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When you hit your fifties, there are lots of things to look forward to – retirement doesn’t seem quite as far away as it did when you were in your twenties and you can take a more laid back approach to life’s little surprises. Afterall, you’ve probably seen, done and heard most of it all before. Plus, there are some other little perks too – like cheaper car insurance, because the good news is, that the over fifties have some of the lowest premiums on average. 

Frequently thought questions

Ok – so you’re probably silently thinking that it’s all well and good having lower car insurance premiums, but why do the premiums seem to increase every year? Well, we can help answer your frequently thought question – here goes:

Is car insurance for over 50s cheaper?

Data from the Association of British Insurers (ABI) shows that the over 50s have the lowest premiums compared to other age groups – which is good news indeed. For example, the average policy cost for someone between 56 and 60 is just £277 compared with £502 for someone aged 26-30.

How is car insurance calculated?

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

Insurance providers also consider how secure your car is – so where you keep it, where you live and of course – what type of car it is in the first place. All of these variables go towards working out the cost of your premium.

And once your data’s been crunched, IPT or ‘insurance premium tax’ is added on. This is a bit like VAT on other products and it’s automatically included in the final price you’re quoted. IPT has risen quite spectacularly over the last few years – when it was first introduced in 1994 is was just 2.5%, but as of June 2017, it’ll be 12%. So, the rising cost of IPT is a contributing factor in the increasing cost of your car insurance.

How can get cheaper over 50s car insurance? 

We can’t escape insurance premium tax or rising costs in general, but you can save yourself some money by taking a few simple steps such as increasing your security or reducing your mileage.  Here are some things to think about:

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.

Specific ‘over 50s’ brands such as Saga, Age UK and Rias often claim to be more geared towards the needs of the mature and more discerning customer – but whether their policies will work for you is entirely up to you.

You may well find cheaper alternatives elsewhere – but a little heads-up – cheap packages aren’t always what they seem. With cheaper deals, you might have to add on extras such as windscreen and breakdown cover, and motor legal expenses which some other packages include as standard. Look for value rather than the lowest price.

How can I start comparing insurance for my car?

All you need to do is use our car insurance comparison service and tell us a bit about you, your car and what you need and we’ll take it from there. Our easy to read tables mean you can see at a glance who’s got what on offer, leaving you in the driving seat when it comes to choosing what’s best for you. So, compare to day and see how much you could save.

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