Over 50s Car Insurance Guide
Our top 12 tips
Buyers of over 50 car insurance could be hit harder than other age groups in 2020 by increases in car insurance costs. Following last year’s average price increase for over 50s car insurance of 16.5% (source: Consumer Intelligence Motor Insurance Index), further increases will be mainly due to weakness in the pound and rising claims costs.
However, with the right approach to car insurance for experienced drivers you can cut your premiums and keep them low year after year as you get older, and even keep the cost down into your 80s. It’s worth remembering that not all insurers have the same criteria and – some will be keen for your business as you get older as they understand the 50 plus market. However, others won’t quote for you at all and prefer to stick to younger customers.
As a general rule, you’ll be considered a safer driver and car insurance over 50 will come with reduced premiums through to your early 60s. Then, fairly or not, insurers across the board may consider you riskier and your premiums will start rising again. From 70 years old the price rises can get much steeper every year. Avoid runaway premiums by using our 4 step guide, and get car insurance over 50 at the best price year after year:
Don't restrict yourself to over 50s specialists
All insurers use age when calculating your car insurance premiums, so even though there are many companies marketing their specialism in car insurance for over 50s, they generally become more competitive once you’re over 60 and/or have specific medical conditions, and even then other providers may be the cheapest.
Make sure you get online so you can quickly do a broader market search to make sure you’re not missing out on a worthwhile saving. Just because an insurance brand offers a special price on 50 plus car insurance, it doesn’t mean it’s guaranteed to be cheaper than a non-age specific brand. All insurers will consider your age when calculating your premium.
Cheap car insurance for the over 50s isn't restricted to comparison sites
The golden rule here is “loyalty doesn’t always pay” – there is so much competition between providers of car insurance for the over 50s that you should be able to regularly chip away at your premium. You’ll increase your chances of getting the right policy at the right price if you shop around online to see if you can beat your current insurer’s renewal quote. And remember, switching is straightforward.
By shopping around you can also take advantage of introductory and online discounts to keep your premium down. The first short cut to getting the largest number of quotes is to use the main comparison sites as they’ll list the biggest number of both specialist over 50 car insurance companies and regular car insurance providers.
Get quotes from at least two comparison sites to increase your chances of getting the best quote overall. Then get additional quotes from the major insurers and over 50s car insurance specialists who aren’t on the price comparison sites.
“ Remember that online quotes can be cheaper than those you’ll receive over the phone. ”
You can improve your chance of getting a better quote by visiting several car insurance comparison sites, because some include insurers that the others don’t, or occasionally they run special deals to help you gain even greater savings.
Look out for the policy excess they apply. Often comparison sites will default to a higher excess and therefore the initial premiums quoted may be temptingly low. The higher the excess, the lower the premium. If you decide to opt for a higher excess to pay a lower premium, make sure you’re comfortable with the risk of having to pay a larger amount if you ever need to make a claim.
Remember that when you use car insurance comparison sites, the online, introductory and no claims discounts that you see the insurers advertise directly will automatically be included in your quote.
Some insurers offer a basic, low cost product to get to the top of the comparison lists, and then invite you to increase the premium – for example, by reducing the excess, or adding extras such as driving abroad or a protected no claims discount – so check which insurers offer the best price for any extras you may need. This way, you’re sure to get the deal that works out for you, especially if you often take your car on holiday, need classic car insurance, or want to take advantage of a no claims discount.
Over 50s providers not on comparison sites
If you’re still looking to improve on your quote, try some of the big brand insurers and over 50s car insurance specialists who don’t appear on comparison sites. All can be competitive for 50 plus car insurance and some have higher age limits.
Still having trouble getting cover? Try specialist car insurance providers
You may need to contact a specialist car insurance broker if you:
- Are over 80 or you have a medical condition
- Own a high value vehicle or classic car
- Want to get full credit for no claims discount you built up driving a company car
Find out more in the Specialist Car Insurance providers guide.
Use our 12 Tips to reduce your risk profile and price
There are many habits and actions you can take so that insurers consider you less risky and to reduce your premiums for over 50 car insurance.
Being over 50 isn't what it used to be. More of us are living longer, healthier and more active lives, and even delaying retirement out of choice or for financial reasons.
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