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We have our car insurance with Safeco (through our credit union). I forgot to tell them about my retirement until seeing the 2016 renewal information.
This new information only brought the annual premium down by less than $50. This may have to do with the fact that my work place was less than 20 miles from home.
I have Allstate too. They didn't ask but we told them. We bought a new car and were accustomed to the insurance decreasing every year as the car got older but this has not been the case with Allstate. We have not had a claim but the insurance has increased each year. We concluded that they treat retirees as higher and higher risk with each year of age.
I doubt it was because you told them. We used to have Allstate when I was working and the premiums went up almost every year. We were able to keep them about the same or lower by changing coverage. Finally, I had enough and checked other companies and found I could cut 40% off the cost by switching. We did this the year before I retired. So far, Safeco, has kept premiums stable, down or up slightly (have auto and homeowners). I'm fairly certain we were paying for allstate's hurricane payouts and we don't live in a hurricane area.
We have Amica and our insurance for the two cars dropped about $135 for the year. That also included a bit of a decrease in our Umbrella Policy due to the replacement of wages being removed. Our combined mileage for both vehicles for work had been about 30 miles a day. Now we go for two or three days at a time where we don't leave home. And when we do, the grocery/pharmacy is about 1.5 miles away. Big trips are to the Dr or to Costco now and then; about 5 miles to either one. Tank of gas sure does last a while nowadays.
Each insurance company has their cut off point for what they consider low mileage. With State Farm it is 7500 miles a year. I drove about 8000 miles per year when I was working. When I retired it dropped to less than 5000 miles a year. My insurance premium dropped by 40% because I drive less than 7500 miles per year.
In DE if you complete an on line DE driver safety course, insurance companies have to give you a 10% decrease in your premium for 3 years. The course cost $12.95. If you do the refresher course 3 years later (cost 12.95) they have to increase the discount to 15% for the next three years.
I’ve been retired about 13 years and never occurred to me that I should tell them. They still don’t know. I now have 3 cars insured, two which my college kids drive and one I use. Two of the cars are insured as “occasional drivers” (and get low mileage every year), one is for the traditional number most drivers use. When I made that change, insurance dropped 2K.
I live in central London, U.K., and have never TOLD my insurers that I have been retired for 4 years now, they just ask our annual average mileage when renewing the premium.
This hasn't changed, as neither of us used the car to commute, our car is driven almost solely by my wife, who goes to the supermarket once per week, and visits her dad, about 60 miles from London once every 2 weeks.
Whenever the premium is due, we just go online and look for the cheapest deal out there that covers both of us in any situation possible.
Before I retired I was a licensed London taxi owner-driver, (a real one, not Uber or minicab), my insurance was peanuts considering that I worked in what must be one of the most congested cities in the world.
My insurance agent at one time, told me that the insurance companies viewed it like this, a 45-50 y.o. guy, with no driving demerits, whose method of paying the mortgage, and putting food on the table, was a tool to earn his corn with, (the taxi), there was very little chance that he'd put that tool into harm's way.
For full cover, for any eventuality, including my wife driving it, (if I blocked her in with my black cab, she would take the cab to the supermarket), I never paid more than around $1000 per annum.
Of course, it's no doubt more now, but I don't drive a taxi now, so I don't care, feet up, vacuum the house occasionally, to keep the boss happy, and spend a couple or three weeks in Punta Gorda FL., or Padre Island TX. every year.
It's why I suffered all those cretins in the back of the taxi for all those years.
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