Seniors Auto Insurance

Your age is one of the biggest factors in determining your auto insurance rates. Young drivers often face higher premiums that level out and decrease as they get older and build an insurance history.

Once you’re in your 70’s and 80’s, however, insurance rates may start to increase again. This is because elderly drivers are considered to be at higher risk of accidents and claims, often related to changes in health that can affect us as we age.

Insurance is a game of risk. Unfortunately, statistics show that drivers over the age of 70 are more likely to file claims, and thus drivers in this age group often see their insurance rates increase as the years go by.

You do not need to settle for those rates, but here’s why auto insurance for seniors typically cost more. Many senior drivers experience age-related changes in their vision and/or hearing, have slower reflexes, experience side effects of medications, or have other health conditions that affect driving abilities. In the event of an unfortunate situation on the road, treatments and rehabilitation for seniors can be costly, leading to higher insurance rates. This is why it is important to shop around and find the insurance provider who understands your driving experience, thereby finding you the best rates that bring you peace of mind, and great savings.

There will be slight differences in car insurance premiums and policies between people in their 50’s, 60’s, 70’s, and 80+.

If you’re a safe driver in your 50s, you likely enjoy cheaper auto insurance rates as you are still in the bracket of being a good driver with plenty of driving experience. As you reach your sixties, your rates might start to change depending on your experience. If you have remained claims-free and are in good health, you may not see much of a difference in your rates.

Once you reach your 70s, your risk level increases, and you might see your insurance rates go up as a result. When you reach 80 and beyond, you may see further premium increases.

Each time you face a premium increase is an opportunity to compare car insurance rates to see if you can find a better deal. Look for discounts you might not be cashing in on, such as retiree discounts. Many providers may offer this if you are a mature driver above the age of 50 and retired from employment.

No, as long as you’re still a good driver and continue to meet the requirements of your licence, you can still get car insurance.

In Ontario, once you turn 80, you will be required to go for a drivers’ license renewal program to test your driving abilities and ensure you can stay safe on the roads. This includes:

• A standard vision test
• In-class screening assignments
• A driving record review
• Participation in an interactive group education session

This usually takes around 90 minutes. If you pass, you meet the requirements for license renewal. Sometimes, you will be required to take a road test and/or complete a medical checkup. Senior drivers in Ontario are required to renew their drivers’ licence every two years. As long as you can still legally drive, you can still get car insurance.