Retirement & Auto Insurance



Getting auto insurance when you’re in retirement. Once you hit the age of 50, you will start receiving discounts on your auto insurance. This is because you are now viewed as a safer driver than someone who is in their 20’s. These discounts will usually last until you are 70 years old then you will be looked at as a risk and your rates will start to rise. You will also be required to renew your license and retake the drivers test every five years. Each state will have their own requirements of when you will be required to retake the drivers test.

When you are in retirement age, take a look at what the DMV might have to offer you. They can usually give you some good advice on how seniors can obtain good auto insurance rates.

A few companies you might want to look at if you’re retired or a senior citizen in the US are

  1. AARP. AARP helps seniors and retirees obtain auto insurance if they are on a fixed income. They offer discounts to their members by taking in consideration of marriage status, where you live and how good your driving record is. You must be over the age of 50 to qualify for AARP.
  2. Triple AAA. If you become a member of The AAA, you will get an automatic 7% discount on your rate. They also have additional discounts available for those over the age of 50. You can obtain savings by just having an alarm on your car or having a good record. The real benefits are for seniors. AAA provides a wealth of information and resources to help older drives gain information on updated laws and requirements.
  3. GEICO. Geico provides a car insurance program for drivers who are over the age of 50. This program is not available in every state but if you’re able to use their 50 and over program and have a good driving history then you could be provided with discounted car insurance. GEICO also offers discounts for military and government employees.
  4. Allstate. Allstate has your normal discounts for seniors if you have a clean driving record. They also take in effect other situations such as not having a full time job where you can save money on your auto insurance. There is also additional conditions to save even more such as driving fewer miles, having an anti lock system and an alarm on your vehicle. If you pay your full policy upfront, you can also save an additional 10% on your auto insurance.
  5. USAA. USAA is specifically catered to those who are either in the military or are a veteran. They offer great discounts depending on your length in the military and how clean your driving record is. You can even take your membership wherever even if you plan on moving out of the US.

Make sure you shop around if you are over the age of 50. Different providers offer different rates as well as discounts. You want a policy that you can afford but also one that can provide you coverage as long as necessary.

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