The price of everything has skyrocketed recently, from groceries to property taxes to the gas in our cars.
And speaking of cars,auto insurancehas seen one of the largest spikes in cost.
There was a 20.3% rate jump from December 2022 to December 2023, even as inflation cooled elsewhere.
Thats why were here to talk about car insurance savings for seniors.
Seniors living on a fixedretirement budgetmay feel overwhelmed by the rise in car insurance costs.
Below, well share several ways to score car insurance savings for seniors.
When Insurance Falls Short…
Unfortunately, insurance doesnt covereverything.These resourcescan help you manage those unexpected expenses.
How Much Does Car Insurance Cost?
In 2024, the averagecost of car insuranceis $2,543, according to Bankrates annual report.
Factors such as hearing loss, vision impairments and slower response times make accidents more likely for older drivers.
That all drives up insurance costs.
Seniors can make several moves to keep auto insurance costs down.
Here are six strategies to find car insurance savings for seniors:
1.
And car insurance, as it turns out.
In comparison, AARP membership only costs $16 a year ($12 for your first year).
Explore Other Discounts
you could get car insurance savings for seniors through senior discounts with memberships.
If you oughta wrangle your budget, it may be time to consider a savings challenge.
Many of these classes are designed specifically for seniors and also review evolving vehicle safety technologies.
Take the time to determinehow much car insurance you need.
For instance, seniors who have enough money in savings may be able to afford a higher deductible.
you’re able to also drop coverages you dont need.
For example, if youre a member of AARP, you get access to discounted roadside assistance.
That means you might drop roadside assistance from your auto insurance policy.
States with lower car insurance rates.
Shop Around
Sure, car insurance companies offer loyalty discounts for keeping your policy with them.
When comparing car insurance companies, confirm you keep coverages consistent.
Otherwise, youre comparing apples to oranges and wont get a true picture of potential savings.
Timothy Moore is a personal finance writer and Certified Financial Education Instructor.
He covers banks, loans, insurance and taxes for The Penny Hoarder.
Find his work on sites such as USA Today, Business Insider and Forbes.
