If you’re ages fifty or over then it’s about time you rewarded for your decades of careful driving. In general, over 50s car insurance is cheaper than car insurance for younger people for a number of reasons.
Statistically, people aged 50 or over are less likely to have an accident than a younger driver and if they do have an accident it’s likely to cause less damage than an accident with a younger driver.
People aged fifty and over are also more likely to keep their car in a better state of repair and to have more security features. In addition, older people tend to drive slower and less powerful cars, which all helps to reduce insurance premiums.
When you’re buying car insurance over 50 you’ll be at an immediate advantage, but there are still other things you can do to reduce the costs of your insurance even further.
People aged over 50 are more likely to be retired which means they won’t need to use their vehicles as much. If you can find ways to reduce your mileage for example by taking public transport or using car share schemes, you’ll reduce your insurance costs.
Keeping your car as safe and secure as possible is also a good idea so if you want to pay less for over 50s insurance then make sure you update your alarm system and get an immobiliser. Parking your car off the road on your driveway or in a garage will lessen the risk of it being stolen which will help cut your costs.
Most people ages 50 or over are in a more secure position financially than they once were so fi you can afford it increase the excess you’re willing to pay if you need to make a claim. Although this may mean you’ll need more money for repairs, as you’re less likely to need repairs it could work out as a very cost effective car insurance solution.
Some insurers now offer a pay as you go system whereby a black box is fitted to your vehicle to monitor your driving. If you avoid busy areas and driving in the rush hour or if you don’t plan to drive very often then pay as you go insurance could be perfect for you.
In some cases adding named drivers to your insurance can reduce your premiums so help out your grandchildren by allowing them to drive your car as it could end up saving you money.
When you reach 50 or over the careful driving you’ve carried out over the past decades really starts to pay off if you’ve built up your no claims bonus. Avoiding claiming for just five years can halve the cost of your insurance so if you avoid claims for even longer than this you could make significant savings.
Insurers want careful drivers who are unlikely to make a claim so many insurers are vying for the business of the over 50’s by offering all sorts of perks and deals. If you really want to make sure you get the most bang for your buck then shop around for deals and offers when your current insurance runs out, rather than renewing automatically.