Retirement is a good opportunity to review insurance and bank contracts.
In liability and legal expenses insurance, a contract change provides for savings, as calculations by the independent consumer portal Verivox show. The widespread belief that retirees find it hard to get credit is not always confirmed in practice.
Car Insurance: Rising prices – and how seniors mitigate the consequences
With increasing age, the premiums for motor insurance increase because the statistical risk of accidents increases. The price differences are large: For example, a 75-year-old in an evaluation by Verivox pays up to 40 percent more for motor insurance than a 60-year-old with the same car and the same other characteristics. Even those who slip through accident-free driving into more favorable claim-free classes, can usually no longer offset the increase.
But not all car insurers raise prices for older people equally. Therefore, it is advisable to compare the offers of different insurance companies.
Liability: Often discounts for seniors
Older consumers can hope in the private liability insurance on a senior citizen discount, which makes the tariffs of many insurers significantly cheaper. Depending on the insurance and the scope of benefits, this discount can amount to 20 percent of the annual costs. A personal liability insurance can save the financial ruin and is a must for young and old. The annual cost is often less than 50 euros – an amount that is worth in any case, given the risks hedged.
Legal expenses insurance in old age without employment protection
The legal expenses insurance helps to bear the often high legal fees in case of dispute. Seniors who are already retired, however, need no protection for disputes around employment and employment law. If you do not use this contract element, significant savings of up to 50 euros can be achieved. Those who receive a company pension will find senior citizen rates that include disputes about it.
Accident insurance: Some contracts end automatically
Anyone who suffers an accident in old age can suffer more serious damage than in youth. This leads to higher premiums for the elderly. Seniors should look out for the accident insurance on special features. Because there are tariffs, which are automatically terminated by the insurer in an upper age – for example, at 85 years. On the other hand, pensioners are often interested in additional services such as food delivery, basic care and domestic help, which are only covered by a few tariffs. In principle, the accident insurance can not be a substitute for a private long-term care insurance.
Even seniors receive loans
There is a widespread belief that retirees find it difficult to get a loan. “Our numbers do not confirm this fear fundamentally,” says Ingo Weber, managing director of Verivox. “Loans are also granted to seniors in the first years of retirement. However, they often request small loan amounts. “Verivox has evaluated over 10,000 loan applications. The likelihood that the loan will be granted is the same for consumers over the age of 65 as for the younger ones. You will receive an interest, which is only 0.1 percentage points higher for a loan amount of 5,000 euros than for younger people. Nevertheless, seniors account for only a small proportion of borrowers at four percent.
Only at a ripe old age do banks restrict access to credit. Applicants over the age of 75 receive an offer from significantly fewer banks.
PM Senior Car Insurance (PDF)
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