Auto insurance discounts older drivers may qualify for

4 Seniors
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OKLAHOMA – Older drivers may qualify to receive auto insurance discounts from their insurance company.

Most auto insurance companies offer policyholders a wide variety of discounts, many of which can benefit retirees.

Auto insurers love older drivers because they’re experienced behind the wheel and they drive less than younger age groups, which makes them a lower risk for accidents and a safer bet for insurance companies.

While discounts will vary by insurer, many of these benefits can reduce your overall premium by 15 to 20 percent or more, and you are usually allowed to combine discounts to increase your savings, though total discounts are often capped at around 25 percent.

To find out what discounts may be available to you, contact your auto insurer and inquire about these benefits, and any others that may benefit you.

  • Age discount: Many auto insurance companies offer a general “senior” discount that will reduce your premium just because you’ve reached a specific age. The actual name and amount of the discount will vary by insurer.
  • Low mileage discount: Most insurers offer discounts to customers who drive limited miles each year, which is often beneficial to retirees who drive less because they don’t commute to work every day. The fewer miles you drive, the lower your odds of getting into an accident.
  • Drivers Ed discount: Most states require insurance companies to offer “defensive-driving” discounts to drivers who take a refresher course to brush up on their safety skills. The discounts vary usually ranging between 5 and 15 percent.
  • Club member discount: Insurers offer discounts to members of clubs and associations with which they have partnered. These could include professional associations, workers’ unions, large employers or membership organizations such as AAA, the National Active and Retired Federal Employees Association, the Seniors Coalition, AARP, etc. You could even qualify for savings based on the college you attended or the fraternity or sorority you belonged to decades ago.
  • Safe driving discount: Many insurance providers now offer discounts based on how and when you use your car. To do this, they would place a diagnostic device in your car that transmits wireless data on how you drive (including how fast you’re going and how hard you’re braking), when you drive and how much you drive. Drivers are rewarded for safe driving, low mileage and for not driving late at night.

In addition, many insurance providers also offer discounts to drivers who do not have any violations or accidents for three or more years.

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