How to Get the Best Over 50s Car Insurance Deal?
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Discover the methodologyOver 50 years old and looking for car insurance?
It’s time to reap the benefits of all those years of experience behind the wheel.
If you’ve recently celebrated your 50th birthday, you are officially in one of the least risky age brackets for car insurance. This means that you will be rewarded for your experience and clean driving history by being offered some of the lowest premium quotes than any other age group.
But before choosing the first policy that you find, remember you can always prevent unnecessary, additional expenses by keeping yourself informed.
You will find in this guide all the answers to questions you may have about over 50 car insurance.
Is car insurance cheaper for over 50 year olds?
Yes, it is!
As a driver above the age of 50, it is assumed that you are more responsible behind the wheel and have many more years of driving experience than your younger counterparts.
This simple fact results in cheaper car insurance quotes for you.
The following table compares annual comprehensive premium costs for drivers of eco cars belonging to three different age groups and living in the Greater London area:
| Insurance companies | Annual premiums for 21-30 years old | Annual premiums for 31-40 years old | Annual premiums for 41-60 years old |
|---|---|---|---|
 | £3,060.96 | £776.16 | £647.36 |
 | £1,254.40 | £976.64 | £719.04 |
 | £1,264.48 | £977.76 | £721.28 |
 | £1,274.56 | £978.88 | £724.64 |
 | £2,878.51 | £1,772.77 | £1,279.03 |
 | £2,567.47 | £1,968.61 | £1,652.47 |
From the numbers above it’s no rocket science to figure out that if you’re above 50 years of age, you are likely to pay up to 4 times less for your car insurance than someone who is under 25 years old.
However, it’s not always so straightforward. For example, if you own an expensive car or have recently made a claim then your over fifty car insurance premiums could drastically go up.
Use our online price comparison tool to input your specific details and get compare precise quotes from some very cheap car insurance for over 50 policies.
Why is car insurance cheaper when you are over 50?
Experience is everything.
Drivers above the age of 50 are much less risky to insure as they are assumed to be safer drivers with more driving experience, thereby reducing their chances of getting into an accident. This means that they are much less likely to file a claim than younger, more inexperienced drivers.
Another important reason why car insurance for the over 50’s driver is so cheap is that they would have had sufficient time to build up their No Claims Bonus. A No Claims Bonus is the insurers way to reward their customers for not making a claim. The longer your No Claims history, the lower your premiums. Learn more about how No Claim Bonus can lower your insurance premium.
Our research suggests that drivers who have not filed claims for up to 5 years or more are likely to see their car insurance premiums drop by over 50 percent.
How much is car insurance for a 50 year old?
Let’s look at some statistics.
The average price for an over 50s fully comprehensive policy is a little under £600 a year. That may sound like a lot but in fact, that’s a saving of more than £200 when compared to the national average of £800 per year.
On top of that, it is almost 4 times cheaper than the average car insurance for young drivers below 25. But, if you’re not careful, there are still some factors that could adversely affect the premium price for over 50s drivers:
- Poor driving history - If you have a poor record as a driver, chances are that your over 50’s insurance will not be as cheap as you like.
- Expensive Cars - You might look good driving a swanky sports car but for insurers this doesn’t look so good as these ‘fast cars’ are more likely to cause you to have an accident or be stolen.
- Previous Claims - Having a previous history of claims could result in higher over 50s car insurance costs.
- Additional drivers - Most people over 50 are likely to have their children named as additional drivers on their policy. This could result in higher premiums.
Everyone’s personal situation is different and so it is vital that you compare quotes and offers from at least a handful of insurers before choosing an over 50’s car insurance policy. Our online comparator is a handy tool for this.
What are the cheapest car insurance policies for drivers over 50?
Insurance companies offer a range of policies created specifically for drivers over 50.
Known simply as over 50s insurance, these policies offer a bouquet of services starting from as low as £185 per year.
Traditionally, women were given even better rates than men as they are considered to be less likely to be involved in an accident but ever since the UK government banned discriminatory pricing on the basis of gender, the cost of car insurance for over 50s females has risen by around 30%.
Companies such as Age UK, RIAS and Saga offer specialised, highly customisable over 50’s insurance policies which come with certain additional benefits such as:
- Courtesy Cars - This is pretty much a standard offering for over 50s policies where a courtesy car or ‘get home’ service is provided in case your vehicle has been immobilised in an accident.
- No Age Limits - Certain insurers allow you to continue to be insured even if you are in your 90s.
- Unlimited Windscreen Cover - Allowing you unlimited cover for damages to your windscreen.
- Emergency Driver Cover - If you are immobilised due to a medical emergency, some policies will cover any driver that drives you home or to the hospital in your car.
- Unlimited European Cover - Many insurers offer European Cover to their over 50s customers at no extra cost and with no limit on the number of days spent in the European Union.
While such specialised policies are some of the cheapest car insurance for over 50s customers, it is still very important to compare the various offerings and prices of each one for yourself. Our online over 50 car insurance comparison tool is your one stop solution to help you do just that.
How to choose the best car insurance for over 50s?
With so many insurance providers providing a plethora of different services catering to different needs, there’s no straightforward answer to this question.
The best car insurance for you as an over 50s driver is the one that provides the right level of cover for your personal situation.
- For example, if you travel regularly around Europe, you might want to get a policy with unlimited European cover such as the one provided under Age UK’s specialist policy for over 50s drivers.
- Also, if you suffer from certain health conditions that could immobilise you, it is advisable to opt for a policy that covers an emergency driver to bring you back home safely in the event of an attack.
- Similarly, if you live in a mountainous region where the risk of falling rocks or debris is much higher, it would be well worth it to consider the unlimited windscreen cover option.
But, before blindly choosing the first over 50s car insurance quote that comes up in your search, it’s important to compare as many offerings as possible. Always compare at least 8-10 different offers from different providers. It can be a painstaking task but our online comparison tool is designed to make it much easier for you to find and instantaneously compare some of the top over 50s car insurance quotes online.
5 Top Tips to get the best value car insurance for over 50s
Fortunately for you, car insurance for the 50 plus age group is not as expensive as it could be for other age groups.
But there are still ways to ensure that you are not paying more than you should.
- Opt for Comprehensive: While third party only insurance might logically seem to be the cheapest option, fully comprehensive is actually a cheaper and safer bet for drivers over 50.
- Pay Annually: Paying annually could mean a saving of nearly 30 percent as compared to monthly instalments.
- Increase your voluntary excess: Voluntary excess is the amount you agree to pay out-of-pocket for damages in the event of an accident. The higher you set your voluntary excess, the lower your premiums.
- Beef up your security: Anti-theft devices, parking assistance, speed limiters and other security systems will help to reduce the cost of your premiums.
- Combine your home and car insurance: As a homeowner your existing home insurance provider may be able to give you better rates by bundling car insurance into your policy. It could bring down your overall cost of insurance.
With so many providers and services available it is important to always compare different quotes and offers. Our online comparison tool is designed to help you compare the market for the best price car insurance over 50.
How is car insurance calculated for over 50 year olds?
Insurance premiums are calculated by assessing how much risk you pose to an insurance company. Drivers who pose the lowest risk of claiming automatically get lower rates.
This is why over 50 year olds often pay significantly less for car insurance than younger drivers because it is assumed that with age comes responsibility.
Another important assumption that insurers factor into their calculations is that older drivers have many years' worth of No Claims Discount (NCD). This is one of the biggest reasons why people over 50 pay much less for car insurance than younger drivers.
Let’s take a look at how No Claims Discount works.
A No Claims Discount is measured in years. Every year that passes by without a claim on your policy increases the percentage of your No Claims Discount. The following table gives an estimation of the amount of discount you may be eligible for as the years go by:
| Number of years | Discounts available |
|---|---|
| 1 | 20-30% |
| 2 | 30-40% |
| 3 | 40-50% |
| 4 | 50-60% |
| 5 | 60-70% |
If you’re over 50 it is assumed that you would have at least a couple of decades of driving experience under your belt, making you a safer driver. And if you haven’t filed a claim in a long time you should be eligible for the maximum possible No Claims Discount resulting in your insurance premiums dropping by up to 70%.
Is it more difficult to get insurance as an older driver?
Not if you are healthy and wise.
Usually, older drivers, especially those above 50 should not have any trouble finding car insurance because they are considered to be more responsible and careful drivers.
However, in some cases it may be more difficult to get insurance even if you are an experienced driver above 50. It’s important to remember that for seniors who are above 60, the trend of falling premiums reverses and insurance prices start to rise again. While this may not be the reason for being rejected by an insurer there are a couple of others that could be:
- Criminal History - If you have committed any serious criminal acts on the road or elsewhere, you might have a hard time convincing an insurer to cover you. Insurers consider people with a criminal history as high-risk individuals and even if they do agree to cover you, it will not be easy and will come at a high price.
- Medical Condition - Having a serious, existing medical condition such as heart disease, Alzheimers or other such debilitating diseases could make it difficult for you to find car insurance. Insurers are always looking to mitigate risk and a driver who is likely to have a heart attack while driving is not something that insurers would take lightly.
That said, every insurer is different and having a criminal or medical history is no reason to stop looking for insurance cover.
While you cannot easily erase your criminal history, the good news it is always possible to prove your health and driving proficiency by taking regular health check ups and driving assessments. Opting for a black box or telematics policy could also be the way forward to prove your skill and safety on the road if you have committed any serious traffic violations in the past.
