Best car insurance for over-50s

16th July 2018

By Kurt Wood

If you’re over 50 and are looking for car insurance, years of driving experience will work in your favour and lower the cost of your insurance, opening up some great offers.

As an older driver, you will find it easier to source the best car insurance deals available on the market. The over 50s group is certainly at an advantage, but prices can still be high as a number of different factors can affect your final insurance quote. Here we share all of our tips on finding the best car insurance for over 50s, including advice on where and how to compare.

Why is over 50s car insurance cheaper?

Car insurance for the over 50s is cheaper because of your experience as a driver. As a mature customer, your many years on the road will be taken into consideration when you make your application. But remember that other factors still apply, so the situation isn’t always black and white. That said, car insurance premiums for age 50+ drivers is still the lowest available. So, unless you have unfavourable driving history, live in a high-risk neighbourhood or drive a high-performance car, great savings can usually be made.

The reason why car insurance is cheaper for over 50s compared to young drivers is the level of risk involved in insuring certain age groups. Car insurance quotes are heavily influenced by national statistics. These statistics tell insurance companies whether or not different demographics are likely to be involved in an accident, which groups are the safest and which are not.

A third of road accidents are caused by young drivers (the 17-25 age group), whilst over 50s score highest for safety and have fewer claims overall. Meaning that you can find the best car insurance deals if you’re in the older demographic.

Other things such as the lifestyle of an older person will be considered, too. For instance, mature drivers are usually retired and will use their cars less often. They are also unlikely to be on the roads during high traffic periods, posing less risk for insurers. All of this makes you a fantastic customer to insure. Plus, for drivers who have built up several years of no claims, insurance can be even cheaper.

What other factors affect my car insurance?

Although over 50s car insurance is generally cheaper, the pricing system isn’t always so clear-cut. Not only will each provider have its own rules for quoting, but there are numerous other everyday factors that can affect your premium.

Here are some of the factors that could drive up your insurance cost:

Where you live – your place of residence could affect your car insurance. This is mainly because most traffic accidents occur close to home, but also because some neighbourhoods have higher risk or theft and vandalism. So be aware that the area you live in will be taken into consideration when you apply.

The car you drive – high-performance cars and sports cars are considered to be higher risk, so if you are the owner of one of these, expect your insurance to be more expensive. Vehicle size and age of car also plays a role in your final quote.

Your driving history – convictions, a bad driving record or multiple claims and accidents can seriously inflate the cost of car insurance. Especially if these marks on your file are very recent. Good driving behaviour is rewarded by low premiums, so it pays to be careful on the roads.

Personal driving habits – if you clock up a high amount of mileage each year, this is likely to increase your premium. Whilst age is a key influence, your driving activity can have just as much weight in some cases. This can include miles driven for certain professions or hobbies.

Poor credit rating – if you have a very low credit score, you could find it hard to get cheap insurance. All companies have their own regulations but as a general rule, the lower your credit score, the higher the premium.

Should I find a specialist insurer?

One option for over 50s drivers is to find a specialist insurance company, although this isn’t always necessary. In fact, there are plenty of good car insurance deals available in the market today that can be easily found online. Plus, many of the main insurance companies can offer attractive packages for every age group.

However, if you want better all-round cover or require a more specialist service, this could be the way to go. There are some benefits that you could get with a specialist agency that you wouldn’t find on the regular market. For instance, specialist providers don’t always have age limits, so the over 90s can still get insured.

Other extras you may be able to get are courtesy cars offered as standard to get you home safely after an accident/breakdown, or emergency driver cover for peace of mind during medical emergencies. Some of the specialist providers that may be able to offer these extras are well-known companies such as Saga, Age UK or Rias.

Tips for cheap over-50s car insurance?

If you are looking to make a saving with cheap over 50s car insurance, here are some tips to help you get the best deal possible.

Use your no claims bonus – having many years of no claims can work in your favour when getting a quote for car insurance. As an older driver with accumulated years of discount, getting no claims protection to preserve your bonus could be a worthwhile investment. Be aware that some insurance companies have a cap on how much no claims bonus can be claimed.

Drive a small car – small cars can reduce insurance premiums for the over 50s so if you want the best price possible, it could be worth swapping your big vehicle over for a more modest model.

Make your vehicle more secure – the neighbourhood you live in could negatively affect your insurance if there is a high theft rate, but you can manage this problem by making your car more secure. Park it in a locked car park if possible and consider adding an immobiliser or steering wheel locks.

Don’t auto-renew – one of the biggest causes of rising car insurance for customers is not switching providers. Auto-renewing your contract usually means missing out on great offers.

Increase your excess – paying a higher voluntary excess can drive down your insurance price even more. If you don’t use your car very often and are unlikely to be on the roads during busy traffic (and are therefore less likely to get into a road accident), this could be a sensible way to cut a better deal.

Pay upfront – monthly payments are easy and affordable, but it also means you’ll be paying interest. If you have the available funds, pay the whole amount upfront.

Get car insurance quotes for over-50s

Being able to get affordable car insurance in your older years is definitely a perk that you can look forward to. There are so many ways of driving down the costs even more, such as increasing your excess or avoiding the trap of additional cover options. Our tips listed above will certainly help you, but it’s also important to note that safety and sufficient cover should always come first when you are out on the roads.

Paying a little bit more for better cover can give you added peace of mind as an older driver. It could even save you money in the long run, should you be unfortunate to get involved in a road accident or be a victim of theft.

Finding a balance between adequate insurance cover and price is the key. The best way to do that is to use an online search tool, like the giffgaff car insurance comparison tool. It won’t cost you a penny and can bring back tailored results based on your vehicle, personal details and driving history.

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