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Will My Car Insurance Rates Increase or Decrease as I Age?
November 2, 2023

Will My Car Insurance Rates Increase or Decrease as I Age?

Getting older might mean taking it a little easier, but that doesn’t mean stopping altogether. You still have plenty of places to go. What many retirees worry about, however, is income. Despite retirement savings and other support, you’ll still need to make your money last. That might mean trying to save whenever you can. Since you will likely keep paying for insurance on your vehicles, you might wonder how much that will keep costing you over the years. Will your rates increase or decrease as you age?

Factors that Increase Your Premiumman in car changing radio station
As you age, you gain more experience behind the wheel. Therefore, over the years (with all else considered equal), your car insurance rates might drop, on average. However, once you pass the age of 60, you might see your average rate tend to rise.

Age, because of the experience a driver has, often is a good thing to insurers. However, age has its drawbacks also. As you begin to notice some of the negative side effects of age, your safety risks behind the wheel might increase. Diminished eyesight, faculties and other issues might make you more likely to have a car wreck. 

Therefore, your insurance company might have to pay a claim on your behalf. This could cause your rates to rise.

It can be tricky to determine exactly how retirement or advancing age will impact your car insurance premiums. Multiple factors help determine them in the first place. Still, with a few practical steps, you can stabilize and manage your policy costs.

Helping Keep Your Premiums in Line
Even as you age, you will continue to need car insurance. So, to keep your rates affordable, consider a few practical steps. 

  • If you will now drive less, update the mileage reflected on the policy. Less-frequent use means lower chances of accidents happening. Therefore, you might be able to lower your rates
  • Take a safe driving course. This course will help you re-familiarize yourself with defensive driving tactics. This will help reduce your accident risks. Furthermore, it might even help you qualify for discounts
  • Consider reducing your coverage, if necessary. For example, if you have paid off your car, you might no longer need full replacement cost insurance for collisions or other damage. An actual cash value policy might serve you just as well. However, never drop your liability coverage, PIP coverage or any mandatory limits required by your state.

Memberships in certain professional or retiree associations might also help you qualify for lower car insurance rates. Therefore, if you can qualify for these savings, you should consider with an active membership.


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