By the time you clock 50, you’ve probably racked up decades of experience behind the wheel. Most insurers recognise this feat and reward drivers over 50 with some of the cheapest car insurance rates. However, that’s not to say that you’re guaranteed cheaper car insurance premium cover as you grow older. Read on as FamilyMoney explore how decades of driving experience affect your cost and choice of car insurance cover.
What Is Over 50s Car Insurance?
Over 50s car insurance is an auto insurance program for drivers between the ages of 50 to 59 years. Drivers over the age of 50 are considered one of the safest age groups on the road instead of younger drivers. They’re meticulous and mature drivers who are rarely involved in a road accident, reducing the number of at-fault accident claims they file with an insurance company.
For these reasons, most insurers often reward people of upper age limits with cheaper car insurance covers on the market.
Is Car Insurance for Over 50 Special?
According to insurance commissioners, car insurers judge a driver’s age group to measure their driving skills, experience, and accident risk. The correlation is straightforward. Seasoned drivers are more confident, have higher skills levels, and are unlikely to get speeding tickets.
The effects compound with time, and research shows that the risk drivers pose to other road users declines with age. Since these drivers are less likely to get into a car accident, they are unlikely to submit a claim with their auto insurance company. Auto insurance providers consider them safe or low-risk drivers. How amazing would it be to be rewarded with an affordable car insurance premium?
There’s a statistical correlation between the claim frequency and the driver’s age group. According to the Insurance Information Institute, the cost and frequency of insurance claims affect the cost of insurance. Therefore, the cost of insurance is higher for the youngest and oldest drivers on the road.
Data from a national association shows that at an average of £3,000, the average claim for drivers between 50 and 60 years is the lowest in the UK. Consequently, these drivers have an average premium of less than 1% of their car value.
How Is Over 50s Auto Insurance in the UK Calculated?
Before issuing a quote, car insurance providers use your information to determine your risk category. Naturally, drivers classified as high risk are often quoted higher prices. How is auto insurance calculated? The following are some of the critical information an insurance company needs:
- Age: Older drivers with clean history pose a lower risk
- Occupation: Some careers are classified as risky and such drivers get higher premiums.
- Driving record: The number of claims, the date of the previous claims, and amounts may reduce or increase the cost of car insurance.
- Your postcode: Your premiums are likely to cost more if you live in an area with a high crime rate.
- Your car’s make and model: Insurers classify vehicles into 50 categories depending on price, repair costs, and performance. Luxury vehicles fall in the highest group and carry high premiums.
- Security features: Equipping your car with security devices such as alarms, immobilisers, and trackers can lower your premiums.
- Driving habits: The more time you spend on the road, the higher the likelihood of getting into a car accident. The more miles you drive, the higher your cost of car insurance.
How to Get Cheap Car Insurance Premiums for Over 50s
It’s possible to keep over 50s car insurance costs low and have an affordable car insurance quote with these simple steps.
Pay annual premium: Annual premiums are usually cheaper than the monthly instalments, which carry an extra fee. When you pay annually, you end up paying cheaper premiums, thus saving money.
- Consider multi-car coverage: Buying a multi-car cover from the same car insurance increases the chances of scoring steep discounts. You can use the same coverage to insure more than one vehicle if they’re registered at the same address.
- Increase voluntary excess: A higher voluntary excess lowers car insurance quotes.
- Improve car security: Antitheft devices such as alarms, immobilisers, and trackers may reduce your insurance rates.
- Reduce your mileage: Auto insurance firms favour low mileage drivers because they will likely make fewer claims.
- Drive a low-risk car: You can save money by driving a vehicle in the low-risk category.
- Comparing car insurance: coverage among various service providers.
Click here to find out more about how to get cheap car insurance in the UK.
Is Cheap Auto Insurance Over 50 Guaranteed?
Insurance firms use many factors to calculate the cost of insurance cover, and age is just one of them. While 50-year-old drivers are deemed meticulous, auto insurance providers still consider other factors such as:
- Scope of coverage: The amount of coverage you need affects the insurance rate. A third-party cover is cheaper than a fully comprehensive and collision coverage.
- Car ownership: Financed cars are more expensive to insure because lenders require owners to buy full coverage, including liability, comprehensive, and collision insurance. Drivers who own their vehicles outright whether they live in London or anywhere in the UK, may drop comprehensive and collision insurance to lower the cost. If you are looking to apply for car finance online, it may be helpful to find out about your car insurance beforehand to help you make an informed decision on the finance.
- Car make and model: It costs more to insure a luxury or exotic vehicle because they are costly to repair and replace.
- Your credit score: Drivers with lower credit scores pay more for insurance than those with good credit. They’re likely to pay monthly, which costs more and attracts up to 20% APR charges. Paying an annual premium doesn’t trigger a credit check. Find out how to improve your credit score and increase your chances for getting cheaper insurance rates.
Best Car Insurance Companies for Over 50s
While many insurance companies cater to older aged drivers, the quality of service and range of products differs. The best car insurance companies for 50-year-old drivers provide custom products for this age range. Besides regular coverage, they have products tailored to your needs. Such insurers such as Admiral auto insurance prioritise customer satisfaction. They also have an excellent claims satisfaction rate.
Some key differentiating features include complementary car service, medical coverage, international travel coverage, first accident forgiveness, and more
Some of the best car insurance companies for 50-year-old drivers include:
- Age Co
- The Post Office
- Direct Line
How to Choose Over 50s Car Insurance Companies
Surprisingly, loyalty isn’t a desirable quality when shopping for insurance coverage for over 50s. Having your insurance policy automatically renew while you belong to this class of safe drivers can prove expensive.
If you have a build-up of a safe driving record, you can benefit from the lowest insurance rates on the market and save some money. Besides the low insurance premium, you may consider other benefits such as accident forgiveness and new car replacement. Some auto insurance firms protect good drivers from the first accident claims.
How Much Is Over 50 Car Insurance UK
Historically, older drivers are considered one of the safest groups of motorists, and they attract the best auto insurance policies on the market. Teenager drivers/ younger drivers are considered high-risk drivers and carry the most expensive premiums due to inexperience.
On average, a 50-year-old driver pays £339 a year for a comprehensive vehicle insurance cover. The over 50s secure favourable terms because they’re careful drivers and make few insurance claims. Only upper age limit drivers, like those over 65 years of age, are offered cheaper rates.
Car Insurance for Over 50 Female Drivers Is Cheaper
Although gender is not the only consideration when calculating car insurance premiums, women over 50s have lower insurance rates. The average insurance cost differs for different age groups. The average price for women drivers over 50 is five times cheaper than those under 25 years, considered young drivers. So, how much does car insurance cost a 50-year-old lady driver?
At £281, a typical 50-year-old female driver pays a fifth of what a female driver under 25 years pays – £1,301.
Women over 50 years old are more likely to drive safe cars, pursue a career in lower-risk occupations, and are likely to accrue lower miles each year.
Is Very Cheap Car Insurance for Over 50 Realistic?
Historically, car insurance costs rise each year, forcing UK motorists to dig deeper into their pockets to buy car insurance on top of any car loans they might have gotten to help them buy the car. Therefore, the promise of a cheap insurance cover might seem unrealistic. However, drivers over 50 years are well-poised to save on car insurance premiums, especially if they have a clean driving record.
Motorists over 50 years can lower the cost of insurance by driving a low-risk rated car, parking their cars off the road, keeping their car keys safe and maintaining a no-claim status or low claims history.
Installing a telematics device helps to lower your car insurance premiums. If your car is fitted with a black box, you can demonstrate that you’re a responsible driver to the insurance company. Also, avoid exceeding your estimated mileage as it may invalidate your cover and increase your premiums. Finally, you can protect your no claim bonus by paying for minor repairs, thus appearing less in the claims history.
What’s Included in Post Office Over 50 Car Insurance Policy?
- Uninsured driver protection covers excess payment if a driver with no insurance hits your car to protect your no claims discount.
- Malicious damage and vandalism
- Emergency and malicious damage cover: It pays up to £400 for accommodation and alternative transport following an accident.
- Unlimited coverage for factory-fitted satnav equipment and in-car entertainment after an accident.
- Up to £500 for personal belongings coverage
- Up to £150 child car seat damage
What Does Saga Over 50s Car Insurance Policy Cover?
Saga caters exclusively to drivers over 50 years, and a panel of select car insurance companies underwrites its premiums. Insurers offer a choice of two comprehensive covers – Saga Plus and Saga Select.
Saga Plus cover includes:
- 3-year fixed insurance premium – you’re guaranteed renewal at the same insurance premium for the next three years, assuming nothing changes.
- Onward taxi travel – covers the taxi fare to your destination if your car is mangled during an accident.
- Private medical treatment – you and your partner will receive eligible treatment at a private facility for road traffic-related injuries.
- Legal protection – covers up to £100,000 in legal fee against uninsured losses such as loss of income following a non-fault accident in the UK.
- No claim discount protection – your NCD is protected against two fault claims within three years.
Saga Select cover includes:
- Emergency any driver cover – any licensed driver can take over the car or take it back home if there’s a medical emergency.
- No claims discount protection – your no claim discount is protected against two fault claims within three years.
Getting Over 50 Car Insurance Quotes
Therefore, it’s advisable to compare car insurance quotes instead of auto-renewing your cover as you can keep your car insurance cheaper with each passing year.
Here’s what you’ll need when shopping around for a car insurance quote:
- Vehicle details – Registration number and modifications
- Car usage – Sill you use the car for business, commuting, or socialising?
- Mileage – How many miles you drive in a year.
- Personal information – Your age, email address, and employment status.
- Driving history – Driving experience, previous claims, and health check.
While pricing is essential when shopping for car insurance quotes, you may consider other features and benefits. Insurance providers such as Geico offers perks such as private medical care, legal assistance, roadside assistance, and extra coverage.
The cheapest companies may not necessarily be the best as some have poor customer satisfaction records. Remember, by getting the cheapest car insurance on the market, you may not be covered for small accidents. This can lead you to applying for direct lender payday loans to help you cover the costs if you don’t have any alternative ways of covering the repairs.
Does Shopping for Car Insurance Rates for Over 50s Pay Off?
Auto insurers perceive drivers over 50s as low-risk motorists who are unlikely to make a claim. It helps to shop around for insurance quotes. At 50, you can get fully comprehensive car insurance cheaper than a 21-year-old driver.
A wealth of driving experience and a build-up of claim-free driving is the golden standard in insurance. Insurers are eager to insure drivers with a clean driving history.
Use the quotes from different insurance companies as a bargaining tool to secure better terms, benefits, or premium rates.
Over 50s Car Insurance Comparison
It’s tempting to use the cost of insurance cover as the baseline when comparing insurance products. While cost is essential, it’s best to consider other features that may complement your lifestyle and improve your life.
For instance, if you like traveling, you’re better off with a policy that provides international travel insurance for over 60s. If you’re a professional, a cover with legal protection can help cover any loss of earnings and roadside assistance. Consider your unique circumstances and pick a company that meets your needs.
How to Get Affordable Ladies Auto Insurance Over 50
Until 2012, the insurance industry judged women to be safer drivers than men and rewarded them better insurance terms. However, European laws made it unlawful to use gender as a primary consideration when issuing insurance quotes.
However, women over 50 often get cheaper insurance quotes than men due to many other factors. Here are some ways women over 50s can lower their insurance rates:
- Driver a safe, smaller car.
- Become low mileage drivers and consider a low-mileage policy.
- Drive carefully and have no claims history.
- Improve car security by parking in a garage or security features such as alarms and immobilisers.
- Own the car outright and drop the fully comprehensive cover.
How to Get the Best Car Insurance Over 50
Auto insurance for over 50s can get reasonably cheaper due to their low-risk status. If you’re shopping for car insurance over 70 and wish to get the best rates on the market, you need to check the right boxes.
Here are some proven ways for drivers over 50 to get the best insurance cover:
- Have a clean driving record.
- Drive a small, safe car for the lower insurance groups.
- Take a defensive driving course by the National Safety Council.
- Adhere to mileage restrictions on your policy.
- Improve your credit score and saving accounts.
- Purchase annual premium.
- Compare car insurance rates among different players.
Compare the Market Auto Insurance Over 50
There are numerous online services to help you in comparing car insurance quickly and efficiently. Using an online comparison tool can help you crunch the numbers and enjoy cheaper car insurance policies.
An online insurance calculator uses the same formula as the insurers to calculate how much it costs to cover your vehicle. Most tools are easy to use. Enter your information, and you’ll have a new quote in less than five minutes. You can use the new quote as a bargaining chip when renewing your coverage.
Frequently Asked Questions
You’re likely to pay more if you have many at-fault insurance claims, a high accident count, poor credit history, and drive a financed car since you’re classified as a high-risk driver. Age is just one of the many factors that insurance providers use to classify drivers. Ultimately, the amount of risk you pose to the insurance company rather than age determines the cost of your auto insurance.