8 Ways Seniors Can Save On Insurance

There is a general insurance rule that the more experienced driver you become the lower the premium you pay. Senior citizens have spent many years on the wheels, and perhaps they have proven to be safe drivers. We expect that they get more discounts and pay lower premiums. Nonetheless, most seniors – 55 years plus find themselves at the glaring super-expensive automotive premium rates.

Well, there could be a reason or two why insurers choose to tax highly on the already burdensome populace. Insurers look at the factors that may exacerbate risk before they propose a policy for you. For the aging, insurers look at things like decreasing mobility, changes in response time and style, and challenges of blurred visions as risk factors. That is why they charge higher premiums for aging citizens compared to youthful drivers.

But all is not lost. You must never lose hope of getting a cheaper insurance policy that can help you save on your insurance. Here are eight practical ways seniors can save on insurance.

Look For Quotes from Different Insurance Providers

Insurance policy

The first step and most important step is to look for different quotes from different insurance companies. It is the only step. It guarantees better and lower insurance premiums. It lets you make decisions based on the information you have rather than intuition or hearsay.

You can decide to visit the insurer in person and ask for critical information regarding their policies. However, it is easier looking for quotes sitting at home- thanks to the internet. Visit sites of policy providers and ask them to send you a quote alongside other beneficial information that you need to know before you take on the policy.

Compare the quotes you have received. Remember, it is not the lowest quote that is usually the best quote. Go a step further and look for things like claim payment history and insurers’ financial stability.

Have Some Knowledge about Insurance

Insurance brokers

Ignorance of the insurance products would be the most expensive thing for the already crimpy creatures. The techno-savvy personnel working for the insurance companies will take you nuts trying to drum a concept to your already thick skull. So, the single most important thing is to read about various insurance policies way before you need one. It will be easier for you when you learn people, concepts, and companies.

Ask for Discounts

Health insurance. Doctor's stethoscope, magnifier and health insurance contract.

Seniors too qualify for insurance discounts. When looking for insurance, therefore, it is good to ask your insurance provider to give you a discount. Discounts are available whether you are looking for life assurance or an automotive insurance deal.

Discounts vary from one company to another depending on their policies. For example, some companies will offer you discounts depending on certain levels of insurance you want to take. One insurance company may offer 15% discounts for senior citizens living healthy lifestyles (non-drinking or non-smoking drivers) while others offer a 5% discount on paying all your premiums at once.

Buy, Only, What You Need

Filling health insurance claim

You are aware that all insurance agents, salesmen, and companies are looking for sales. They have come up with all sorts of sugar-laced deals to woo customers. This is where being knowledgeable about insurance will give you an easy time while choosing a policy over the other. If you are looking for automotive insurance, pay only for what is required to cover your vehicle. If you are looking for personal accident cover, do not be hoodwinked to pay again for another medical insurance policy.

Personal accident cover will compensate you for injuries, disability, or death resulting from violent events such as accidents. It will pay for medical expenses occasioned from such events just like medical insurance would. Just buy what you want and go- don’t let yourself be vulnerable to financial misery out of taking too many insurance expenses.

Join Senior’s Insurance Club

Medical Insurance

While we are all aware of the big names in the insurance game, many of us do not realize that smaller, more specialized policy providers exist. You will be amazed to know there are those insurers dealing with senior citizens only.

You need to switch to insurance that considers retirees, older drivers, or other categories that are considered highly risky to insure by the usual insurance companies. They have policies that will enable you to save from your current insurance.

Do Low Mileage

Car salespeople are holding car keys by submitting to new car buyers with car insurance concept.

This is specifically for automotive insurance for aging citizens and is the best way to save on insurance for your car. As a retiree, you no longer have daily commutes like other average drivers who accumulate miles. Therefore, as you go shopping for different offers consider asking your insurance provider to give you low mileage discounts.

Adopt Healthy Lifestyle Choices

Healthy Seniors with Fruits

As we said earlier, insurers look for cues and pieces of evidence that accentuate your level of risk before they hand over a policy to you. Healthy lifestyle choices such as drinking and smoking only serve as proof of high risk at an older age. You can imagine a 65-year-old driving after bottles of beer or whisky. That would make him docile, blur his vision, and limit his mobility – a definite recipe for a catastrophe.

Pay Annually

Life Insurance, Disability medical insurance policy for Seniors. Mature woman in glasses with Laptop

Finally, think of paying for any policy annually as opposed to monthly. Some insurers will offer you up to a 15% discount on premiums if you pay annually. You should ask your company to automatically deduct their money from your bank account directly every year. You will save a portion of your premiums.

The Bottom Line

You cannot protect yourself from aging but you can save yourself from incurring the high cost of insurance. Guard your savings vigorously from unscrupulous insurance deals that are eying to wipe your life savings.