Automobiles were once a newfangled invention, but these days they are a common part of daily life. Increased life expectancy has led the to ageing population continuing to work and travel. People are driving for longer, reaching a point in life where they are no longer new drivers but not yet deteriorating in skills and general health. Drivers in their 50s and above should receive a better deal on car insurance because they will have more experience and be less likely to make a claim. If you are 50 years old to 70 years old, this guide could help you to find the best over 50s car insurance.
What is car insurance for over 50s?
Over-50s car insurance is self-descriptive; it is simply car insurance that is specifically for drivers who are at least 50 years old. The next age milestone after this is car insurance for drivers who are 70 years old and above, when the law changes and their risks increase. The main benefit of car insurance which is tailored for people over 50 years old is that premiums will usually be lower because their risks are lower. These are the driving “golden years” when you are likely to have accumulated a larger No Claims Discount, too. Older drivers not only have more experience but are more cautious as well. They avoid driving at the busiest times, making road accidents less likely.
Is car insurance cheaper for over 50s?
For the above reasons, it is often easier to get lower car insurance premiums if you are over 50. Compare The Market found that in the first half of 2019, 50% of drivers over 50 years old could save around £400 compared to the average annual premium. Insurers calculate premiums based on the vehicle type and your driving history, not just your age and years of experience. You are more likely to get cheaper car insurance if you have no claims history. If you drive an old or expensive car, or do not park it securely, this could cause premiums to go up. Regardless of age, it should be the same for all genders.
Should you look for specialist providers of car insurance for over 50s?
There are some insurance providers who actually specialise in car insurance for over 50s. However, it is best to do a broader search and comparison and not automatically limit yourself to specialist insurers. All insurers consider age when calculating premiums, so you could still get a good deal with any non-specific insurer. If you are over 60 or have certain medical conditions, then even specialist insurers will price more competitively. Remember that you are generally more likely to get a better deal if you switch providers at renewal instead of accepting the renewal price from your current insurer.
What information do you need to provide to get car insurance for over 50s?
You must tell the DVLA about medical conditions which could affect your driving ability, and they will assess whether or not you are fit to drive. The DVLA can issue a £1,000 fine and insurers can refuse to pay out on claims if you withhold information like this. Other than this, you must provide your usual details to get an accurate quote for car insurance. These will include:
- Your age and employment status
- Driving licence and driving history
- Vehicle information – registration number, make, model, modifications
- Vehicle usage and annual mileage
- Entitlement to No Claims Bonus/Discount
- Details of any additional drivers
How can I get cheaper car insurance for over 50s?
The way to ensure that your premiums are lower is to cover all your bases:
- Lower your mileage
- Increase your car’s security
- Pay annually in full instead of monthly
- Increase your voluntary excess
- Don’t settle for auto-renewal
- Build up a No Claims Discount
- Avoid adding younger drivers
- Consider fitting a Telematics black box
- Be selective about optional extras
Optional extras include things such as breakdown cover, courtesy cars, legal cover, driving abroad, or for lost or stolen keys. Consider whether you need these or not and if you could get cheaper cover by paying separately instead.
Which insurance providers offer car insurance for over 50s?
If you are over 50, then starting out by comparing specialist insurers could help you find the cheapest car insurance. The following providers operate the most popular cover policies specifically for drivers aged 50+ years old:
The insurance providers below also offer insurance policies for drivers over 50, so you should compare quotes from these as well to find the best offers.