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Getting Cheap Car Insurance If You’re Over 50 or 55 and Saving Money
If you’ve over age 50 or 55, age may have some privileges when it comes to your auto insurance rates.
In some states, auto insurance discounts are mandated for drivers 55 and older if you take a state-approved class and meet other requirements. You can take the course online in some states, but others require classroom attendance. After completing the class, you get a certificate to take to your insurer as proof of completion. You may have to take the course every three years to maintain the discount.
Most states leave it up to the insurer to determine the discount you’ll receive, but it’s usually 5-10%. But even if your state doesn’t mandate this pricing break, some insurers offer it anyway, and some offer discounts beginning at age 50.
As you turn 50, check with your auto insurance company to see if your rate may be lowered based on your age, and if so, if you have to meet any additional requirements. It’s also a good time to shop around to make sure you’re getting the best coverage at the best rate.
Geico Auto Insurance Over 50
The benefit can vary according to the state in which you live, but a typical discount from Geico is 10% for drivers 50 and older who complete a defensive driving course. In addition, Geico also has a guaranteed Prime Time renewal plan for drivers 50 and older.
To qualify, you must have no drivers under 25 using your car, have no violations or accidents in the previous three years, and not use your vehicle for business. If you meet these requirements, your policy will be a guaranteed renewal.
Nationwide Auto Insurance Over 50
Nationwide offers a 10% discount to drivers over 55 who completed an approved driver safety course. As with other companies, the amount and eligibility varies by state.
Progressive Auto Insurance Over 50
Progressive auto insurance offers a mature driver discount of 5% for drivers over 55 who have passed a state-approved accident prevention course.
Farmers Car Insurance Over 50
Drivers 55 and older can earn a discount for taking a state-approved Safe Driver Program within the previous three years.
USAA Car Insurance Over 50
A discount of at least 5% is offered to mature drivers in some states who complete a safe driving course.
If you’ve retired, let your auto insurance company know. You may be driving fewer miles, particularly in congested traffic, so your rates may be lowered. In addition, if you used your car for business purposes, you’ll also probably be able to reduce your rate once you retire.
Your kids are no longer teens
If you’ve had a teen driver on your policy, you may have faced some increased rates. But when you reach age 50 or 55, your child may have moved beyond his or her teen years. If he or she is going to college or has moved out of your house altogether, you may be able to lower your car insurance rates. Even if they’re still at home, you may be able to lower your rate as they get older and gain more driving experience.
Your parents who live with you no longer drive
You may have an older parent who lives with you and no longer drives. If that’s the case, you may be able to exclude him or her from your coverage and save some money.
And As You Grow Older …
Although your insurance rates can fall when you’re 50 or 55, they can start to rise again as you age further. Some insurers can raise rates as you turn 65 or 70, since you may be more likely to have age-related cognitive functioning issues and a decline in vision. In addition, you’re more susceptible to injuries from an accident, and they’re likely to be more severe.
It pays to check your coverage and take steps to reduce your rates. Many companies will reduce rates for drivers of any age who complete a defensive driving course. Also make sure to let your insurer know of any changes, such as a reduction in the numbers of miles you’re driving, that could reduce your rates.
As you turn 50 or 55, shop around to make sure that you’re receiving the coverage and service you need for the best possible price. Ask your current insurer about any mature driver discounts they may offer, and shop around to compare multiple car insurance quotes.
Related content for Seniors and High Risk
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- What you need to know if you have health risks
- Facts about no medical exam life insurance
- What can you do if you have a high risk lifestyle?
- What choices are there for high risk occupations?