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Seniors save on car insurance - tips from financial experts | Contribution
According to a report from finanzen.net, car insurance is becoming increasingly expensive for drivers of retirement age. However, there are ways for seniors to avoid the higher premiums and save money. The reason for the higher premiums is that seniors are less likely to be involved in traffic accidents, despite their many years of experience. Nevertheless, according to a study by Finanztip, they have to pay more from the age of 65. The basic contributions for this age group are twelve percent higher than for 55-year-olds and on average 75-year-olds even pay 60 percent more. A study by the General Association of the German Insurance Industry (GDV) has shown that seniors have fewer official...
Seniors save on car insurance - tips from financial experts | Contribution
According to a report from finanzen.net, car insurance is becoming increasingly expensive for drivers of retirement age. However, there are ways for seniors to avoid the higher premiums and save money.
The reason for the higher premiums is that seniors are less likely to be involved in traffic accidents, despite their many years of experience. Nevertheless, according to a study by Finanztip, they have to pay more from the age of 65. The basic contributions for this age group are twelve percent higher than for 55-year-olds and on average 75-year-olds even pay 60 percent more.
A study by the General Association of the German Insurance Industry (GDV) has shown that although seniors cause fewer official accidents, they are responsible for more expensive damage that is often not reported to the police. Drivers over 80 cause accidents that are twice as expensive as the average damage caused by other drivers.
Although drivers who rarely or never cause accidents are often not affected by the higher premiums, seniors can still save money. One option is to check whether partial insurance is a cheaper option. They can also limit the number of drivers or agree with the insurance company that they drive less. It is also advisable to pay the contributions annually and not monthly.
A particularly effective way for seniors to save money is to have the vehicle transferred to the younger partner. This means you continue to retain your no-claims class and can continue to drive the car. It is also possible to transfer the car to younger family members such as children or grandchildren and also insure it through them. According to a study by Focus, this can save up to 43 percent in contributions. However, it is important to inform the insurance company that the car is also being driven by the seniors so as not to lose insurance coverage.
These measures can help seniors cope with rising car insurance premiums and save money.
Source: According to a report from finanzen.net
Read the source article at www.finanzen.net