Exemptions to the Individual Mandate
There are some cases where there is no penalty to not having coverage.
You may be traveling a lot or have extended deployment in the military. If no one will be driving your vehicle, you may be able to suspend some of your coverage and save on premium payments. However, any vehicle with a highway title must at least carry liability coverage. Choose a policy that allows for suspension of other types of coverage.
Families help out other families all the time. You may find yourself as a carpool driver with other people’s children in your car. If so, consider increasing your liability insurance.
If you plan to provide your child with an automobile to take to college, check on the need for a separate auto insurance policy.
As your net worth grows, you may want to consider purchasing an “umbrella policy” to protect your assets.
Take advantage of any discount available to you as a mature driver. After age 70, the incidence of serious accidents escalates significantly. This means the discounts might cease.
Ask about discounts for senior drivers. Limiting your driving to under 7,500 miles per year can help you save. Also, agreeing to daylight driving can help. When you retire or change jobs and work or stay closer to home, you drive less. You should inform your insurance company of these changes. They may grant you lower rates.
If you have worked for the same employer for many years, let your insurer know. Those who show stability in their employment may qualify for an auto premium discount.
Take a senior driving refresher course, such as AARP’s 55Alive or a program run by the National Institute of Highway Safety or AAA. Participation in these programs should help you qualify for an auto premium discount.
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