Car insurance for over 50s

Once you reach your 50s and 60s, you could see a drop in your car insurance premiums, providing you pick the right policy and insurer. Here’s what you need to know about car insurance for over 50s.

Does car insurance get cheaper as you get older?

Assuming you weren’t a learner driver later in life, by the age of 50 you’re likely to be a really experienced driver. If you haven’t received any driving convictions and you’ve managed to protect your no claims bonus, you could be classed as a lower risk for car insurers.

Although it’s common for car insurance premiums to reduce in your 50s and 60s, there’s no guarantee. Premiums are calculated based on your individually assessed risk. Insurers will factor in things like your car, its insurance group and where you live.

How to get cheaper car insurance over 50

Once you reach the age of 50, it’s worth comparing policy options from standard insurers and specialist car insurance providers. Even if you’ve been happy with your current insurer and haven’t seen large premium increases, you could get an even better price by shopping around.

If you’re looking for ways to reduce your car insurance premiums, here are some things to consider that could help:

• Storing your vehicle in a garage
• Adding additional security devices
• Reducing your mileage
• Paying for your car insurance annually rather than monthly
• Having other experienced, named drivers on your policy

You can also increase your voluntary excess amount to bring your car insurance premiums down. Only select a voluntary excess amount you know you’ll be able to afford to pay if you need to make a claim.

Is car insurance cheaper for women over 50?

We’ve covered the topic of car insurance for women on our blog and how the EU Gender Directive that means you can’t discriminate on the grounds of gender when it comes to car insurance costs.

This means that many women saw the cost of their insurance premiums increase to align with the prices men were paying. So, although your car insurance is likely to decrease once you reach the age of 50, the drop won’t be as much as it used to be.

Which is the best car insurance for over 50s?

If you’re looking for the best car insurance, it’s important to consider every aspect of the cover, not just the price. Some questions to ask are:

·         Does the car insurance policy include breakdown cover and key cover?

·         Will you get a courtesy car?

·         If you like to take your car on holiday, does it include European travel cover and if so, is this limited to a particular number of days per year?

Something else that’s important when you’re researching over 50s car insurance providers is to read customer reviews.

Our Smart Money People community have shared the car insurers they love and who they think you should avoid in their reviews.  You can read reviews about car insurance providers who specialise in policies for over 50s like Saga and compare them against other insurers providing standard policies.

If you've had an experience with a car insurer that you think other people should know about, you can also leave your own review to help others with their research.