Lowering Car Insurance Costs: Mature Driver Courses and Other Tips

Car insurance is a significant expense for many older drivers, and premiums can change as you age. The good news is that several strategies may help lower your costs while keeping the protection you need.

Take a mature driver course

Many states require insurance companies to offer a discount to drivers age 55 and older who complete an approved mature driver improvement course. These courses refresh your knowledge of traffic rules, address age-related changes in vision and reaction time, and cover new vehicle technology.

• Courses are often available online or in a classroom.
• The discount amount and how long it lasts vary by state and insurer.
• You may need to retake the course every few years to keep the discount.

Ask your insurer which courses qualify before you enroll.

Review your coverage

Consider your deductible. Raising your deductible can lower your premium, but make sure you could afford to pay the higher deductible if you have a claim.

Evaluate comprehensive and collision coverage on older cars. If your car's value is low, the cost of this coverage may outweigh the potential payout. Compare the annual cost with the car's value.

Check your liability limits. Do not reduce liability coverage too much. It protects your savings and assets if you cause an accident.

Tell your insurer about changes

• Driving less? If you have retired and no longer commute, you may qualify for a low-mileage discount. Some insurers offer pay-per-mile policies.
• Moved? Premiums vary by location.
• Added safety features? Ask about discounts for anti-theft devices or safety technology.

Ask about other discounts

Common discounts include:

• Bundling home and auto insurance
• Good driver or claim-free history
• Paying in full instead of monthly
• Automatic payments or paperless billing
• Membership in certain organizations or alumni groups
• Garaging your vehicle

Consider usage-based programs

Some insurers offer telematics programs that track driving habits, such as speed, braking and time of day, through an app or device. Safe drivers may earn discounts. Understand what data is collected and how it is used before enrolling.

Shop around

Rates for the same coverage can vary significantly between insurers. Compare quotes from several companies every year or two, and make sure you are comparing the same coverage levels and deductibles. Check insurers' complaint records and financial ratings through your state insurance department.

Driving safety and insurance

Staying a safe driver is one of the best ways to keep premiums reasonable:

• Get regular vision and hearing checks.
• Review medications with your pharmacist for side effects that could affect driving.
• Avoid driving at night or in bad weather if it makes you uncomfortable.
• Keep your vehicle well maintained.

Be cautious

Be wary of unsolicited calls offering insurance deals, especially if they ask for payment information right away. Verify any insurer through your state insurance department.

Terrameritavi is an independent publication and is not affiliated with any insurer. This article is general information, not insurance advice.