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.


Already a member? log in here.

Upcoming CPE Webinars

Oct 30Many Excel users have a love-hate relationship with workbook links.
Nov 5Join CPA thought leader and peer reviewer Rob Cameron and learn ways to improve the outcome of your peer reviews while maximizing the value of your engagement workflow.
Nov 18In this session Excel expert David Ringstrom, CPA tackles what to do when bad things happen to good spreadsheets.
Nov 19How do you minimize redundant work and unnecessary steps to maximize the amount of work moving through your firm?