The cost of car insurance is heavily based on statistics that demonstrate which drivers are most likely to make a claim.
Young drivers are heavily penalised because they are more likely to have an accident or need repairs than those with more experience.
As you get older if you drive carefully and build your no claims bonus you will be rewarded with cheaper premiums and the price of your policy will also drop in accordance with the level of risk you present.
However, once you hit sixty your premiums can begin to creep up as you once again fall into the category of a higher risk driver and the older you get, the more difficult it becomes to find a cheap car insurance policy.
Once you reach eighty you’re considered to be equally as high a risk as a driver that is aged twenty five or under.
If you’re a woman then the problem can get even worse. Although younger females are considered to be amongst the safest drivers as age increases so does the risk. Statistically older female drivers are more likely to have an accident than their male counterparts.
As roads become ever busier many older drivers find it more difficult to navigate the streets safely which means claims are more likely to be made.
How to get cheaper over 60 car insurance
Any experienced driver knows that the way to reduce your premiums over time is by building your no claims bonus and whether or not you’ve made a claim before will still have a large bearing on the price of your policy if you’re aged over 60.
If you want to prepare for a rise in your policy price in the future then start offsetting it now by avoiding making a claim.
Make sure that your car is as secure as possible and have an alarm and immobiliser fitted if you don’t have them already. If you can, park your car off the road or in a garage.
As you get older it may be appropriate for you to have different types of insurance. For example if you’re retired then you won;t use your car as much as you used to. Decreasing the number of miles you drive means your less likely to have an accident so keep your mileage down and choose a policy that accommodates this.
If you’re not going to be driving regularly then you could opt for pay as you go insurance where a black box is fitted to your vehicle which monitors your driving and only charges you for the driving you do.
Older people tend to have more disposable income too, so if you can afford to do it pay for your insurance in a lump sum rather than monthly as many insurers will offer big incentives to people who do this.
People aged 60 or over are also more likely to have home and life insurance policies so find out if you can get money off for taking out more than one policy with the same insurer.