Retiree Discounts on Auto Insurance a Thing of the Past | AccountingWEB

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.

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