May 14, 2010

3 Ways That Senior Citizens Can Keep Their Auto Insurance Quotes Low

With advances in medical and vehicle technologies, people are driving later and later into life. Senior citizen auto insurance is a booming industry, full of loopholes and standards designed to keep auto insurance quotes for the elderly relatively high. If you or a loved one is over the age of 60 and still driving, there are a few simple ways you can ensure you’ll get the lowest rate available when shopping for auto insurance quotes. The three following steps help you use the fact that you’re a senior to your advantage.

Consider bundling your homeowner’s insurance and senior citizen auto insurance with the same company. Many insurance providers offer special discounts, sometimes upwards of 25%, to customers who retain multiple policies within their company. As many elderly people have owned the home they live in for years, often this discount goes overlooked when shopping for auto insurance. Contact your homeowner policy provider to inquire about any combination deals they may have, and even if they offer any special concessions they may make for long-term customers.

Drop your coverage or deductible requirements. Seniors often drive older model vehicles, most of which may not require the same amount of collision coverage as a newer model. To lower rate quotes, ask what your state’s minimum coverage requirements are, then decide if you require any additional protection. Another surefire way to lower rate quotes is to increase the amount of deductible you’re willing to pay in the event of an accident. A higher deductible means lower monthly payments, which can work out to be a great deal in the long run, particularly if you are not prone to accidents or repairs.

Make yourself a safer driver. With age comes inevitable loss of hearing, reflexes, and decision making skills. A decrease in these functions can mean an increased risk of accidents, so if you have any concerns about staying on the road, be sure to speak with a doctor or family member. The safer driver you are, the fewer accidents you are likely to be a part of. Fewer accidents on your record, both previous and current, mean a lower initial auto insurance rate. Not only will you enjoy the benefits of a lowered monthly payment, you’ll be more confident on the road.

While many seniors believe their age is a detriment to their insurance company, the real truth is that being a citizen can, in effect, qualify you for lifestyle discounts that other drivers may not have access to. Speak to your current insurance provider about how they can lower your rates, and be sure to shop around often to see who can provide you the best coverage at the lowest cost.