While I’m not a senior citizen myself, I know quite a bit about what it takes to get the best insurance rates after watching my mom handle her insurance. She just retired this year, and while she may not know the insurance market completely, she sure took the right steps towards getting the best policy. What was the first thing she did?
She ignored all the insurance marketing hype about saving a ton of money by switching all the time, and she stayed with the same company. Now you might be saying well you don’t want to switch all the time either, but you definitely want to save money. The problem is the market is set up to make people desensitized to how often they do things. You’re eventually going to hear a gimmick that makes you want to look into savings, and then you’re going to find yourself switching auto insurance companies year after year.
It’s perfectly fine to get quotes and compare rates, even switching when needed. But you want to stay with the same company for years once you get established. Take a look at what people do with cell phone companies. They switch all the time! People have short attention spans these days, and all I can tell you is that constantly switching is never going to save you money.
Senior citizens know this, and they are from the generations of people that had bigger attention spans and knew about the importance of consistently building and sticking with something. But seniors are faced with certain challenges as they enter retirement and seek out the best insurance policies. The first challenge is the simple fact that they are on a fixed income.
When on a fixed income, unless you’ve retired lavishly from your own investments, you’re not necessarily going to want to pay for full coverage insurance. That means you have to have your vehicle paid off by then, and not all seniors are able to do that. So you can imagine that full coverage insurance has seniors trying to figure out who has the best rate.
If you have liability, it’s still the same thing as far as trying to find an affordable policy for a fixed income. There are discounts for seniors and other discounts that can apply as well though if you find the right company. You want a policy that makes you feel safe and secure without paying too much on a fixed income.
