If you’re like most Boomers, you’re still leading an active life working or on the go with other interests. As such, you need your car to stay independent and car expenses (maintenance and insurance) are two necessary costs you’ll have. But, you’d also like to try and save a little money too. Specialists recommend that your car costs don’t take up more than 20% of your household (after taxes) income. And, overpaying for your auto insurance may be one money drain you can plug. Here are some tips on how to get the best rates for auto insurance for your age group and in general:
1. People over age 50 can get special reduced auto rates from insurance companies affiliated with AARP, such as The Hartford. You can also get age-related discounts from other companies.
2. You’ll pay less for your auto insurance if you bundle your home, RV, cars with the same agency.
3. Your location. If you live in a suburb, or more rurally, your rates may be lower than if you live in a large city with a higher crime rate. Moving could lower your rates significantly.
4. Shop around. It pays to do comparison shopping. Insurance companies bank (literally!) on customers who only consult one insurance company – especially the larger, well-known name companies. Many smaller, community insurance companies offer comparable coverage for much lower rates. Comparison shoppers often save hundreds, or even thousands!
5. Read/watch the news. Currently, some auto insurance rates have dropped. But, your company might not tell you that. Keeping up on trends can help you save money. Also, many people have policies that are decades old. It pays to update your policy coverage to take advantage of older age consumer discounts, safe driver, etc. Companies often reward their loyal, long-term customers with discounts their newer clients don’t get. But you have to call and talk to them about ways to lower your rates. You could change your deductible which can lower your premiums. On an older car, dropping collision and comprehensive (but keeping liability) can help lower your premiums too.
6. Online venues. Make use of comparison shopping the easiest way – online. You can often get multiple quotes, sometimes comparison of coverage, just by entering your zip code.
7. No cost to switch. Some people think that it’s a big hassle to switch insurance companies. Not so. All you have to do is know which company you’d like to switch to, have your car’s VIN, year, model, make, your driver’s license available and you should be able to get new insurance within an hour. New car dealers do this all day long, you can too. And it’s free!