Car Insurance Advice for Seniors

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Senior Citizen Discount Eligibility

For Canadian senior citizens, many auto insurance companies willingly offer policy discounts for their age or retirement status. These discounts can be added in combination with safe driving, multiple policies or other cost-saving discounts auto insurers already provide. To be eligible for the retiree discount, senior citizens must request the Declaration for Retiree Discount automobile insurance form. This brief form gives auto insurance companies a reference of your current employment status and automobile operation status. Also, those citizens who are eligible for income tax pensions are allowed to apply for the same auto insurance benefits, thus they must complete the same declaration form.


Benefits of Senior Citizen Insurance Discounts

For those who have met eligibility to receive senior citizen discounts on their auto insurance policies, there are specific benefits attached aside from costs savings. The retiree discount reduces the cost of an insurance policy between 5 and 15%. The retiree discount applies to accident benefits coverage. It’s important for senior citizens to remember that there isn’t any extra cost associated with adding the retiree discounts, but they must be sure they do not apply any major changes to their policy until the time comes for policy renewal. By adjusting the policy before its renewal date, other insurance bonuses such as indexation will only be available upon request and one’s insurance policy could increase in costs.


Issues Senior Citizens Must Avoid

Many senior citizens have been able to enjoy insurance policy discounts, but there have been some issues related to those seniors whose policy may increase with no fault to their own. Seniors who are above the age of 80 in Ontario and other Canadian provinces have been receiving complaints from elderly drivers they are being profiled as geriatric drivers. While there is a concern for insurance companies of having drivers over the age of 80 on the roads, those senior citizens worried their insurance policies may increase have options available to them to keep their policy costs down. If an elderly driver has shown the ability to remain a safe driver in their later years of age, it’s recommended to make a plea to their respective insurance company. Most companies are willing to assist senior citizens who independently desire to remain safe drivers. Every insurance claim is different but there are active legal organizations looking to keep insurance policy costs low for seniors as much as possible.