Tips for Saving Money on Car Insurance When You Retire
If you are getting ready to retire, you might be looking forward to quitting working so that you can focus on your favorite hobbies or just so that you can take some time to relax. However, you might be concerned about having enough money in your retirement fund, so you could be looking for ways to cut costs and keep your expenses to a minimum. Luckily, there are ways that you can save on certain bills, such as your car insurance. These are a few ways that you can cut your insurance costs in retirement.
Let Your Insurance Company Know That You're Retiring
The last person who you might have thought about calling to tell about your retirement is probably your insurance agent. However, believe it or not, letting him or her know that you won't be in the workforce anymore can actually save you money. This is because your insurance company bases your rates off of things like how many miles you drive per day. If you have been commuting back and forth to work for years but will be spending a lot less time on the road now that you won't be working, you might find that you qualify for a car-insurance discount because of this.
Pay Your Insurance Bill Every Six Months
Currently, you might pay your insurance every month. For many people, paying every month makes it easier to budget their money because they get paid weekly or every two weeks and can't necessarily pay for the entire six months at one time. However, if you will have access to your retirement account and are able to do so, paying every six months can save you money, so go ahead and pay for your entire insurance term at one time. Sure, you will have to cough up more money at one time, but many insurance companies will offer you a bit of a discount for doing so. Plus, you won't have to worry about writing out a check or calling to make a credit-card payment every single month.
Ask for a Senior-Citizen Discount
Even though your insurance company might have your date of birth and know how old you are, don't expect to get a senior discount just because. However, you should know that some companies do offer these discounts, so make sure that you ask whether you qualify for a senior-citizen discount.
As you can see, there are a few different ways that you can cut insurance costs when you retire. This can help you keep your costs to a minimum so that you can focus on enjoying your retirement. Talk to a company such as Graber Insurance to learn more.
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