Everything you need to know about over 50s car insurance
Frequently asked questions
Is car insurance for over 50s cheaper?
It often is. Our data from May 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 Compare the Market 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 Compare the Market data in May 2018
***50% of people could achieve a quote of up to £692 for their fully comprehensive car insurance based on Compare the Market data in May 2018
How is car insurance calculated?
Car insurance is based on your age, driving history, your car and where you live. Risk is a key factor for insurance providers when it comes to working out what you pay. So, if you’re over 50, the assumption is that you’re a lower risk because you’re a more experienced driver. Plus, chances are you’ve accrued some no claims discount.
Insurance providers also consider the the value of your car and where you keep it.
Your address 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. Standard IPT is currently 12%.
Should I go with a specialist over 50s car insurance provider?
Although you’re not obliged to, there may be some added benefits of going with a specialist car insurance provider, such as Saga, Age UK and Rias. These could include:
- no upper age limits - you can get insurance even if you’re in your 90s
- courtesy cars or a ‘get you home’ service are usually offered as standard
- emergency driver cover - if you have a medical emergency, some policies will cover any driver to drive your car and take you back home
- unlimited cover on extra equipment such as sat nav, stereo or CD systems
- unlimited European cover at no extra cost
How can I cut the cost of car insurance quotes for over 50s?
Here are some top tips that could help you save money:
- avoid auto-renewal – while allowing your insurance 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.
- think carefully about optional extras – optional add-ons such as courtesy cars or breakdown cover can hike up the price of your premium. Weigh up whether you want these and whether they’re worth the extra cost
- increase your car’s security – keeping your car somewhere secure overnight or investing in an industry-approved alarm system or immobiliser could reduce the risk of your car being stolen or vandalised. This in turn could cut the cost of your premium. Talk directly to your insurance provider about possible savings
- 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 your provider, and your chosen voluntary excess should you need to make a claim
- pay upfront – paying for your insurance all at once could save you a few pounds. Spreading the cost 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?
It’s important to find the right deal to meet your needs as a driver, regardless of your age, so it’s a good idea to shop around and compare to see who offers better value.
We independently compare more than 90 of the UK’s most trusted car insurance providers to provide deals on car insurance for over 50s.
Compare car insurance with us in less than six minutes and see if you can start saving today.