There’s no secret in purchasing a good auto insurance policy for a retired person – the search process is pretty much similar to that of a regular working individual. And the aim, of course, is the same – to find the most comprehensive coverage tailored to the driver’s main needs at the lowest cost possible. So, retirement can’t in the least change the whole nature of auto insurance. That being said, the lifestyle and age of the retiree can cause certain problems and limit the selection, since these factors usually affect people’s driving ability. Still, as a senior, you may be able to get a pretty good deal, comparable with one you would’ve got were you a younger driver.
Age ratings
This is actually a major factor in the cost of insurance. Older age can be either a positive or a negative factor – depending on your insurer. There’s a common tendency among insurance companies to gradually lower rates for more experienced drivers, and experience comes with age. However, once the threshold of 60 is passed by the client, only some firms keep dropping their prices. With others it’s just the contrary – the rates start increasing. You definitely want to shop around until you find an insurance company of the first kind.
High-deductible policies
One more good way to save money on auto insurance for retirees is to go for a policy with relatively high deductibles. Sure, the out-of-pocket expenses are large, but the premium isn’t, which is certainly great. Therefore, if you can be sure that the risk of getting into an accident is rather low, you can definitely think about getting this sort of a policy.
