If you class yourself as a safe and experienced driver aged over 50, you should be tapping into some of the cheapest car insurance currently on the market. Car insurance providers are more likely to lower your risk and 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 could be time to see what your options are and start paying less.
What should I be looking for in a policy for drivers over 50?
No matter what your age, it’s worth considering each aspect of your insurance policy carefully. If you’re aged over 50, you may want to consider the following:
Cover level. Don’t assume that comprehensive cover will cost the most because it includes more benefits and features. It can be cheaper than third party or third party fire and theft, so it’s always worth checking.
No claims discount. Look for policies where you can take your no claims bonus with you when switching car insurance.
Benefits and features. Carefully compare which benefits and features are included in a policy as you may find that one provider only offers what you need, for example, breakdown cover, as an optional extra while another may include it as standard.
Payment options. 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.
What levels of car insurance are available to drivers over 50?
All drivers are legally required to have at least third party car insurance to be on UK roads.
Third party. If you are responsible for causing an accident, you’ll be covered for damage to third party vehicles or property. However, it won’t cover any damage to your own car.
Third party fire and theft. This will give the same level of cover as third party as well as provide protection against any fire damage to your car or theft of your car.
Comprehensive. This gives the same protection as the lower levels as well as protecting your vehicle against accidental damage and vandalism. It might be cheaper than third party or third party fire and theft, so always check.
What other types of car insurance are available to drivers over 50?
Telematics car insurance. Having a “black box” policy can help you save on your car insurance if you’re a safe driver. A telematics box or black box is fitted into your car and measures how well you drive. This information is then sent back to your insurance provider to assess your premiums, taking into account your driving habits. However, be careful, as black box technology will monitor how well or how badly you drive. And if you’ve been driving poorly, your premiums could go up.
Temporary car insurance. It is possible to get car insurance cover for a short period of time, usually between 1 and 28 days.
What are the benefits of car insurance for drivers over 50?
If you’re considering getting your car insurance through an over-50s specialist provider, some of the benefits may include the following:
Increased experience with insuring mature drivers.
No age limits for new customers
No hidden fees
Cheaper premiums due to age and experience
Important cover features included as standard such as a guaranteed replacement car, uninsured driver cover or emergency “any driver” cover
Accessible customer service with plenty of options to get in touch from freephone telephone numbers to live online chat
What affects the cost of car insurance for drivers over 50?
Several factors affect the cost of your car insurance, regardless of your age. Some of these include the following:
Driving experience and history. If you’ve been driving safely for years, expect to pay less.
Number of miles driven. If you no longer have a daily commute to work and drive fewer miles as a result, your premiums could reduce simply because you’re on the road less.
Age. Young inexperienced drivers may pay some of the highest premiums out there because of the greater risk they pose, but so too can much older drivers.
Location. Where you live can affect your premiums especially if you live in a high-crime urban area, where the risk is greater compared to rural areas.
Claims history. If you’ve made several claims in the past, this can push your car insurance premiums up.
Make and model of your car. If you drive a sporty and powerful car, expect to pay more.
Security. If your car doesn’t have an alarm fitted and is parked on a busy street at night, the risk of it being damaged or stolen is greater so premiums will typically increase.
What you use your car for. If you only use your car for leisure, then your premiums are likely to be lower as you’re less likely to drive during the busier “rush hours” of the day.
Average premiums and claims
How to save on your car insurance if you’re over 50?
Choose a cover level that suits you. Contrary to what you might expect, comprehensive cover can be cheaper than third party (TP) or third party, fire and theft so it’s always worth checking. This is because of the risk profile of many people who get TP.
Increasing security. If your car is not currently fitted with an alarm, think about adding one to reduce your premium.
Having a secure location to park your car. Cars kept in a garage or on a secure driveway are usually cheaper to insure.
Reduce mileage. If you start working part-time or your long commute becomes much shorter, letting your insurer know about a reduction in your mileage could result in cheaper insurance.
Fewer drivers. Only add drivers to your policy that regularly drive your car.
Avoid optional extras if you don’t need them. Think carefully about which optional extras you really want as adding extra protection to your policy will generally push the price up too.
Larger excess. Agreeing to pay a bigger voluntary excess could make your overall premium cheaper. But remember that your insurer won’t pay out for a claim that costs less than your excess. So be careful about making it too high, as it could leave you out of pocket if damage occurs.
Avoid paying monthly. If you can, try to pay for your premium in one go.
Pick a smaller car. Choosing to drive a small and safe car is likely to lower your premium.
Consider telematics insurance. Having a “black box” fitted to your car to monitor your driving could result in discounts if you drive safely.
Shop around. Don’t simply choose to renew your car insurance when it’s up for renewal as you could end up paying more than you need. Shop around to find the best deal.
Frequently asked questions
No, not necessarily. While some car insurance providers may have higher premiums for older drivers, other providers may actually offer discounts for experienced mature drivers. It’s always worth shopping around.
You should be notified when your policy is up for renewal but don’t just opt to renew. Do your research and shop around to see if you can get the same cover benefits or more for less elsewhere. If you can, go back to your current insurer to negotiate a better deal.
While it’s not necessary to look for car insurance through a specialist provider, some may offer you important cover benefits as standard that other providers only offer as optional extras. Specialist providers tend to have more knowledge and experience with a particular group, so there’s no harm doing some research.
*51% of consumers could save £200. Quote aggregator Seopa split the insurers on its comparison systems into different categories. It then selected quotes from the most popular providers as well as quotes from other providers which returned a price. It then selected providers, weighting them according to UK insurance market share (data from the Association of British Insurers), choosing the cheapest of either the most popular providers or other providers ("the cheapest selected quote"). Seopa then compared the cheapest quote on its system against this "cheapest selected" quote. The company then took the savings figure which 51% or over could have saved, using that formula. The savings you could achieve will depend on your individual circumstances and how you selected your current insurance supplier.
Esther Wolffowitz is a publisher at finder.com. She is a specialist in insurance and wants to help UK consumers make better decisions. In her spare time, Esther enjoys discovering new restaurants and food markets in London.
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