Purchasing insurance for senior citizens is a bit tricky and it requires some amount of research. Insurance companies generally charge higher rates on the premiums from those who are elderly. This is because of the fact that they consider senior citizens to belong to the high-risk group, owing to the number of health problems they may have. Loss of vision, hearing, and other age-related diseases can mean additional risk for the insurance companies. In order to overcome these issues and reduce the risk, they charge higher rates on the premiums. However, there are a number of ways in which senior citizens can avail reduced rates on their policies.
There are some insurance companies that offer reduced rates for senior citizens. This is especially the case with those who have been loyal to a particular insurance company. They take into account the health of the individual and decide on the rebate accordingly. Sticking to the same insurance provider can be beneficial to senior citizens, as they can get some rebate for their loyalty.
Shopping for policies online is the best way to get hold of the best policies. Obtain free quotes online and compare quotes from various service providers. There are a number of companies that offer discounts for the elderly. Check online and shortlist those companies and then contact the agents and get the quotation. Paying higher deductibles can help in lowering the premium rates to a considerable extent.
Some of the insurance companies organize special driving classes for seniors. Seniors must ensure that they take these driving classes and follow the rules carefully. If they can prove to the examiner that they are following all the safety measures and if they have a good driving record, they can certainly get discounts. A number of factors such as health, age, vision, will be taken into consideration.
Installation of safety features in the vehicle can help in getting further discounts. When these safety gadgets are installed, it helps in reducing the risk factor. Anything that helps bring down the risk is appreciated by insurance companies. Air bags, seat belts, elevated car seats, burglar alarms, anti-lock braking systems etc., are very useful as they help in bringing down the risk. Senior citizens must ensure that they have loaded features in their vehicles as this will help in fetching discounts.
The make and model of the car, the mileage drivenand time of day the vehicle is driven – all these factors will influence the premium rates. If seniors don’t drive much and if they can prove that their annual mileage is below the prescribed limit, they can get some rebate. If the vehicle is not driven during peak hours, it reduces the risk of being involved in an accident. So, that could also be taken into account while underwriting the policy.The key to finding a policy with the right features is to do some research. Since there are a number of insurance providers in the market and there is fierce competition as well, seniors can get some of the best deals.
