Senior Citizen Car Insurance Discounts [2023]

Seniors in the United States have to be very budget conscience. Most of the time the only money they have to live off of are their Social Security payments, any type of pension payments from their previous job, and whatever money they saved for retirement. Because of this often limited source of income, seniors have to save money whenever they can. As a result, the majority of car insurance providers offer special senior citizen discounts.

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There are hundreds of car insurance companies out there. To research them more in depth just go to the website of the National Association of Insurance Commissioners.

Who Is Eligible for Senior Car Insurance Discounts

While the official age a person is considered a senior citizen in the United States is 65, most car insurance providers offer senior discounts to people in their 50’s. This is often referred to as a mature driver discount.

This type of discount is not always applied automatically, so it is important for the policyholder to review their policy every year or so to make sure they are saving as much money as possible.

It is not uncommon for this type of discount to save the policyholder 10 percent or more on their annual car insurance premium. Just because as a person starts receiving discounts on their car insurance as they get older does not mean they will continue to receive them.

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Car Insurance for Seniors

Once a driver reaches their 60’s and 70’s it is not uncommon for their car insurance rates to start increasing. While senior citizens are less likely to receive tickets for moving violations, they do file a lot of accident claims. In fact, they file almost as many accident claims as teenage drivers.

One of the best ways these drivers can continue having lower car insurance rates is by attending a special driver education course designed for seniors. These classes usually cost between $10 and $30, but if they can save a policyholder 10 percent or more on their car insurance, this minimal cost is more than worth it.

A senior-oriented drivers course is usually around eight hours long and spread over two days. These types of courses are easily found by consulting the AARP or AAA.

Other Car Insurance Discounts

There are many other discounts of which a senior citizen might be able to take advantage. These discounts include low mileage discounts, good driver discounts, quick or full payment discounts, homeowner discounts, and long-time customer discounts.

Someone who is retired most likely will not drive as much as someone who has a daily commute to work.

Because of this, a retired senior could be eligible for a low mileage discount. The reasoning behind this discount is that since these policyholders do not drive as often, they are less likely to be involved in a car accident.

A good driver discount is usually available to anyone with a good driving record. To have a good driving record the policyholder must have no speeding or parking tickets and no accidents on their driving record. Typically, if a person does have a moving violation like a speeding ticket, it takes around five years for it to be removed from their driving record.

A full payment discount is offered to those that choose to pay their annual or six-month car insurance premium in one payment instead of monthly. Seniors are much more likely to make this type of payment arrangement than a younger policyholder.

Seniors are also more likely to receive a discount for being member of an auto club like AAA or an organization like AARP. Seniors tend to plan ahead a bit better than their younger counterparts so are more likely to be a member of these types of organizations.

Car Insurance Discounts for All Drivers

Other common discounts available to all drivers are a multi-vehicle discount, a multi-policy discount, a good student discount, and a safe car discount. Having more than one car or more than one insurance policy with the same car insurance provider usually means a discount.

Having a safe car is also a good way to receive a car insurance discount. The newer the car is the more safety features it has. A car made in the past five years is more likely to have driver- and passenger-side air bags as well as side air bags. These safety features mean that the driver is less likely to be seriously injured in an accident, which makes insurance costs less.

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Case Studies: Senior Citizen Car Insurance Discounts

Case Study 1: The Mature Driver Discount

John, a 55-year-old retiree, was pleasantly surprised to discover that he qualified for a mature driver discount on his car insurance. By being in his 50s, John was eligible for this discount, which saved him 10% on his annual car insurance premiums. This discount recognized his experience as a driver and rewarded him for his safe driving record. John was able to enjoy affordable car insurance rates while still maintaining adequate coverage.

Case Study 2: The Low Mileage Saver

Mary, a senior citizen in her 70s, no longer commuted to work and drove less frequently. She reached out to her car insurance provider to inquire about a low mileage discount. Because Mary’s annual mileage had significantly decreased, she was able to qualify for this discount, which reduced her premiums by 15%.

Case Study 3: The Long-Time Customer Advantage

Robert had been with the same car insurance company for over 20 years. As a loyal customer, he reached out to his insurer to inquire about any special discounts for long-time customers. Fortunately, Robert learned that he qualified for a long-time customer discount, which resulted in a 10% reduction in his premiums. This discount recognized his loyalty and rewarded him for his continued business with the insurance company.

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