Finding car insurance for the over-50s

In this piece, we highlight the importance of shopping around very carefully for your over-50 car insurance.

It may be more important than ever to shop around very carefully for your over-50 car insurance's hands on the steering wheel inside of a car

It may be more important than ever to shop around very carefully for your over-50 car insurance's hands on the steering wheel inside of a car

According to a report published by the Guardian newspaper on the 18th of July 2017, average car insurance premiums have shot up by 11 per cent in the past year, the biggest hike on record and the introduction of the highest average motor insurance premiums ever.

Even more alarming news for those aged 50 or more, the story also revealed the results of investigations made by the Consumer Association’s Which? magazine which show that older drivers are likely to be hardest by these increases.

Yet disproportionately higher car insurance for the over 50s seems to fly in the face of the logic you might expect insurers to apply. The road safety charity Brake, for instance, asserts that older drivers are no more likely to have a car accident – and, therefore, make an insurance claim – than any other driver. Indeed, drivers in the 60 to 69 age group actually have half as many crashes as drivers aged between 20 and 29.

The lesson from these two reports, therefore, is that it may be more important than ever to shop around very carefully for your over-50 car insurance.

Specialist insurers

Despite the averages quoted in the report by the Guardian newspaper, there are specialist motor insurers with particular knowledge, experience and expertise in arranging car insurance for the over 50s.

Along with that expertise and experience goes the ability to hold the price of premiums lower for those older drivers who have shown how safely they drive.

No claims discounts

Any careful driver over the age of 50 is almost certain to have built up a very healthy no claims discount on their motor insurance – make sure that you claim the full discount on the premiums you are asked to pay.

Avoid making small claims

On a closely-related subject, also avoid making small claims on your motor insurance – even with no claims protection insurance, they may eventually erode the bonuses that it probably took you many years’ to build up.

Your annual mileage

As you grow older, you may be driving less often and clocking up a much lower annual mileage – the shorter time spent on the roads, the less the chance of an accident and insurance claim, argue insurers, who may reduce the cost of your premiums if you agree to restrict your annual mileage below a given maximum.

Job discrimination

It is a well-known fact that insurers load the cost of premiums that must be paid by those in particular professions, whatever their age – whilst staying absolutely truthful about what you do, you may find one job description rather than another that insurers find more favourable.

Excess

Throughout your driving career, your motor insurance has probably carried a compulsory excess – by agreeing to a higher excess, you may reduce the cost of your insurance premiums still further.

It is bad news for the over-50s motorist that recent motor insurance hikes are likely to hit their age group hardest. With the help of specialist over 50 car insurance providers, there is fortunately something you may be able to do about it.

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