Car Insurance Deals for Over 50s Explained
Insurance companies use various factors to work out the price of the premiums they offer, such as national statistics, type of vehicle and individual driver profiles based on, for example, time spent without making a claim.
As a driver over 50, you would expect to enjoy low premiums as a reward for years of experience on the road, but this is not always the case. This helpful guide will explain the ins and outs of car insurance for over 50s, with a focus on how to get the best deals and cheapest premiums possible.
In this guide:
Will drivers over 50 be offered cheaper insurance than those under 25?
Rather simply, insurance companies will offer lower premiums to those that they consider to be less likely to make a claim – it is a simple risk and reward system.
As a general rule, 17-25 year olds and newly qualified drivers can expect to pay some of the highest prices on the market to insure their vehicles. This is because national statistics show that they, as a demographic, are not only more likely than any other to be involved in an accident, but also that the accidents they are involved in are likely to be more severe than those caused by any other group. Indeed a third of all fatalities on the road are caused by 17-25 year olds.
However it is not always this cut-and-dry due to the number of factors that the insurers will take into account when calculating the premiums they offer.
Also taken into account is the nature of the car being driven – newer and more powerful cars are generally more expensive to insure for two reasons: first, they are more likely to be involved in accidents, and second, they are more at risk of being stolen.
Following on from the latter, making your car more secure with, for example, immobiliser or steering wheel locks, can also reduce your premiums.
One of the best ways for over 50s to cut costs on their insurance is to take advantage of the no claims bonuses on offer. By driving carefully for years, you can consistently reduce your premiums, and this is something that is only possible with age and experience.
As a woman over 50 can I expect cheaper insurance than a man?
Until a recent legislation introduced by the European Court of Justice, car insurance was, on the whole, cheaper for women than it was for men. This is due to statistics showing that men were significantly more at risk of being involved in accidents – in fact 92% of all of those convicted for traffic related offences are male.
However this new legislation, as part of the EU’s gender directive has forbidden insurers from basing their pricing on the gender of the policy holder. Rather than bringing the price of insurance for male drivers over 50 down to the equivalent price for females, the reverse has happened, and now women over 50 can expect to pay more than they would have in the past.
Find the cheapest car insurance deals for drivers over 50
As well as picking the right car and driving carefully enough to avoid making claims over time, the best way to make sure you get the cheapest car insurance as a driver over 50 is simply to shop around.
The best deals for car insurance can be found online, and the best way to sort through the swathes of deals available is to use a free and impartial over 50s car insurance comparison service like ours. Do this and you can guarantee that you’ll get the cheapest insurance on the market.