Many Americans find themselves living on a fixed budget when they are older. Long gone are the days of pensions and many didn’t put away enough to live a luxurious lifestyle in their senior years. When it comes down to it, every penny matters. One way to help your parents, or other seniors you know, to reduce their costs is to get more affordable car insurance. Auto insurance plans may be much less expensive for individuals who are older, but many don’t take the time to upgrade their car insurance policies. This leads to significantly overspending in this area.
Discuss How Much They Drive
One area in which many seniors may save money applies to those drivers who do not add a great deal of mileage to their vehicle each year. Driving under 15,000 miles each year may qualify these individuals for a low mileage discount, which could save the individual as much as 20 percent off his or her car insurance premium. That’s a significant discount right off the top.
Determine if Comprehensive Coverage is Necessary
For seniors who are driving a vehicle that is not under a lease or loan, it may be possible to reduce the types of coverage on the vehicle to help reduce overall costs. For older vehicles that may not be worth a significant amount, applying only liability insurance may be beneficial. For those with a higher value vehicle, it may be possible to reduce some of the coverage limits to make the policy affordable.
Other Discounts Available
Seniors may also qualify for:
- Reduced rates if they have not been in an accident or filed a claim in some time.
- Discounted bundled rates if they have more than one vehicle or a home insurance policy they can bundle.
- A higher deductible, if it is affordable, to reduce premium charges.
Most importantly, realize there is no benefit in most cases to remaining with the same auto insurance provider year after year. Getting a quote from a secondary car insurance company could help reduce costs and help seniors to save money substantially on their insurance plans. For those who no longer are driving, it may not be necessary to maintain insurance on a vehicle that doesn’t leave the garage either. Talk to your agent about the ways you can save.
We’ll help you find the coverage you need. Call Amistad Insurance Services at (919) 926-7166 for more information on Raleigh auto insurance.
