Over 50s car insurance

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Everything you need to know about over 50s car insurance

By the time you hit 50, you’ve probably had plenty of experience behind the wheel. Insurance providers recognise this, and it’s one of the key reasons car insurance premiums for those over 50 are some of the lowest available. But that’s not to say cover is always cheap, so we’ve put together a simple guide to help you cut the cost of your car insurance.

Is car insurance for over 50s cheaper?

It can be. Drivers over 50 are considered to be a lower risk than younger drivers. According to data from the Department for Transport, there were 9,142 road casualties involving drivers aged 50-59 in 2018. This compares with 11,400 road traffic accidents involving drivers aged 17-24.

Because they’re less likely to take risks, such as speeding, there’s less chance of drivers over the age of 50 being involved in an accident. This means they can often benefit from cheaper premiums.

Our data shows that 50% of over 50s could achieve a premium of up to £304** for their car insurance. That’s good news indeed, when you consider that the average car insurance premium now stands at £707† per year. 

**50% of over 50s could achieve a quote of up to £304 for their car insurance based on Compare the Market data in November 2020.

† Based on Compare the Market Premium Drivers Report December 2020.

How much does over 50s car insurance cost?

50% of over 50s could achieve an annual premium** of up to
£304
50% of over 60s could achieve an annual premium*** of up to £277 50% of consumers across all age groups could save**** up to £228

 

**50% of over 50s could achieve a quote of up to £304 for their car insurance based on Compare the Market data in November 2020.

***50% of over 60s could achieve a quote of up to £277 for their car insurance based on Compare the Market data in November 2020.

****Based on Online independent research by Consumer Intelligence during November 2020. 50% of customers could achieve this saving on their car insurance through Compare the Market.

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How do I find the right over 50s insurance for me? 

Finding the right car insurance deal to meet your needs is important. It’s a good idea to shop around and compare what’s on offer, to see if you could be getting a better deal.  

You can find a range of competitive over 50s car insurance quotes right here at Compare the Market. Compare car insurance with us today to see if you can get a great deal on your next premium.

What do I need to get a quote?

To get an over 50s car insurance quote, all you’ll need to do is tell us your:

  • name, age and address
  • registration number or model and age of car
  • annual mileage
  • occupation
  • length of no-claims discount
  • details of your driving history, including if you’ve had any accidents and motoring convictions

Dan Hutson

Fromt the Motor team

What our expert says

“Once you reach your 50s, you should be able to benefit from some of the cheapest car insurance around, provided you’re proven to be a safe driver with a clean record.

“But don’t just automatically renew your policy. It pays to shop around, taking into account the level of cover you need for your lifestyle - not just the cheapest price quoted.”

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Frequently asked questions

How is car insurance calculated?

Car insurance premiums are based on various things including your age, driving history, car and where you live.

Risk is a key factor for insurance providers when it comes to working out what you should pay.

If you’re over 50, it’s assumed that you’re a lower risk because you’re likely to be a more experienced driver. Plus, there’s a good chance you’ve built up some no claims discount.

Insurance providers also consider the value of your car and where you keep it.  

Your home address is important, too. If you live in an area with a high car crime rate, you’ll typically pay more for your insurance.  

Once all these factors have been considered, Insurance Premium Tax (IPT) is added on. Standard IPT is currently 12%. 

Why might an over 50 pay more for car insurance?

Usually, you can expect your car insurance premiums to get cheaper as you get older. This is because you have more driving experience, which should make you safer on the roads. However, there are some reasons why you might end up paying more.

For example, during your many years driving, you may have picked up a few driving convictions, points on your licence etc. These must always be declared when getting insurance, so you’ll usually be forced to pay more in premiums, because there’s evidence you’re at a higher risk of making a claim.

As you get older, you might find that your mileage increases. This could be a longer commute to work after you’ve moved to a bigger house in the country, or you’re playing taxi driver to teenage children. Simply put, the more mileage you rack up, the higher the chance you have of being in an accident, which means your premiums could go up.

Finally, once you reach a certain age (such as 70 or 80), insurance providers start to naturally consider you a higher risk once again, because of your age.

Should I go with a specialist over 50s car insurance provider?

Although you don’t have to, there may be some added benefits to buying your insurance through a specialist car insurance provider, such as Saga, Age UK and Rias. These might include:

  • No upper age limits – you could get insurance even if you’re in your 90s
  • Courtesy cars or a ‘get you home’ service are often 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 home
  • Unlimited cover on extra equipment such as sat nav, stereo or CD systems
  • Unlimited European cover at no extra cost

What policy extras do I need if I’m over 50?

To be honest, the car insurance policy extras for over 50s are the same as anyone else, but you might decide that you need them more as you get older. Here are some examples:

  • Breakdown cover – you don’t want to be stuck on the roadside if you breakdown, so look at the right breakdown cover to get you back on the road ASAP.
  • No claims discount protection – after many years of driving, you might have built up a long history of no claims, meaning you benefit from a big no claims discount. This can cut the cost of your insurance by quite a lot, so you might want to protect that discount by adding this extra cover.
  • Courtesy car cover – if you’re unlucky enough to be in an accident and your car needs repairing, courtesy car cover will give you another car to keep you on the road and let you get on with your life until yours is fixed.
  • Lost keys cover – losing your car keys is always a nightmare, but now they’re more expensive to replace. Lost keys cover can help cover those costs.

Do I need a health check to buy car insurance if I’m over 50?

No, you shouldn’t need a health check for over 50s car insurance. However, if you have developed a medical condition, or know about a pre-existing medical condition that affects your ability to drive, you’ll need to declare it to both the DVLA and your insurance provider. While this might mean your premiums go up, failing to do so can result in a fine of up to £1,000 and even prosecution if you’re involved in an accident.

How can I cut the cost of car insurance quotes for over 50s?

Here are some top tips that could help you save money on your over 50s car insurance premium:

  • Avoid auto-renewal – allowing your policy to automatically renew might seem like the easy option, but it may mean you’re paying more than you need to. Shopping around is a great way to compare what else is out there. 
  • Think carefully about optional extras – optional add-ons such as courtesy cars or breakdown cover can hike up the price of your premium. Consider if you need these and whether they’re worth the extra cost for you.  
  • 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 to your insurance provider about possible savings.
  • Reduce your mileage – all insurance providers will ask for your annual mileage. To help keep premiums down, try to set this as low as possible. But remember, you’ll need to give an accurate reflection of your miles. If you significantly underestimate your mileage and have to make a claim, your policy could be invalid.
  • 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 as an annual lump sum could save you a few pounds. That’s because you’ll often be charged interest if you choose to pay in 12 monthly instalments.

Why use Compare the Market?

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^^ Correct as of November 2020.

^^^On average it can take less than 5 minutes to complete a car insurance quote through Compare the Market based on data in November 2020.

^^^^For the period 1st September to 30th November 2020, 12,477 people responded to the recommend question. 11,706 responded with a score of 6 or above, therefore 93.8% are likely to recommend.

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