Changing your car insurance coverage limits after retirement may not automatically come to mind when the excitement of finally retiring is upon you. However, there are many perks and benefits that come along with being a retired person, and savings on retirement car insurance is often one of them. To find out what savings and discounts you may be eligible for following retirement, consider the following factors when setting an appointment with a car insurance agent to reevaluate car insurance coverage limits and adjust a policy to factor in the new need for retirement car insurance.
The place to start is in reevaluating driver habits. For instance, there has probably been many years of daily commute to and from work, resulting in higher premiums to cover the increased monthly mileage as well as driving during high risks times like rush hour traffic and weekday traffic. As driving patterns change after retirement, it is possible for the driver to inquire about being reclassified as a "pleasure" or "occasional" driver, with correspondingly reduced car insurance premiums for the occasional driver. As a part of this evaluation, however, make sure to learn the minimum car insurance coverage limits imposed by the state's Department of Transportation to avoid purchasing too little insurance for your actual legal needs.
Next, consider memberships in organizations for seniors, driver clubs, safety courses completed, and even vehicle registration discounts and other discounts that are only available to senior drivers. Many times these discounts are available but not widely publicized, so do not be shy to ask if there are retirement or senior citizen discounts. Also consider that there may be other agencies or organizations that offer auto insurance to seniors, such as senior citizen organizations, drivers clubs, or carriers that you use for other insurance needs. Asking about seniors-only auto insurance packages, or asking an agent what packages are available for seniors who purchase all of their insurance needs with the same carrier can yield valuable information about additional savings.
Also consider payment options that may lower retirement car insurance costs for senior citizens. Paying in one annual premium or paying by automatic bank draft can sometimes provide other discounts - sometimes up to as much as a ten percent savings for an annual policy. If you have excellent credit, this is the right time to mention that too, as drivers with excellent credit history and ratings are often considered to be lower risk and receive policy discounts. By following this outline and investigating each area where savings may be found, you will have a road map to investigate your car insurance coverage limits and discounts and find the best policy with the greatest savings on retirement car insurance.