Over 50s car insurance

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Everything you need to know about over 50s car insurance 

By the time you hit 50, you’ve had plenty of experience behind the wheel. Insurance providers recognise this and it’s one of the key reasons why car insurance premiums for those over 50 are some of the lowest available. But cover is by no means cheap, so we’ve put together a simple guide to help you cut the cost of your car insurance. 

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Is car insurance for over 50s cheaper?

It often is. Our data from February 2018 shows that 50% of over 50s could achieve a quote of up to £199** for their car insurance. That’s good news indeed when you consider that according to comparethemarket.com data, the average cost of car insurance in the UK now stands at £692** per year.

**50% of over 50s could achieve a quote of up to £198.10 for their car insurance based on comparethemarket.com data in May 2018
**50% of people could achieve a quote of up to £691.50 for their car insurance based on comparethemarket.com data in May 2018

How is car insurance calculated?

Car insurance is tailored to you, your car and where you live. Risk is the key factor for insurance providers when it comes to working out what you pay. So, if you’re over 50, then the assumption is that you’re a lower risk driver because of all your experience on the road. Plus, chances are, you’ve accrued some no claims discount.

Insurance providers also consider the type of car you drive and where you keep it. The area you live in is important too. If your home is in an area with high rates of car crime, you’ll generally pay more for your insurance.

Once all these factors have been taken into account, insurance premium tax (IPT) is added on. IPT has risen quite spectacularly over the past few years – when it was first introduced in 1994 is was just 2.5%, but as of June 2017 it will be 12%. So you could see an increase in your premium.

Should I go with a specialist over 50s insurance provider?

You can if you feel this gives you the best all-round cover and customer service, but you’re not obliged to. There are some added benefits of going with a specialist, such as Saga, Age UK and Rias, that you might not find with more mainstream providers, such as:

No upper age limits – you can get insurance even if you’re in your 90s.

Courtesy cars or a ‘get you home’ service – usually offered as standard so you always know you can get home safely.

Emergency driver cover – if you need to cut your journey short because of a medical emergency, some policies will allow any driver to drive your car and take you back home, giving you peace of mind.

Some policies will also give you unlimited cover on any extra equipment, such as sat navs, stereo or CD systems. And if you fancy spending your retirement driving through the south of France, then you’ll be pleased to know there are policies that will give you unlimited European cover at no extra cost.

How can I cut the cost of car insurance quotes for over 50s?

We’ve put together some top tips that could help save you money.

Avoid auto-renewal
While allowing your provider to automatically renew your policy ensures there’s no risk of you being uninsured, it does mean you could be paying more than you need to. Our Premium Driver report shows that drivers over 50 can save an average of £45 by shopping around for their car insurance.

Think carefully about optional extras
Optional add-ons, such as a courtesy car or breakdown cover, can hike up the price of your premium. If you don’t want them, don’t include them. But do consider what might happen if you don’t have a replacement car or breakdown cover when you need them – it might be worth it in the end.

Increase your car’s security
If possible, keep your car somewhere secure overnight or invest in an industry-approved alarm system or immobiliser. If you reduce the risk of your car being stolen or vandalised you could cut the cost of your premium – just bear in mind that you may need to speak directly with your insurance provider to get the saving.

Reduce your mileage
All insurance providers will ask for an annual mileage, so set this as low as you realistically can. Try to be accurate. If you significantly underestimate your mileage and have to make a claim, your policy could be invalid. Overestimating could bump you up into the next price bracket.

Tweak your voluntary excess
Increasing your voluntary excess could mean a cheaper monthly premium. Just make sure you can pay both the compulsory excess (set by the provider) and your chosen voluntary excess should you need to make a claim.

Pay upfront
Pay for your insurance in one and it’ll save you a few pounds. Spreading the cost of your premium over 12 months could cost more as you might be charged interest on the instalments.

How do I find the right over 50s insurance for me?

Getting the right deal doesn’t have to be about fitting into an age group, it’s about getting a policy to meet your needs as a driver, regardless of your age. Remember that cheap doesn’t always mean better when it comes to insurance.

Specialist providers may come up more expensive, but they’ll often include benefits as standard that mainstream providers charge extra for. You might find that this works out to be more convenient and the same value (or even better) than a non-specialist. But you shouldn’t write off a mainstream provider just because you’ve got to a certain age.

Why compare over 50s car insurance with comparethemarket.com?

We independently compare more than 100 of the UK’s most trusted car insurance providers to provide deals on car insurance for over 50s.

We’ll show you policies based on price, policy cover level, add-ons or annual or monthly payment terms – leaving you in the driving seat when it comes to choosing what’s best for you.

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