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Top 4 Car Insurance Companies for Seniors

Top 4 Car Insurance Companies for Seniors

Car insurance is mandatory for all drivers, and while senior citizens may not get behind the wheel as often as they used to, auto insurance for them too is a mandate. Insurance companies offer special discounts, tailored policies, and perks for senior drivers who might not want to use their car often. Mature drivers can compare and choose best priced car insurance plans from insurance companies that offer them.

Best car insurance for seniors 
These four companies offer the best combination of affordable premiums, senior-specific discounts, and exclusive policies to save money on car insurance.

Nationwide ®
Nationwide ® car insurance rates are 21% lower than the national average for drivers over 60. For a cheaper premium, the insurance company pays for all liabilities related to bodily injury, personal injury, property damage, uninsured/underinsured motorist protection, treatments, and comprehensive collision coverage. Nationwide ®  also ensures quality customer service, a grievance-free claims handling process, and ranks among the top vendors for customer loyalty. One of the company’s key highlights is the SmartMiles program beneficial for senior drivers with limited mileage after retirement. The yearly car insurance premiums are calculated based on the total number of miles driven with SmartMiles. This policy, available in 40 states, is suitable for seniors who commute less than 12,000 miles per year and can still afford to pay for car insurance after retirement. Overall, the estimated savings with Nationwide ®  can go upwards of $400 each year, given seniors meet all the driving criteria specified by the company.

GEICO
Due to competitively lower rates, GEICO ranks among the popular picks in best car insurance for seniors. Drivers between the ages of 65 and 85 can benefit exclusively from additional discounts. One of the key highlights of the policy is the guaranteed renewal program. Policyholders aged 50 and above qualify for the renewal program and may avail of the Prime Time contract features. For this contract, the company specifies that policyholders cannot have any operators/drivers below 25 for the insured vehicle. They should not have been involved in violations or accidents in the three years prior to application with GEICO. But this contract is currently available in only 30 states. Policies also cover accident forgiveness and feature innovative usage-based insurance for good drivers with a clean driving record. GEICO offers exclusive discounts for careful driving habits, retired government & military personnel, and owners with multiple vehicles using the same policy.

State Farm ®
State Farm ® is a more lenient option for commuters who may not have a clean driving record. Key highlights of the insurance include a usage-based policy and decent rates for drivers with DUI (driving under the influence) violations. Senior drivers with prior speeding records or driving offenses can also benefit from better rates for insurance premiums. Policyholders earn exclusive discounts and rewards with the company’s patented Drive Safe & Save™ program. Download the app and let the company actively monitor driving and overall performance. Those who match the criteria can save up to 30% on auto insurance rates for the year. Senior drivers with good credit enjoy excellent policy renewal scores and pay 22%-24% less insurance premiums than the national average. State Farm ® operates in all 50 states, making it one of the best car insurance for seniors.

Allstate ®
Seniors can save a lot on the best-priced car insurance policies with Allstate ® . The company is the fourth largest auto insurance provider in the business. Allstate ® also ranks among the best for customer service and claims handling processes. One of the key highlights is the pay-per-mile insurance policy that allows seniors to get affordable rates as per the number of miles driven in a year. The Drivewise ® program monitors daily driving habits and provides the insurance company with on-time updates. Also, seniors with the best driving score and a good driving record can avail of low premiums. Allstate ® offers addons, including accident forgiveness that prevents a premium increase and features loan or lease gap insurance. It also has an exclusive app that lets all policyholders review their profile, make payments, and monitor insurance status on the go.

How to choose from the best car insurance for seniors
Since most insurance companies offer various senior discounts and special deals to lower the premium rates, it can be challenging to make a choice. So here we’ve listed a few things you can consider to make the right choice and get competitive rates.

Update driver status online
After retirement, seniors should update their status from regular commuters to driving only for leisure. Insurance companies offer unique low-mileage plans or pay-per-mile policies for seniors who drive a limited number of miles in any given year. This detail can be updated while requesting quotes online.

Learn defensive driving
Some states, by mandate, require seniors to learn defensive driving. Drivers over the age of 50 can benefit from lowered premium rates and enjoy exclusive discounts on the quotes for qualifying for this eligibility criterion. Seniors can consider courses offered by AAA and AARP and spend no more than $20 for the short refresher course.

Maintain a proper driving record
The number of traffic violations and even accidents determines how much of an insurance risk seniors pose. Having a clean record with minimal infractions increases the chances of getting affordable premiums. Those who have multiple priors should alternatively consider applying to insurance companies that offer policies for average drivers.

Compare multiple insurance companies
Seniors must compare premium rates and check available discounts across top insurance providers in the country. It may so happen that a company may offer reasonable rates but no special discounts for seniors.

Understand that insurance quotes are subject to changes deemed fit and necessary by the insurance provider. Please check and read all contract terms before giving any consent.

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Salient Features of Popular Prepaid Debit Cards

Shopping should not stop just because you have limited options to make payments online or at the store. The solution is simple: apply for a universally accepted prepaid Visa® debit card. You can load up this useful payment tool with sufficient balance and use it online or at shopping kiosks across stores accepting Visa® payments. Here are some of the best cards, and the key features to consider before applying for one. Salient features of prepaid Visa® debit cards Prepaid cards are not linked to checking accounts, making them extremely easy to use compared to traditional debit/credit cards. These are essential features that you need to consider before applying for one. No credit check One of the biggest benefits is the no credit check feature. Banks issue these cards with a basic ID verification during the initial application. Since prepaid cards only allow a limited amount of funds for transfer, withdrawal, and payments, banks do not need to perform a complete background credit check. However, the card is valid only when there is money added to the linked number. Limited fees and charges General charges include monthly fees for card services, cash reload fees, and a foreign transaction fee. These numbers will vary depending on the issuing bank on the Visa® network. Since it is not a credit card, most banks offer prepaid cards with minimal usage and penalty fees. This means, you will not pay the penalty for an overdraft, not maintaining the minimum balance, late fees, or even interest on payments. You can also withdraw cash within the available limits at eligible ATMs on the Visa® network country-wide. Note that the charges will vary depending on the issuing authority. Distinct types of prepaid cards Visa® networks authorize and accept payments for several distinct types of prepaid cards. All-purpose reloadable cards are suitable for your everyday spending, where you can add funds, pay bills, and make purchases. Gift cards are a convenient option over cash cards. Payroll cards allow employees to get their paycheck transferred immediately to pay bills and make purchases conveniently. Healthcare prepaid Visa® debit cards come in handy for quick payment of qualified healthcare expenses. Rewards and purchase protection Banks reward purchases and payments made using these cards. Additionally, banks offer protection from fraud or kiosk errors to rectify the amount debited. This is a necessary feature, considering the money is deducted immediately from your account. Sub-accounts and savings options Prepaid debit cards also allow you to access savings account features with certain banks. You can add multiple family members by creating sub-accounts, so they can use the card for purchases and payments. All these changes and updates can be tracked on the mobile banking app. Popular Prepaid Visa® Debit cards Banks have made it easy for people who don’t have a checking account to own a debit card. These prepaid cards are suitable for diverse spending habits and vary in terms of benefits. Check out the popular cards you can apply for today. ACE Elite™ Visa® Prepaid Debit Card With the ACE Elite Visa® Prepaid, you can directly receive your monthly payroll and government benefits via direct deposit. The card features no-fee cash withdrawals up to $100 per day upon qualifying for direct deposit features. Any withdrawal above that limit is subject to a $2.5 charge per domestic transaction, or 4% levied on foreign transactions across the globe. But you don’t have to worry about paying any activation or monthly maintenance fees. The card is completely free to order online, and there is no mandatory requirement for a background check. The bank will only verify your credentials and identity during the application.  Currently, they have three plans to choose from, including the free pay-as-you-go plan, which is the default auto-enrollment option. You can also opt for a monthly plan (optional with additional features) starting at $9.95/month, or take a reduced monthly plan starting at $5/month for lower direct deposits. The fees and rates for card usage will vary depending on the plan. Overall, ACE Elite® is the most inexpensive option among popular Visa® Prepaid debit cards. NetSpend® Visa® Prepaid Card NetSpend® is an excellent pay-as-you-go card that requires no credit background check upon application. You can add money to the card using multiple online and offline banking options and transfer funds seamlessly among sub-accounts. Get Anytime Alerts™ for all transactions, earn cashback rewards, and save some money for the future. Moreover, your transactions are FDIC-insured via the issuing bank, so it secures unauthorized purchases with the exclusive Visa® Zero Liability protection. You don’t pay any activation fees or monthly card services fees either. However, a signature and PIN transaction fee is chargeable at $1.95/payment. You will also pay for ATM withdrawals with $2.95 chargeable for in-network and outside network kiosks. The bank additionally charges 4% for any withdrawals at foreign ATM kiosks. RushCard® Prepaid Visa® Debit Card RushCard® is one of the best-prepaid cards with no fees chargeable on purchases, withdrawals, account inactivity, or even cancellation. These are exclusive benefits with the unlimited usage monthly plan, starting at $7.95/month. However, some additional fees are chargeable if you opt for the pay-as-you-go-plan. The bank requires no prior credit checks, and you can use the card for purchases and payments without maintaining any minimum balance. RushCard® offers multiple funding options, including a direct deposit, adding cash at approved retailers nationwide, bank and online money transfers, and even loading checks with the RushCard® mobile app. The online application takes only a few minutes. You have to submit your personal details and pay a one-time activation fee of $3.95. RushCard® then checks and activates the direct deposit feature for the transfer of funds. This feature allows for quick salary transfer over paper checks submitted to the bank, and you can access your funds two days in advance. RushCard® is accepted everywhere across online and retail outlets authorizing Visa® payments.

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