Over 60s car insurance

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Everything you need to know about over 60s car insurance 

Being in your 60s is a good thing. It’s the decade you can officially retire and enjoy all the fun stuff you didn’t have time for when you worked. Not only that, you may also get to benefit from some of the lowest car insurance premiums around.

Frequently thought questions

Is over 60s car insurance really cheaper?

Yes, it is. Our data shows that the average cost of car insurance is now £651** per year; by comparison, 65-79 year olds pay an average of £322** for their car cover. Those in their early 60s still get a pretty good deal, with an average premium of £268**.

**All average price amounts based on comparethemarket.com data from 1 January 2019 to 1 April 2019. You may find a cheaper or more expensive quote based on your personal circumstances.

How is my car insurance premium calculated?

Insurance is all about risk – the greater the risk of a claim being made, the higher the cost. So, when it comes to calculating your premium, insurance providers look at numerous risk factors, such as your claims history, your no claims discount and, of course, the car you drive.

Naturally, insurance providers use other generic statistics to calculate risk. And the statistics show that if you’re in your 50s or 60s, any claims you do make tend to be of a lower value compared to other age brackets.

Where you live is an important factor in determining the cost of your premium. If your home is in a built-up area where there’s a higher risk of an accident, or you live in a part of town where car crime is high, you’ll generally pay more for your insurance.

There’s also one other element that gets added onto the cost of your insurance – and that’s insurance premium tax or IPT. A tax on general insurance premiums, it’s currently charged at 10%, but as of June 2017 it will rise to 12% (so you may notice your insurance goes up).

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

Over 60s insurance offers some of the lowest premiums around. But here’s a few more factors to consider that might help to make it even cheaper:

  • Improve your car’s security - Fitting an industry-approved alarm or immobiliser could help to reduce your premiums.
  • Reduce your mileage - Try to be as accurate as possible about how many miles you do. Overestimate it and you could push up the cost of your premium; underestimate and it could affect your policy.
  • Increase your voluntary excess - This can lower the overall cost of your insurance. But remember, if you make a claim, you’ll need to pay the compulsory excess as well as your chosen voluntary excess so make sure you can afford the total.
  • Pay upfront - Splitting the cost of your insurance and paying monthly means you’ll pay interest as well, so if you can afford to pay in one go it could be cheaper for you.
  • Choose your car wisely - The more desirable your car, the greater the risk of it being stolen. It’s also more likely to be expensive to repair. Both of these factors will push up your premium.

Why compare car insurance for the over 60s with comparethemarket.com?

We independently compare more than 100 of the UK’s car insurance providers to offer you great over 60s car insurance deals.

We’ll show you policies based on price, policy cover level, add-ons or annual or monthly payment terms – helping you compare based on your needs.

And that’s not all, buying car insurance through comparethemarket.com means you get MEERKAT MOVIES*. This will give you 2 for 1 cinema tickets on Tuesdays or Wednesdays, every week, for a whole year.

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