As you grow older, your driving habits change with you. And so do your insurance rates. But contrary to popular belief, your car insurance rates won't jump up as soon as you retire. Your premiums may begin to crawl up as you reach your 70s, but even then, it doesn't always have to be the drastic jump you might fear.
That means that if you're between 50 and 69 years old, you still have access to some of the cheapest auto insurance rates available. On average, your 6-month premium rate may be $663. This is the case because you're viewed as a trustworthy driver with a lot of experience behind the wheel. But once you retire, you may want to find ways to save money, so you can spend it doing what you like.
Here are some ways to save money.
- Qualifying For A Mature Driver Discount: If you're older than 55, you may be eligible for a mature driver discount.
- Qualifying For A Low-Mileage Discount: After retiring, you may not drive as much as you used to when you commuted to and from work. Talk to your Cheapest Auto Insurance agent to see whether you qualify for a low-mileage discount.
- Taking Driving Classes: Insurance companies want to be sure that you're still safe to insure when it comes to auto insurance. Taking driving courses can earn you discounts and save you money.
- Driving Cheap Cars: As is the case with any auto insurance policy, your rates also depend on the value of the car. If you want to save money, you can purchase cheaper cars to insure.
- Dropping Additional Coverages: There may be additional coverage options on your vehicle that you no longer need. Run through your policy and see if you need as much coverage as you currently have. In Tulsa, you're only required by law to meet minimum requirements for bodily injury liability ($25,000 per person, $50,000 per accident) and property damage liability ($25,000).
- Increasing Deductibles: If you want to lower your premiums, you can choose a higher deductible if you have the money to pay more on the deductible.
- Bundling: It may be cheaper to bundle your home and auto insurance. This also allows you to have your policies all in one place.
Life after you retire should be fun and relaxing. You should be able to enjoy everything you've worked so hard for without worrying about paying on your car. Speak with your Cheapest Auto Insurance agent about finding discounts and lowering your auto insurance premiums. That way, you can sit back and enjoy the retired life.