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Auto Insurance Q & A: I Have Retired – What Does This Mean for My Car Insurance Rates?

As your life circumstances change, such as when you retire, so can your car insurance coverage needs. As we know in our quest for the best insurance rates and the right coverage for your specific situation, when something shifts, it’s important to let your broker or provider know. The bonus is when you can get cheaper insurance as a result, such as when you retire. Let’s look at this in more detail.

Retiree discount for car insurance

In Ontario, when you retire and assuming you meet certain criteria, you can be eligible for a retiree discount that can amount to 5-15% off of your premium for accident benefits coverage.

While the eligibility requirements different from provider to provider, here are some general points to keep in mind:

– Usually the discount will only apply if you have completely left the workforce. If you continue to work part time, you may not be eligible. Or the company might have very specific parameters about employment.

– Typically, drivers over the age of 50 can apply for this discount but again this depends.  

Other things to note when looking for the best rates as a retiree

– Since you are no longer commuting to work, you are presumably driving less than before. It is important to let your insurance provider know. You may be eligible for additional savings.

– Shop around. As with everything insurance, not all companies offer the same discounts and savings as others. Shop around or work with a broker to compare different insurers and how they handle retirees.

– Be sure to also check out this post, where we specifically discuss mature drivers discounts.

Looking to save as much as possible on your car insurance? Who isn’t? Check out these tips from the Financial Services Regulatory Authority of Ontario, including the retiree discount we’re talking about in this post – Tips to save on auto insurance

We always want to get the best insurance rates possible, so it’s always important to discuss with your car insurance broker or company when your driving habits change or your insurance needs shift, such as when you retire. Reach out to one of our insurance specialists today to learn more about possible discounts for retired drivers, or head over here to get your car insurance quote online.

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