Let’s take a short pop quiz. Just one question long:
True or false? Baby Boomers usually pay higher auto-insurance rates than do younger drivers.
You may be thinking, “It’s gotta be true. Everyone laughs at how bad older drivers are.”
But, in fact, the correct answer is “false.” According to USA Today, “In 34 states [including Tennessee], getting older can be the ticket to cheaper car insurance.”
There are many reasons for this: Baby Boomers (people born between 1946 and 1964) often have a wealth of driving experience . . . They typically drive less during bad conditions and at night . . . They wear seatbelts at a much higher rate that does the general public . . . and—according to the Insurance Institute for Highway Safety—they are involved in fewer crashes per capita than any other age group.
The Baby-Boomer Savings Plan
And if you’re a Baby Boomer, the news keeps getting better. Because you also have other savings opportunities you never previously enjoyed. Here are 4 additional ways older drivers can save on auto insurance:
- Take a Senior Defensive Driving Course.
In Tennessee, drivers aged 55 and older who voluntarily attend the Senior Defensive Driving Course automatically qualify for an auto-insurance discount (generally 10 percent or higher). These courses are offered online by highly respected organizations such as AAA and AARP.
2. Protect Your Car Against Theft.
Anti-theft devices help prevent your car from being stolen (of course!). But they also can help you realize significant discounts. You’ll generally save if your car has an alarm system, a disabling device (that keep your car from starting if a thief tries to steal it), and/or a vehicle- tracking system such as Spark Nano, Escort Entourage PS, or LoJack.
- Drive a Car that’s Less Costly to Insure.
Car insurance rates vary widely, depending on the type of car you drive. If you do some easy online homework, you’ll see which models bring you the most savings. And don’t forget the various discounts you also enjoy from certain car features, such as anti-lock brakes.
- Benefit from Your Life Changes.
Are you recently retired? Or do you now work from home? Let your insurer know ASAP. Since you no longer commute to work, your premium should go down.
Getting older can be a golden time in a person’s life—one that brings many enriching new opportunities. If you’re a Baby Boomer, one of the opportunities you now can enjoy is lower auto-insurance rates. We invite you to contact us today, so we can help you maximize your savings!