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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.
It often is. Our data shows that 50% of over 50s could achieve a quote of up to £300** 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 £244*** per year.
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%.
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:
Here are some top tips that could help you save money:
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 118 of the UK’s most trusted car insurance providers to provide deals on car insurance for over 50s. Compare car insurance with us in four minutes and see if you can start saving today.
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