While as a society we celebrate the energy of our youth and the wisdom of our seniors, the insurance world takes a different approach. Underwriters deem these age groups to be high risk, which translates to higher insurance costs. And, if someone in those age brackets has an accident, they are more likely to be dropped or have their premiums skyrocket. We had a situation come up recently that exemplifies this problem. Our client is an 80-yr old widow with homes in both Carmel and Naples, Florida and a newer Mercedes. As she was pulling into a grocery store parking lot, she ran over a curb and heard a horrible screech. Like many of us would do, she backed up, which then tore the bumper off her car. No one was hurt, but insurance companies still consider this an at-fault accident. Damage to the car was $6,400 of which our client paid $1,000, with insurance paying the rest. Her coverage came up for renewal in April, and her premiums doubled! The good news is, the insurance company did not drop her entirely. Our client was of course appalled at the increase and asked us to look for another carrier. However, with her age, the value of the car and her claim history, there were not a lot of options. Fortunately, as an independent insurance broker, we were able to help. Insurance-in-a box agents are limited by the one company they represent when finding options for their clients. If that company refuses coverage or work with the situation, the customer must find another agent. At Wharton & Power Insurance, we can tap into multiple providers, finding the best option for each client. In this case, it turned out that the renewal was still the cheapest option. We were able to talk to multiple other underwriters to gauge their coverage and premiums, but no one could come close to her current provider. Our research helped reassure her that she was getting the best price. We know that when many of our clients reach retirement age, they want to take advantage of their success. They want a nice house (or two), nice cars, and lots of toys. We agree! But we have to let them know that insurance could be expensive. The best thing retirees can do is work with an independent broker who can shop around for an appropriate policy. Aging tends to get expensive, with higher costs for life, medical and personal insurance. It can be frustrating, especially when some insurance companies avoid covering older adults. The Wharton & Power Insurance Team is not daunted by the challenges of finding good insurance coverage for ALL our clients. If you are in the market for a new policy, reach out to us. Send us an email or give us a call at 317-663-4138.