11 Clever (And Legal) Ways Retirees Can Majorly Save On Car Insurance

As you prepare for retirement, you will likely need to craft a new budget. Household costs on a monthly and yearly basis can change significantly once you reach your golden years.

An easy way to boost your finances is to look for ways to save on car insurance. Here are some ideas to consider that could leave you with more money in your pocket.

Raising your deductible might be among the easiest ways to save on car insurance. Typically, the higher you raise your deductible, the lower your premium costs will fall.

Of course, you need to make sure you will have enough money in the bank to cover that higher deductible if you file a claim.

It always pays to shop around, especially when you are trying to find the best deal on car insurance.

Start by asking friends and family for suggestions about insurance companies. Then, do your own research.

Compare quotes from multiple providers and select the company that offers the right coverage at the best price.

When it comes to car insurance discounts, you’ll never know if they are available unless you look for them. Check with an agent or do your research online to see which discounts might be available.

For example, you might be able to take advantage of a senior discount, or a price break for drivers who keep their mileage low over the course of the year.

Also, check with organizations where you are a member — such as AARP — to see if they offer car insurance discounts.

You can save on car insurance by being a better driver. If you’re able to avoid tickets and accidents, you may qualify for better rates.

An accident-free record might also qualify you for accident forgiveness that protects you from a rate hike should you get into a future crash.

Once you retire, consider how many cars you really need. This could be a good opportunity to scale back and become a one-car household.

Paying for insurance on just one car will save you money. You might also save on both gas and vehicle maintenance.

Look at what kind of coverage you have and compare it to what you really need. For example, if your car is aging and paid off, you might consider saving money by getting rid of collision and comprehensive coverage.

Just make sure you understand that if you drop collision and comprehensive, you will have to pay out of pocket to cover all repairs to your own vehicle.

In most states, insurers use credit history details when calculating insurance premiums. Drivers with higher credit scores tend to file fewer claims, so they present a lower risk to insurers.

As a result, drivers with a great credit profile often enjoy lower car insurance rates.

When you’re in the market for a new ride, research which models cost less to insure.

Factors such as a model’s average repair costs, its safety record, and how frequently it is stolen all can impact how much the vehicle costs to insure. So, find out how much it might cost to insure a car you’re considering.

You might save money on car insurance by bundling several different types of coverage with the same insurer.

For example, many insurance companies offer a bundling discount if you purchase both car insurance and homeowners insurance from them. You might also score lower rates if you have multiple vehicles insured with the same company.

Many insurers offer discounts if you pay your policy in full instead of making monthly payments.

Of course, not everyone can afford this option. But if you have the savings, this is another way to cut your car insurance costs.

If you really want to go the extra mile to save on car insurance, check into the car insurance rates in the city, town or even neighborhood where you are considering spending your golden years.

Insurance rates can be much higher in some places than others. It might surprise you how much more — or less — you would pay for car insurance in the community where you are thinking of spending your retirement.

As you prepare for retirement, look for a few simple ways to save on car insurance. A little research online can help you gather quotes from a number of insurers. You can also search for discounts.

And don’t forget to check out the reputation of any insurance company you are considering. You want to make sure your insurer will be there when you need it.