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Seniors in motor vehicle insurance: How to avoid age surcharges
Find out how pensioners can save on car insurance with a clever trick. Experts give valuable tips on how to avoid age surcharges and reduce costs. By Lisa Mayerhofer for the Fuldaer Zeitung. As of: March 1, 2024, 6:01 p.m.
Seniors in motor vehicle insurance: How to avoid age surcharges
Seniors often experience higher car insurance costs due to age-related rate increases. Statistics show that older drivers are involved in accidents more often than younger drivers, leading to increased premiums. According to Stiftung Warentest, 80-year-olds pay on average twice as much as 55-year-olds. Verivox adds that 65-year-olds have to pay 16 percent higher premiums compared to drivers ten years younger.
Some seniors are looking for ways to avoid these additional costs. One approach is to review your existing insurance and, if necessary, switch to a cheaper provider, as age premiums vary depending on the insurance company. An alternative strategy involves the child insuring a second car, which can save retirees up to 50 percent on car insurance costs.
Experts also recommend checking and adjusting the number of kilometers driven per year in order to potentially benefit from no-claims discounts. This can help reduce the overall cost of car insurance. However, responsibility as the policyholder passes to the child, which can lead to a higher premium in the long term, especially in the event of damage. It is therefore recommended that you consider individual insurance advice to clarify the best options.