After the age of 70, one thing is certain – your car insurance is going to become more expensive. Due to the statistically higher risk of accidents for people in this age group, car insurance for the elderly is simply more expensive than it is for younger drivers. The physical limitations of many older people lead to a higher risk of accidents and therefore, higher premiums. However, this is a group who are usually on fixed incomes; which creates some difficulties.
These limitations such as reduced mobility, less keen vision and so on lead to a slower reaction time – something the insurers know; which leads them to charge higher premiums for car insurance for the elderly.
People above the age of 70 have a wide range of physical and mental capabilities. This however is not accounted for by actuarial tables. You could have a perfect driving record, the physical health and mental clarity of a person 30 years your junior and you can still be shocked by your insurance bill. It’s not you specifically being targeted; it’s just your age. However, there are ways to get cheaper car insurance for the elderly.
You should begin shopping around for insurers before you turn 70. Give yourself a lot of time to switch insurance companies if you need to in order to get a better rate. You have to know exactly which level of coverage you want to have from your new insurer. You should shop around for quotes which include the same amount of coverage which you are currently carrying. The deck page for your insurance policy will lay out all of this information.
You don’t necessarily need to spend a lot of time to get car insurance quotes if you look online. You can fill out just a few forms and get multiple quotes in a matter of moments. You can opt for the cheapest quotes, but keep in mind that you should investigate any insurance company that you don’t recognize. There are literally hundreds of insurance companies out there, so don’t be put off just because you don’t recognize them. Look them up online and check with the Better Business Bureau to see if they have complaints filed against them.
Look at what coverage is provided with each quote. As far as liability is concerned, there is single coverage and split coverage, both of which are good. 50/100/15 denotes that the company will pay up to $50,000 per person per accident, up to $100,000 for bodily injury and up to $15,000 for property damage resulting from an accident. That is how split liability works. Single limit liability will just show as $100,000 – this is the maximum per accident that they will pay for all of these factors combined.
Check the deductible on the coverage for your car. The higher the deductible the lower the price becomes. If the quote shows a higher deductible and lower price, you may not be getting bargain, just reduced coverage.
Additional coverage should be taken into account. If you have supplementary coverage like towing coverage, uninsured/underinsured motorist coverage or the like, be sure that the quotes you are looking at cover these. This will help you to make a better comparison. Finally, you should know how any insurer you are considering handles claims when looking at car insurance for the elderly. You need to know whether they use local adjusters, a specific adjuster or instead handle claims using repair quotes gathered locally by phone. If you find a company which meets your coverage needs at a lower rate, then go ahead and switch; you will have just proved that there is cheaper car insurance for the elderly out there.
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