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Car insurance for drivers over 50 is typically some of the cheapest available. This is because car insurance providers are more likely to see you as low-risk and reduce your premium if you have a long history of safe driving. If you’ve simply been choosing to renew your car insurance year after year, it’s time to shop around and see if you could start paying less.
Most car insurers don’t offer specialist policies for drivers over 50. After all, the cover you need is unlikely to dramatically change overnight on your 50th birthday. While all insurers take your age into account when setting your premiums, as part of their underwriting criteria, most cover different age groups under the same terms.
However, some insurers do market their products primarily or exclusively at older drivers – typically those over 50. Saga car insurance, for example, is only available for those aged 50 or older. Meanwhile the Post Office has separate policies aimed at under- and over-50s.
According to the Association of British Insurers, drivers aged between 50 and 75 tend to pay the lowest annual car insurance premiums of all age groups – well under £400, on average. Drivers aged between 66 and 70 pay the least, shelling out just £272 for their car insurance.
However, as drivers get older, they may see their insurance costs start to climb. Premiums for those aged over 85 are likely to hit, or tip over, the £500 mark.
Of course, this isn’t a hard and fast rule, as there are lots of other factors that affect your premium. A 66 year old driving a fast, expensive and powerful car, and with a poor driving record, may well pay more than a 35 year old with a flawless record and who drives a cheaper, less powerful car.
Yes, up to a point. Age plays an important part in how car insurance premiums are calculated. This is linked closely to each age group’s risk of making an insurance claim and how big that claim is. ABI figures show that drivers aged 30 or under are more likely to make a claim than older age groups and, for drivers up to 20 years old, the average claim amount is also higher.
The frequency of claims decreases by age up to 75 years, and then starts to rise again among older drivers. As you’d expect, average premiums follow a similar trend.
This means that car insurance is typically cheaper for those aged between 50 and 75 than it is for younger drivers. However, much older drivers (aged 91 or over) pay, on average, a similar amount to 26-30 year olds.
Several factors affect the cost of your car insurance, regardless of your age. Some of these include the following:
Not necessarily. Over 50s policies may have features that insurers think will be more attractive to older drivers, or other benefits, such as:
However, specialist over 50s car insurance policies aren’t necessarily cheaper.
Shop around among specialist and non-specialist providers, and choose the provider that offers the cover you need at the best price.
No matter how old you are, think about what you need from your insurance policy. Don’t focus on price at the expense of quality of cover. Doing so could result in a policy that doesn’t deliver when you need it.
If you’re aged over 50, compare what’s on offer from specialist and non-specialist policies, taking the following into account:
All drivers are legally required to have at least third party car insurance to be on UK roads.
Telematics car insurance can help you save on your car insurance if you’re a safe driver. It’s also commonly dubbed “black box” insurance, because a telematics “black box” is fitted to your car. It tracks and measures how well, or badly, you drive.
This information is then sent back to your insurance provider to assess your premiums; if the records show you’ve been driving safely and well, your premiums should go down. But be aware that a black box could be a curse as much as a blessing – if you’ve been driving poorly, your premiums could go up.
Far be it for us to try to answer that question categorically – there are safe and less-safe drivers of every age.
That said, car insurers usually have good rationale for how they set premiums, and industry data shows that those aged between 50 and 75 tend to pay lower premiums than many other age groups. That same industry data also shows that this age group has some of the lowest claim rates and lowest average claim amounts.
What it doesn’t show is the reason for these lower claims figures. Part of the explanation may lie in reported accident figures published by the Department for Transport.
One set of statistics shows that drivers aged 50-74 are less likely to be injured in a road accident than any other age group. This suggests that 50-74 year olds have comparatively fewer accidents, and/or that the accidents are less severe.
And insurers like safe drivers…
If you’re aged between 50 and 75, you’re perfectly placed to get cheap car insurance, as premiums tend to be lower for this age group. But this won’t necessarily happen automatically. If you’ve been with the same insurer for years and seen your premiums steadily rise, it’s time to shop around and find a better deal. Don’t assume that a specialist over 50s policy will be the cheapest, though. Research all your options to find the right balance of price and cover quality.
Learn about over 80s car insurance, including what’s covered, how your health affects premiums and how to get the best policy for your needs.
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Are you a safe and experienced driver? Read our guide and learn how to save on car insurance premiums for drivers over 70.