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Once you hit a half century, what’s covered by car insurance doesn’t change. At its core, over-50s car insurance is the same product you’d get at any age. There is one crucial difference, however: you’re more likely to get cheap car insurance than when you were younger!
Turning the big 5-0 can also unlock a wider range of car insurance providers, as certain companies offer specialist policies for over-50s. These will include added benefits on top of the standard cover.
Below we look at why car insurance is cheaper for the over-50s, whether you should consider a specialist provider and how to get the cheapest quote available.
By the time you’re over 50 years old, there’s a good chance that you’ve racked up quite a few miles behind the wheel. In fact, if you got your licence at 17, you have more than three decades of driving experience to look back on. And it’s this experience that, on average, reduces the cost of your car insurance as you get older.
For instance, by the time you’re over 50, you stand a greater chance of building up a multi-year no-claims bonus than a younger driver – a key factor in reducing your premium.
Statistically, older people are also less likely to be involved in a road accident than younger drivers. This, in turn, brings down the cost of insurance.
For example, the latest data from the Department of Transport shows that there were 35,995 road casualties involving over-50s for the 12 months to June 2023. In comparison, there were 80,714 casualties involving those aged between 17 and 49. While not all these casualties were drivers, it’s still indicative of how insurers view the risk levels associated with different age groups and why over-50s car insurance is often cheaper.
Of course, age doesn’t only give you experience; it gives you more opportunities to have driving convictions on your record or car insurance claims under your belt. Both can push up the price of your car insurance, even if premiums are cheaper on average for the over-50s.
And car insurance isn’t just based on your personal history. It also takes into consideration the car you drive. So if you purchased a more expensive car as you got older – one that sits in a higher insurance group – this will be reflected in your premium.
In September 2023, the average annual comprehensive car insurance premium for 50- to 64-year-olds was £520.12, according to MoneySuperMarket. For those aged 65 and over, it dropped to £467.24.
In comparison, the average annual premium for 20- to 24-year-olds was almost triple at £1,460.17.
And this gap is widening. Across the board, car insurance prices have been rising. But they’ve been rising a lot faster for younger drivers than for the over-50s.
For the 12 months ending November 2023, Consumer Intelligence found that drivers over 50 saw their car insurance quotes rise by 57.2 per cent. Under-25s, on the other hand, saw quotes surge by a staggering 73.1 per cent.
Once you reach the right age, certain over-50s car insurance policies will become available to you. While you’ll still be choosing between third party cover; third party, fire and theft; and comprehensive car insurance, you’ll also potentially have access to additional benefits. Depending on the provider, these can include:
Whether you choose to go with a specialist over-50s car insurance policy will depend on what you’re looking for from your insurance. For example, if you don’t think you need any of the above features and find a cheaper non-specialist policy, that may be a better option for your needs.
While you likely won’t be eligible for a premium-reducing telematics policy, there are still a number of ways you can try to get cheaper over-50s car insurance. These include:
It’s important to remember that there’s no one-size-fits-all car insurance policy. You should look for the right policy for your specific needs. This involves balancing the cost of the policy with the level of coverage it offers.
When it comes to cost, you’ll need to make sure that you can comfortably pay not only the premium itself but also the compulsory and voluntary excess stipulated by the policy.
As for coverage, you’ll need to choose between third party only; third party, fire and theft; and comprehensive car insurance. Then you’ll need to decide which features matter most. Do you want a higher personal accident limit? Is it important to have breakdown cover included as standard? Do you want a specialist over-50s policy that allows for unlimited European driving?
By comparing car insurance quotes, whether you go to the insurer directly or use a price comparison website, you can get an overview of your options. You’ll then be able to make an informed decision about cost and coverage, hopefully leading you to the perfect policy for your personal requirements.
To get a quote for over-50s car insurance, you’ll likely need some or all of the following information to hand:
There are several optional extras you may want to consider when comparing over-50s car insurance. These include:
You won’t usually need to get a health check to take out over-50s car insurance. However, you must be upfront about your existing health conditions and declare anything that affects your driving to the Driving and Vehicle Licensing Agency. This includes:
If you are 70 or over, you must renew your driving licence every three years.
Since retirees will potentially be on the road less than workers, who may be driving during rush hour as part of their daily commute, they’re seen as a less-risky demographic. This means that your over-50s car insurance may be cheaper if you’re retired.
While, of course, you’ll need to meet the minimum age requirement for over-50s car insurance, there doesn’t tend to be an upper age limit.
If there is an upper age limit, it will usually be quite generous. For example, Age Co’s over-50s car insurance is available up until 110 years old.
