Car insurance is a funny thing, especially for the Over 50s. For a time you are viewed like a fine full bodied wine; improving with age with a wealth of experience; reliable stock that should be rewarded with lower premiums.
However as you creep through your 70s and 80s, some of those car insurance companies, once eager to welcome you as a customer start fall by the way side preferring should we say a slightly younger vintage!
In short Over 50 car insurance has a tipping point. If you are over 50 or 60, fly the flags as cheap car insurance could be yours for the taking. Over 70s and over 80s I’m afraid are considered a greater risk so in a similar way to young drivers insurance, your premiums will start to creep up.
Don’t be too down hearted though, all is not lost. Some companies specialise in car insurance for the more mature driver with no maximum age limit whatsoever, so cover should be available. Whats more regardless of your age, whether you are over 50, 60, 70 or 80, there are a number of ways you can look to reduce the price you pay:
Shop around and compare car insurance quotes
Taking time to compare car insurance quotes is probably one of the most important things you should do. Don’t assume your existing insurer will give you the best cheapest car insurance deal as a thank you for your loyalty. Unfortunately it doesn’t work that way; in fact the opposite may be true. The only way you can be sure of paying the best price for your car insurance is to shop around every single year, whenever your renewal is due.
Look for online offers
If you use one of the comparison sites, which is probably the easiest and quickest way to shop around, keep an eye out for special deals. You can often find prices for a particular insurer are cheaper through the comparison site than if you were to go direct, so you could save a substantial amount of money.
Tailor your cover to suit your driving needs
As we get older our driving habits often change. We may stick to more localised driving reducing our mileage to a minimum so make sure you choose a plan based on your requirements, as low mileage policies are generally much easier on your pocket.
Benefit from experience
A no claims bonus is a powerful thing when it comes to the price you pay for car insurance, reducing your premium by up to 65% so it may be worth paying that bit extra to protect yours if you have an excellent driving record.
Car insurance needn’t be expensive if you do your homework and look around for the best deal but if you are struggling to find suitable cover at the right price, the British Insurance Brokers Association may be able to point you in the right direction.