As we get older, one thing we often experience is that the cost of car insurance can become more manageable.
For many drivers over the age of 50, the stereotype is that premiums get cheaper with age, and that’s mostly true.
However, there are still ways to keep costs low and make sure you’re getting the best deal.
In this post, we’ll dive deep into cheap car insurance options for over-50s drivers in the UK. We’ll cover why premiums are typically cheaper for older drivers, how to find the best rates, and specific tips to lower your insurance costs even more.
Why Is Car Insurance Cheaper for Over-50s?
You might be wondering why car insurance premiums are often lower for drivers aged 50 and above. The answer comes down to risk assessment. Insurance companies set rates based on the likelihood of an accident, and older drivers are statistically considered to be lower risk. Here’s why:
1. Experience and Driving Habits
Over-50s drivers tend to have a wealth of driving experience. They’ve spent decades on the road and are typically more cautious and safer behind the wheel. Older drivers are less likely to be involved in accidents, especially serious ones, compared to younger, less experienced drivers.
2. Fewer Claims
Insurance companies look at your claims history, and older drivers are less likely to make a claim than younger drivers, who tend to engage in riskier driving habits (like speeding and texting while driving). Fewer claims mean lower premiums.
3. Better Health and Reflexes
Drivers over 50 generally have better health and faster reflexes than older age groups. Although insurance premiums tend to rise in later years (around 70+), drivers in their 50s are still considered more reliable.
4. Vehicle Choices
Older drivers often choose safer, more economical cars, which also contribute to lower premiums. Cars with lower horsepower, fewer modifications, and better safety ratings generally attract cheaper insurance rates.
How to Find Cheap Car Insurance for Over 50s
While it’s true that insurance premiums generally decrease after the age of 50, there are still plenty of strategies you can use to ensure you’re getting the best possible rate for your car insurance. Here’s what you can do to keep your premiums low:
1. Shop Around and Compare Quotes
The most straightforward way to find cheap car insurance is to shop around. Don’t just accept the first quote you receive. Use comparison websites like GoCompare, Confused.com, or MoneySuperMarket to compare prices from different providers. Many insurers offer discounts to attract older drivers, so it’s important to compare multiple quotes.
- Tip: You can get personalized quotes that take into account your driving habits, experience, and even things like your no-claims bonus.
2. Consider a Higher Excess
An easy way to lower your premium is by increasing your excess (the amount you pay out of pocket in case of a claim). This means you’ll pay more if you need to claim, but you’ll save on your premium.
- Tip: If you haven’t had any accidents in years and are confident in your driving ability, you might want to increase your excess to reduce your premiums.
3. Use a Black Box (Telematics) Insurance
Telematics insurance, often referred to as black box insurance, involves installing a small device in your car that tracks your driving behavior. It monitors how safely you drive—such as how smoothly you brake and how fast you accelerate. If you’re a careful driver, you can get substantial discounts.
- Tip: Telematics insurance can be a great option if you’re looking to save money, especially if you only drive occasionally and have a clean driving history.
4. Look for Discounts for Over-50s Drivers
Many insurers offer special discounts for drivers over 50 because they’re considered lower risk. Some companies, like Saga, Age UK, and Direct Line, provide insurance that’s specifically tailored to older drivers, often at a cheaper rate.
- Tip: When looking for quotes, make sure to mention your age to check for any age-related discounts. You might be eligible for discounts just because you’re over 50!
5. Reduce Your Annual Mileage
Insurance premiums can be influenced by how much you drive. If you use your car for commuting, your premiums might be higher due to the increased risk of accidents. If you’ve retired or work from home, you likely drive less.
- Tip: Be honest about your annual mileage when getting quotes. If you’re a low-mileage driver, make sure to seek out low-mileage policies or pay-per-mile insurance. This could lower your premiums significantly.
6. Choose the Right Car
The type of car you drive is one of the most significant factors in determining your insurance premiums. Older drivers often choose more economical, smaller cars, which tend to be cheaper to insure. A Ford Fiesta, Volkswagen Polo, or Toyota Yaris will generally cost much less to insure than a BMW or Audi.
- Tip: Stick to low-powered cars with a small engine size (1.0L – 1.4L) that have a good safety rating and low repair costs. Insurance companies like these cars because they’re cheaper to repair and less likely to be involved in serious accidents.
Additional Tips for Saving on Car Insurance Over 50s
1. Keep Your No-Claims Bonus Intact
If you’ve been driving without making claims, you’ll have a no-claims bonus (NCB). This can lead to significant savings on your premiums. Some insurers offer up to a 75% discount if you have several years of claim-free driving.
- Tip: If you’ve been with the same insurer for a while, they might offer you a loyalty discount. However, always compare it to other insurers to see if you can get a better deal elsewhere.
2. Add a Named Driver
If you have a partner or family member with a clean driving history, consider adding them as a named driver. This can lower your premium because insurers see the additional driver as someone who can share the risk.
- Tip: If your named driver has a better driving history than you, it might lower your premium further.
3. Avoid Unnecessary Add-ons
Many insurance policies offer add-ons such as breakdown cover, legal protection, or windscreen repair. While these may be useful, only add them if you truly need them. Reducing unnecessary coverage can lower your premium.
- Tip: Review your policy to see if any add-ons are optional. If you already have breakdown cover elsewhere, remove it from your insurance policy.
4. Check Your Policy’s Renewal Price
Auto-renewal might seem like an easy option, but it often results in higher premiums. Many insurers will hike your rates once the policy renews, hoping you’ll stick with them out of convenience.
- Tip: Always shop around before renewing your insurance. You might find a cheaper option elsewhere, even with your current insurer.
The Best Insurers for Over 50s Car Insurance
Some insurers are particularly known for offering great deals for drivers over 50. Here are a few:
- Saga – Specializes in car insurance for over-50s, offering excellent customer service and tailored policies.
- Age UK – Another provider that caters specifically to older drivers, offering affordable premiums and good coverage.
- Direct Line – Known for low premiums and good customer service, especially for older drivers.
- LV= – Offers competitive rates for over-50s drivers, especially for those with a clean driving record.
Conclusion: Save Big on Car Insurance as an Over-50s Driver
Being over 50 in the UK is a great advantage when it comes to car insurance. With experience and a history of safe driving, many over-50s drivers qualify for lower premiums and special discounts. By shopping around, considering a higher excess, reducing your mileage, and choosing a small, economical car, you can make sure you’re paying as little as possible for your car insurance.
Remember:
- Compare quotes online to find the best deal.
- Consider telematics insurance if you’re a careful driver.
- Keep your no-claims bonus intact and take advantage of over-50s discounts.
By using these strategies, you can enjoy cheaper car insurance while still getting the coverage you need to stay protected on the road.
