Age is one of the primary factors in determining your insurance rates. Historically, the youngest drivers have paid the highest rates for car insurance. This means those who are between the ages of 16 and 25 pay higher rates. However, after you reach 60, you may see insurance rates rising again with rates rising significantly once you reach the age of 80. In fact, an 85 year old man pays almost as much annually as a 21 year old man. One of the reasons premiums rise for seniors is that eyesight can deteriorate as we get older. Sometimes, the changes in eyesight are subtle and you may not even realize you are struggling to see. Cognitive ability and reflexes also decline as we get older. Statistics show that the chances of being involved in a fatal crash increase when we reach the age of 75 and rises significantly after we turn 80.

Some insurance companies offer a senior discount that can save money on your car insurance. However, many of these are based on your driving record and the company may look beyond just the few years displayed on your driving record. They could base the discount on your total driving history. If you had a number of speeding tickets or accidents when you were young, the company may not be able to apply the discount to your policy.

Several watchdog agencies, including Forbes, Investopedia and other sources rate the top insurance companies for older adults. They base their ratings not only on cost but also the services they provide to their older customers. The following companies rank among the top five overall:

• GEICO – overall, this company has the lowest rates, especially for seniors. They offer accident forgiveness at no additional cost if you are a safe driver and their DriveEasy program helps you lower your rates based on your driving habits.
• State Farm – with strong name recognition, State Farm is at the top of the list for insurance companies that cater to older adults. Their policy costs are low even if you have accidents or speeding tickets in your past. They have usage-based policies and even offer good rates if you have a DUI on your record. State Farm does base rates on your credit score and if you have poor credit, you may find their rates are not as competitive.
• USAA – offers some of the lowest rates and you can add extra coverages that may be helpful for older adults. They offer accident forgiveness and new car replacement options as well as rideshare insurance if you are supplementing retirement income with Uber or Lyft. Keep in mind that you must be a military member, veteran or a military family member to purchase insurance with this company.
• AARP – partnering with The Hartford, AARP offers car insurance at low rates. There are many add-on options available and you can report a claim 24 hours a day, seven days a week by telephone. The company has excellent customer service reviews as well. You must be a member of AARP to get the coverage.
• Nationwide – offers low rates as well as several add-on coverages that may be beneficial to seniors. They have a usage-based option as well as a pay-per-mile option which can keep rates lower for older adults who do not drive as much. They offer accident forgiveness and their SmartRide program offers discounts to drivers who practice safer habits. They also offer gap insurance should you purchase a new vehicle.

The best way to find lower rates on car insurance is to shop around. You can search online for basic quotes and estimates. State Farm and Nationwide often have brick-and-mortar offices where you can go in to speak to an agent who will be able to help you find the best rates and coverage for your needs. If you are in the market for a new car, check with your insurance company first to find out what the costs will be to insure the car as well.

There are other ways you can save money on your car insurance as well. You can change your policy to lower costs as well, doing things like raising your deductible or eliminating coverage you no longer need. Keep in mind that raising your deductible will mean more money out of your pocket should you have an accident. Some companies offer discounts if you bundle insurance, purchasing your auto, home, life or health insurance from them. Of course, drive safely to avoid accidents or speeding tickets and maintain good credit are always methods for reducing your insurance costs. Check in your area for defensive driving programs that also may provide you with savings on your car insurance.

One of the best ways to save on your car insurance is to register for BestSeniorDiscounts.com. We have compiled some of the best discounts in one place so you can find them easily. There is never a registration fee, and you can begin saving immediately. Sign up today by filling out the easy online form.