Tips for Boomers to Save on Auto Insurance in Retirement

Are you a retiree looking to save money on car insurance? Transitioning to retirement often means living on a fixed income, which can make budgeting a bit tighter. With the rising cost of car insurance, it’s important for boomers to find ways to lower their premiums without sacrificing coverage.

According to CNBC, the average annual premium for full coverage auto insurance rose to $2,543 in 2024, up 26% from the previous year. As retirees, it’s essential to review your coverage needs, deductibles, and explore discounts to ensure you’re not overpaying for insurance.

One tip is to reassess your habits and lifestyle. Driving less or getting a smaller car can lower your premiums. Additionally, consider increasing your deductibles to lower your premiums, but make sure you can cover these expenses in case of an accident.

Another way to save on car insurance is to look for multi-policy discounts. Bundling your home and car insurance with the same provider can lead to savings. For example, Progressive offers a 7% discount on your auto policy when you bundle both coverages.

Lastly, don’t forget to shop around for quotes from multiple insurance companies. Working with independent agents can help you compare rates and coverage options to find the best deal. Kiplinger recommends getting at least three quotes before agreeing to a policy.

By following these tips, boomers can save money on comprehensive car insurance and make the most of their retirement budget. Remember, it’s essential to review your coverage needs, deductibles, and explore discounts to ensure you’re getting the best deal. Happy savings!