Low Cost Auto Insurance for Seniors, Experienced Driver Insurance Rates
Here are a few reasons highly discounted rates are passed on to the more experienced group of drivers.
* More experience behind the wheel
* Longer history of insurance
* Higher level of safe driving responsibility
* Better credit ratings, financially established
* Marital status and Homeownership
* Retired Seniors Drive less and no longer commute
More experience behind the wheel:
As you become more experienced behind the wheel of a car or truck, you learn a better understanding of ways to maneuver your vehicle without losing control in certain emergency situations such as debris in the road or an animal crossing. With experience you’ll also get a better understanding of the laws. Very rarely, if ever, will you find a Driver in their 60s or 70s punching the gas through a yellow light or racing to beat the train.
A Longer History of Insurance
When you go about searching for a new auto insurance policy, one factor that plays a part in the rating is the length of time you’ve been previously insured. If you have maintained consistent coverage over the last two years that’s great, your rated quote will be lower than if you had no prior coverage. If you’ve maintained continuous coverage over the last 20 years you’ll be rated with the Insurer knowing there is a highly unlikely chance that you’ll lapse or switch insurance carriers in the near future.
Higher Level of Safe Driving Responsibility
This goes back to having more experience behind the wheel. Most seniors feel it is important to drive safe and drive responsibly. Accident statistics show that a higher percentage of accidents are caused by younger drivers compared to drivers between the ages of 60-80.
Better Credit, Senior Personal Finance
Seniors have but another advantage over younger drivers as they’ve had a lifetime to build a higher credit rating. Insurance companies offer some of the lowest rates to those with a high credit score. Some states are no longer using credit as a rating factor but for those states who are, Seniors with high credit scores will be able to buy car insurance at a lower than average price. Credit reflects one’s financial responsibility. If you have a history of making good financial choice chances are you’re a responsible individual who also makes smart choices while behind the wheel. Statistics have shown that a majority of claims are made by those with lower credit scores.
Marital status and Homeownership
While not all senior drivers are married or own a home, those who are will see an additional discount on their auto policy. Whether you own your home or currently rent, you can reduce your auto insurance premium further by combining both your auto and home/renters insurance with the same Insurer.
Retired Seniors Drive Less and No Longer Commute
The magic number is 7,500. If you drive less than 7,500 miles per year you will earn another discount for the low amount of driving you do. While most people with jobs commute more than 7,500 miles per year, those who don’t commute or drive often should make it known to their Agent or while getting an auto insurance quote online.
These are just a few reasons why you as a more experienced driver may see a lower rate auto policy after comparing quotes online. Comparing quotes alone could save you hundreds a year. Having good driving experience on your side will only help earn you the premium you deserve.