How come when I get older the car and home owners get more costly?

Question

I have to say i have one ticket and my wife has none..i got caughts going five over two years ago..but i am 62 and my wife is 55 and we have had no accidents..is this normal...i only ddrive for pleasure

Answer 1

Nothing to do with your driving. It's called inflation. Cars cost more to fix, so insurance is more too. Your insurance may have a different rate bracket based on age because older drivers have slower reflexes, but I'm sure it would be considerably older than 62.

Answer 2

Have you heard about the old man who drove his car through a farmers market and rather than hitting the brakes he hit the gas. I realize most seniors are not "dangerous" drivers but as you get older, your reflexes get slower and your mind gets less sharp. These things make you less safe behind the wheel and more likely to cause an accident. Insurance rates are about risk.

As for the home owner's policy, that could have to do with the huge claims insurance companies had to pay out for hurricanes Katrina and Rita.

And there's always the issue of inflation. A dollar doesn't buy as much as it did 5 years ago so a rate of $700 a year might be roughly equivalent to a rate of $650 five years ago.

Answer 3

Yes, steady inflation is normal in this country. If you need to file a claim it will likely cost more now to get whatever fixed than it cost before. Is this a serious question? Since social security doesn't quite keep up with realistic inflation it is why you should have started an IRA when you were 30. Your lack of realism shouldn't make my rates increase anymore because you are older and don't think you should pay more.

Answer 4

Shop around, at your age you should get great rates on car insurance. Everybody's homeowners is going up. I think the insurance companies are trying to make back some of the massive hits they too when Katrina and Rita hit the gulf coast.

Answer 5

Shop around and make sure you check out other insurers.

I'm glad I did it this year - We have been with the same broker for 17 years and they just had to switch our insurance to a different company (they were dropping the one company we were with). Got the new rates for our car insurance and decided to check into the company they offer thru my work.

Even with an accident (not myself) that wrote off one vehicle in Dec. - and with a teen driver driving both vehicles...........by switching I managed to come in over $1,000 less with the new company! Sure glad I decided to shop around.

Answer 6

katrina ,9/11 everything has skyrocketed after those 2 disasters. try grundy .com for car insurance. no model/milage limitations, no deductible low rates etc.