Today, people are living longer and extending their working years too. This means that older adults may also wish to keep driving their vehicles well into their retirement years. So, shouldn’t car insurance remain affordable for longer?
Whether you’re preparing to retire or have already begun this new chapter of your life, maintaining the quality of life that suits you can easily dip into your hard-earned savings. Expenses can quickly add up, and you may start re-assessing your needs - to see what you ‘can do away with’ in order to save more.
Car insurance need not be one of those expenses that gets cut – certainly if you still intend to make use of the country’s roads for some time to come.
So, are South Africans really driving well into their retirement years?
“Yes, they are,” says Discovery Insure Chief Executive Officer, Anton Ossip. "Added to that, our telematics-based data shows us that adults aged 65 to 80 have a 28% higher driving score than other drivers."
“This age group also drives 37% fewer kilometres than other drivers on a monthly basis,” he adds. “This contributes to a considerably lower risk profile as the less time spent on the road, the lower the risk of being in an accident,” explains Ossip.
“Cover should, and can remain comprehensive for as long as a person chooses to drive,” says Ossip. “We’ve developed a way for older adults to maintain their car insurance cover for as long as they need it, and at a premium that makes better sense for their pockets.”
Older driver’s are seen as worse drivers due to vision, cognition and motor function impairments that hinder their driving performance
According to Arrive Alive, it is more difficult for older drivers to judge the speed and intentions of over drivers. As people get older, they may also experience a decline in movements, muscle strength and coordination.
However, we have seen that older clients who proactively manage their health are actually better risks Discovery Insure data shows that older clients who complete their Vitality Health Check have a 10% lower vehicle loss ratio, which means fewer vehicle claims, than those who do not. This is because those who complete these assessments, have a better understanding of where their health risks lie and can take the necessary steps to better look after themselves. This leads to physically safer and more able drivers on the road.
To further assist older adults in understanding their health risk, Vitality has introduced the Vitality Health check for 65+. This is a tailored health check, designed specifically for those over the age of 65 and includes additional screenings and access to preventive vaccines. In addition, to help manage limit their exposure to COVID-19, older individuals can choose to complete a Virtual Vitality Health Check-in, an alternative to doing a Vitality Health Check for 65+ at a pharmacy.
Thanks to these insights, we are now able to offer a benefit specifically aimed at drivers over the age of 65. The aim of this is to give older adults the ability to get rewarded and control their insurance premium well into their retirement years.
Introducing Vitality Drive 65+
With the newly launched Vitality Drive 65+ benefit, clients can earn up to 50% vehicle premiums payback every year, for proactively managing their health by completing the Vitality Health Check for 65+, driving well and driving less than 10 000km in a year So the better your drive, the higher your Vitality Drive status and the greater your premium cash back.
Older adults can also earn up to 50% fuel and Gautrain spend back in cash, as well as benefit from weekly Vitality Active Rewards and other Vitality Drive rewards, based on their Vitality Drive status.“The Vitality Drive 65+ benefit is a unique way to reward healthier living, encourage improved driving behaviours and enable retirees to benefit from comprehensive insurance cover that won’t deplete their hard-earned savings unnecessarily,” concludes Ossip
Those who join Discovery Insure and sign up to Vitality Drive 65+ before end of November 2020 will get double their first annual vehicle premium payback, this means you will get up to 100% of your vehicle insurance premium back (based on your Vitality Drive status over the first year).
Your phone can now talk to us if you can’t
With Discovery Insure’s panic button, your phone can talk to us if you find yourself in danger and need help fast. Press your Android smartphone’s power button at least five times in quick succession to alert us if you find yourself in an emergency situation. We’ll be able to track exactly where your vehicle is and send a response team to help.
Discovery Insure's Impact Alert sends help when you need it most
Wish you had the technology to call for help when you most need it? Discovery Insure’s Impact Alert feature can detect when you’ve been in an accident. If we can’t get hold of you immediately, we’ll send emergency assistance to your location, while our Vehicle panic button can be used to alert emergency services when you’re in your car and need help.
No matter how long ago you started driving, the safety principles always apply. The basics you get taught as a new driver will always be important. Don’t let bad habits form as you become more confident on the road.
As a working mother on-the-move, the last thing Fehmida Osman-Latib needed was to see the light of her car’s fuel gauge flashing at her. Luckily, Discovery Insure was on hand to help get her moving again.
As a parent, we’re sure you already know how much your kids can distract you – be it during a serious conversation with your bestie, or while you’re hastily trying to wrap up making dinner. The most dangerous of these distractions, however, is while you’re driving.