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Over 60s car insurance

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Compare over 60s car insurance

Now you’re 60, you can start looking forward to your upcoming retirement. Turning 60 also means you may be able to benefit from cheaper car insurance. Here’s what you need to know. 

Is over 60s car insurance cheaper?

Although the cost of your car insurance will be based on your personal circumstances and driving history, often you’ll pay less for your premium when you turn 60. 
 
Drivers over 60 are considered one of the safest age groups to insure, and a lower risk than younger drivers.  
Because they’re less likely to take risks, such as speeding and driving while distracted, there’s less chance of drivers over the age of 60 being involved in a road traffic accident. As such, they can often benefit from cheaper premiums
 

The average annual cost of car insurance is now £702, based on Compare the Market’s Premium Drivers Report in June 2020. By comparison, for over 60s, 50% of customers could achieve a premium of up to £280**. 
 
**50% of over 60s could achieve a quote of up to £280 for their car insurance, based on Compare the Market data in May 2020.  

Frequently asked questions

How is over 60s car insurance calculated?

When it comes to calculating your premium, insurance providers look at numerous risk factors, including: 

There’s also one other element that’s added to the cost of your insurance – insurance premium tax or IPT. Currently, it stands at 12% of your annual insurance premium. 

Do I have to tell my insurance provider when I retire?

You should always tell your insurance provider about any change in your personal circumstances, including your occupation status, as it could affect your cover. Updating your policy not only protects you if you need to make a claim, but it could also result in a discount. 
 
Retirement can have a big impact on the amount of driving you do. If you once commuted to work but now only drive for pleasure, let your insurance provider know. This could help to lower your premium. Even more so if you’d been using your car for business travel, since this can now be excluded from your policy.  
 
If you’re driving less, a reduction in your annual mileage means you’re considered less of an accident risk. This may be reflected in your annual premiums.  

Do I need a specialist car insurance provider now I’m over 60?

You’re by no means obliged to go with a specialist car insurance provider. However, you may find specialist providers, including Saga and Rias, offer benefits tailored to older drivers. These could include: 

  • a fixed-price promise for three years
  • no upper age limit
  • guaranteed courtesy car
  • up to 180 days of European cover
  • ‘Get You Home Service’ following an accident
  • unlimited windscreen cover

That’s why it makes sense to shop around and see if you can get a cheaper car insurance deal. You may find you can get additional benefits that your previous policy didn’t provide.

How can I get cheap car insurance for the over 60s?

Over 60s car insurance offers some of the lowest premiums around. But here are a few more ways that you might be able to reduce the cost of your car insurance:

  • improve your car’s security by fitting an industry-approved alarm or immobiliser
  • reduce your annual mileage
  • increase your voluntary excess
  • pay for your annual insurance upfront

Check out further money-saving tips in our guide to saving money on your car insurance.

Is telematics insurance suitable for over 60s?

Telematics, or black box insurance, is typically used by young and new drivers to help them save money on their car insurance. But a telematics insurance policy can also benefit older drivers. 
 
A small black box fitted to your car, or an app downloaded to your smartphone, monitors your driving performance, including your speed and braking. Your insurance provider can then use this information to lower your premium – if you’re found to be a safe driver. 
 
Many telematics policies base their pricing on mileage, so they can be particularly cost-effective for retired drivers who don’t use their car much.  

What extras should I consider?

If you’re already retired or are approaching retirement, your car insurance needs are likely to change. You might want to consider adding optional extras to your policy to personalise your cover, or increase your level of protection. Optional extras can include: 

  • breakdown cover – get roadside assistance if your car breaks down. 
  • legal expenses – pays for legal fees resulting from a car insurance claim.  
  • replacement car cover – you’ll be provided with a courtesy car if your own vehicle is undergoing repairs, or is written off in an accident.  
  • lost keys cover – car keys can be expensive to replace, so this can be a good option if you’re worried about losing them. 

If you’re considering any of these add-ons, first check that you’re not already covered as standard. 

Where can I compare over 60s car insurance?

Right here at Compare the Market. Our price comparison tool is quick and easy to use, giving you a list of suitable quotes based on your needs, in a matter of minutes. 

Why not compare car insurance with us today to see if you can save?  

How much does over 60s car insurance cost?

50% of over 60s customers could achieve an annual premium of up to £280**

50% of over 70s customers could achieve an annual premium of up to
£304***

50% of customers across all age groups could save up to 
£289****

**50% of over 60s could achieve a quote of up to £280 for their car insurance based on Compare the Market data in May 2020. 
***50% of over 70s could achieve a quote of up to £304 for their car insurance based on Compare the Market data in May 2020. 
****Based on Online independent research by Consumer Intelligence during May 2020 50% of customers could save up to £289.85 on their car insurance premium.

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What do I need to get a quote?

To get an over 60s car insurance quote you’ll need to provide us with 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 any accidents and motoring convictions 
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Why use Compare the Market?

 

We compare prices for more than 123 car insurance products^^

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^^Correct as of May 2020.
^^^On average it can take less than 5 minutes to complete a car quote through Compare the Market based on data in May 2020.
^^^^For the period 1st March 2020 to 31st May 2020, 11,723 people responded to the recommend question, 11,015 responded with a score of 6 or above, therefore 94.0% are likely to recommend.

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Daniel Hutson

From the Motor team

What our expert says...

“Always be as accurate as you can when obtaining an over-60s car insurance quote. Never put ‘unemployed’ as your job title if you’re retired, as this could ramp up your premium by hundreds of pounds.”

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