Tips for Saving on Car Insurance After You Retire | Financial Buzz

Tips for Saving on Car Insurance After You Retire

Once you retire your life changes in ways that you would have never thought of before. The daily commute that you used to deal with is no longer needed. The extra trips back and forth from home to town are done whenever you have the need. And, depending on what your plan is, driving will be for leisure rather than required.

These changes mean that you may need to check with your auto insurance carrier and see what you can do to get some of the costs down. Since the pandemic panic is starting to decrease, insurance premiums, including auto coverage, is on the rise again. Go through the steps below and see if any of them apply to your specific situation. If they do, give them a try. If not, ignore it and move on to the next.

Picture Credit: https://www.rawpixel.com/image/903108/free-image-rawpixelcom

  • Mileage Based Auto Insurance: If you are at the point in your life where you stay home most of the time, with an occasional trip to the golf course or fishing hole, it is time to look into a better insurance plan. Most companies will offer this type of insurance if you travel under 10,000 miles a year. You will have to talk with an agent from your auto insurance carrier. If they do not offer it, take the time to check around with others. You may be surprised at how much this route can save you money.
  • Discounts on Premiums: You have worked hard your entire life, and now that you have reached the age of retire you have gained a few perks. One of those being discounts that are offered to you through many businesses, including the best auto insurance companies. If you do not ask, you will never know. Every auto insurance carrier will have various levels of costs that fluctuate due to age. If you have hit one of their marker points you can get a discount on your premiums. You may now have joined some groups and organizations to keep yourself busy, which can also give you some discounts. It may sound strange, but if you happen to join a group that the insurance carrier sponsors, you can get some cost cut off your rates.
  • Increase the Deductible: This is one of the easiest ways to decrease your premiums. The higher that you set the deductible, the lower your premiums will be. Just remember that if you choose to lower your costs this way that if something should ever happen, such as an accident on the roads, you will have to dig a little deeper into your own pocket. The insurance company will not pay out on a filed claim unless you have shelled out the deductible amounts that are set.
  • Drop Coverage Not Needed: You may have never looked through your actual contract. If you have, you will have noticed that you were enrolled in extra services for which you did not opt. Many of these can be taken out, which can save you some cash. Even if you have read through the contract before, it is time that you make the effort to read every word, even the small print. Take out anything that you are being charged for that you do not need. Just make sure that it is not a legal requirement for your area.

Those are the easiest ways to save some money on your auto insurance after you retire. It is important to embrace who you are, how old you are, and go after any discounts that apply. There is nothing stopping you from asking, except maybe yourself, so go for it. You will never save money if you do not check into it, and if all else fails, go old school, and call your local agent.

Opt-into our eNewsletter NOW! For the Latest Trending Financial News Topics in Cannabis, Tech, Biotechs, Precious Metals, Energy, Renewable Energy and much more!