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Savings for Seniors

Savings for Seniors


These days it seems that the cost of living increases, while for many Americans (especially seniors) their income remains flat or in some cases decreases. The need for many seniors to make reductions in their lifestyle to stay afloat is immense. Oftentimes the question comes down to “Who do I pay and who do I not?” Insurance is a necessity, especially for seniors. Here are some ways to help cut down on insurance rates:

  1. “Bundling vs. De-Bundling” – As people get older, auto insurance rates start to increase. At age 70, those increases seem to get larger. We as the consumer have been taught that bundling insurances with one carrier is the most economical way. But there are carriers that are more “senior-friendly” than others, check to see what the difference would be in rates between bundling & a stand-alone policy. In many cases, it is actually cheaper to split out policies than to bundle them together.
  2. “Work Loss Waiver Credit” – Those over the age of 62 who are fully-retired, meaning that they no longer participate in the work force at all can take advantage of the “Work Loss Waiver Credit”. Work Loss is a companion coverage to the medical coverage on an auto policy. Those that are injured in an accident and are off work can receive reimbursement for their time off work. If you are fully-retired, there is no need for this companion coverage.
  3. “Billing Plan Discounts” – Many insurance carriers offer discounts based on the billing plan you choose. “Full Payment”, “Quarterly”, and even “Monthly EFT” billing plans may offer an additional discount that could be helpful. Check with your hometown agent to see which billing plan best fits your situation.
  4. “Physical Damage vs. PLPD” – Sometimes hard decisions need to be made about coverage. Switching a vehicle from physical damage coverage to just liability/medical could potentially save hundreds of dollars on auto insurance over the course of a year. But, this avenue of savings may not be the right choice for everyone. Talk to your hometown insurance agent for guidance on different coverage options and the potential pitfalls of reducing coverage.
  5. “Group Discounts” – Belong to a seniors group like AARP? Are you or your spouse an alumnus of a college? Did you or your spouse serve in the military? Do you bank at a credit union? Some carriers offer an additional discount if you belong to a certain group or organization.

Above all else, seniors really should have a hometown insurance agent that is willing to sit down with them and help them to find the coverage needed at a price that is reasonably attainable. Everyone should have a hometown insurance agent for that matter.


Contact Us!

At Marsilje & Vander Plow Insurance Agency, we can work with you to make sure you’ve got the coverage you need, while at the same time using all possible credits and discounts to make that coverage affordable. Just give us a call at 616-396-1497 or send us a note at marsiljeins@gmail.com. We want to help you meet your goals, and make sure what’s important to you is protected!

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