Steps To Lower Your Auto Insurance Rates In Old Age
Age is one of the factors that affect auto insurance rates. Your auto insurance rates may dip a little in your retirement years. However, you also have a part to play to reduce your rates further. Below are some steps that can help.
Take a Driving Course
In some respects, driving becomes more dangerous as you age. This is mainly due to the age-related physical frailties that afflict many people. For example, your reflexes might reduce, you might develop vision impairment, and your hearing might reduce. Many people also take various medications in old age, and some of the medications might trigger side effects (such as drowsiness) that affect driving.
Given all the above, it makes sense to strengthen your driving skills by enrolling in a relevant driving course. The defensive driving classes or refresher driving classes not only benefit your driving skills but may also earn you discounts from your auto insurance carrier.
Drop Some Coverage
Many people don't drive as much in old age as they did in their younger years. If you are such a person, then you might not need some of the coverage options you used to have. Don't automatically drop any of your coverage options; evaluate your coverage one by one to determine which ones you might not need.
For example, you might not need rental car coverage if you only drive once in a while. You might also have no need for comprehensive coverage if you drive an old car. Gap insurance might also be unnecessary if your car insurance is nearly paid in full.
Install a Telematics System
A telematics system consists of a device that you install in your car to monitor your driving behavior. The device monitors driving characteristics such as braking, speed, mileage, and many others. Some insurance companies provide these devices to drivers who want to enjoy coverage discounts due to their safe driving behaviors.
For example, you can install a telematics device if you don't drive as much or as aggressively as you used to do in your younger days. That way, your insurance company may reward you with discounts due to your safe and infrequent driving.
Ask for Discounts
Many auto insurance companies offer discounts to senior drivers. However, you might not know which of the discounts you are entitled to if you don't ask for them. Ask your insurance company or agent which of the discounts you can enjoy as you advance in age.