5 Auto Insurance Discounts Many Seniors Miss
Auto insurance discounts exist in more forms than most people realize, and several of the most relevant ones for older drivers specifically go unclaimed simply because nobody asked about them. Here are five worth checking into.
1. Defensive driving course discounts. Many insurers offer a discount, sometimes a meaningful one, for completing an approved defensive driving course, and some states specifically offer this discount to drivers over a certain age. These courses are often available online and can typically be completed in a single sitting.
2. Low mileage discounts. If retirement or lifestyle changes mean you’re driving less than you used to, you may qualify for a discount based on your reduced annual mileage. This discount often isn’t applied automatically, so it’s worth confirming your insurer has accurate, updated mileage information for your policy.
3. Multi-policy bundling discounts. Combining your auto insurance with another policy, like homeowners or renters insurance, through the same company often qualifies you for a bundling discount on both policies. If you currently have these policies with different companies, it’s worth asking each insurer what a bundled rate might look like.
4. Vehicle safety feature discounts. Cars equipped with certain safety features, like anti-lock brakes, airbags, or newer driver assistance technology, sometimes qualify for a discount, since these features are associated with a lower likelihood of serious accidents. This discount is worth asking about specifically if you’ve purchased a newer vehicle recently.
5. Loyalty and long-term customer discounts. Some insurers offer a discount for customers who have maintained continuous coverage with the company for a certain number of years. If you’ve been with the same insurer for a long time, it’s worth asking directly whether this kind of loyalty discount applies to your policy.
None of these discounts apply automatically in every case, which is exactly why so many people miss out on them. Insurance companies generally aren’t required to proactively tell you about every discount you might qualify for, so the responsibility often falls on you to ask.
A simple call to your insurer, or your agent if you work with one, asking specifically which discounts you currently qualify for and which ones you might qualify for with a small change, like completing a defensive driving course, can uncover savings you didn’t know were available.
It’s also worth asking your insurer for a full list of every discount they offer, even ones that might not seem immediately relevant to your situation. Some discounts are tied to things like professional or alumni association memberships, paperless billing, or setting up automatic payments, and these smaller discounts can add up when combined with the larger ones already mentioned.
Reviewing your discount eligibility isn’t a one-time task either. As your circumstances change, retirement, a move, a change in how much you drive, it’s worth revisiting this list periodically rather than assuming the discounts you originally qualified for are still the full picture of what’s available to you now.
Comparing your total discounted rate against quotes from other insurers is still worth doing periodically as well, since even a policy with several discounts applied might not be the most competitive option available once every relevant factor is taken into account.
Keeping a simple written record of which discounts you’ve confirmed and when you last checked can also help during future renewals, so you’re not starting the conversation from scratch each time you call to review your policy.
If it’s been a while since you’ve reviewed your auto policy for available discounts, it’s worth making that call and asking directly rather than assuming you’re already getting every discount you’re eligible for.
