Most Important Factors to Consider When Purchasing Senior Auto Insurance
It’s time to purchase auto insurance or evaluate your current policy. Just as anytime in your life, you will want to focus on a few specific areas of insurance coverage. Now, in the senior years of your life, you will need to focus on a few additional areas of your auto insurance policy.
Liability – This is absolutely important and usually required by law. You want to make sure that you have enough insurance to cover damages to another vehicle or person’s property in case of an accident where you are at fault. There are some minimal liability coverages. Make sure you get more than the minimum, as many times an accident will be more than what your insurance will cover. For instance, in many states, the legal liability minimal coverage is $25,000. If you hit and total a nice car such as a Mercedes, BMW or Volvo, your costs are going to be considerably higher than $25,000. Your insurance company will only pay the first $25,000. You will be responsible for the rest of the bills.
Comprehensive and Collision – These are optional, but highly recommend. If you owe money on your vehicle, this is not an option, but a requirement. Comprehensive and collision covers damages to your vehicle. This insurance will replace any problems caused by you, an under insured, or uninsured motorist. Just like liability, it is important to have enough coverage to cover the cost of your vehicle and any additional damages that may occur.
As you reach your senior years, you may wish to consider increasing you coverage amounts. Accidents are more prone in the senior years. If you don’t drive as much as you used to, then you may want to consider dropping some of your coverages. If you own your vehicle and only drive a few times a month, then carrying liability insurance is substantial.
Always talk with a reputable insurance agent before making changes to your policy based on your age. Your age is only a number and it may not be a huge factor in your automobile insurance.