When you reach your fifties, most drivers' car insurance costs drop, but you'll still need to search around for the best deal.
Insurers utilise a number of factors to determine the cost of your car insurance, one of which is your age. Because being older makes you a more experienced driver, car insurance for 50 years and over age range is one of the most affordable for vehicle insurance.
Car insurance quotes for over 50 years old is a lot less alongside having a clean driving record with a long no-claims history, than someone who is under 25 and has only been driving for a few years.
Although most insurers offer 50+ car insurance quotes, there are several specialty insurers that offer additional advantages. Some mainstream insurers charge for optional extras.
Over 50s car insurance comparison is one of the most effective methods for locating the greatest offer.
Because you're over the age of 50, you're seen as a low-risk driver who is less likely to make a claim. In fact, the best car insurance for over 50s is comprehensive car insurance. This is because it costs less than half as much at age 50 as it does at age 21.
This is due to two key factors:
When you combine the two elements with some comparison shopping, you may be able to save money on your car insurance.
Remember that your car, its insurance group, your driving history, and a variety of other criteria, not only your age and number of years on the road, go into determining your car insurance price.
If you have a high-performance car and a few points on your licence, the cost of your insurance will go up. This applies for both general and over 50s policies. Specialist cover for senior drivers will provide advantages that regular car insurance does not, such as no upper age restriction, but it will come at a higher cost. Do not despair, we will assist you in finding a cheap over 50s car insurance quote.
As you get older, your insurance prices will fall. We looked at the average cost of fully comprehensive car insurance and discovered that drivers over the age of 70 pay 35% less than those under the age of 50.
Unlike travel insurance for the over 50s, car insurance should not be affected by your age or health. Your health will have no bearing on your car insurance as long as the DVLA is satisfied that you are fit to drive.
Some medical issues must be disclosed to the DVLA, such as epilepsy or bad vision, to name a few. The DVLA must be informed if it has an influence on your driving ability. The DVLA will be able to determine whether you are fit to drive after being notified.
It's critical that you disclose any problems or disabilities that are listed on the DVLA website. If you don't, you might face a fine of up to £1,000.
Not only this, but your insurance company may refuse to pay out on a claim if you’ve withheld this information. As you’ve been signed off by the DVLA, telling your insurer about your medical situation should not cause the price of car insurance to rise.
Adding extra benefits to your policy will increase the cost, but it will improve your cover.
The following are some of the extras you can include:
Is it true that over 50s car insurance is based on driving experience?
Once a driver reaches the age of 50, statistics show that they experience less accidents (the peak for volume of accidents is the 49-50 age group). Accident rates begin to decline after the age of 60. However, the number of incidents involving injuries decreases, as impacts become slower and less severe, resulting in lower insurance costs.
According to 2019 figures, 50- to 59-year-olds were involved in 12.7% of all recorded car accidents, with 44% resulting in injury. 60- to 69-year-olds were involved in 7% of all recorded car accidents, with 42% resulting in injury. Younger drivers are involved in a substantially larger percentage of accidents that result in injury.
Car insurance payouts must cover the victim's remaining life expectancy, therefore the younger the wounded person, the higher the payout. The fact that older drivers are more likely to hurt elderly third-parties (typically passengers) means that insurers must pay out less for elderly victims. This being the key reason for the lower insurance rates.
Is it possible to find cheap over 50’s car insurance?
There are several insurers willing to give competitive price and good value car insurance to anyone over the age of 50. Several car insurers offer special plans for drivers over the age of 50, or promote their plans in collaboration with a group that represents the over 50s. However, most insurers want over 50s as customers, and competition drives down prices.
In 2020, young drivers under the age of 25 paid an average of £1,954 for car insurance, while those aged 25 to 49 paid £628. The average cost of car insurance for drivers aged 50 and over was £370 - Car insurance price index from Consumer Intelligence, December 2020.
How can people over the age of 50 receive car insurance at a cheaper price?