This time of year I start thinking about financial stuff — pulling together tax information, checking my accounts and insurance options. Because I am still driving, I obviously have to have car insurance. But how much? And what are my risks? Should I still be driving? If we are honest with ourselves, we should be ready to admit that our reflexes are not as fast as they used to be. One of the hardest things to tell an older person is that it is time to give up the car keys. No one wants to give up the freedom to go to your car and take off somewhere. Even with Lyft or Uber, the freedom to go as you please is not quite the same as having your own car.
When my dad was in his 90s, one night we were following him to an event in our car. He was right in front of us. There was a driving rain, and the place where we were planned to go was down a windy somewhat muddy road. He swerved all over the place, and we all held our breaths until we got there safely. He must have been uncomfortable too, because he did not protest when we offered to drive their car home. That was not the only time we had seen him drive poorly, so we had to sit down and talk to him. What if he hit someone? How would he feel? Was it worth keeping the car at his age? Fortunately, he agreed to give up the keys. It definitely cramped his style, but he didn’t put up much of a fuss. I admire his honest evaluation of his driving and was so relieved there was no fight over this.
Now I’m getting to the age when I can feel myself driving very carefully, maybe too tentatively to keep up with traffic. On LA freeways, even if I am driving 70 miles an hour, cars are passing me on both sides! The looks I get make me want to drive faster just to show I can, but I also know that’s not wise. I assume that within a year or two, if not sooner, I will give up our car. My husband no longer drives because his eyesight is not good enough. As painful as it was for him to give that up, he knew he was not safe. It may soon be time for me to give up my keys too, but in the meantime, I decided to check my auto coverage. What if I caused a serious accident? Am I covered for liability and damage? Could I be sued and have some of our savings affected?
When I looked at my policy, I was shocked to see it only covered $50,000 in bodily injury and $50,000 in property damage. $50,000 doesn’t cover what it used to, for sure. When I asked how much my annual premium would go up if I increased my coverage to something more appropriate for my age — $500,000 and $100,000 for property damage for example, I was quite surprised that it only added about $150 to my annual premium. Granted, I have a good driving record — so far — and have had no accidents and own only one car, but I was relieved to find out I could afford more coverage. Living in a litigious country and a city where cars routinely drive into buildings, not only into people, It seemed like an investment worth the extra few dollars in order to have more peace of mind.
I devoutely hope that I never need this extra coverage. By the time I give up the keys — and I plan to do that with the grace my father exhibited — I will feel that the investment was worth it.
If you are still driving, what type of coverage do you have? Might be a good time to check it out!