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Getting older might seem bad, but there are a lot of perks when you hit the 50-year milestone. One of those perks is paying less or the ability to save money car insurance, primarily due to the fact that insurance companies recognize your experience behind the while and can review your driving history.
You might have never considered reviewing your car insurance, but if you’re 50 or over, you might want to consider reviewing your car insurance and comparing it with other options on the market so you can get the best bang for your buck.
Read on to get our tips for lowering your auto insurance.
1. What Discounts Should you Look for?
All auto insurance companies offer discounts when it comes to your policy. Regardless of your age, there are always different aspects of the driver and their driving record that the insurance company takes into account. If you’re over 50 or retired, you want to look and see if your company offers some of these discounts.
-Loyalty bonuses: This is a policy that can offer a no-claims bonus and accident forgiveness when you decide to switch auto insurance companies.
-Mature Drivers Savings: If you’re a safe driver or you take a defensive driver course, you could be entitled to a discount.
-Limited Use Discounts: If you’ve significantly cut down on your driving, then you shouldn’t be paying the same price you once were. Check to see if your insurance company offers a pay-as-you-drive option that can save you an exceptional amount of money for people who don’t drive as often.
-Pay Monthly: If you’re used to paying an annual lump sum for your auto insurance, you’re probably used to paying a lower cost. Many auto insurance companies will let you pay premiums monthly without paying an additional price in the long run.
2. Shop Around
You might be loyal to your auto insurance company, but shopping around could save you a lot of money. If a significant life event has happened, be sure to check in with your auto insurance company to see if you get a discount, this includes turning 55, trading your car in, sending kids off to college, or moving to a new house. Auto insurance companies tend to work with you, and if your current one fights you, it’s okay to see what someone else has to offer.
3. Ask About Specific Discounts – How to Save Money On Car Insurance If You’re Over 50
Don’t be afraid to ask if you qualify for a particular discount. Most insurance companies will give you a discount for paying premiums upfront, being a homeowner, or bundling your car insurance with other policies.
4. Register Online
With some comprehensive policies, you can get up to 25% off your out insurance just by choosing to sign up online instead of over the phone. The internet might seem a little tricky, but it can end up saving you some money.
5. Restrict Drivers On Your Policy
Insurance companies will give you the option to restrict drivers on your policy. This includes teenagers that are living at home but not driving your car. It’s always good to check with your insurance because you could be paying more money then you need to.
6. Set Your Deductible – How to Save Money On Car Insurance If You’re Over 50
You have a few options when it comes to your deductible and saving money. You can select a higher deductible that will give you a lower premium, or you can go for a lower deductible for easier claims that will come with a higher premium.
7. Get a No-Claims Bonus
We mentioned this earlier, but some insurance companies will give you a discount when you switch to a new auto insurance company. Comprehensive policies can help you grow your insurance over time and can include options like no-fault or broken glass claims without losing your no-claims bonus. It’s always a good idea to chat with your insurance company about this policy and see how you can get the most of your no-claim bonus.
8. Take a Safe Driving Course
It sounds too good to be true, but some insurance companies will lower the price for good drivers that passed an approved road safety course. The policy might be considered a safe drive or mature driver discount, and it never hurts to ask about it when you’re reviewing your auto insurance.
9. Bundle – How to Save Money On Car Insurance If You’re Over 50
This was also mentioned above, but when you’re over 50, there are other forms of insurance you can pick up and bundle with your car insurance that can save you a little cash. Look for homeowner’s insurance, renters insurance, and more so you can save a bit extra each month.
10. Insurance That Is A Must
When trying to save money on your car insurance, make sure not to skip any corners and get the insurance that can cost you more in the long run. When you’re 50 or older, you need the following coverage to keep yourself protected.
-Bodily injury liability
-Property damage liability
-Uninsured or underinsured motorist coverage
If your auto insurance doesn’t include these four options, you might be getting scammed out of your money.
11. Additional Insurance
If you’re worried about having to pay more out of pocket in the case of an accident, there are additional car insurance coverage you can opt for when you’re reviewing your premium.
-New Car Replacement
These are all additional coverage you can see if your auto insurance company can offer you, it might end up saving you money in the long run.
12. Consider the Car You’re Driving – How to Save Money On Car Insurance If You’re Over 50
We all know the sating that police always target faster, bright-colored cars. Well, insurance companies are pretty similar. Some auto insurance companies will look at the vehicle you’re driving when taking into account your premium. If the car has more power and is newer, you can generally expect to spend more money on your insurance. This is mainly because the insurance company thinks you are more likely to be involved in an accident, and the second is your car at a higher risk of being stolen.
13. Use Tools
The ads you see on television that say they can protect your car might also be saving you some money. By making your car more secure, like using an immobilizer or steering wheel lock, you can probably reduce your premiums. Bring it up to your insurance company the next time and see what they say
14. Remove Your Kids
It might seem harsh, but young drivers can jack up the price of your auto insurance. On average, if you decide to remove a child from your auto insurance policy, it can save you around $3,600 per year.
If you don’t have the option of removing a child from your policy, you can ask your insurance company about a family plan and what discounts they can offer. Most companies offer a “good student” discount, meaning if your child is excelling in school, you can save a little money on their insurance.
15. Don’t Pay More – How to Save Money On Car Insurance If You’re Over 50
Something you might not know if your vehicle onset retains value, then reviewing your insurance might save you money. If your vehicle is worth less than $4,000, you might want to consider dropping collision and comprehensive coverage. These coverages are only required for cars that are being leased or financed and are designed to protect the physical integrity of the vehicle. Collision and comprehensive insurance tend to be more expensive when it comes to coverage so that you can save some money.
To check the value of your car, you can go to Kelley Blue Book and NADA Online.
16. Distant Student Discount
If you need to keep your son or daughter on your policy while they’re away at college, you can talk to your insurance company about a Distant Driver discount. The discount is meant for students who are more then 100 miles away from home and are under 23-years-old. A discount like this could save you hundreds of dollars a year on your auto insurance, so it’s worth asking about.
17. Retired Military Discount – How to Save Money On Car Insurance If You’re Over 50
Retired military members could be entitled to a discount on their auto insurance. Depending on your auto insurance company, the discount can vary, but it has been said that Geico and USAA offer a pretty high discount for retired military personnel.
Just because you turned 50 doesn’t mean everything is downhill. It is always a great idea to talk to your insurance company and see where you can cut cost. If you’re apart of senior organization membership, like AARP, you can also earn additional discounts through other insurance companies. Make notes and the next time you see your insurance broker, bring up some questions and save some cash.