As a group, seniors tend to pay more for their car insurance coverage, and Illinois residents are no exception. Insurance companies consider an older adult’s application for car insurance coverage in light of the possibility that the individual may have physical or mental issues that put them at risk for being involved in an accident.
All car insurance companies will consider an applicant’s driving record when making a decision about whether to extend coverage and how much to charge. Drivers who have been involved in an accident are more likely to have another one, and pay more for their coverage as a result. A clean driving record is a valuable commodity, since it means better pricing for car insurance.
A car insurance company considers other factors when a senior applies for coverage, though. The applicant’s address is one of them. Insurance companies have an idea about a person’s income level. It also gives the company an indication of the risk of the applicant making a claim for car theft or an act of vandalism. Living in a high-crime area means paying more for car insurance coverage, but consumers who install an anti-theft device can qualify for better pricing.
An older adult who want to save money on car insurance coverage should ask about available discounts, including one for bundling car, home and life insurance coverage with the same company and for being a loyal customer for a number of years.