Is car insurance cheaper for over 50s?
Car insurance can be cheaper for anyone over 50 - drivers in all age groups between 50 and 70 are considered less of a risk than younger drivers. For example, in 2018, approximately 9,100 drivers aged 50 to 59 were involved in road accidents, compared with around 11,400 young drivers aged between 17 and 24.
Cheap car insurance for over 50s is something you could benefit from. Insurance companies assume you are less likely to take risks, and you're much less likely to be involved in an accident. With this in mind, many car insurance companies could offer you cheaper car insurance.
How to get cheaper car insurance quotes
- Opt for comprehensive car insurance as this type of policy tends to be cheaper than other levels of cover
- Pay annually rather than in monthly instalments; it'll cost less than if you were to spread the payments over a year
- Opt for a higher voluntary excess as it will lower your premium
- Do not auto-renew your car insurance; instead, look for better deals online and use platforms like Defaqto to find the best providers and policies
- Keep your car secure at all times using an immobiliser or a steering wheel lock
- Consider using telematics insurance that's available on many modern cars
You can find cheap car insurance for over 50s online. You don't need to do much to benefit from being a more experienced driver.
Another option is to look at whether you can combine insurance policies or take advantage of discounts. For example, see if your home insurance provider will offer you a discount on your car insurance. Most financial services providers offer switching incentives to existing customers.
How do I get a car insurance quote?
Getting a car insurance quote can be straightforward. However, you need to make sure you have all of your relevant documents to hand. Before you call or contact a prospective car insurance company online, you will need to have the following:
- Your name, address, email address, and age
- Your vehicle's registration number or the age and model of your car
- Your annual mileage
- Your occupation
- No-claims discount details
- The details of your driving history, such as motoring convictions and accidents
Having this information to hand saves you time whenever you reach out to a prospective insurer.
Can car insurance for over 50s cost more?
Yes, it can. If your car is considered to be a high-performance vehicle, your insurance premium could be expensive. In addition to this, if you have points on your licence, your premium could rise. The additional costs don't just apply to anyone over 50 years of age; they apply to everyone.
You may also find that some specialist over 50s insurance policies could be more expensive. Some providers even have upper age limits.
There is some good news, though. If an insurance company refuses you based on your age, they must tell you who can cover you. Many older driver specialists exist, and they could help you. Be warned, though; there's always a chance that your premium may be high.
Another factor that could potentially increase the cost of your car insurance is how many miles you drive each year. The more miles you drive, the higher your risk of being involved in an accident.
What optional extras might I need?
Most policy extras are the same for people who are over 50. However, you might decide that you need to have policy extras as you age. While things like windscreen cover are generally included as standard, popular add-ons include:
- Breakdown cover – This can help you get your car repaired or recovered to your home or a garage. There are many different breakdown companies out there, each offering similar policies. However, if you're looking for comprehensive breakdown cover, you will have to pay more for it.
- Courtesy car cover – If you're involved in an accident, and your vehicle needs repairing, a courtesy car could help you can get on with your day-to-day activities while you wait for your car to be repaired.
- European cover - If you enjoy driving overseas, this might be a helpful add-on and save you from adding or buying additional cover before travelling.
- Lost keys cover – Losing your car keys can be frustrating and inconvenient. Having this type of insurance can help cover some or all of the cost of replacing your lost keys.
- Motor legal protection - This covers your legal costs in the event of being taken to court following an accident.
- No claims bonus protection – You could claim a significant discount if you have built up many years of no claims bonus. Protecting your no claims bonus limits the amount of discount you lose should you be at fault in an accident.
If you are looking for peace of mind, some or all of the above policy extras could give you what you need.
Please be aware that some car insurance companies may not be able to provide you with all of the cover you're looking for. As a result, you may have to search various providers to find what you need. One of the benefits of doing this is you'll see who offers what and how much they charge.
Only then can you make a well-informed decision.
Car insurance and your health
Your health should have little to no impact on your car insurance. As long as the Driver and Vehicle Licensing Agency (DVLA) is happy for you to drive, your car insurance is unlikely to be affected.
You must inform the DVLA if you have some medical conditions. These include:
- Diabetes or the need to take insulin
- Heart conditions including wearing a pacemaker
- Sleep apnoea
Click here to learn more from our earlier article.
You must inform the DVLA if you develop any of the above conditions or if they worsen. If you're not deemed to be safe on the road, your driving licence could be revoked. However, the DVLA may only take your driving licence away if your condition severely affects your ability to drive.
Does my credit score need to be checked?
You will be subject to a credit check if you want to pay for your car insurance via monthly instalments. The prospective insurer needs to do the check to see if you can realistically make the monthly payments.
When you pay for your car insurance monthly, you'll have a credit agreement drawn up. In other words, you're borrowing the annual cost of the insurance policy.
A record of the credit check will be placed on your credit file, and your credit rating will affect how much interest you pay. For example, if your credit rating is poor, you could be charged as much as 20% APR. An insurer may even tell you that you cannot pay your car insurance monthly if your credit rating is abysmal or you have a CCJ (County Court Judgement) in your name.
If you pay for your car insurance annually, a credit check will not occur.
How is the cost of car insurance calculated?
The cost of over 50s car insurance, as with any car insurance, is calculated based on a variety of factors, such as:
- Your age
- Your location
- Your driving history
- Your car's make and model
- Where you live
Car insurance companies need to determine how much of a risk you are. The higher the risk, the more you will pay.
If you are over 50, insurers will assume that you are a much lower accident risk, as you have much more driving experience than a younger driver. In addition, there is an excellent chance that you'll have a few years of not claiming on your insurance to prove it. So even if you've only just passed your test in your 50s, you'll pay much less than a new young driver.
The frequency of car crime
You'll pay more if you live in an area with a lot of car crime. If there has been a recent and random spate of car crime in your local area, it may not affect your car insurance policy. Many people suffer from random attacks on their vehicles from time to time. Your insurance premium is only likely to cost more if the level of vehicle crime is sustained.
The make and model of your car can also affect how much you'll need to pay. For example, cars deemed less safe than others (like sports cars or older cars) might increase the price. Despite being of higher value, insuring a new car is often cheaper as parts are more readily available and they're usually fitted with advanced safety features.
Where you keep your vehicle
Keeping your car in a garage rather than on a busy road will help lower your premium as it is less likely to be broken into or vandalised.
Where you live
Where you live will impact how much you'll have to pay for your car insurance. For example, if you live next to a busy road, your car is more likely to get hit by passing vehicles. On the other hand, if you live on a quiet street, your premium could be less as the deemed risk will be lower.
Once all the above factors have been considered, Insurance Premium Tax will be added. As of November 2021, IPY is 12%.
What is the right over 50s car insurance for me?
There is no straightforward answer to this question. The right best car insurance for over 50s depends on what you're looking for. What is right for one driver may not be suitable for another. Consider the type of car insurance cover you need, how often you drive, your driving record, and the make and model of your vehicle.
When you're looking for car insurance online, input as many details as you can. The more questions you answer, the more suitable your coverage is likely to be.
Remember, the cheapest car insurance cover might not necessarily be the right cover for you. The right cover offers you precisely what you need. In some cases, cheap car insurance for over 50s might not be suitable for you.
Car insurance for over 50s
Finding the best car insurance for over 50s can seem tricky. However, when you know what you are looking for, your search is likely to be easy. As long as you have the cover you need, you can happily sit behind the wheel and drive as much or as little as you wish.