Drivers over 50 years old enjoy the cheapest car insurance of any age group because they are have more experience behind the wheel and are less likely to have an accident than younger motorists.
Undoubtedly, motor insurance costs less for men and women over 50 – but can start to go up again once a driver hits their 70th birthday.
Insurance companies capitalise on men and women becoming better drivers as they get older by offering exclusive policies to the age group on the basis claims costs savings are passed on to customers as reduced premiums.
Drivers over 50 should still beware – just because an insurer offers an exclusive deal to their age group does not mean the cover is the cheapest and the best. Shop around because a car insurance policy open to all drivers might end up cheaper.
Saving money on over 50s car insurance
Here are some tips to help you cut the cost of car insurance:
- Agree to a mileage limit: Less driving means less chance of an accident. Ask for a discount for agreeing a mileage limit for the year
- Fit anti theft devices: Investing in an insurer-approved alarm, immobiliser or tracker will save money
- Garage a car: Taking a few minutes to put the car in a garage reduces the risk of damage and theft and will shave a few pounds off the premium
- Pay up: Settling the annual bill upfront rather than paying monthly cuts out interest on the insurance cost
- Make retirement pay: Go for SDP or social, domestic and pleasure rather than categories that include business or commuting at extra cost.
Do you need to pay for extra features?
The features added to a motor insurance policy also blur the difference between car insurance for over 50s and other drivers. It’s common for over 50s cover to include lots of extras – but they push up the price and are only worth paying more if a driver plans to make good use of them. Typical features include:
- Breakdown cover: Check to see if all the cover you expect is provided, like including recovery; home starts; onward travel and European cover.
- Driving overseas: Many insurers offer minimum cover while driving in Europe. Forking out for UK comprehensive car insurance does not automatically give the same level of protection when driving overseas without paying extra.
- No claims discounts: No claims discounts (NCD) are capped at 60% after four years for most drivers. Some over 50s policies offer more.
- Legal assistance: This benefit often provides a car for a driver involved in a no-fault accident and help recovering uninsured losses
- Vandalism: Check out a policy offer to see if the insurer penalises a driver for damage to a car. Some exclude these claims when calculating NCD and some don’t.
So, if you are a driver over 50 looking for the cheapest and best car insurance, don’t forget to follow these simple tips to find the cover that best suits your budget and needs.