If your elderly parents still live in their own home and are both drivers, you may be helping them with tasks like writing out bills or remembering doctor’s appointments. If you are wondering how you can help your elderly parents save money, having a close look at their monthly budget is a good idea for doing so. Before you start cutting corners, look over their auto insurance policy. If they have not had it upgraded recently, doing so could mean your parents may be eligible for discounts given to older drivers. Discuss with your parents about these parts of their car insurance policy to see if they qualify for discounts.
Retirement Usually Equals Less Driving Time
After your parents retire, they will not be driving back and forth to work every day. An insurance company looks at less driving as less risk of accidents. If your mom and dad have not had the daily mileage listed on their policy changed since retiring, doing so can help them lower the amount of their premiums. Do not forget to also take away the miles you drive for your parents. Doing so will help to reduce the time they are actually behind the wheel a great deal.
Are Your Parents Considering Moving To A Smaller Home?
Where your parents live can have a huge impact on how much they pay each month for auto insurance. For many elderly parents, moving into a smaller home after the kids have moved out helps to save money. However, checking the crime rate in the area your mom and dad are considering moving to is important. High crime rates equals higher premiums. Be sure to compare the rates where your parents currently live to the ones at the area they want to move to. Doing so could mean keeping their premiums low or even lower if they move someplace with crime rates even lower than their current location.
Are Your Parents Driving The Same Car For A Long Time?
In the event your parent’s car is old, the cost of repairing it could be a lot more than the car is worth. For many older drivers, maintaining comprehensive on an older car that is not being driven much could be waste of money. Tailoring the exact amount of coverage you need is necessary to save. If your parents are not driving as much and their car is parked in a garage, dropping comprehensive coverage is a good way to greatly lower their cost for premiums.
Helping your parents save money each month is great and you can start with their car insurance coverage. By doing so, you help to ease the stress that comes with worrying over money. Contact a local provider, such as LA Insurance, for further assistance.
Retirement Usually Equals Less Driving Time
After your parents retire, they will not be driving back and forth to work every day. An insurance company looks at less driving as less risk of accidents. If your mom and dad have not had the daily mileage listed on their policy changed since retiring, doing so can help them lower the amount of their premiums. Do not forget to also take away the miles you drive for your parents. Doing so will help to reduce the time they are actually behind the wheel a great deal.
Are Your Parents Considering Moving To A Smaller Home?
Where your parents live can have a huge impact on how much they pay each month for auto insurance. For many elderly parents, moving into a smaller home after the kids have moved out helps to save money. However, checking the crime rate in the area your mom and dad are considering moving to is important. High crime rates equals higher premiums. Be sure to compare the rates where your parents currently live to the ones at the area they want to move to. Doing so could mean keeping their premiums low or even lower if they move someplace with crime rates even lower than their current location.
Are Your Parents Driving The Same Car For A Long Time?
In the event your parent’s car is old, the cost of repairing it could be a lot more than the car is worth. For many older drivers, maintaining comprehensive on an older car that is not being driven much could be waste of money. Tailoring the exact amount of coverage you need is necessary to save. If your parents are not driving as much and their car is parked in a garage, dropping comprehensive coverage is a good way to greatly lower their cost for premiums.
Helping your parents save money each month is great and you can start with their car insurance coverage. By doing so, you help to ease the stress that comes with worrying over money. Contact a local provider, such as LA Insurance, for further assistance.
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