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Compare over 60s car insurance
Now that you’re in your sixties, you might be thinking ahead and looking forward to retirement – and perhaps enjoying some discounts. Did you know that you could start to benefit from cheaper car insurance? Here’s what you need to know.
Is over 60s car insurance cheaper?
Because drivers over 60 are less likely to make a claim than younger drivers, they often benefit from cheaper premiums. According to the Association of British Insurers (ABI), drivers aged 66-70 pay the least for car insurance – just under a third of the average price paid by 18-20 year olds.
According to our data, 51% of young drivers could pay up to £1,354 for their car insurance[2]. By comparison, 51% of customers over 60 could pay up to £290[3].
[2] 51% of young drivers between 17-24 years old could achieve a quote of up to £1,354 for their car insurance based on Compare the Market data in November 2022.
[3] 51% of over 60s could achieve a quote of up to £290 for their car insurance based on Compare the Market data in November 2022.
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 your car
- Annual mileage
- Occupation or retirement status
- Details of your driving history, including any claims, accidents and motoring convictions in the past five years.
How much does over 60s car insurance cost?
51% of over 60s customers could achieve an annual premium of up to £290[4]
51% of over 70s customers could achieve an annual premium of up to £313[5]
51% of customers across all age groups could save up to £374[6]
[4] 51% of over 60s could achieve a quote of up to £290 for their car insurance based on Compare the Market data in November 2022.
[5] 51% of over 70s could achieve a quote of up to £313 for their car insurance based on Compare the Market data in November 2022
[6] Based on Online independent research by Consumer Intelligence during November 2022. 51% of customers could achieve this saving on their car insurance through Compare the Market.
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Saved £160 and stayed with same ProviderBritpart • 09/09/2021
I got a great price for my car insurance, I would definitely recommend to friendJTHOM • 09/09/2021
So easy and fast. Got a great deal half of what my current insurers quoted.Jak60 • 09/09/2021
Love the way your details are kept which make it easy to review and choose each.Carol G • 02/11/2021
Frequently asked questions
How is over 60s car insurance calculated?
When it comes to calculating your premium, insurance providers consider a number of factors, including:
- Your claims history
- Your no-claims discount
- The type of car you drive
- Where you live
- How much you drive
Another element that’s added to the cost of your insurance is insurance premium tax or IPT. This currently stands at 12% of your insurance premium.
Do I have to tell my insurance provider when I retire?
Yes, you should always tell your insurance provider about any change in your personal circumstances as this could affect your cover. Plus, your occupation can make a big difference to how much you pay for your insurance.
Updating your policy will not only protect you if you need to make a claim, but could even mean you get a discount if, for example, you’re driving less than you used to.
Is car insurance cheaper if you are retired?
Your car insurance could be cheaper once you’ve retired, as leaving work can have a big impact on the amount and type of driving you do. If you once commuted to work by car but now only use it to run errands, tell your insurance provider as this could lower your premium. You’re even more likely to get a discount if you were using your car for business travel, as you can now exclude this from your policy.
If you’re driving less these days, your annual mileage will be lower. Insurance providers may consider you less of an accident risk, which you could find reflected in your annual premium.
Do I need a specialist car insurance provider now I’m over 60?
You’re not obliged to go with a specialist car insurance provider, but you may find that they offer perks for older drivers. Typical benefits 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 benefits that your old policy didn’t provide.
Will my health affect getting over 60s car insurance?
You should be able to get car insurance as long as you’re fit to drive safely. However, if you have a medical condition that affects your eligibility to drive, you must tell the DVLA and your insurance provider. If you don’t, you could be fined up to £1,000 as well as invalidating your insurance.
To check whether a medical condition needs to be reported, use the government’s online service.
How can I get cheap car insurance for the over 60s?
You might be able to reduce the cost of your car insurance by:
- Improving your car’s security by fitting an industry-approved alarm or immobiliser
- Reducing your annual mileage
- Increasing your voluntary excess
- Paying for your annual insurance upfront
Check out more money-saving tips in our guide to saving money on your car insurance.
Is telematics insurance suitable for over 60s?
Telematics insurance can be cost-effective for retired drivers who don’t use their car much, as many of these policies base their pricing on mileage.
Telematics, or black box insurance, is when your driving performance is monitored using a smartphone app or small black box fitted to your car. This allows your insurance provider to receive information about your speed and braking, for example, which they can use to lower your premium – if you’re found to be a safe driver.
What extras should I consider?
If you’re retired, or approaching retirement, you might want to consider these optional extras:
When comparing to see what you’d pay for these add-ons, first make sure they’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?
Why use Compare The Market?
As of January 2023 Compare the Market had an average rating of 4.8 out of 5 from 23,670 people who left a review on Trustpilot. The score 4.8 corresponds to the Star Label ‘Excellent’.
What our expert says...
“Always be as accurate as you can when getting 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.”
- Alex Hasty, Motor insurance expert
