Over 50s car insurance

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%. 

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

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.

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.