Car insurance companies offer different benefits to different types of drivers. When you are looking for car insurance, it might be worth focusing on the over 50’s car insurance. The insurance can come with many benefits that make it cheaper and an all-around better option. But are there any downsides? Here’s a look at over 50’s car insurance and the things you should keep in mind when shopping for insurance in your 50’s.
1. Over 50’s drivers benefit from their experience
It’s often said that age brings experience. When it comes to driving skills, this seems to be the case. Road safety charity Brake reported interesting statistics that show:
- Drivers aged 60-69 had less than half the crashes compared to drivers aged 20-29.
- Older drivers had 292 casualties per billion miles travelled compared to 306 for all drivers.
- Males aged 17-21 are three to four times more likely to be involved in a crash compared to males aged 70 or over.
These statistics are vital because they mean that insurers reward that maturity by lowering insurance premiums. Over 50’s drivers are considered ‘safer’ drivers, and therefore, they can enjoy cheaper insurance.
2. Over 50’s car insurance is cheaper – but by how much?
Why is insurance cheaper for older drivers? As the above shows, the answer is their experience, of course! Insurance companies reward older drivers for their experience and maturity on the road. Since older drivers cause fewer accidents, insurers are happier to keep their premiums down. Younger drivers are unfortunately more involved with road accidents resulting in higher premiums.
The difference is comprehensive, as well. According to Confused.com, the average annual comprehensive car insurance for over 50’s is £542. If you compare this with the national average of £765, you notice that you can save £223 every year with over 50’s car insurance!
Be aware that your age is not the only thing impacting the premium prices, however. The cheapest premiums are for those who can show an impeccable driving record. If you have a clean driving licence and a few years of no claims bonus, then you can find cheap over 50’s car insurance. If you’ve been involved in a lot of accidents and have nine points on your licence, you won’t find the same affordable cover as someone with no recent accidents or motoring convictions.
Besides, even the car you drive could influence the insurance price. In general, older and bigger cars attract higher premiums. Don't merely focus on your age but keep in mind all the other things that influence your car insurance.
We asked Will Wynn of My Car Heaven for his take on getting a better car insurance deal. He told us: "Start with a price comparison website, see what the best price is from them. Speak with your current insurer and ask what is the best deal they can give you. It’s always good if you have another quote to play one off against the other. Most insurers do not want to lose existing customers.
"Also with any quote, think about the constructs of the package that you have included, such as compulsory excess amounts, legal support, breakdown cover, etc., do you need all that, and at the level of cover provided? What about loyal customer discount if you are staying put with your existing insurer? Shop around, good luck."
3. Your lifestyle factors can drag down premiums
Lifestyle factors can bring additional benefits when shopping for an over 50’s car insurance policy. Premiums for these policies tend to be lower because driving might not be an everyday activity for people over 50.
If you are retired or work part-time, your insurance premiums might go down because you don't spend as much time on the road. Your children have probably moved out, and you don't need to act as their chauffeur any longer!
As mentioned earlier, car insurers could also reward drivers with smaller cars. You might not require a big boot any longer unless you are a keen golfer! A more compact car might fit your lifestyle better, as your weekly shops probably don't need to feed a village any longer. Smaller cars can be more practical and better for your finances.
4. You can find more car insurance quotes
You can find many insurers offering special over 50's car insurance policies. It's a good idea to compare the different options before buying a policy. You can find insurers specialising in over 50's insurance, as well as a range of popular insurers offering this option. Each insurer will provide something different, so comparing can help you find the right policy for you. Comparison websites are an excellent option to get an idea of the market, but remember that not all insurance policies are on these platforms. It's always a good idea to check with insurance companies directly as well!
5. You can keep reducing premiums with a no-claim policy
Most car insurers offer no-claim discounts to good drivers. With over 50's car insurance, these bonuses tend to be even better because you have the option to highlight a lengthy no-claim record. As a new driver, you haven’t yet built up your ‘driving portfolio’. But as the years go by and you don't make claims, your premiums can fall dramatically.
It's worth thinking about protecting your no-claim discount with extra cover. This additional feature allows you to claim without jeopardising your full no-claims discount. Some insurers will reduce your discount by a year or two if you're at fault in an accident. In contrast, others will allow you to keep your full no-claims discount in the event of an accident if you have protected it.
Car insurance premiums could go up as you age
While over 50’s car insurance tends to be the cheapest for most, you shouldn’t expect your car insurance to keep getting cheaper forever. Once you start approaching your 70’s and 80’s, car insurance premiums begin to climb up as well. You can still impact your insurance cost by maintaining a no-claim record, keeping your driver’s license clean and driving a cheaper car.
What to remember when looking for over 50’s car insurance
When you reach your 50’s, you should start looking for specialist car insurance. Over 50’s car insurance has advantages over typical insurance. You have more options, and you’ll most likely end up paying less.
It is worth keeping on eye on a few things when looking for car insurance. You should:
- Compare different options. Don’t pick the first cheap option you see. Use both comparison websites and quotes you receive directly from the insurers.
- Look beyond the price. Cheaper premiums don’t automatically mean the insurance is a good option. You should understand what the policy covers and how claims impact premiums.
- Think about what you want and need from your policy. Consider if you want additional extras such as key protection, legal cover, extra-driver policies, or cover for driving abroad.
- Avoid auto-renewals. Your car insurance could come with lower premiums as an introductory offer, with prices increasing the following year. Avoid price hikes by rejecting auto-renewal and instead check your insurance options annually.
You should always consider your specific circumstances when picking your car insurance. Policy extras are not always worth the price but depending on your situation, they could be cheaper in the long run. The most important thing is to compare options to ensure you find a deal that works for you.