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Auto Insurance Discounts Expained
Why does being retired or mature affect my insurance premium?
Insurance companies know that as a retiree/mature driver you are a lower risk driver and they will reward you with a Retiree/Mature Driver Discount. As a retired driver in Ontario you will qualify for a discount on your auto insurance policy. There are some eligibility requirements surrounding this discount. Some insurers will disqualify you if you hold part-time employment or any employment.
Additionally, insurers reward experience with a Retiree/Mature Driver Discount. The Retiree/Mature Driver Discount differs from the Age Discount because the Retiree Discount is given as an additional discount that is offered to mature drivers, typically over the age of 50.
How much can I save on insurance when I retire or mature?
Being a retiree/mature driver can affect your insurance premium, and you may be eligible to save between 5 – 10%. See what the Insurance Board of Canada thinks of age as a factor for insurance premiums.