However, driving with care can save you money, regardless of age. As a result, car insurance for people age 60 and older will be less expensive than for people age 70 and older. While older people face higher insurance rates as they age, there are ways to reduce the costs of their car insurance. While age may be the most important qualifying factor for most seniors, many different factors can affect the cost of car insurance for seniors.
Everyone knows that between the ages of 60 and 70, car insurance rates are likely to start climbing uphill because they are more likely to suffer accidents than people in their middle ages. While you may see your car insurance premiums drop as you age, car insurance rates may start climbing uphill in your 60s and 70s. Car insurance rates increase steadily as a driver ages and reflexes (and other aspects of a person's physiology, such as vision and hearing) begin to decline. As an older person, you can save on your insurance premiums by getting credit for driving less, increasing your deductible, eliminating coverage you no longer need, bundling your insurance policies and looking for better rates from multiple insurers.
Failing to do so could result in significant out-of-pocket costs or, worse, losing their insurance if the elderly person has an accident while driving their car. The car insurance plan that's right for you is determined by a variety of factors, such as the type of car, salary, savings, and more. The cost of car insurance for older drivers changes over time, with premiums rising slowly and steadily as the calendar progresses. Of course, rates vary from place to place and depending on the driver, so the best car insurance company may be different.
Read on to find the best car insurance companies for older drivers, even if you have a ticket, accident, or DUI on your record. This online or in-person defensive driving class helps you upgrade your driving skills and could help you get a discount on your car insurance. While some older drivers may be hesitant to change car insurance companies, doing so could result in significant savings on auto insurance policies. The rules vary by state, but drivers age 55 and older who attend a state-approved class and meet all other requirements for driving with a state license may be entitled to a discount on car insurance.
Auto insurance discounts for seniors at Geico include the Prime Time contract, which offers automatic renewal to customers age 50 and older.