Reader question:
I’m 70 years old and retired, so I still need my car to get around everywhere, but I wish the insurance didn’t cost so much. Is there anything I can do to lower the rates?
Manny
There absolutely is, Manny.
A lot of people just go in and buy their insurance based on their mileage, credit, and driving history without realizing that there are so many more factors that you can provide to get your rates lowered. These are called discounts, and there are actually several that senior citizens can take advantage of.
First of all, you’re eligible for the Personal Injury Protection discount, which is available in most states. Basically what this is, is a discount given when 25% or more of the mileage driven on the insured car is driven by someone over the age of 65.
You can also get a 20% to 25% discount if you’re a member of the AARP Auto Insurance Program. Greater discounts are available through AARP if you have your homeowner’s insurance with them as well, and if you maintain a good record with them as a member. It also comes with the additional advantage that AARP guarantees that your policy will never be canceled unless you don’t pay it, get a drunk driving conviction or otherwise lose your license.
Most insurance companies also offer different discounts for retired people.
Sincerely,
Fashun Guadarrama.