Over 50s Car Insurance – What You Need To Know

As you get older and more experienced behind the wheel, you can often find car insurance for less.

Drivers aged between 50 and 70 generally make fewer claims than those in other age groups, so many insurers lower their premiums for motorists in this age bracket.

However, while motorists in their 50s and 60s are considered low-risk drivers, your premiums are likely to start to rise again if you’re still driving in your 70s and 80s – because data shows claims start to rise again for drivers in this age group. 

According to the latest figures from the Department for Transport, car occupant fatality rates in 2019 were highest among 17-24 year olds and the over 75s. 

Here, we answer your questions about over 50s car insurance, including how to find the best deal.

What is over 50s car insurance?

Over 50s car insurance is simply cover for drivers who are aged at least 50. 

Some car insurers have policies aimed at the over 50s market, and some specialise in insuring older drivers. But if you enter your details into a comparison service, the results will get will reflect what’s available for your age of driver.

What does over 50s car insurance cover?

As with any car insurance policy, what is covered by an over 50s policy will depend on the level of protection you choose. 

There are three main types: 

• Third party, which is the legal minimum for all vehicles on UK roads and covers injury or damage to other people (including your passengers) and their property, but not you or your car
• Third party, which is the legal minimum for all vehicles on UK roads and covers injury or damage to other people (including your passengers) and their property, but not you or your car
• Third party, which is the legal minimum for all vehicles on UK roads and covers injury or damage to other people (including your passengers) and their property, but not you or your car

You might reasonably expect third party policies to cost less, but it’s worth checking how much more you would pay for fully comprehensive cover. High risk drivers often opt for third party policies in a bid to lower their premiums, but insurers have responded by raising their premiums accordingly, narrowing the margin between the levels of cover on offer.

Providers that specialise in older drivers also sometimes offer extra benefits, such as no upper age limits and cover for European road trips, as standard, so it’s worth checking what different policies cover when making your choice.

How much does car insurance for over 50s cost?

Your age has a big impact on how much you pay for car insurance. But it is just one of several factors taken into account by insurers when pricing their policies. 

So even if you’re over the age of 50, you will still pay a lot for car insurance if you have been involved in several accidents and drive a powerful car.

Nevertheless, figures from Statista show that while a typical driver in their 20s will have to shell out more than £1,000 for an annual car insurance policy, motorists in their 50s can expect to pay closer to £600 a year. 

Is car insurance cheaper for over 50s?

While you might not relish the thought of turning 50, one of the benefits is that you can usually expect to pay less for car insurance.

It is not always the case. But if you are in your 50s and have built up a long-term no-claims bonus, it stands to reason that you will pay less for car insurance than a 21 year old who has only been driving for a few years. 

How can I cut the cost of over 50s car insurance?

There are a number of simple steps you can take to further reduce over 50s car insurance premiums. These include: 

• paying upfront – paying an annual premium usually works out cheaper than paying in monthly instalments because of the interest charged. If you cannot afford the lump sum, you could pay using a 0% purchase credit card and then paying off the card in 12 instalments
• considering multi-car insurance – if you have more than one car, or you live at the same address as other drivers, you may be able to get a discount for covering multiple vehicles with the same insurer
• agreeing to a higher excess – offering to pay more towards any claim should help to cut the cost of your policy
• parking your car off the road – keeping your car in the driveway or garage overnight should generally mean you pay less to insure it
• making your car more secure – having an alarm, tracker and immobiliser fitted can reduce your premium. 
• driving fewer miles – if you use your car less than in the past, reduce the annual mileage on your policy and you should see your premiums come down too
• choosing a “low-risk” car – insurers use 50 insurance groups to determine how much to charge to insure different makes and models of cars. Choose one in a low group, and you should save money on your cover. 

How can I find the best car insurance?

Insurers do not reward loyal customers. In fact, if you stick with the same insurer year after year, you’re likely to end up paying over the odds for your cover.

So to get the best deal, it’s important to shop around for car insurance each time your policy comes up for renewal.

Just remember that price is not the only thing to take into account – you also need to ensure you have the right level of cover. You might, for example, be able to save a few pounds by choosing a policy with a higher excess. But if you have to make a claim, you’ll have to pay that amount towards it.

And while one policy includes breakdown cover, with another you’ll have to pay an extra premium to add it or take it out separately. 

The key is therefore to find the level of cover – including any extras – that suits your needs, at the lowest possible price.