Over 50s Car Insurance
One of the most important factors when calculating car insurance is your age.
If you’re at the wrong end of the age scale (in terms of insurance) it means you’re aged 17 to 24 and pay more for your car insurance than any other age group.
However as you get older, your premium generally reduces because you’ve hopefully gathered lots of No Claims Bonus (NCB) and in terms of raw statistics, you’re less likely to be involved in an accident on the road – another reason to welcome the big five-o.
Over 50s car insurance isn’t always cheaper
Car insurance isn’t always cheaper when you get over 50 and a lot of that is based on the cars that over 50s generally drive.
A 17 year old is more likely to drive a low powered hatchback or a supermini, than any other type of car, whereas drivers over 50 are more likely to drive a more expensive, high-powered car.
The more powerful, more expensive and more desirable your car, the more expensive your insurance premium is likely to be.
Ways to reduce over 50s car insurance
There are lots of ways to reduce your car insurance premium and you can learn all about them in our guide on how to save money on your car insurance premium, however these tips are specific to older drivers.
1. Build up and protect your No Claims Bonus (NCB)
The big advantage that older drivers have over younger motorists is that they have had chance to build up their NCB.
The more NCB you have, the less you should pay for your insurance premium and when you’ve built it up, it could be a good idea to protect your NCB in case of any mishaps that could put all those years of clean driving at risk.
2. Be accurate with mileage
It’s easy to overestimate the number of miles you clock up every year so try to be as accurate as possible when completing your quote.
If you only drive 5,000 miles but quote 10,000 mile on your policy, you’ll pay for cover you don’t need.
3. Pay up front
Paying up front for your car insurance will save you money compared to paying monthly, which adds around 20 per cent on to the cost of your policy.
When you’re aged over 50, paying for your car insurance in one lump sum is a realistic option, probably more so than it is for young drivers.