Over 50s car insurance

Car insurance premiums tend to be cheaper for those aged over 50, as they are less likely to be involved in accidents. With age comes experience and a cooler head, so insurers put more trust in the over 50s. 

On top of that, the over 50s tend to have more years of no-claims discount, and they tend to have fewer people in their cars when they do have accidents, which limits an insurer’s liability.

The average price for a fully comprehensive car insurance policy for drivers over 50 was £339‡, according to MoneySuperMarket data. Car insurance is priced on various factors, so premiums will differ considerably depending on your circumstances.

For example, young drivers are considered much more risky than older drivers, simply because they have less driving experience. Because of this, young people pay a lot more than more experienced drivers, and the same goes for people with points on their licence and criminal records.

‡Based on fully comprehensive policies with one driver holding a full UK licence, data collected between January and September 2020, accurate as of November 2020.

Unlike travel insurance for the over 50s, your health shouldn't affect your car insurance – so long as the DVLA is happy you’re healthy enough to drive.

However, there are some medical conditions – such as epilepsy or poor eyesight (that cannot be corrected with glasses) – that you must tell the DVLA about. The DVLA will then determine whether you're fit to drive.

If you don’t disclose any issues or disabilities you suffer from that are listed on the DVLA website you could face a fine of up to £1,000 and risk invalidating your insurance.

Car insurance is usually cheaper when you pay annually, because insurers add on a fee for monthly payments. Some insurers may not offer monthly payments, but because it can be an ever-increasing lump sum each year, many motorists see it as a way of helping spread the payment.

If you choose to pay in monthly instalments, it’s important to be aware that most insurers will make a credit check to see if you are able to afford it. 

If you want to pay for your car insurance monthly, the insurer will do a credit check to see if you’re able to make the payments. That’s because agreeing to pay monthly is technically a credit agreement: you’re borrowing the cost of the annual policy and repaying it over 12 months. 

As with any credit check, a record of this search will remain on your file – and your credit rating will affect the amount of APR that you’re charged. If you have a poor credit rating, you may be charged up to 20% APR. And if you’ve struggled to pay credit in the past, or if you have a CCJ to your name, then you may be denied the option to pay monthly. If you think you’ll have issues with your credit rating, you can read our guide on improving your credit score.

If you choose to pay annually, you won’t be subject to a credit check.

It depends on your attitude to driving and how reliable you believe your car is. You may want to look at breakdown cover – although will probably find it is cheaper to shop around for this separately.

There will also be different levels available to ease your stress, right through to providing a courtesy car for the time your vehicle is out of action. This is likely to cost you extra though, so work out whether you need it.

Other extras might include personal accident cover, legal cover and cover for driving abroad.

If you’re over 50 but have prior driving convictions or have made a recent claim, then your car insurance might not be as cheap as you hoped.

Other factors can also change how much you are quoted, such as if you move to a more high-risk area or significantly up your mileage.

Once you reach around 70, insurers believe that your risk of having an accident increases once more. Because the driving population as a whole is getting older, some of these extra price hikes are also feeding into the younger age groups.

Some insurers also have age cut-offs and premiums jump once you go beyond them. This gives you even more reason to shop around to find a cheaper deal.

Car insurance is worked out taking into account a number of factors including your car, its insurance group, your driving history and number of years on the road. Where you live, what you use the car for and where you park at night also come into consideration when it comes to a car insurance quote. 

All your need are your vehicle registration, what you plan to use the car for and an estimate of how many miles you’ll clock up, some personal information such as name, age and where you live, plus how long you’ve been driving for and whether you’ve made any claims or had any convictions.