Most major insurance carriers have different classifications to verify older drivers although typically, auto insurance for seniors is generally provided for motorists in the 50 to 70 year-old age range. Carriers are more inclined to offer cheaper auto insurance for seniors based on a number of qualifying factors.
Significantly, many insurance companies actually offer discounted rates to mature drivers as recognition for their contribution to society over an extended period of years. Insurers are happy to accept lower premium prices as a means of giving something back to individuals who have put so much effort into society themselves and the low risk element associated with auto insurance for seniors means that carriers can do this without making any significant losses.
Older drivers are also much more considerate in motoring terms and have a tendency to drive in a calmer and more responsible manner, thus making auto insurance for seniors much more affordable because of the lower potential for road traffic accidents.
Because many mature drivers are retired from work, they actually spend less time on the road and this is recognized by insurance companies when premium prices are set. The fact that many older drivers retire to quieter areas is also a significant factor in the lower costs associated with auto insurance for senior drivers and because there are less vehicles on the road in states with a sparse population, the likelihood of being involved in an accident is significantly reduced.
Auto insurance for seniors is usually reviewed once the policyholder reaches 76 years of age and discounted premiums continue to be available if older drivers can provide evidence of continuing driving proficiency.