Retiree Discounts on Auto Insurance a Thing of the Past
Certain benefits come to those who reach retirement age; unfortunately, discounts on auto insurance may no longer be one of those perks.
According to the AAA Foundation for Auto Safety, more and more at-fault accidents for those in their late sixties are tipping the scales and causing across-the-board insurance premiums to increase. Based on the AAA statistics, elderly drivers file 25 percent more claims than those in their 40s, also known as the best driving group.
Fatal crashes among elderly drivers also have increased to the rate of 33 percent since 1988.
Statistics like this and others have prompted the Insurance Services Office to 20 percent premium increase for older drivers, although some insurers are raising rates simply by eliminating senior discounts, or by pulling good-driver discounts altogether.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.