Age is not a factor in auto insurance on a policy basis. However, because there are two types of auto insurance available to you – liability and collision coverage – there will be different rates for each type of coverage.
Auto insurance rates are based on a number of factors, including the driver’s record, driving history, and the vehicle that is insured. You may be able to save money by shopping around for lower auto insurance premiums if other cars in your household have saved or “banked” points on their driving records.
Auto insurance companies use age as one factor in setting rates though it can vary from company to company. Keep in mind that some insurers set higher limits for older drivers than they do for young drivers. This can help reduce the cost of premium for older drivers by lowering their rate per mile driven and their annual mileage limit.
You can’t use a physical exam or interview to determine your risk.
You don’t have to be a doctor, lawyer or dentist to determine risk.
You can use your own assessment of risk factors—like your home’s value and how many occupants live there—to determine if you’re at a higher-than-average risk for claims. It doesn’t matter if you were born at age 65 or 100: If you’re older than 50 and have been diagnosed with high cholesterol, diabetes or high blood pressure over time (or if any one of these conditions has recently developed), then it may mean that your health is declining faster than others who aren’t as old as you are.
If you haven’t been paying attention to your home or kept up with your homeowners insurance, you may have neglected to declare anything that could make you ineligible for coverage.
If you haven’t been paying attention to your home or kept up with your homeowners insurance, you may have neglected to declare anything that could make you ineligible for coverage. For example, if a relative has been living with you but hasn’t had their own place since the age of 18, they will be considered a non-owner occupied household member and should be reported on the application.
- Declare any assets (such as cars) that aren’t covered by your homeowner policy. If an item is worth more than $250K and isn’t included in the coverage amount for a particular policy year, it must be reported as well.
- Declare any liabilities or debts that are not covered by your homeowners insurance; these include judgments against yourself and others.)
To determine your risk, many insurers use information from public records or from the information provided in your homeowners insurance application.
When you apply for homeowners insurance, most insurers will ask you to declare your age and other personal information. This is so they can determine if you are at a higher risk of being sued because of an accident in your home, such as an electrical fire or an injury caused by falling off a ladder.
If you haven’t been paying attention to your house, it’s possible that neglecting to declare anything that could make you ineligible for coverage could have affected how much money was paid out on claims when someone was injured in the home. The same goes for whether there were any renovations done without permission from your insurer—if these activities resulted in damage or loss of coverage, they could be considered a breach of contract (and therefore grounds for cancellation).
If you’ve been paying attention to your house, it’s likely that a less-than-perfect home inspection report won’t be enough for them to reject you for coverage.
If you’ve been paying attention to your house, it’s likely that a less-than-perfect home inspection report won’t be enough for them to reject you for coverage. That’s because there are no real regulations on the industry. The most important thing is whether or not the inspector can tell whether or not the property is structurally sound, which requires getting inside and checking out every nook and cranny.
But even if there were more rules in place for inspectors—like requiring them to be certified by an agency like [INSERT YOUR STATE’S NAME HERE]—they wouldn’t necessarily make a difference when it comes down to making an insurance decision.*
You don’t have to change much about where you live to be financially secure later in life
You don’t have to move to a better neighborhood, state or country.
But if you do choose to move, it can be worth it—especially if you’re planning on downsizing later in life and need more space.