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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.
Although the cost of your car insurance will be based on your personal circumstances and driving history, it’s often the case that 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. According to road safety charity Brake, ‘drivers aged 60-69 actually have less than half the crash rate of drivers aged 20-29’.
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. This means they can often benefit from cheaper premiums.
Data from Compare the Market’s Premium Drivers Report September 2019 shows that the average cost of car insurance is now £707**. By comparison, those in their early 60s pay an average of £276***.
When it comes to calculating your premium, insurance providers look at numerous risk factors such as:
There’s also one other element that’s added onto the cost of your insurance - insurance premium tax or IPT. It currently stands at 12% of your premium.
You’re by no means obliged to go with a specialist car insurance provider. However, you may find specialist providers, such as Saga and Rias, offer benefits specifically for older drivers. These could include:
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.
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:
Check out further money-saving tips in our guide to saving money on your 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?