Seniors at the Wheel – Will their auto insurance rates change?

Seniors are referred to as drivers over the age of 65—some of whom are still very active and many of whom are continuing members of the work force.  Decreases in vision, hearing, slower motor responses, and changes in cognition have been said to challenge this demographic as they grow older.

Did you ever think that with more of the population aging, they might be doing a better job of acknowledging their limitations? Some seniors I spoke with tell me that they no longer drive at night because it is harder to see and they are not as sharp as they are during the morning hours. Others tell me that they stay out of rush hour and start their days later and end them earlier so that they can avoid heavily traveled roads, especially in inclement weather. Still others advise that they stay off major thoroughfares, and instead drive on side streets and roadways they have driven on all their lives. With the baby boomers fast approaching their 70’s what can we expect?  Will their auto insurance rates go up or down?  Is it possible that seniors can be said to be driving more cautiously with fewer accidents?  Could it be safer roads, reduced speeds, traffic conditions, safer vehicles, the use of seatbelts, daytime running lights, or even the lengthening of daylight savings time in some areas of the country?  The fact is that over the past decade it is reported that fatality rates for senior drivers have come down more dramatically than for any other age group.   For this reason, auto rates for the age group of 65-75 have decreased in many states with many carriers simply due to the claim statistics.

older_driver

Most of all, it is reported that older drivers actually drive fewer miles per year than their younger counterparts.  Some insurance carriers also take this into consideration when calculating rates for the senior demographics.  Of course, we haven’t yet gotten to the point where the “baby boomers” are over 75 years of age. That will take a few more years and it should be interesting to watch the results in insurance rates for this demographic.

It is important that seniors realize their driving ability can change as they age even though they may have been driving their entire life with an excellent safety record.  In order to continue to drive safely, it is crucial for seniors to recognize that changes can happen and to regularly assess their driving skills.

 

By Karen Skolar, CPCU

No Comments Yet.

Leave a comment

I have worked with various individuals at Petschauer and have found each to be responsive, courteous, and thoughtful. Each year, the contact for my auto policy proactively seeks new bids and has consistently saved me money on my policy.
Ryan Huber
My family and I are long time personal and business clients of Petschauer Insurance. We sincerely appreciate your responsiveness and the quality of service that Petschauer provides. We have recommended your company to others because of our satisfaction with your service. We look forward to doing business with you for years to come.
Greg Weiss
My company has called on Petschauer Insurance for many years for its insurance needs: liability, liquor, auto, etc. Working with Erwin and his team has been a pleasure from beginning to present. They are quick to answer any question and provide sound advice. I have always felt that my and our needs are important to them, in theory and practice. They go the extra mile, and we continue to be well served.
Stephen Kennard from Canard Inc.
Excellence in customer service and it’s a one stop shop for all my insurance needs.
Tom Haines
Petschauer is great. I never had a problem.  They always call me back. Fabulous employees who are always willing to help.
Marty Bruno
I have been with Petschauer Insurance for a long time. My account executive Lori Halloran is like family to me: she is always there when I need her and is very knowledgeable and understanding. I wouldn’t go anywhere else for my insurance needs.
Vincent Falcone
I have been with Petschauer Insurance for over twenty five years. The staff is knowledgeable and professional. Petschauer writes both my personal and commercial insurance and they provide excellent counseling. I truly trust the firm and their staff. Thank you.
Mike Matonti
Quality attentive service is hard to find, but at Petschauer Insurance that’s what you can expect from their always friendly staff . It’s what we’ve experienced for all these many years.
John from Forest Pork Store Inc.
I have had the pleasure of working with various members of the Petschauer Team, both personally and professionally for 20+ years. And I couldn’t have done it without them. They go above and beyond. Heidi, Narima, Sherri and LuAnn don’t just bring to us the products they offer, they help me to understand the specifics and evaluate what makes the most sense for me, my family and my employees. I always feel I have a better understanding of an industry I have no understanding of so that I can evaluate the offerings in a smart way, cost effective way. They are proactive with renewals, allowing us the time to do our due diligence, evaluate our plans to be sure we’re properly covered and are always there to listen and help with special circumstances. Their kindness, caring and willingness to lend an ear when needed, really makes them stand apart from the rest. Heidi and her family have built a beautiful culture at Petschauer and I highly recommend them to anyone I meet.
Jamie Stedman-Novo
Spence-Chapin has had the pleasure of working with the wonderful John Petschauer, Inc. for 15+ years. They have always provided excellent service to us–with great knowledge, expertise, and patience — even in the most challenging situations. There has not been one time when they have not been immediately accessible to us, even at a moment’s notice. We thank them for their work and celebrate their 60th anniversary, while looking forward to working with them for another 60 years and beyond!
Spence-Chapin