https://fiorellainsurance.com/blog/2022/09/auto-insurance-vs-health-insurance-what-every-florida-driver-needs-to-know/Do you want to know the best secret auto insurance discounts for seniors?
Have you noticed your auto insurance premiums creeping up as you age?
Are you a senior looking to save money on your auto insurance?
As you get older, especially after retirement age, auto insurance policy premiums start to rise.
This is due to a number of factors, but it can be especially difficult to reconcile at a time when income is typically becoming more limited. There are, however, ways to offset the rising auto insurance premiums.
In this blog, you’ll learn about auto insurance discounts for seniors, what auto insurance coverage is essential in Florida, and how a Fiorella Insurance agent can help you choose the best auto insurance policy for your situation.
Florida Auto Insurance for Seniors
The age at which you’re considered a senior varies depending on a number of factors, including things like the circumstance, your location, or an arbitrary rule set by an organization. In some cases, you may be considered a senior at 55 years old. In other cases, it may not be until retirement age. And in a few cases, it may vary depending on an organization you’re working with and the state you’re living it.
For example, GEICO offers an auto insurance policy for seniors starting at age 50. While there are other stipulations to having their senior auto insurance policy, qualifying for a discount at this age is an added bonus.
Allstate, on the other hand, offers a senior discount for anyone who is retired or working part-time and is over the age of 55. They also offer an app that can track how you drive – this can help lower your auto insurance rates, as well.
With Farmers Insurance, defensive driving discounts for seniors start as low as age 55 but vary from state to state. The courses must be approved by the Department of Motor Vehicles and a certificate just needs to be provided to receive the discount.
6 Secret Auto Insurance Discounts for Seniors
Not all discounts are transparent, and every auto insurance company offers different discount options. These are some of the most common discount types:
1. Retirement Discounts
If you are retired, work part-time, or are of retirement age, you may qualify for a discount with various auto insurance providers. The minimum age varies from company to company and state to state, but you can save money depending on your situation.
2. Defensive Driving Course Discounts
Seniors often qualify for discounts if they take an approved defensive driving course. Your auto insurance provider will let you know where you can take a course, and at what age you qualify. The Hartford AARP program offers a 3% discount for taking a defensive driving course.
3. Good Driving Discounts
Many insurance companies now offer apps and technological devices that can track your driving habits. If used properly – and in conjunction with safe driving practices – you can save money just by being a good driver.
A newer discount that many insurance companies are offering is a vanishing deductible – while not a discount on your policy premium, you will receive a credit for every policy period you go without a traffic violation or incident.
5. Veterans Discounts
If you are retired from the government or armed forces, or if you served as a veteran, you may qualify for discounts at various insurance companies. Veterans will qualify for savings through companies like USAA, which offer some of the best discounts for military members and their families.
6. Multipolicy Discounts
Chances are, by this point in your life, you’ve had some life experiences. You may own a home already or rent an active living condo. You may even have children in college that drive. All of these are situations that can result in multipolicy discounts.
What You Need to Know About Florida Auto Insurance
If you register a vehicle with four wheels in the state of Florida, you must carry both personal injury protection (PIP) and property damage liability (PDL) coverage. Even if you move out of state, you must carry the minimum insurance until you register your car in a new state.
A Fiorella Insurance Agent can help you choose insurance that’s right for you.
If you do not carry the minimum coverage, you may be subject to penalties such as fines and the suspension of your driving privileges. And in Florida, if you have an insurance-related suspension, there are no temporary or hardship license opportunities.
Here’s what you need to know about Florida’s minimum auto insurance requirements:
- Personal Injury Protection: PIP coverage helps take care of medical expenses, lost wages, and other services in the event you or a passenger of your vehicle are injured. The minimum coverage limit for this is $10,000.
- Property Damage Liability: PDL coverage pays for damages you or a qualified driver cause to someone’s property. This includes any vehicles that may be damaged, as well as other objects or structures you hit. The minimum coverage limit for this is $10,000.
- No-Fault Car Insurance: Florida has no-fault car insurance laws to help prevent lawsuits as a result of limited liability insurance and so that insurance companies can provide fast payments to people who are injured or suffer property damage in an accident.
Something to keep in mind about minimum coverage: If you are financing or leasing a new vehicle, the lender may require a more robust auto insurance policy. Check with your finance company before purchasing an auto insurance policy.
Choosing the Best Florida Auto Insurance for Seniors
Now that you know what discounts you may qualify for and what coverage limits you’ll need, it’s time for you to choose the best Florida auto insurance policy for your budget and driving situation. Here are a couple of key takeaways you need to remember:
- Discounts vary from company to company, so compare multiple auto insurance policies to see what is best for you.
- Minimum coverage is essential, but your financing company or financial situation may require higher coverage limits.
Take advantage of the benefits of getting older – check out all the ways you can qualify for multipolicy discounts, take a defensive driving course and utilize safe-driving habits, and look into ways you can save money with vanishing deductibles.
Still need help choosing the best Florida auto insurance for seniors? Fiorella Insurance Agency is your guide to getting the most comprehensive policy discounts available.