Over 50? It could be worth reviewing your car insurance.
Getting older definitely has its downsides, but there are a few perks as well. If you are in your 50s and it’s been some time since you last reviewed your car insurance, it could be worth comparing other options on the market to see what’s out there. Paying less for car insurance can be one of them as insurers recognise your experience on the road and driving history.
Finding the right car insurance is a balancing act, and this guide will help you walk that line. Remember to check your discounts first and keep them in mind when comparing prices.
- Review your policy after reaching a new age bracket to make sure you aren’t paying more than you need to.
- You can take your no-claims bonus with you when switching car insurance.
- It can still be worth checking quotes even if you’re happy with your current provider just to ensure that your premiums are typical for the market. If you do find a cheaper quote for an equivalent policy, your current insurer may be willing to lower your prices and you can save without needing to switch.
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7 steps to pay less for your policy
With the increase in competition among car insurance brands, more and more providers are offering a wide range of discounts and bonus offers to keep existing customers and to get new ones. Here are just a few of the steps you can take to get affordable cover:
- Look for coupon codes. These are a very straightforward way of simply paying less.
- Sign up online. With comprehensive policies, you can get discounts, sometimes as much as 25% off, simply by signing up online instead of over the phone.
- Restrict drivers. Many insurers will let you choose to restrict drivers. If no one under 25 will be driving your car, make sure you specify this. If you don’t, then you might be paying more than you need to.
- Choose your excess. Insurers that offer a variable excess option can help you reduce your premiums. Select a higher excess for lower premiums, or choose a lower excess for easier claims if you don’t mind higher premiums.
- Get a multi-policy discount. This discount is for customers that hold multiple insurance policies from the same insurance company. The way it works will vary between insurers, but it’s widely available and worth looking for.
- Accumulate your no-claims bonus. You can take this discount with you when switching to a new insurer, which means it’s worth growing over time. In the long run, comprehensive policies can help you grow this more easily as they can include options for making no-fault or broken glass claims without losing your no-claims bonus.
- Pass a safe driving course. Some insurers will reduce prices for good drivers that have passed an approved road safety course.
What should I be looking for in my policy?
No matter how old you are, it’s always worth considering each aspect of an insurance policy. Over 50s and pensioners in particular might want to look for the following:
- Restricted driver option. Many insurers will offer restricted driver options. Since your age discounts are so considerable at 50+, it’s worthwhile to look for this option.
- Variable excess option. You can’t adjust your own excess and premiums if the insurer doesn’t offer this choice.
- Limited use discounts. If you aren’t driving as much as you used to, there’s no reason to be paying as much as you were. Limited use or pay-as-you-drive policies can make an exceptional difference for those that don’t drive much.
- Pay monthly at no extra cost. If you can afford to pay your annual premiums in one large sum, that’s often the most cost-effective choice. For many pensioners, this isn’t an option. You can specifically look for policies that let you pay premiums monthly, without paying more in total costs.
Driver’s license requirements for over 50
There are no special licensing requirements when you turn 50, and you can start accessing lower premiums by simply comparing quotes and switching car insurance as normal.
- Once you turn 70 or 75, special conditions may start applying based on your license type and state. You can learn more about these requirements here, along with more information on car insurance for people over 70.