4 Ways to save on insurance if you’re retired

Submitted by carol on Tue, 06/21/2016 - 17:47
Image removed. If you’re retired, you have a hell lot of means to save on insurance. Whether you’re going to buy a new car insurance, about renew your home insurance, or life insurance policy, there are lots of ways to save - all because of your age. As we get old, a majority of us refrain ourselves from getting involved in risky propositions - speeding up, drinking excessively. These precautionary behaviors mean fewer chances of claims in the eyes of the insurance companies, and as a result, your premiums get reduced too.

Old-age helps you save on car insurance

Statistically speaking, middle-aged, and those drivers nearing retirement are considered as the safest drivers on the planet. After all, they have years of experience driving on parkways, highways and streets. The chances of a fender bender in icy roads or slick streets are almost nil for them. Also, as years pass by, many elderly people scale back their driving habits (due to less demands), and usually have a good-to-great credit score. Driving for lesser durations and good credit scores matter to insurance companies, and hence, discounts are offered. Once you turn 55, there will be an automatic discount. The amount you’ll save will vary from one carrier to another, but could be anywhere from 3%-5%.

Driving less can help you save more

Apart from the age factor, if you are a retiree, you are eligible to get discounts for driving less and reducing mileage, dropping your adult kids from your coverage, and bundling your other policies with your auto insurance provider. In addition, you can take a mature driver training course and lower your premiums if you’re a veteran. All said, when it comes to discounts, you’ve to ask for it if you’re eligible. You shouldn’t remain under the notion that your insurance provider will initiate the discounts once you hit 55. You need to be proactive and ask for it. If your carrier refuses, it’s time to shop around. In fact, shopping around is a good idea and should be done every year.

A retiree can lower homeowners insurance too

If you’ve already paid your mortgage before retirement, you needn’t worry about your homeowner’s insurance, unless you want some additional peace of mind. Still, there are ways to save if you’re retired or nearing retirement. Just like with car insurance, if you’re retired, you’re less of a risk in the eyes of the insurance carriers. Insurance companies assume that since you’re retired, you’re going to spend more time at home and therefore, are more likely to spot a home disaster and prevent it.

Senior renters can save too

Even if you’re a retiree who doesn’t own his/her home, you can save money on rental insurance. Just like with car and home insurance, many insurance companies offer discounts for rental insurance if you’re 55 or older and retired. For instance, seniors over 55 who aren’t looking for any full-time employment can get up to 25% discount on their premiums through Allstate. There are a number of insurance providers who are willing to reward retirees for their less risky, and mature behavior. Don’t lose that.
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