As we get older, and maybe smarter, we tend to be less adventurous, we tend to engage in less risky behaviour. This lifestyle might not be as exciting, but it does come with one important perk: it can help you save money on your insurance needs. Here’s how retirees save on insurance.
Seniors pay less for car insurance
According to statistics, middle-aged drivers and those approaching retirement are the safest drivers on the road. After all, they tend to have both good health and experience.
As the years go by and they enter retirement, these groups scale back their driving habits. This turns them into even safer drivers and the risks of getting into accidents drop even more. Add here the fact that older drivers usually have good credit scores, and it shouldn’t surprise you to see that insurers are always ready to offer them a lot of discounts.
You save more if you drive less
Car insurance companies also look at how much you drive. If you drive less, the risk of being involved in an accident is also low, so your insurer will agree to give you a discount. But you have to ask for it. Don’t expect them to come calling.
Additionally, you can also save some money by taking some driver training courses.
No homeowners insurance
Whether it’s a 15-year or a 30-year mortgage, it usually goes away by the time you retire. When you reach this point, you won’t have to worry about homeowners insurance. That’s unless you want some extra peace of mind. And those retirees who opt to keep homeowners insurance can also save. Just like with car insurance, retired homeowners are less of a risk in the eyes of insurance underwriters and therefore are rewarded for it.
But don’t expect to automatically get the lowest homeowners insurance available. If you really want to save money, you have to shop around.
Renting retirees can also save
Just like the two other types of insurance we already talked about, rental insurance also comes with discounts for seniors above the age of 55.