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Old 04-15-2014, 02:11 PM
 
Location: Idaho
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Did a quick search and didn't find this specific topic, unless it was buried deep in a thread.

I understand that auto insurance rates are partially based on how much one drives and that in retirement, it is assumed that one will be driving less than when gainfully employed. Also, many relocate from urban environments and their higher auto insurance rated to rural areas with their lower rates.

Assuming all things equal . . . were your rates reduced significantly upon retirement?

I'm still a few short years away from throwing the alarm clock in the trash and am wondering if it will be feasible to keep multiple autos in retirement, for example, the daily driver and a VW camper van for road trips. If insurance won't be significantly reduced, I may have to rethink how large of a fleet I want to maintain. Thanks for your thoughts.
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Old 04-15-2014, 02:15 PM
 
Location: North Beach, MD on the Chesapeake
33,877 posts, read 42,096,122 times
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I saw something the other night, don't remember where but it was a local news show, that stated that auto insurance premiums start going up again when you reach 60.

Mrs. NBP started laughing because ours just went up (new truck) and we have a 17 year old who will be getting his license in the next couple weeks. She made a statement to the effect, "Well, it sounds like it will go up again in June" (when I turn 60). I pointed out that it will go up again in two years when she hits 60. That didn't go over well.
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Old 04-15-2014, 02:32 PM
 
Location: VT; previously MD & NJ
2,186 posts, read 1,341,203 times
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Here is some info from esurance:

Senior Car Insurance

Your rate should go down at age 50 or 55 and possibly up again at 70. The other thing that saved me money was the reduced number of miles driven each year. Also driving only for pleasure (not for business or commuting).

If you get car and home insurance from the same company you might get a discount for that.

Last edited by ansible90; 04-15-2014 at 02:41 PM..
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Old 04-15-2014, 02:35 PM
 
Location: IGO CA
350 posts, read 370,901 times
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We get a discount for driving a vehicle under 6500 miles a year.
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Old 04-15-2014, 02:51 PM
 
8,187 posts, read 11,905,691 times
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Quote:
Originally Posted by volosong View Post
Did a quick search and didn't find this specific topic, unless it was buried deep in a thread.

I understand that auto insurance rates are partially based on how much one drives and that in retirement, it is assumed that one will be driving less than when gainfully employed. Also, many relocate from urban environments and their higher auto insurance rated to rural areas with their lower rates.

Assuming all things equal . . . were your rates reduced significantly upon retirement?
Assumed by whom? Nothing is assumed when it comes to auto insurance rates. You need to tell your agent how many miles you drive to work and how many miles you drive on average over the course of a year. Your rate will take those two factors into consideration. My experience with State Farm is that they have a lower rate if you drive under 7,500 miles/year. (I was on that rate for a couple of years, but went off it when I started driving between Miami and Las Vegas a couple of years ago.) Also, if you drive your car for pleasure or under X miles to work a day (I don't remember X right now; but 10 sounds familiar) you qualify for a lower rate. Simply being retired doesn't come into play. For example, when I was working, I lived only a few miles from my office and also sometimes took the subway in instead of driving. Consequently, I was already on their lowest rate and my premium didn't decrease when I retired.

Quote:
Originally Posted by North Beach Person View Post
I saw something the other night, don't remember where but it was a local news show, that stated that auto insurance premiums start going up again when you reach 60.
That's not the case with State Farm. My rate went down when I hit 50 and I will stay in the same category until 74. I know 75-79 is a higher category and then it goes up again at 80.
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Old 04-15-2014, 03:24 PM
 
Location: Phoenix, AZ > Raleigh, NC
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Yes, ours did. Entirely because of the reduced number of miles I was driving to go to work. But it really wasn't a significant amount of money.
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Old 04-15-2014, 03:49 PM
 
Location: Idaho
4,621 posts, read 4,460,757 times
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Thanks all. Sounds like I'll have to dump some vehicles.

(Personally, my mileage should go way down. My commute is about 120 miles per day, but I take the vanpool about 2/3rds of the time which helps keep the yearly miles down a bit.)
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Old 04-15-2014, 04:10 PM
 
4,571 posts, read 7,055,913 times
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My insurance co. rates factor in how many miles I drive a year...and if that includes a commute. If it no longer includes a commute, then it would go down, but I don't know how much yet. I have a few months left before retirement. I think most insurers have a chart that they follow broken down by mileage per year, your age, age of the car, etc. But my insurance went way up last year just based on the fact that my insurer had alot of claims over the past few years (and alot of uninsured claims I bet), so everything is factored in, we pay for others accidents too. When I stopped taking a commuter train and started driving to work (30 miles a day), my rates did go up quite a bit, so I'm hoping they will get reduced quite a bit too...but we'll see. I'm also going to take that Senior Drivers class so that reduces it some too. Every little bit helps...
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Old 04-15-2014, 05:28 PM
 
Location: SoCal desert
8,093 posts, read 13,227,512 times
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Nothing to do with senior discounts, but -- If you're with AAA and install their Onboard plug-in device, you can get a discount on your comprehensive coverage. It tracks mileage, where you go, how you drive, etc etc. The device also works as a stolen vehicle locator. It was invented so parents could track their teens

Used to have it on my 2005 truck. It won't work on the 2013 though (as of August 2013, anyway) - Onboard interfered with the Toyota security device.
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Old 04-15-2014, 05:32 PM
 
Location: Los Angeles area
14,018 posts, read 17,729,443 times
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With my company (21st Century) rates went up when I turned 70. I even called to ask why as I'd had no claims, accidents, or tickets, and they explained yes, it was because of the age (70), which is what I had expected them to say.

As for driving less or more after retirement, that is going to vary with the individual. During the last 20 years of my full-time career I had a short commute - short by Los Angeles standards anyway at 8.5 miles one way and then later at 6.5 miles one way. After retirement I had more free time to go places and do things and my driving increased rather than decreased.

Just driving to my volunteer jobs three days a week is very nearly equal to driving to my full-time job five days a week prior to retirement. But I enjoy the volunteer work more consistently than the career work.
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