With some insurance policies, your experience and maturity brings the cost right down, but for others, age makes you a higher risk and could mean you pay higher premiums.
We looked at the impact age has on different types of policy, to see where the over-50s can save cash and where their cover costs more.
Whatever your wheels - car, van or even motorcycle - older drivers are usually a safer bet for insurers and this is reflected in cheaper premiums.
Aged 50 - 65
Drivers aged between 50 and 65 are considered a much lower risk than younger road users. Not only are they less likely to take unnecessary risks behind the wheel, they will often have many years of no-claims behind them.
Because they are statistically much less likely to cause accidents, insurers are willing to offer them far lower rates.
There are even some insurers who specialise in protecting this low-risk group, such as Saga and Help the Aged. Although they can be competitive, you shouldn't assume that this means they will offer you the cheapest deal, because that is not always the case.
Make sure you compare a selection of car insurers so that you can be confident you're enjoying the lowest premiums possible.
Aged 66+
Unfortunately, you don't stay in that low-cost zone for ever. As drivers get older, their policies do start to creep back up as your age group becomes more prone to accidents.
The good news is that this doesn't happen overnight, so you won't find you're suddenly hit with unaffordable premiums.
After years spent collecting treasured belongings, protecting your home has never been more important to you.
The good news is that this is another area where the over-50s are seen as a safer bet.
Yet, despite the potential for low-cost cover, many of you are paying far too much. If you simply stick with your insurer year on year and don't compare your policy with the rest of the market, the chances are you're paying too much.
Far from rewarding customers for loyalty, many insurers actually hike their premiums after the first year, so use our home cover comparison tool and see if you could be better off.
Another problem often encountered by the over-50s is that many of them don't update their cover to reflect the growing value of their possessions. If you haven't thought about the value of your contents in a while, then you should check it's adequate.
There are some insurers, such as RIAS and Help the Aged, which specialise in providing home cover for the over-50s.
Just as with car insurance, it's best to look at a number of insurers to make sure you find the right policy at the best price.
Many people hope to travel once they retire. With more free time and fewer responsibilities, it's the perfect time to start fulfilling some of those lifelong ambitions.
So how will your age affect your policies?
Aged 50+
The good news is that your age won't affect your premiums until you reach 66 plus. However, if you're planning to start realising your dreams, you might want to check your policy covers you.
Research by RIAS shows four in ten over-50s say they are now more adventurous than in their youth, while one-third plan to 'grow old disgracefully'.
If that means you're planning to go adventuring once you've retired, make sure your travel insurance covers all the activities you have planned. For example, if you plan to go scuba diving or quad biking, you may not be covered by your current policy.
Aged 66+
If you're a well-travelled 65 year old, you could be in for a shock come your next birthday. You'll suddenly fall into a far higher-risk group, meaning your premiums could soar - with many policies effectively doubling in cost overnight.
Furthermore, a number of UK insurance providers will refuse travel insurance for anyone over the age of 70, causing some people to run the risk of heading overseas without insurance.
But if you're planning to start globe-trotting in your 80s, don't panic. There are specialist insurers that specifically cater to the over-50s market, such as All Clear and Saga.
All Clear, for example, will provide cover to people who have pre-existing medical conditions and struggle to find insurance in the more general markets.
If you've had a heart attack at some point, for example, and want to go away but ensure you are still covered if anything happened again, then a specialist like this should be able to provide you with peace of mind.
You should always check that your policy fully protects you. If you're relying on cover that comes free with another financial product - such as your current account - don't assume it will meet your needs. That's particularly important if you're older or have existing health conditions.
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