Car Insurance After Retirement

How To Lower Your Car Insurance Rates After Retirement

These few tips will only work if you are on the verge of retirement or have retired recently. They are all related to the changes in your lifestyle that usually come with the event. Consider these tips and let your insurance carrier know about any changes.

  • The number of miles you drive each day. Without the extra miles for your work commute, you will seem to be less of a risk for an accident, lowering your premiums.
  • Take a mature driver course. This is not to say that you can’t drive because you have reached a certain age. The course address things like age-related vision changes, hearing loss, and a slower reaction time. Some insurance carriers will drop your rate by as much as 15% after one of these course, so why not attend?
  • Sell off extra cars. Now that you do not have to go to work each day, do you need that second or third car? Now would be a good time to think about buying that classic you have had your eye for years. Insurance on a collectible car is cheaper than one for daily use.

Retirement can cause some initial financial anxiety. The best thing you can do is to look your bills over and lower them where possible. Evaluating your auto insurance needs is an easy place to start. The tips above could save you hundreds of dollars per year.

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