If you or a senior driver you know is still fit to be behind a vehicle's wheel, they shouldn't do so unless they have the right insurance coverage. Driver safety and insurance rates can change throughout the years, so it is best to pay extra attention to these car insurance tips for senior drivers to get the right deal and protection.
Look for Senior Driving Courses
Learning safe driving tips for seniors is vital to ensuring safe driving practices on the road. Many insurance companies offer safe driving courses where seniors can learn driving techniques they'll need on the road. Best of all, companies often provide an insurance discount upon course completion.
If you are unsure of your driving skills or you think your senior parent might have declining driving skills, getting an assessment is a good idea and provides everyone with greater peace-of-mind.
AAA says that driving assessments include both driving skills evaluations and clinical driving assessments. A driving skill evaluation includes an in-car evaluation of the driver's skills. Clinical driving assessments help identify the underlying medical causes of any declines in driving skills and possible ways to address them. The goal is always to make driving safe.
Check for Mileage Cap Discounts
If you or the senior you know will not be driving very often, a mileage cap insurance plan may be the right choice. This type of plan offers a fixed rate if you or your loved one drives under a certain number of miles.
Insurance companies give discounts to drivers that drive few miles since they are less risky. Some insurance companies will install a monitor to see the total number of miles a person drives and even how the person drives.
Senior organizations are another simple way to get discounts on insurance coverage. For example, being an AARP member has many perks related to auto insurance companies.
Drop Unnecessary Coverage
Before committing to a policy, double-check all the coverage it offers. Many older drivers drive older vehicles. You may not need full comprehensive coverage on an older vehicle.
For example, for retired couples who own two vehicles the need for the rental car reimbursement on an auto policy is less. Consider dropping it and save money. Your auto insurance agent can review your coverage and see areas to save money.
Drive a Safe Car
Investing in a newer car as a senior driver might not sound like the most attractive option, but new technology does reduce liability. Certain technology, such as rearview cameras and collision avoidance systems, is an easy way to avoid crashes that result in claims and higher car insurance costs.
The technology of newer cars can also help keep you out of an accident. A better driving record will also lower your auto insurance premiums. Good driver discounts can range from 15 to 40%.
Check Your Health
Be sure you check your health to be sure it is safe for driving. Do not forget to check hearing and vision regularly. Both hearing and vision start to decline after you reach age 50. You can have all the safety technology on a vehicle, but if you cannot see or hear, it will not help.
Sometimes night vision becomes a problem. The simple solution is to avoid driving at night. If you think you have a problem with night driving - you probably do have a problem. Use a driving service like Uber or a taxi if you must get somewhere at night.
Don't forget to consider bundling your auto and home or renter’s insurance policies. Many insurance companies will provide discounts if you insure both your home and your vehicle.
The ability to drive is a fundamental right to freedom for some seniors. However, costly insurance rates can be discouraging. Follow these car insurance tips for senior drivers to get a low-cost rate that will keep you or your loved one on the road.
We experience many challenges as we get older. We want to maintain our independence. Driving is one of the things that nobody wants to give up. However, with aging comes changes in your health, body, and mind.
Prepare for the challenges that come with getting older. The costs and burdens of aging will change our lifestyles and create dependency on family members unless we prepare before we get older and experience significant health changes.
Planning for Long-Term Care is Key to Successful Retirement
Affordable Long-Term Care Insurance will give help you avoid dependence on your family in addition to protecting your income and assets. You will have access to your choice of quality care, including in-home care, which most people prefer.
The cost of long-term health care is expensive. Long-Term Care Insurance safeguards your income and assets and reduces the stress and burdens otherwise placed on your loved ones.
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LTC NEWS offers many resources to learn about the available options and learn about long-term health care issues. Click here and discover these resources.
This comprehensive guide is an outstanding first-read - The Ultimate Long-Term Care Guide. Be sure to take notes so you can ask the appropriate questions when you speak with a qualified and trusted Long-Term Care Insurance specialist.
This conversation is one you should have with a specialist as most financial advisors, or insurance agents lack the knowledge required in underwriting, policy design, tax implications, and claims. Find a specialist who works with the major companies by clicking here.
Discussion Points with a Specialist
When you speak with a specialist, be sure they discuss with you the following:
- Partnership – Most states offer special policies that provide dollar-for-dollar asset protection. The Long-Term Care Insurance Partnership Program might be one of the best-kept secrets in retirement planning. Make sure the specialist explains this program and how it might help you.
- Tax incentives – There are federal tax incentives available for some people. If you own your own business, be sure to ask.
- Health Savings Accounts – If you have an HSA, you can use the pre-tax money in your account to pay for the premium.
- Asset-Based or Hybrid policies – These are life insurance or annuities with a rider for long-term care. Careful, only a handful are actually a long-term care benefit. However, one of these policies can provide you with the flexibility of both a long-term care benefit or a death benefit. They are expensive but can be paid with a single premium.
- Health and Family History - Make sure the specialist asks you detailed questions about your health, family history, and retirement plans. Underwritingcriteria vary with each insurance company. If they are not asking you detailed questions, then find another specialist.
LTC NEWS Cost of Care Calculator
Take a moment and find the current and future costs of long-term care where you live. This information helps you see the financial impact of long-term care on your savings and helps you decide the amount of coverage appropriate for you in your situation.
Find your state and use the LTC NEWS cost of care calculator by clicking here.
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