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Over 50s car insurance

Find out how experienced drivers can continue to benefit from cheaper car insurance premiums

Car insurance for over 50s

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Car insurance for the over 50s

Drivers in their 50s have, for several decades, tended to pay less insurance than younger drivers. 

But in the past couple of years, this age group has seen some of the steepest rises in the cost of car insurance.

  • in 2019 car insurance premiums rose by 3.3% for drivers age 50 to 69, an average total of £413*

  • in the same year car insurance rose by 2.6% for drivers age 25-29 to an average of £714*

(*according to analysts Consumer Intelligence)

The cost of over 50s car insurance – age versus experience 

It used to be older drivers were considered less risky but as the population has got older so have drivers.

  • this means more elderly people are driving, and once motorists reach 70, statistics show they are more likely to have accidents

  • the risk of this has fed into a higher average insurance premium and is feeding into the slightly younger age groups, those in their 50s and 60s.

  • but shopping around for car insurance can still help you get a better deal

Over 50s and car insurance – why driving experience counts

Statistically older drivers age between 50 and 69 are still less likely to be involved in an accident, but also, their accidents involve fewer personal injuries.

  • figures from the Department of Transport showed that in 2017 52% of accidents involving drivers aged 17-19 caused injuries. 

  • in accidents involving drivers between 60 and 69 only 40% resulted in injury

How over 50s pay for their car insurance

Younger drivers age 25 and under paying an average of £1,544 per year for comprehensive cover (source: Consumer Intelligence car insurance price index, December 2018).

This compares with £413 for an average driver age 50.

  • car insurance premiums tend to slowly decrease as you get older, as more experience on the roads means you’re less of a risk in the eyes of insurers

  • you’re likely to notice a spike in your premium if you make a claim or commit a driving offence, but even the effects of these incidents will balance out after a few years of incident-free driving

Over 50s car insurance – cost breakdown

Car insurance is based on your age but it is also based on:

  • driving history 

  • your car 

  • where you live

  • where you keep your car

As well as being experienced over 50s also may have built up a no claims discount. Your address is important too. If your home is in an area with high rates of car crime, you’ll generally pay more for your insurance.  

Don’t forget the cost of, Insurance Premium Tax (IPT) standard IPT is currently 12%. 

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See a range of car insurance quotes in just a few minutes when you compare with Uswitch

Why over 50s may end up paying more for car insurance 

Car insurance prices are not all downhill from the age of 25. 

While you can usually enjoy many years of decreasing premiums based on your experience, many older drivers will have noticed a tipping point, where their average car insurance premiums begin to rise again.

  • drivers who may have paid less in their 30s, 40s, 50s and 60s much see their premiums go up in their 70s

  • according to the AA’s British Insurance Premium Index, drivers aged 70 and over pay approximately 39% more than drivers in their sixties.

  • All insurers’ rating factors will differ, but drivers tend to notice their car insurance premiums slowly rising again after the age of 70

Research from the Association of British Insurers (ABI) shows the cost of the average claim begins to rise after the age of 70. 

Because drivers over 70 presents a bigger risk to insurers, the cost of premiums is increased to reflect the added cost of making a claim.

Over 50s car insurance and milestone ages

Some insurers only cover drivers up to a certain age, so you may also notice a sudden spike in your car insurance premium after you reach an age milestone.

If this happens you may have passed your insurer’s usual acceptance age for new policies, which puts you in a higher risk category compared to most of their other customers.

How over 50s can save on car insurance 

While car insurance for over 50s tends to be affordable unless you have claims or convictions, there are ways to minimise the impact of the ‘tipping point’ when continuing to drive into your later years.

Find a specialist older driver insurance company

There are many insurers that specialise in insuring older drivers, and many can offer you very affordable policies even if you don’t have a clean driving record. Some of the better-known names in insurance are unable to offer affordable insurance to drivers over the age of 50, so make sure you consider some of the smaller brands when searching for a new policy.

Always shop around

Often the best way to save on your car insurance, no matter what your age, is to avoid renewing with the same insurer each year. Compare car insurance quotes below and see if you can save by switching today.

Get a car insurance quote

See a range of car insurance quotes in just a few minutes when you compare with Uswitch

Consider a black box or telematics insurance

Telematics technology, or so-called “black boxes” monitor driving and reward careful road use. However, older drivers can also benefit from the technology.

So, if you are over 50 and only drive short distances you may be able to get cheaper premium by having the box fitted.

Ditch optional extras

You may not need or want breakdown or courtesy car cover.

Increase your car’s security 

Make sure your car is kept off a main road or in a garage and consider having a car alarm fitted.

Increase your voluntary excess 

If you need to make a claim you will pay a higher excess but it will reduce your car insurance premium. 

Pay upfront

You are charged interest if you pay your car insurance premiums monthly so switch to one annual payment

Not owning a car – pay insurance only when you need to

You don’t need to own a car to get car insurance. Unlike a full car insurance policy, you won’t build up a no claims bonus, but it does mean you can drive someone else’s car, as long as you have their permission. 

If you are only planning on borrowing a car you can also compare quotes for short-term or temporary car insurance

Consider multi car insurance

If your family own several cars it may be better to insure them via a multi-car insurance policy

Multi insurance might also be suitable:

  • if you own more than one car

  • if you’re a family with more than one driver

  • if you’re a couple with more than one vehicle

Get a car insurance quote

See a range of car insurance quotes in just a few minutes when you compare with Uswitch