Many senior citizens live on a tight budget, and even those who don’t, like to save money wherever they can. Senior citizens in New Jersey who are looking to save some extra dollars, should take a look at their automobile insurance policies. There are some easy ways to save money for people who are savvy enough to look for them. Following are some ways seniors can save money on their car insurance costs.

1. Change coverage

It is fairly easy for seniors to outgrow their initial coverage. Many seniors begin driving less than they did previously. Also, their cars age, and, therefore need less coverage. Seniors who don’t take a close look at their policies can easily be paying more than they should be. A thorough evaluation of the insurance policy is a wise idea. Specifically take a look at your options. Eliminate any that are no longer relevant to your driving habits. Also, take a look at your comprehensive and collision coverage. If either or both are too high for your current needs, reduce them. Even a small reduction can result in lower costs. Finally, changing the deductible to a higher amount can also lower the total cost of the insurance.

2. Discounts

Seniors in New Jersey should look for possible discounts on their auto insurance costs. Many insurance companies offer discounts for simply being a senior. There are other discounts seniors might be eligible for as well. DMV.org cites a few other types of discounts seniors should look into. Seniors can enroll in a “mature driver’s course” that is specifically designed for their needs. Successful completion of a course of this nature will result in discounted costs. Seniors who don’t drive as often as they did in the past should look into “low-mileage” discounts to save money. Also, seniors who drive cars that are deemed “safe or “low risk” can also be eligible for discounts.

3. Cut back on driving

Seniors who do not need to give up driving completely might want to consider cutting down on their drive time in order to save money on their insurance costs. As we age, it is inevitable that our reflexes and reaction time begin to slow down, our vision gets worse, and it becomes harder to focus and concentrate. These factors can combine to result in frequent moving violations and accidents, which can lead to increased insurance costs. Seniors who voluntarily drive less often put themselves at less risk for these occurrences so will not see that increase.

4. Inform insurance agent about retirement

A perk of getting older is being able to retire. When a senior no longer has to make a trek into the office every day and begins to use the car for strictly leisure, it can affect their insurance rates. Seniors should inform their insurance agents as soon as they retire and cease driving to the office every day. That one phone call can result in a significant savings in the cost of the insurance premium.

5. Install safety features

It is a general practice for insurance companies to offer discounts to drivers based on the safety features on their car. The best course of action is to purchase a car that already has safety features installed on them. However, some safety features can be retrofit to cars after the point of sale. Some safety features that can help seniors save money on their car insurance include security alarms, side airbags, and anti-lock brakes. If the main objective is saving money, seniors should investigate to make sure having these items installed does not cost more than their discount will be.

6. Pay-as-you-go

Some insurance companies offer a “pay-as-you-go” type option for drivers. This system requires that a telemetric device get installed in the car. This device wirelessly tracks the distance the car is driven and reports the data back to the insurance company. Once the data is received, the senior driver is charged only for the distance that is driven, so there are no unnecessary overcharges.

7. Shop around

Just like with other products, it pays to shop around for the best insurance rates. Insurance rates change often, and different companies offer different discounts. It pays to shop around to see where you can get the best deal. Shopping around will make seniors aware of all of their options so they can make the most informed and best decision for saving money on their car insurance costs. To ensure they get the best deal, seniors can work with a reputable insurance agency that does the shopping for them.

Seniors in New Jersey should take every advantage possible opportunity to save money on their car insurance. Between the available discounts, changes in coverage, and changes in behavior, there are numerous avenues they can take to achieve this goal. With just a little research, seniors should be able to see extra money in their wallets in no time. Then, all there is left to do is spoil the grandkids!

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