How to Save On Senior Auto Insurance

If you shop and compare car insurance rates online, you can save a significant amount of money on your monthly payment.  Finding deals for great auto insurance meant for seniors, you can find a great, affordable plan. By leveraging comparison shopping, rates can start from $19 per month.

Are you paying too much for car insurance in 2021? Last year, as well as this year, many consumers found themselves having to make adjustments to their bottom line. One of the best ways to put money back into your budget, especially your retirement budget, is to take the time to shop and compare rates on a wide variety of services, including car insurance. The monthly premiums vary so widely (and wildly) from one company to the next that if you do not take the time to educate yourself on what is on offer, and for how much, you could end up spending more than you already do. Many auto insurers offer deals for seniors on their auto insurance.

Car insurance companies’ rates vary differently because each business is allowed to set limits, restrictions, penalties and general polices under federal and state guidelines. This gives individual business owners of these companies the latitude to charge more. It also means you can negotiate for lower rates as well. The following tips and useful information on the best car insurance companies and their rock-bottom policy rates, is one of the best places to start saving.

Best Ways to Shop and Save on Car Insurance Rates

Cutting car insurance rates involves the implementation of several strategies, often at the same time and in combination. One of the best ways to save on car insurance payments is to bundle all your insurance services with one company. While not always possible, insurance bundles offer great deals, deals that can be seized upon by seniors. Many insurance companies offer discounts to customers who insure more than one vehicle with them, or who also insure their home or apartment in addition to their car. Additional tips for lowering your insurance rate include:

  • Senior Driver Discounts.

  • Safe Driver Discounts.

  • Defensive Driving Course Discount.

  • Good Credit Score Discount.

  • Comparison Shopping between Insurance Agencies (and letting them know you are doing so).

  • Scale back on the size of your car (larger cars, more expensive cars cost more to insure).

  • Increase your deductible.

  • Install anti-theft devices for a discount.

  • Consider Pay-As-You-Go Insurance (insurers are granted permission to track your driving).

  • Remove coverage you do not need (roadside assistance, car rental coverage, etc….).

Best Car Insurance Companies and Their Rates

AllState Car Insurance

AllState, as compared to the other insurance companies that follow, have the highest customer satisfaction rating. This is due in large part to its speedy payouts when claims are made. They also offer their customers accident forgiveness, safe driving bonuses every six months, and new car replacement. In many states they also offer rideshare insurance in case the ride share company/driver does not perform services as contracted. Their insurance covers your sound system. In addition to great service, Allstate offers home insurance for seniors, providing a great opportunity for bundling insurance.

Allstate offers a pay-as-you go plan which is the lowest in cost per month. In exchange for the lower rate you agree to let them install a tracking app that shows mileage and speed. You are rewarded with continued lower monthly payments as long as you are a safe driver. On this plan you could pay as low as $198 a month. This is an average payment based on a 40 year old man with good credit and a safe driving record. This program is called “Milewise.”

Progressive Car Insurance

One of the greatest features with Progressive Insurance is the “name your price” policy. On their site you type in how much you want to pay each month and the program gives you options that match that price. This is perfect for seniors working with a tight retirement budget. Insurance at a rate that you know you can play. The drawback is that the coverage you receive when you do this may not actually meet your needs. So, make sure before you use this app that you already know the type of coverage you need and how much you are willing to spend. This does require a bit of research, but you can tailor insurance to your needs.

Progressive offers its customers many notable features, including a program that is as low as $130 per month. Progressive also has had the fewest customer complaints as reported to various bureaus and the NAIC. Progressive stands out because of its coverage options, even in the lower cost policies. For example, you receive discounts for being a safe driver but having poor credit, or as a driver with a recent at-fault accident. Progressive’s “snapshot” program is its pay-as-you-go program. With their Snapshot program your rate is determined by ho much you drive and how well you drive. Drivers tend to save approximately $145 per year using this program.

Geico

Geico often ranks as the most cost effective car insurance company. On average the company saves its customers approximately $200 as compared to State Farm and Progressive. National average rates for a driver with a safe driving history, age 40, with good credit have Geico at $1268 per year, or around $105 per month.  This is for full coverage insurance that combines comprehensive, collision and liability insurances (these can vary by state). While rates will vary for senior drivers, Geico can still be a great option to save money on insurance costs.

Geico also offers the best consumer experience and its technology and apps are easier to use. An easy to navigate interface is a great benefit to any customer, not just seniors. Geico offers a pay-as-you-go app that reduces your insurance costs in exchange for permission to install a telemetric device that tracks how many miles you drive and whether you are observing the speed limits.  If you are typically a good driver and do not put many miles on your car per year, then this could translate into great savings. The app also features a gas locator, parking locator, car maintenance alerts and integrates with Lyft’s services in case you need someone to pick you up after your car has stopped running.

Some of the most popular features of Geico’s policy is the accident forgiveness policy as well as coverage for mechanical breakdown.