3 Tips For Seniors to Save Big on Car Insurance in 2020

By Francis Wolcott  | Last Updated June 8, 2020

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Seniors are looking for new ways to cut costs in 2020.  One place most forget to look…their car insurance. To maximize your savings, check out our top 3 tips for seniors to save big on car insurance in 2020.

1. Comparing Insurance Policies Can Save You Significant Money

Many seniors renew their insurance policies for six months or a year without reevaluating coverage or pricing. A lot can happen over the year(s) that changes the way your rates are set.

According to the Federal Highway Administration, seniors drive an average of 49% less than someone in their 30’s! And that was before 2020! Imagine how much less it is now…

If you are someone who has been sitting on the same policy for years or are driving significantly less, it’s probably time to review and compare policies.

In fact, a recent study conducted by NerdWallet, another consumer finance site, found that the average American household can save $859/yr off their car insurance premiums by comparing rates.* That’s huge. What would you do with an extra $859 dollars?

You can quickly compare rates from multiple car insurance providers through this Free Rate Comparison Tool.

Here’s How You Do It:

Step 1

Enter your zip code

Step 2

Answer a few simple questions and get matched with multiple companies

Enter Your Zip Code To Begin

Calculate Savings
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2. New Life Changes May Mean New Discounts… Oh My!

“Seniors are safe drivers compared to other age groups, since they often reduce risk of injury by wearing safety belts, observing speed limits, and not drinking and driving.”
– AAA.com

Our second auto insurance savings tip is to check out discounts. Most seniors don’t know that they may qualify for special discounts on auto insurance if they meet certain criteria.

As I said, a lot can happen over the years that changes the way your rates are set. Some examples of events that could lower your rate include:

  • You’ve gone three years or more without an accident
  • You car is now older and doesn’t cost as much to insure
  • You bought a house and can now bundle insurance
  • You rented an apartment and can now bundle insurance
  • You moved or are planning to move (different states often have different rates)
  • You are a member affinity group or association
  • You removed one of your children as a driver from your policy
  • You now own multiple cars
  • Many more…

If any of these are applicable to you, then you may want to inquire about new discounts you can qualify for.

3. Seniors: Good Credit Score Can Mean Savings

Did you know seniors have the highest credit scores on average compared to any other age group?*

The fact is, in many states, insurance providers factor in your credit history in setting your monthly premiums.  Even the difference in premiums between someone with excellent credit vs good credit can be significant.

According to Consumer Reports, “…drivers who had merely good scores paid $68 to $526 more per year, on average, than similar drivers with the best scores…”*

If you are have a good credit score, there’s a chance you could be overpaying for auto insurance.

Conclusion: It Pays to Compare

When car insurance companies compete, seniors save & win!

Many seniors believe it is a massive hassle to compare auto insurance policies, which may have been true years ago. But online service have definitely made things easier. You can get real quotes delivered right to you by computer (or phone if you wish) – no in-person visits required.

And, for some, there may be big benefits to switching insurance providers. According to Bankrate.com, 70% of American consumers have been with the same insurance company for an average of 4 or more years and in that same time, they could have realized over $3,436 plus savings.*

Find out if you are in this group by comparing rates now, enter your zip code to get started >>

Enter Your Zip Code To Begin

Calculate Savings
Please enter a valid zip code

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