Over-50s car insurance

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The over-50s are considered one of the safest groups of drivers, and they’re rewarded with some of the cheapest car insurance premiums. 

The reason why is simple: people over 50 have decades of driving experience and they’re at a very low risk of getting into accidents or making other car insurance claims. 

The over-50s paid an average of £319 a year for a fully comprehensive car insurance policy, according to MoneySuperMarket data from December 2019. In fact, only drivers aged 65 and older have cheaper car insurance on average, at £293 a year. 

 † The average annual fully comprehensive car insurance quote for each age group, according to MoneySuperMarket data correct December 2019

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How to save on over-50s car insurance

1

Pay up front

Spreading the cost over monthly instalments will cost you more than paying an annual fee


1

Secure your vehicle

Additional anti-theft devices such as steering wheel locks or immobilisers can bring your premiums down


1

Buy fully comprehensive cover

The most extensive policies are actually much cheaper for most drivers these days

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1

Increase your voluntary excess

A higher voluntary excess lowers your premiums, but you will pay more if you ever do claim

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1

Consider telematics insurance

Help your insurer better evaluate your driving and for a potential discount

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1

Don’t auto-renew

Use MoneySuperMarket’s car insurance comparison tool every year to ensure the best possible premiums

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Why is car insurance cheaper for the over 50s?

Car insurance premiums tend to get cheaper for older people because they’re less likely to get into 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.

Should I use a specialist over-50s car insurance provider?

Provided your driving record is clean – without a history of accidents or points on your license – you’ll probably be offered fairly cheap car insurance by any insurer. However, there can be advantages if you buy insurance from providers who cater specifically to the over 50s.

These generally come in the form of cheaper add-ons to your policy, including courtesy cars if you do have an accident and emergency driver cover if you are taken ill at the wheel. They also tend to have more favourable upper age limits, though your premiums will probably increase if you’re driving into your 80s.

How much does car insurance cost?

The average price for fully comprehensive car insurance is £516 according to MoneySuperMarket data from November 2019. However, 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 license and criminal records.

Policy

Average Cost*

Third Party Only

£1,293

TPF&T

£852

Fully Comp

£476

*According to MoneySuperMarket data correct as of July 2019

 

Do I need a credit check?

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.

Is car insurance cheaper annually or monthly?

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 do a credit check to see if you are able to pay this monthly instalment.

What factors impact car insurance?

Car insurance is categorised on statistical risk, so there are several different factors taken into consideration when you get a quote for cover. This is why everyone pays a different price for their policy.

Age: This is a factor because, generally speaking, older and more experienced drivers are less of a risk than a young person that has been driving for less than five years. You will find that more experienced drivers will usually get much cheaper insurance premiums.

Gender: Even though insurers are no longer allowed to discriminate on gender, men still often pay more for their insurance. This is simply due to the cars they drive being statistically more powerful and that they drive more hours than women, amongst other factors.

Type of car: If you have an expensive or powerful car then you are seen as a higher risk for a number of reasons. If it’s expensive, it has a higher risk of being stolen. If it’s powerful, it’s deemed more at risk of getting into an accident driving at speed. If you want to see how your car impacts your insurance, you can check which insurance group it’s in for an indication.  

Location: The location of your car is also factored in, because if the area has a high crime rate, then you are statistically more at risk of your car being stolen, damaged or vandalised.

Occupation: If you have a job where you drive more hours, then you are riskier in the eyes of insurers because you are literally on the road more. Or if you have expensive equipment as part of your job, it could be stolen from your car, therefore you present an increased risk.

Level of service

We aim to show you car insurance quotes from as many insurance companies as possible, so that you can find the right policy for you. Unfortunately, we can’t promise to show quotes from every insurance provider, because not all companies want to be included on comparison websites. We won’t offer you advice or make a recommendation, but we will provide you with all the information you need to help you decide which is the right policy for you. You can find out more about how we work here.

MoneySuperMarket can help you find great deals on your car insurance. From single to multi-car deals, satellite-based telematics policies to insurance for classic cars, we search the market to get the best combination of protection and price. Check out our news and guide pages for more information.

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