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Buying a car

A guide to buying car insurance for seniors

19 February 2019

Many people think that being a driver over a certain age can result in higher car insurance premiums, when, in fact, the opposite is often true. 

When calculating your premium, a lot of it comes down to your driving experience, age and lifestyle. That means that senior drivers can often access lowered premiums that other younger, less experienced drivers can’t. So if you enjoy being out on the road, but are worried about the costs involved in keeping your car covered by car insurance, you could be surprised by just how affordable it can be! 

Choosing the right car insurance 

Before you buy car insurance, you’ll need to find out what laws exist for elderly drivers in your particular state. You might need to pass a medical review once you’re over a certain age, or renew your licence periodically.

You may already be familiar with the different types of car insurance cover. But, as a quick refresher, it’s important to know about different levels of cover available and how each might suit your current situation. For example, Third Party Insurance is a basic level of cover that covers liability for loss or damage your car causes to another person’s vehicle or property. It doesn’t cover damage that occurs to your vehicle, though.

Comprehensive Car Insurance, on the other hand, is a more inclusive insurance option, usually covering damage to your car and other people’s property. Optional covers can be purchased and added to your Comprehensive insurance policy, such as windscreen and window glass cover, so it’s important to explore all the available options to ensure you’re getting the cover that’s best for you.

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Benefits for seniors buying car insurance 

As well as taking into consideration which car insurance best suits your needs, there are rewards that seniors can benefit from to save some extra cash.    

Lower premiums 

As the clock ticks over, you could be racing towards a lower premium (which is the amount you pay an insurer for insurance cover). And why not? With years of driving experience on the road, you should be recognised as a safe and experienced driver. 

There are a bunch of different factors used to work out how much you’ll need to pay for your car insurance premium. A couple that might affect you as a senior driver include:

  • Your age and the age of any drivers listed on your insurance policy. 
  • How much you drive. If you’re spending less time on the road (especially if you used to drive to work every day, but have now cut down on hours or retired completely) your premium may be lowered. For that reason, its important to update your car insurance with your average yearly mileage. 
  • Where you park your car. If you keep your car stored away in a secured, locked garage, this usually reduces the risk of theft, vandalism, flood or storm damage – which may be reflected in your premium amount.

Claim Free Driver Rewards 

Being covered in case something happens on the road is one thing, but what if you don’t make a claim? Suncorp’s Claims Free Driver Rewards recognises your years of good driving experience.    

With Claims Free Driver Rewards each year you continuously insure your car comprehensively with Suncorp without making an excess payable claim, we will reward you up to a maximum of 15% off your premium.

Tips for affordable car insurance for seniors

There are plenty of ways that you can save on your car insurance. As already mentioned, if you’ve been driving for years and have managed to keep a stellar driving record, you could benefit from Suncorp’s Claims Free Driver Rewards. Apart from a good driving record, there are other ways to help keep your car insurance premium affordable as noted above. Make sure you compare different types of car insurance cover and consider your individual needs before making your decision.

Talk to the experts! Suncorp’s team are available to chat and answer any questions you might have – call us on 13 11 55 to find out more.

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Insurance is issued by AAI Limited ABN 48 005 297 807 trading as Suncorp Insurance. Information provided is general advice only and has been prepared without taking into account any person's particular objectives, financial situation or needs so you should consider whether it is appropriate for you before acting on it. Please read the relevant Product Disclosure Statement before making any decision regarding this product. This advice has been prepared without taking into account your particular objectives, financial situation or needs, so you should consider whether it is appropriate for you before acting on it. Terms and conditions for coverage apply.