Auto insurance is one of those unavoidable costs that we must pay for as long as we intend to keep using our cars. Like most car owners in Queensland, you’re probably always on the lookout for the best (and maybe the cheapest) car insurance policies out there. Well, if you’re a senior citizen, you’re in luck!
As it turns out, many institutions in the market today offer significantly more affordable car insurance policies for retirees.
So, if you're looking for the most affordable car insurance for seniors in Brisbane or anywhere else in the state, keep on reading. We'll go through the basics of what you need to know when comparing the best car insurance options and policies for seniors in QLD.
What Makes Car Insurance for Seniors Different?
Firstly, let's talk about why car insurance for pensioners is different from everyone else’s. As you might already know, insurance is all about risk. The higher the risk of the driver and car getting into an accident or incurring damages, the higher the insurance cost.
There are several reasons why the risk and, therefore, the cost of insurance, are lower when it comes to senior car insurance. Unlike teenagers or new drivers, seniors have decades-worth of driving experience under their belt. That in itself makes the risk profile of a senior driver much more favourable.
On top of that, all of those many years of driving experience also provide insurance companies with a critical piece of information: the senior’s driving history. For instance, if a pensioner has been driving for decades but never got into a car accident, it’s safe to say that they’re a safe driver and face lower risks on the road.
Lastly, think about the mileage as well. A senior driver in Brisbane or anywhere else will probably drive a lot less than a younger driver who commutes to and from work each day. Lower mileage also leads to lower insurance costs overall.
Which Companies Offer Senior Car Insurance?
Firstly, it’s important to remember that a senior driver in Queensland can still purchase regular coverage from any auto insurance provider just like anyone else. That means companies like Youi, Budget Direct, and Virgin Money are all still worth looking at.
However, some insurance companies offer tailor-made auto insurance products explicitly for senior drivers.
Some of the more popular insurance companies that provide senior car insurance include the likes of:
- Budget Direct
These three insurance companies are quite popular when it comes to car insurances for retirees, so they’re worth considering.
Who Has the Cheapest Car Insurance for Seniors in Brisbane?
Whether you're looking for the cheapest car insurance for seniors in Brisbane or anywhere else, there are a few basic things to remember. For one, insurance policies are highly customisable. In simple terms, that means you can make your car insurance policy the cheapest by adding fewer coverage options to it.
With that said, some insurance companies are known to be more affordable than others in general.
For example, Bingle is a popular name when it comes to affordability in the Australian auto insurance industry. Besides them, you’re also likely to get a good price from Youi, Allianz, Budget Direct, and QBE.
Remember: you can do some ‘window-shopping’ when choosing senior car insurance. Ask for quotations from at least a few of those insurance providers to find the one that best fits your budget.
How Can Senior Citizens Make Their Car Insurance Cheaper?
Regardless of which insurance provider you go with, there are several ways that senior citizens can make their car insurance cheaper. Here are just a few.
I've already mentioned this earlier, but it's worth mentioning again. Shop around for your auto insurance! Never take the first offer that you get, and don't be too dependent on other people's opinions about the cheapest insurance provider.
The fact is that there are so many factors that affect how much you’ll pay for senior car insurance, and you won’t know which one is cheapest for you until you compare your options.
Switch to Pay-As-You-Drive Insurance Coverage
If you’ve never heard of pay-as-you-drive insurance coverage, then you must read this article about it. In simple words, this kind of auto insurance only requires you to pay for insurance coverage based on how far you drive.
How could that potentially save money for a senior driver? Well, old drivers tend to go shorter distances and drive less often. Depending on your driving habits and insurance needs, that could result in significant savings.
Switch to a Cheaper Car
One crucial factor that affects the cost of insurance is the value of your car. That applies to all car owners regardless of age. But all things considered, a senior driver could save a lot of money on insurance just by switching to a cheaper car. If the vehicle’s value is lower, so will be the cost to protect it with insurance.
Review Your Auto Insurance Policy
Suppose you already have senior car insurance. In that case, you’ll want to review your auto insurance policy and look at the finer details. By all means, sit with a representative or agent from the insurance company and have them explain your policy to you again.
Quite often, our auto insurance policies include add-ons that we don’t really need. Removing those items from our policy is a pretty straightforward way of reducing insurance’s overall cost, making it much cheaper!
Remember: auto insurance policies come with many optional add-ons, ‘optional’ being the operative word here. Some drivers, for instance, opt-out of the optional windscreen coverage. To them, the odds of shattering their windscreen are low, and should it happen (God forbid), it might just be easier to pay for damages out of pocket.
Of course, this is a matter of personal opinion. The point here is to exclude any add-ons that may not be necessary in your case.
Get in the Loop When It Comes to Your Car!
To learn more about senior car insurance or auto insurance in general, be sure to check out the blog at Carpart.com.au. You’ll see daily updates discussing issues that matter to everyday car owners like you in Australia and beyond!
By Ray Hasbollah