If you’re over 50, you’re likely to have been driving for at least 30 years, and are a seasoned, experienced and sensible driver, right? So over 50s car insurance should be really cheap. Wrong. OK, your policy may not cost as much as it would for a 17 year old driving a souped-up sports hatchback, but it’s definitely not the cheapest thing you’ll buy this year.
But the good news is that comparethemarket.com can help you look for cheap car insurance quotes from the household names in car insurance, so you can find the right policy for you at a price that won’t make you wince.
How is it calculated?
When insurance companies work out the price of a policy they are doing all sorts of complicated calculations to work out how much of a risk each customer might be – that is, how likely they are to need to make a claim. Age is one of the factors; like where you live, where you keep your car at night, how long you’ve been driving, how many claims you’ve made before and various other things.
If someone hasn’t been driving long or has had previous accidents, they might be more likely to have some kind of prang due to lack of experiance so insurance companies might make them pay more for their policy. If you drive an expensive car, any accident or damage to it is likely to cost the insurance company more, so again this will push up the cost.
So if you’re over 50, haven’t needed to claim in recent years, have a safe and reliable car but it’s not at the premium end of the market and you live in a safe location, you can expect to pay a fairly low premium for your car insurance – especially compared to a teenager.
The best way of understanding the kinds of policy available and what the costs are is to use comparethemarket.com to compare over 50 car insurance quotes. Just click ‘Start a quote’ and fill in your details, it only takes a few minutes. We’ll then show you a list of car insurance quotes, by price order with the cheapest car insurance at the top of the page.
Don’t just choose the cheapest policy without looking at it properly though, it’s really important that you choose a policy that’s right for you. It might be a special over 50s car insurance policy – but it might not!
There are a few things you might like to think about when you’re doing your car insurance comparison.
Against each car insurance quote we show you whether the four main optional extras are included in each policy. These are windscreen cover, courtesy car, breakdown cover and motor legal protection. Cheap car insurance often doesn’t include these things as standard, so think about which of them is important to you.
Extras you might want
Windscreen cover means your provider will arrange for your windscreen to be replaced if it gets chipped or cracked (depending on size of crack/chip). There is usually an agreed excess for repair or replacement. If a courtesy car is included in your policy, then you will be provided with a hire car if you’re unable to drive your own following an accident. There are a few variations in how this works among the car insurance companies, so check the details of this carefully.
Breakdown cover give you support if your car suffers a mechanical breakdown. Again this can vary between providers. You might prefer to buy breakdown cover separately instead, so that you can choose all the details to suit you. Luckily, you can compare breakdown cover with comparethemarket.com too.
Motor legal protection could help cover the costs to claim compensation for any injury or losses that are caused in an accident that isn’t your fault. For all of the above cover, make sure to check your details in full, so you understand any additional terms and conditions.
Saving a bit more
Something else that is worth looking at is your voluntary excess. If you increase this limit, it means that you are happy to pay more if you do need to make a claim. In exchange for this, your policy could become cheaper. It’s a balancing act – it’s up to you whether you would rather pay more for the overall insurance or take the chance that you won’t need to claim.
Other ways you can save a bit of money on the premium is to reduce the mileage you do in your car each year. If you drive a lot – say more than 10,000 miles per year, your policy is likely to be more expensive. Driving around 5,000 miles a year could bring the cost down.
If you can keep your car in a locked garage overnight, or at least on a driveway off the road, this could also reduce the cost of your insurance. Likewise fitting an approved alarm or immobiliser will help cut the cost. Finally, using a price comparison site like ours to compare car insurance often saves people money – don’t just accept the renewal quote from your provider, make sure you shop around.
Once you’ve chosen the most suitable of the over 50 car insurance quotes, click ‘Go to provider’ to buy the policy online, or call them to discuss it in more detail. Make sure you understand all the details of the insurance before you buy it so that you have the right cover in place.