If you are a senior and/or pensioner, you may be living on a fixed income. It can make good financial sense to look for ways to save on car cover without scrimping on the level of cover you purchase.
Fortunately, if you’re looking for the cheapest car insurance for pensioners in Australia, there are a variety of steps seniors can take to access discounts available to older drivers, such as Seniors Card scheme participant perks, driving record rewards, no-claim bonuses, and other provider-specific programs.
Here are eight ways drivers may be able to save on seniors car insurance:
1. Check if you are eligible for any discounts
Some insurers may offer senior-specific reductions, multi-policy offers, or online discounts for customers.
2. Limit younger drivers
Drivers of any age, including seniors, may be able to save on car insurance by limiting the number – and age – of other drivers listed on their insurance policy. This can especially be the case if you are considering adding a driver aged under 25 to your policy. Bear in mind that if you let someone who isn’t listed on your policy drive your car, you may have to pay a higher excess if they have an accident.
3. Park securely
You may be able to save on premiums if you park your car in a secure location, such as in a garage, carport or secure apartment car park, rather than on the street.
4. Let your insurer know if your driving habits have changed
If you have retired from the workforce, it can be worth letting your insurance provider know. If retirement means you drive fewer kilometres each year, particularly in peak hour traffic, you may be eligible for savings on car insurance.
5. Check whether a no-claim bonus applies
Some insurers offer no-claim bonuses or discounts that are designed to reward drivers who do not claim on their insurance. These typically increase each year you don’t make a claim, up to a maximum number of years.
6. Install anti-theft devices
Some insurers may reward drivers with cheaper premiums if they install security devices such as car alarms, dash cams, immobilisers or tracking devices.
7. Increase your car insurance excess
Increasing your excess could help bring your premiums down. However, you’ll have to pay more if you need to make a claim on your car insurance. Be sure you can comfortably afford to pay the excess at claim time.
8. Speak with your insurer about the discounts that may apply to you
Any steps you have taken to improve your driving skills, such as completing a safe driver course, could see you rewarded with a lower premium.
This is not an exhaustive list, and the discounts available to you can vary widely depending on the insurer and policy you choose. Before committing to a policy, it’s important to read the product disclosure statement (PDS) and other documentation carefully or check with your provider to find out what discounts it may be able to offer you.
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