Likewise, a child moving out of the parent's house may reduce the premium.Most auto insurance compan...

1. Top 5 Car Insurance Questions for Older Drivers
Likewise, a child moving out of the parent's house may reduce the premium.
Most auto insurance companies recognize this drop in annual driving as a reduction in risk and will
adjust premiums accordingly. The amount each insurance company will reduce the premium is
different, so it's the ideal time to do some comparison shopping. "You might be eligible for discounts
and savings," Baisden says.
All manner of factors can influence your credit score, which is a snapshot of an individual's credit
worthiness at the current moment. It is a living number that never rests. Life events can impact
credit scores for older and younger drivers alike.
Even if a move doesn't involve another city or state, it could result in higher or lower risk.
Read More on Bankrate: Slash your car insurance premiums
It's true that when some people retire, they hit the road to see the world. In such cases, they might
put more miles on their vehicle than they did when driving to work every day. However, the average
person drives less. The core question should always be: "Will you be driving less as a result of the
change?" Baisden says.
According to Barry, risks increase in urban areas compared with more rural ones. Rates of
vandalism, theft and even accidents increase with greater traffic density and all figure into premium
costs.
Changes in the structure of your household should spark an auto policy review and perhaps increase
or lower premiums.
According to Barry, 12,000 miles per year is the typical mileage of a commuter going to and from
work, as well as general traveling and errand running. Usually, retirement will reduce a driver's
premium because it eliminates the work commute. "Retiring usually drops that figure to 7,000 to
8,000 miles," he says.
Although it may not make any sense to us as consumers, in his book, Goldstein reveals that
insurance companies believe a potential client's behavior with their credit translates to their
behavior while driving.
This work is the opinion of the columnist and in no way reflects the opinion of ABC News.
Elaine Baisden is a vice president at Travelers Insurance. She says a simple rule of thumb for older
drivers is that any change impacting vehicle use should trigger a car insurance review. According to
Barry, every driver should review his auto insurance policy once a year, regardless of age or major
life changes. Although the following five events could apply to a driver of any age, older drivers are
more likely to experience them because of the normal issues of aging.
Just as with the price of real estate, auto insurance premiums are heavily influenced by location,
location, location. Barry says where the car will "live" is a key factor in premium cost.

2. "For a 10-year-old, or older, car, it doesn't make sense to have collision coverage," he says. He says
that wrecking a 10-year-old car might cause $4,000 in damage on a car that's worth only $5,000 or
$6,000. At some point, collision coverage won't pay for itself. On the other hand, Barry encourages
older drivers to maintain their comprehensive coverage -- insurance that pays for damage to your
car caused by something other than a wreck -- regardless of the vehicle's age.
Adult children might move into and out of your home with some regularity. If such an adult child is
going to drive a parent's car, he or she should be added to the parent's car insurance, increasing the
premium. "An adult child living in the house and on your policy will affect the premium," Barry says.
Read More on Bankrate: How do I find the best deal on auto insurance?
Read More on Bankrate: 6 auto insurance potholes
In other words, don't buy more car insurance than you need.
Retiring and moving to a fixed income could well affect an older driver's credit worthiness and
ability to pay his bills. Older drivers should be keenly aware of changes in their credit score. This
isn't something car insurance companies typically check, but other changes, such as an accident or
traffic ticket might cause an insurer to investigate more comprehensively. A significant drop in
credit score that turns up in such a check could negatively affect an auto policy premium.
According to Barry of the Insurance Information Institute, dropping collision coverage -- insurance
that pays for damage to your car from a wreck -- on an older car may be the fiscally smart action to
take.
"Comprehensive takes care of things like falling tree limbs," Barry says. "It covers just about
everything."
Read the original story on Bankrate.com.
To pinpoint the key changes older drivers should
know, Bankrate turned to two car insurance
experts. Mike Barry is a vice president at the
Insurance Information Institute, a nonprofit
information service supported through
membership by the majority of insurance companies.
Relocating certainly isn't reserved to older drivers, but often, empty nesters downsize and retirees
head for warmer climates. But regardless of age, moving should mean a call to your insurance agent.
According to Baisden, your insurance agent should be one of your first calls when changing your
address.
Divorce or death of a spouse was another auto insurance review trigger listed by Barry. In his book
"Insure Your Car for Less: A Practical Guide to Saving Money on Auto Insurance," David Goldstein
wrote that being married is looked upon as a positive thing by insurers and being single is
considered a neutral. That change in status can influence the premium.
All drivers experience changes in their lives that can affect their auto insurance premiums, such as

3. buying a new car or adding another driver to their policy. But there are some life changes shared by
older drivers that can trigger a review of their policy and probably will affect their premiums for
better or worse.
The neighborhood in which a car resides is critical, as is whether the car sits overnight in a garage
or on the street.