I am 77 and have had good home and auto coverage since 18 yrs. old. I was checking last week to see what the current price was at the different companies . I talked to 3 different agency reps and independent agents. I gave them my info except who my current company was. two of the three independent agents told me they could not help with coverage and the third just never responded. My question is does my age have to do with this reluctance to insure me or is there some other situation in play? I had insurance with a big company for 35 years and changed 5 years ago to another large company, but now it seems no one wants to price me insurance. As an afterthought I forgot to mention that I have never had a large homeowner claim and no auto claims in the last 15 years.
does age matter with home and auto insurance?
- Thread starter frank
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I can't answer the question, but in a similar vein I have noticed that many car rental companies won't deal with you if you are over a certain age. The age varies by company and country. That might be the same issue.
Andre1969
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Back in 2003 my Dad had bought a car, after being car-less for awhile. He was living with Granddad (his Dad) at the time. I do remember that when my Dad got insurance, they put a specific clause in it saying that if Granddad drove the car and got into an accident, they would not cover it.
However, Granddad was almost 89 at the time. He had also had three very minor insurance claims. They were the type of little boo-boos that honestly could happen to anyone, regardless of age, but I'm convinced the insurance company was holding his age against him.
And, Granddad did give up driving, voluntarily, in the summer of 2004, a few months before he turned 90.
However, Granddad was almost 89 at the time. He had also had three very minor insurance claims. They were the type of little boo-boos that honestly could happen to anyone, regardless of age, but I'm convinced the insurance company was holding his age against him.
And, Granddad did give up driving, voluntarily, in the summer of 2004, a few months before he turned 90.
I was shopping my policies recently and went to several places to no avail. At one of the independent ones the lady was the owner/agent and was really nice. I sat there while she shopped for the rates and told me that as I got older it would be harder to get much lower rates even if my driving record was perfect. She said the "sweet spot" for good car insurance was from 25 to 65 and then it would always creep up because statistcally older drivers were more inclined to have an accident. Not being a smart alek but just being truthful,that is how it is. ohh well I guess the cut on our homeowners taxes for age will just go to the insurance company!
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Insurance rates are far less dependent on your personal record than most people recognize. It's almost all actuarial tables. Though I hadn't heard it being an issue for Home, just Auto.
"You" might be an excellent driver, but if their data says a 77 year old driver is too great a risk to insure at any price, it won't matter.
In our area, over 80 is hard to insure. I think my parents are looking at Liberty for coverage as they're about your age now.
but was that with the company she had or a new company? the problem I noticed is that if you want to price compare no one wants to deal with you, so you had probably better stay where you are or face refusal.
Kings over Queens
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I just quickly checked an underwriting manual from one of the large national carriers, think Red Umbrella, and could not find any age restriction that would preclude a 77 year old from obtaining new coverage.
I'd only be speculating as to why 2 agents said they couldn't quote you and the third never called you back.
Out of Steam
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My daughter, in her late 20s, was quoted close to that for liability and comprehensive on a Ford of similar age in Maryland. She found another insurer for $1600.
Out of Steam
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I'm probably talking about it from 15 years away, but am quite determined to stop driving on my own terms, before my skill level is seriously compromised.
Affinity4Investing
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A Forbes article that details rates begin to increase past the age of 65. Makes total sense to me as it would correlate to risk.
https://www.forbes.com/advisor/car-insurance/rates-age-and-gender/
https://www.forbes.com/advisor/car-insurance/rates-age-and-gender/
When the two said "they can't help with coverage" were they just saying that they couldn't beat your current company? I imagine an experienced agent can just glance at one's policy and quickly tell if they can beat it or not.
Rocky mtn high
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Absolutely, my father 90 and car insurance as high as a 16 year old.
My DFs insurance wasn't all that bad. He was paying $474 (6 months) back in 2018 when he was 97. Farmers Insurance. He was driving an 18 year old minivan (with 20K miles!), so his collision/comprehensive wasn't very high. Certainly nothing approaching what I was paying for my 18 year old son at the time.
It is my understanding that some states allow insurance underwriters to use credit score to help determine rates. When I googled it, it said a poor credit score could influence rates up to 72%.
Certainly not saying you have a poor credit score but I wonder if insurance companies would deny insurance just because of a poor credit score.
Certainly not saying you have a poor credit score but I wonder if insurance companies would deny insurance just because of a poor credit score.
Dtail
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Yes with AAA, which she has been using for years.
Cayman
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Florida male age 96 clean record. Full coverage $6,400 on a '17 Toyota. Not me, a good friend.
Kings over Queens
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I didn't look at the chart, but I think you comment begs the question...just how much money are you looking to save?
If the lizard at geico could save you 15%, it's $132.
I get frugality and being economical, and I'm the last person to "waste" money, but at some point, you have to question is the effort and end result worth it.
All other things equal, I'd leave it alone.
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Wow, sell the car and Uber at that point. Probably more than break even.
mountainsoft
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I did some online price checking a couple years ago with the same coverages. The price difference was less than $50-100 in most cases. It wasn't worth the hassle of switching, though making the inquiries meant several months of insurance junk mail. Whoopie.
As for coverage, we both drive 20+ year old vehicles that we paid cash for. The value of the cars just isn't worth paying full coverage for. If they get totaled, we'll just buy another used car with cash.
We did switch to a "low mileage" plan after we retired and now pay less than $400 for each car annually (about $160 every 6 months). Compared to most bills, that's one of the cheapest.
Stormy Kromer
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Age is definitely an underwriting price factor. After 65 Auto rates may creep up, especially if you're new to the company. If you've been with them for a while you may qualify for a loyalty discount.
Always take the defensive driving class if it is offered in your state.
I've seen Homeowners Insurers offer "Mature Discounts" to those who have reached 50 or 55. I asked why and they said that they are more careful than younger people, don't throw parties, shoot fireworks, drink as much and are likely empty nesters. They have fewer losses.
Actuaries are very, very good at predicting losses on a large scale.
Always take the defensive driving class if it is offered in your state.
I've seen Homeowners Insurers offer "Mature Discounts" to those who have reached 50 or 55. I asked why and they said that they are more careful than younger people, don't throw parties, shoot fireworks, drink as much and are likely empty nesters. They have fewer losses.
Actuaries are very, very good at predicting losses on a large scale.
It depends on what State or area you are in. I heard about the big Insurance problems in Florida, hurricane-hit areas, and wildfire hit areas.
JoeWras
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State laws differ. FL was brutal on males under 25 for auto insurance. Other states regulate it differently.
39 years later, I'm still paying less than I did in FL for auto liability. Never had an accident claim and zero tickets.
39 years later, I'm still paying less than I did in FL for auto liability. Never had an accident claim and zero tickets.
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