of all ages who have a good driving record are considered to be to be a lower risk by insurance companies. If an older person is retired from certain professions, such as doctors, teachers or engineers, he or she may still be eligible for a professional discount. You should see this discount on your auto insurance quote.

Joining a senior citizen association may allow you to get a discount on auto insurance because these organizations contract for group rates and discounts specifically for older drivers. Ask about car insurance rates with your life insurance or homeowners insurance company. Most companies give a multi-policy discount, and the saving can be substantial. If you have your home, life, and auto with the same company, you will get the very best rates.

Although many older adults may have started using the Internet later in life, they should get some online quotes in order to compare plans. If you aren’t Internet-savvy, ask a friend who is. Seniors are actually some of the best drivers on the road. They have more experience, take care of their cars and follow the rules of the road better than other drivers. Remember that you cannot be turned down for auto insurance solely because of your age.

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