Auto Insurance Rates: Do They Rise As We Age?
The auto insurance industry realizes that the senior population has a lot of driving experience under its belt. That does go a long way as far as safety is concerned, and, seniors are rewarded in good measure with low premiums on their policies. But, by the same token, no one can deny the fact that as the years go by, eyesight becomes weaker and people are not as quick to react as before. In addition, compromised health situations tend to develop, necessitating medication.
Studies indicate that all this can translate into car accidents - a significantly large amount of these involve tragic fatalities. The insurance companies know about the resulting damages, injuries and death because of related claims that are submitted by policyholders. And claims are an expensive drawback that triggers rates to go up.
Before you begin to panic, allow us to reassure you that the premium hike for seniors at a certain stage is rather slight and it can be countered by savings rewarded to those who attend approved safety driving classes, as well as discounts that many insurance carriers offer.
For clarity, please view the following synopsis of the varying insurance developments in the course of the senior's driving life.
� If you are in the fifties, you will essentially enjoy lower premiums than those older and younger than you. This is because you typically are still in good health and you still have quick reflex reactions.
� From sixty years of age to sixty-five, you still will be getting the less expensive auto insurance premiums - something that may shift afterwards.
� If you are in the 65-69 year old category, you might see your auto policy increase in rate. In this case, it is in your interest to seek an insurance agency that has the ability to shop the network to see if you can get a cheaper policy.
� Between the ages of seventy and seventy-nine you will generally see an increase in premiums. This is related to a higher risk of an accident. It does not mean, however, that you will not find a cheaper plan elsewhere with a company that understands you still may be in good physical shape and are not personally prone to a collision.
� Once you hit eighty, you will be viewed as a high-risk to the auto insurance industry and retroactively be billed higher rates. If you choose to continue driving at this age, speak to an experienced independent agency that has the ability to shop for cheaper premiums and get applicable discounts to lower your premium.
Whatever your situation, remember to take all precautions in driving safely. After all, it's your well-being and others on the road that is at stake.