Great Insurance Saving Tips For Retirees
You are in the prime of your life, but you know that retirement is getting closer and closer. You’ve pretty much been in cruise control for the last 10 to 20 years. There is absolutely nothing wrong with that, it just makes you the average American that is getting closer to the big day. The big day that a lot of us wish we could get to faster than we can. The older you get your insurance provider seems to be helping you more and more. We’ve all noticed that the older we get, the cheaper our insurance gets. Remember when your insurance premiums were astronomical when you passed your drivers test all the way back when you were in your teens, you didn’t even think about insurance saving tips back then.
You’ve done great and you’ve remained safe on the roads for a long time. As you cruise towards your retirement you should be rewarded for your safe driving and being safe in general all of these years! The next thing you know, you will be planning your retirement party and your insurance provider, hopefully, us here at Insurance Advisors of St. Louis, will continue helping you save the money you are used to saving. You are going to have a lot of free time on your hands and we want you to enjoy it.
Did you know there are discounts that are specific to you retirees? You can do things like go on vacation, fix up your home or start that hobby in the garage or backyard that you’ve been thinking about for years. When you were younger you might have thought that getting old was a bad thing. But, you’ve had it all wrong, because aging has its benefits. One of those great benefits is saving money on your car insurance premium.
As you mature, insurance providers start to give you more discounts. Some people call these the mature driver discount, which you usually start to receive around the age of fifty. You see this discount as a % that is shaved off of your premium and it’s all because you turned 1 year older. This is one discount that you see when you are most likely starting to think about retirement or even put your kids through college. Let’s not forget about the kids, just because you are retiring, their adult life is just starting out. The good news is with your savings, you will have extra money in your pockets to spend.
More Insurance Saving Tips For Retirees
- If your car is paid off and you are driving a lot less than you used to, having additional coverage might not make sense anymore. Collision coverage or comprehensive coverage could save you financially by simply getting rid of them. When you were working full time, you drove more and now that you drive less, drop those coverages and lower your premium.
- Of course, you always have other issues to think about. For example, if you are located in an area that has high traffic or rates of crime, a real concern could be that your vehicle is stolen. In this case, it might actually make more sense to keep your comprehensive and/or collision coverages. Insurance companies will ask you what your zip code is and then use your specific location to help determine a rate on your coverage. If this is the case, purchasing a car alarm, anti-theft device or even a tracking device might give you other insurance discounts.
- Since you are retired it might be time to treat yourself to a new car. Why do we mention that when it comes to savings? New cars have all of the up to date safety features. If your car has the proper full-front airbags and seatbelts, it might mean you qualify for further safe driving discounts. Buying a hybrid will give you, even more, discounts and even tax deductions.
- Don’t forget that a nice family sedan should be cheaper to insure because it will have the proper safety features to qualify you for discounts, your new auto policy will be even cheaper if your “new” car is used. Treat yourself, to make things cheaper, but don’t go overboard, a new convertible isn’t going to save you money in either category.
- Since you will most likely be driving fewer miles than before (NO MORE COMMUTE!!) you might consider raising your deductible. Raising the amount you pay out of pocket can be risky if you are still on the road a lot, but if you are driving less it’s a good tip to lower your monthly premiums. Remember you want to be able to afford the deductible that you choose, so don’t go any higher than what you can afford. The deductible is how much you are going to be paying out of your pocket if there is some sort of accident.
- You might be one of those people that really only drove around the city because you had to. Maybe you had to get to work or take your kids somewhere, but never really liked to drive. Now that you don’t have to drive every day, you might have a relative drive for you. If you do this, think about changing the primary driver on your auto insurance policy. Depending on your age, a younger primary driver could lower your premiums.
Remember to always shop around for different insurance premiums when you are looking to make a change. Your current provider might give you a discount for reaching that sweet retirement age, but it might not be the best discount. Since we are independent insurance agents we are working for you and trying to find the best premium at the cheapest cost. We will even do the shopping around for you here at Insurance Advisors. Let us make you confident you are getting the best premium at the best price because WE work for you.