When you want to purchase and/or alter an elderly person’s driver’s insurance plan, there are not only several factors to consider but also dozens of options.
Given these, how do you find the best car insurance for senior drivers? Let’s dive into how!
How Much is Car Insurance for Seniors?
Contrary to popular belief, seniors often pay less for their car insurance than other age groups.
Do Seniors Get Discounts on Car Insurance?
The simple answer: Yes! Not only do most seniors have a long, healthy driving record, but they are also eligible for various discounts.
Seniors, defined as those ages 60 and up, are starting to slow down, with the average retirement age falling between 62 and 65 years of age.
As these elderly people start to retire from work, they find themselves commuting much less often than they used to.
This opens them up to several discounts, depending on their insurance agency.
Some of the most common senior discounts include:
- Good credit discount
- Good driver discount
- Low-mileage discounts
- Military discounts
- Multiple car discounts
- Multiple policy discounts
- Senior/mature driver discount
Is Your Car Insurance Affected When You Retire?
Retirement doesn’t directly affect an elderly person’s car insurance. However, most seniors will hold off on adjusting their car insurance policy until they actually retire – not when they first fall into the “senior” category.
Many individuals find that when it comes time to retire, they need to adjust their spending budget.
And now that they don’t have to commute, most retirees will talk with their insurance provider to see how they can save a few dollars.
When You Turn 65, Does Your Car Insurance Premium Increase?
Do you know a 65-year-old woman or an elderly man who is afraid of their car insurance premiums increasing?
Tell them not to fret – most insurance rates do not go up once you’ve reached the official retirement age of 65.
In fact, if you talk to your insurance provider, you may be able to adjust your premiums to save a few extra bucks.
7 Best Car Insurance Providers for Seniors
When an elderly person reaches a point in their lives where they should reconsider their insurance provider, the many choices can easily overwhelm them.
That’s why you need to research providers in your area, the discounts they offer, etc.
Not sure where to start? Here are seven providers that come highly recommended for elderly drivers.
1. Allstate – Offers the Best Senior Discounts
If senior discounts are what you’re after, then Allstate is worth checking out. They have various discounts, including a discount for simply being above the age of 55.
Their Drivewise program is popular among customers because it gives you a discount of up to 25% for being a good driver by analyzing your driving habits.
2. Dairyland – Best Rates for High-Risk Drivers
Sure, while many elderly drivers will fall into the low-risk driver's category, some, unfortunately, fall into the high-risk category.
Dairyland’s discounts differ from those of other companies and include:
- Advanced quote discount
- Transfer discount when switching companies
- Multi-car discount
Dairyland stands out for having flexible payment options and various coverage options for everyone that falls into the high-risk category.
3. GEICO – Best Insurance for Those Looking for Cheap Rates
GEICO is famous for some of the cheapest rates in the entire industry, making them an ideal candidate for senior drivers. And just because they have some of the cheapest car insurance doesn’t mean you lose out on coverage.
Some of their best add-ons for seniors include good driver discounts of up to 25% and discounts of up to 25% for those with multiple policies with the company.
4. Hagerty – Best Car Insurance for Classic and Exotic Car Coverage
Retirement is a time meant for an elderly person to relax and enjoy their life after spending years working hard for what they have.
That said, many seniors invest in their old cars or start to purchase classic or exotic cars.
These cars often need a very specific insurance policy that covers much more than your standard policy. Hagerty is known as one of the best insurance providers for classic and exotic cars. With spare parts coverage and guaranteed value coverage, it’s no wonder enthusiasts prefer this company.
5. Metromile – Best Policies for the Occasional Drivers
Are you a senior citizen driving less and less? Then Metromile could be an excellent option for you.
They have some of the best policies for those who drive only once in a while. However, since they only charge you for used mileage, there aren’t too many additional discounts available. Plus, it’s currently only available in select states.
6. The Hartford – Best Overall Insurance for Seniors
The Hartford insurance company provides car insurance for AARP members only (and has been doing so since 1984) – making them an ideal candidate for those who fall into the 50 and older category.
While their prices aren’t always considered the cheapest, they do offer different coverage options and discounts designed for an elderly person. Even better, this company continuously receives outstanding marks in customer satisfaction.
7. USAA – Best Insurance for Veterans
USAA is one of the top-rated insurance providers in the U.S., especially for Veterans, and offers more than your standard coverage options.
Senior drivers are eligible for several discount options through USAA, including
- Multi-policy discounts
- New vehicle discounts, for cars under three years of age
- Low mileage discounts
- USAA senior bonuses
Caring for Your Aging Driver
Sure, while some elderly people are more than capable of continuing to drive, in some cases, you and your family need to sit down and decide if it’s still safe for your aging loved one to drive.
If they can no longer drive safely, it may be time to consider selling their old cars.
However, if they can still drive themselves, then you want to make sure they consider safe driving tips, such as not speeding and properly maintaining their car.
An elderly person of good health is more than capable of enjoying the open road! So, make sure you have the best coverage for your budget and get out there and explore all the world has to offer.