Over 50s Car Insurance

Get cheap car insurance for over 50s motorists

Many drivers aged 50 and over will have decades of experience behind the wheel, but that doesn't necessarily mean that car insurance for over 50s comes cheap. The cost of cover can still be significant, but there are ways to cut premiums down to size.

Our research consistently shows that drivers can getter a better deal on their car insurance by shopping around, so it's as important as ever to compare prices and switch providers each year rather than automatically renewing.

Here's a look at over 50s car insurance and what you can do to make sure you're getting the best possible deal without compromising on cover.

Rewarding experience

Young drivers tend to face the highest car insurance premiums. Their lack of experience means that they are deemed to be higher risk and statistics show that young drivers are more likely to be involved in an accident and make a claim on their insurance policy than their more experienced counterparts.

It stands to reason then, that older, more experienced drivers pose less of a risk and are rewarded with cheaper premiums. Car insurance for the over 50s does therefore tend to be cheaper, although it can still be a significant expense.

What's more female drivers over the age of 50 could see their premiums rise when a European gender ruling takes effect in later this year.

The ECJ 'gender ruling'

From December 21 2012, car insurance providers will no longer be able to discriminate on the grounds of gender, following a ruling made by the European Court of Justice.

In a similar way to the fact that younger drivers pay more for car insurance than older drivers because statistics show they are more likely to claim, male drivers are more likely to make a claim on their policy than female drivers. As a result women tend to pay less for car insurance than men.

However, from December, insurers will not be allowed to factor gender in when evaluating an individual's risk. Consequently, car insurance for over 50s female drivers who currently enjoy discounted premiums are likely to see the amount they pay for cover increase.

Experts are warning that premiums could rise by as much as 30%. However, while the price women pay is set to rise, male drivers could pay less as a result of the EU gender ruling.

Continuous Insurance Enforcement

Another new rule affecting car insurance is Continuous Insurance Enforcement (CIE), which was introduced in June 2011.

Under CIE, a vehicle must be insured at all times unless it is declared as being off the road with a Statutory Off Road Notification (SORN).

You don't even have to be driving to fall foul of CIE, so if you have a vehicle which never gets used and you let the insurance lapse without declaring it SORN, you could receive a penalty.

The Motor Insurers' Bureau is working in partnership with the DVLA to crack down on uninsured vehicles, comparing DVLA records against those held on the Motor Insurance Database.

If caught out, the registered keeper of the vehicle will receive a warning in the first instance. If that warning is ignored, they could face a fixed penalty notice of £100, their vehicle could be clamped or they could even face court prosecution with a maximum fine of £1,000.
If your household has a vehicle which is rarely used, it's important to either shop around for the absolute cheapest cover or to declare the vehicle off the road to avoid penalties.

Take a more in-depth look at CIE and to find out if you are sufficiently covered on our car insurance check page.

Types of Cover

As with all age groups, car insurance for over 50s comes in three types: third party, third party, fire (TPFT) and theft and fully comprehensive.

The first covers you against damage to property belonging to a third party only. The second type is the same but also covers you against fire and theft, while a fully comprehensive policy covers you against damage to your own vehicle, as well as the property of others, fire and theft.

Comprehensive cover is typically the most expensive type, followed by TPFT and then third party.

For a more intensive look at these cover levels, take advantage of our car insurance policy types guide.

Choosing a vehicle

As well as age, gender and cover type, the vehicle you drive also has an effect on the price you pay for car insurance.

Vehicles are categorised into 50 car insurance groups based on their value and performance. More expensive and powerful cars tend to fall into the higher groups and attract higher premiums.

When choosing a vehicle, remember that the lower the group the vehicle belongs to, the less of an impact it will have on your premiums. Avoiding after-market modifications like alloy wheels and spoilers also helps to keep costs down, so too can security modifications like immobilisers and steering wheel locks.

Shop around

To make sure you're getting the cheapest quotes for the level of over 50s car insurance you need, use our free comparison service.

MoneySupermarket is independent because we're not owned by an insurance company, so you can be sure you're getting quotes in your interest - not ours.