After a lifetime of looking forward to your Golden Years, retirement isn’t turning out to be all that you thought it would be. Sadly, it isn’t as easy to live on Social Security and the meager amount you were able to save over the years make discounts, wherever you can get them, extremely important. Even auto insurance can be unaffordable, but the good news is that there are ways to save money to make your premiums significantly lower.
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Memberships in Senior Groups Lead to Savings
One of the memberships you have probably subscribed to is the American Association of Retired Persons, AARP, because of all the benefits you have by belonging to the group. As a member, you have probably already subscribed to their Medicare Supplement insurance, so why not take the time to discover the savings you can also realize with AARP auto insurance? You automatically get a senior discount as a member of the group when purchasing insurance through their AARP auto insurance partners. It bears looking into, even if you’ve been with your current insurer for years.
Bundle Insurance Products
If you own your home and need homeowners’ insurance coverage, you can bundle that with the same provider to often get an even greater discount for bundling insurance products. It would be worth looking into to see if an already discounted insurance such as automobile coverage could be bundled with homeowners’ insurance to get an additional discount you could surely use to bring your monthly expenses down to a reasonable amount.
Pay Annually Instead of Monthly
Another way to save money is to pay your premium semi-annually or annually instead of in installments. You will always pay additional interest and an administrative fee if you amortize payments so, if possible, make a single payment to bring the total cost down. Many seniors tuck money away each month that they would have been paying on insurance so that when their next policy comes due to renew, they have the funds set aside to pay in full.
Discounts for Successful Completion of Senior Driving Courses
Many states now offer safe driving courses for seniors. These will often result in savings on your automobile insurance after the successful completion of the state-approved course. The best place to find out whether there are any courses in the state in which you reside would be your state’s official DMV website. These courses are taught by instructors who specialize and are certified in senior safe driving techniques.
It may take a while to find discounts as a senior, many of which start much younger than the retirement age of 65. However, if you are retired and have extra time on your hands, it pays to do a bit of traveling around the Internet. See what other discounts you can qualify for and those might also lead to savings you can add toward that account you’ve set up to pay those auto insurance premiums. You’ve earned these discounts after years of hard work. Now, it’s your turn to cash in.
