“The older you get, the more you have to pay on car insurance.” It’s one of the oldest insurance myths out there and it’s false. In fact, seniors pay less for auto insurance.
It’s true. As you get older, your eyesight loses its sharpness and your reaction time gets slower. And this can turn you into a riskier driver. Plus, as you become more physically fragile, the chances of you injuring yourself in even the smallest of fender benders also increase. Because of factors such as these, seniors’ crash involvement rates start to rise once you reach age 70. But it’s not until you hit the 85 mark that these rates surpass those of teen drivers. So, if you think about it, senior drivers pay on average less than teenage drivers for auto insurance.
Why do seniors pay less
We know that Baby Boomers drive more than other generations that came before them. As they age, you might be tempted to think that the number of accidents will increase. However, it’s quite the opposite. The frequency of their crash involvements is actually dropping. And this is why:
1. Seniors believe in “Safety First”
Senior citizens buy safer cars, on which they install numerous safety features, such as LoJacks or extra airbags. In addition to this, they also take safe-driving courses. You might not know this, but extra safety features and safe-driving courses can help you get a discount on your auto insurance. And you don’t have to be a senior citizen to get them. Just talk to your insurer and you’ll find out what you have to do.
2. Seniors drive less
Another thing that helps seniors get auto insurance discounts is the fact that they tend to drive less than other drivers. And car insurance companies take into account how much you drive when they’re determining your insurance rate.
3. Seniors drop some coverages
Seniors with older cars aren’t looking to throw money away on things such as collision and comprehensive coverages. It’s because these types of auto insurance will only pay for the current value of your automobile. So, if your car is not really worth that much, it might also not be worth keeping these coverages.
Additionally, seniors also pay more on deductibles. And this means that they’re premiums are lower.
3. Experience can sometimes be better than reflexes
So you lose some of your reflexes as you get older. But you also win some experience. And sometimes this is enough to avoid accidents. Experienced drivers can sometimes predict how the other drivers in traffic will react and what they will do.
The bottom line
If you’re a careful driver, you don’t need to worry that the cost of your car insurance will increase as you get older. Also, if you’re a reckless driver, don’t expect your rates to drop as you age. Be a safe and responsible driver and you won’t regret it!