Slash Your Auto Insurance: 10 Tips For Seniors

Car insurance is a necessity, but you don't have to overpay. Keep the cash in your pocket with these straightforward steps.
Happy senior couple driving in a car

As we get older, auto insurance can become an increasingly hefty bill. However, there is no need to accept this unfortunate reality.

Thrifty, deal savvy seniors have found some clever hacks and wise workarounds to the car insurance rate dilemma. And because sharing is caring here at Wise Senior, we’d like to offer up 10 little pearls to help you improve your rates right now.

Step 1: Update Your Average Mileage with the Insurer

As a senior, you're most likely not commuting long distances every day. Want the fastest way to lower your rates? Update your insurer with the latest commuting distances.

The fewer miles averaged each year on your car equates to less money required on the policy. In essence, you're lowering the chances of the vehicle being in an accident.

Consider updating your insurer once or twice a year. You may be driving fewer miles than you think!

Step 2: Consider Driving Lessons

One of the best ways to lower your insurance rates is by taking a driving class. Many regions offer classes geared toward the senior driver. These classes help to refresh basic skills and offer unique guidelines for older drivers.

Every insurance company has specific classes that are accepted for a discount. Be sure to check with your insurer about their rules before signing up for a class.

Step 3: Get Additional Safety Features
Senior man with mustache shopping for a new gray car in showroom

Certain safety features, including anti-theft devices, can improve your insurance cost. All insurers look at the bottom line. If a car is stolen or totaled, they must pay out a replacement amount. By adding safety features to the car, there are fewer chances of a major loss.

Anti-theft devices make it harder for the car to be stolen. Some devices are designed to make recovery easier by the authorities and insurance companies. Consider the best options for your vehicle. You’ll enjoy peace of mind and are likely to see your rates drop.

Step 4: Purchase a Safety-Proven Car

If you're in the market for a new car, consider a model that has an established safety rating. Every new car goes through its own rating system to verify safety features and testing results. Buying a car with a solid record for safety is a perk for insurers.

Airbags, backup cameras and other features will tell the insurer that the car can avoid many accidents and injuries. Simply disclose every feature included on the car before submitting an insurance application.

Step 5: Get a Club or Organization Discount

Your affiliations can get you a lower rate when you present your club card. AARP and AAA are just two of the groups that can give you a discounted rate. These organizations are considered reputable, which means that your affiliation with them is a positive reflection on your reputation.

Look through your club's guidelines to find the best deal. You might work with a club representative who paves the way toward a good rate. Exploring every option will only benefit you in the end.

Step 6: Try Diagnostic Tools
Older woman sits in her car looking at her smart phone

The latest trend in the auto-insurance world is diagnostic tools. You can use an app on your phone to record your driving time and speed. Some insurers install a device on your car that reports its activities.

If you're a good driver, the diagnostic tools simply back up your stellar skills. Your rates should drop accordingly. During an accident, those tools may also absolve you of any blame in certain cases.

Step 7: Improve Your Credit Score

A secret that's often overlooked by most consumers is the relationship between auto coverage and credit scores. Insurers link a high credit score with responsible habits.

By improving your score, you show good faith with your personal commitments. This responsible status equates to better rates on your insurance. There's less risk of a car accident in your future.

Improve your credit score by paying bills on time and lowering your debt. Every effort can pay off with lower insurance rates. If you need help cleaning up your credit report, consider working with a company to help you achieve the score you deserve.

Step 8: Maintain a Good Driving Record
Older hipster couple standing in front of vintage orange van

Simply maintaining a good driving record is reason enough to lower auto insurance rates. If you've driven without penalties for the past five years, for instance, many insurers will reward you with a lower rate.

Insurers typically look for moving violations instead of parking tickets. Ideally, avoid both types of violations. A solid record on the road might also extend to your long-term history. Drivers with few or no violations over several decades are bound to have lower rates.

Step 9: Bundle Several Cars on One Policy

Insuring in bulk will typically give you a better deal. Once you find an insurer that gives you a reasonable deal, add all of your cars onto the policy. Spouses, grown children and even grandchildren might be candidates for bundled policy.

You'll end up with a multiple-car discount on the policy. If everyone maintains a safe record, the discount should stand through the various renewals.

Step 10: Compare Quotes

Every insurer provides varying quotes for their potential customers. They base the quotes off of proprietary formulas and other data. In reality, these variations are perks for senior drivers.

Shop around for the best quote. Contact a handful of insurers and compare all of their policies. Verify that the quotes include everything you need, such as collision coverage and liability amounts.

Make an informed decision from these quotes. You'll know for sure that you're getting the best deal for your situation.

Assistance Club Summary

The #1 Take Away: Take action to get the best-priced auto insurance.

Driving as you get older is a great way to stay independent and mobile. It helps to know that you’re driving safely and saving money at the same time.