There are two times in life that buying car insurance is guaranteed to be a real challenge. The first happens when you first learn to drive as a teen. The second happens when you start to advance into your seventies and eighties. On both ends of life, insurance companies can be reluctant to sell you insurance.
Here are some things to keep in mind:
It is a good idea to not change insurers after you pass your middle seventies.
Many insurance companies will not automatically make giant leaps in the premium costs for customers who have a long history with the insurer just because of age. By staying with the same company, you can keep your cost of insurance down for a lot longer than you can if you start trying to switch insurance carriers. You will be penalized for your age when you go to a new company as a senior citizen.
Hiring an auto insurance lawyer
It is really important that you hire an auto insurance lawyer as you get to a certain age. These baltimore car accident lawyers will help you in facing all the legal proceedings in case you get into an accident. Considering all the benefits of hiring a lawyer is a really great option.
Try to keep your insurance packaged with other policies to keep the rates lower.
Just like drivers at any other age, senior citizens will benefit by having multiple policies with the same insurance company. Buying your auto insurance from the same place that you get your homeowners insurance is the biggest gain. However, if you have other types of insurance through the company, it can give some benefit, too.
Expect your insurance company to ask for a health check-up from you.
This will mean that you will need to go to a doctor and get a form filled out that says you can still safely operate a motor vehicle. Usually, this hits at about eighty or so. Some companies will call for it earlier. Others will not seek it unless you change companies or have an at-fault accident that requires them to pay a claim. As long as your vision, mental ability, and general health are okay, you should not have a big problem with this. It does signal that premium increases due to your age are not far off if you have not already received them.
If you are fortunate enough to be financially comfortable in your senior years, you may want to adjust the amount of coverage that you carry on your cars.
Even if your rates have not yet begun to rise, taking steps early to reduce the size of your premium for auto insurance may be a good idea. Raising deductibles is one step that can lower your insurance costs somewhat.
Bigger cost savings might be to get rid of the collision insurance altogether if you can afford to replace your car without help from the insurance company. Of course, this will only work if your car is debt-free. If your rates have already jumped, doing these steps, along with lowering your liability limits, can save you money.
Some states will require you to take a written test or a road test to renew your license.
This test may seem to be a nuisance, but by eliminating those who are no longer able to pass the test from driving, it helps keep the insurance rates for senior drivers down in those states. Insurance companies know that if you have reached the level of being an incompetent driver, the state has a way to easily remove your license and prevent you from driving legally. It is not a perfect system, but it does help.