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Car insurance for over-50s

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Once you hit a half century, what’s covered by car insurance doesn’t change. At its core, over-50s car insurance is the same product you’d get at any age. There is one crucial difference, however: you’re more likely to get cheap car insurance than when you were younger!

Turning the big 5-0 can also unlock a wider range of car insurance providers, as certain companies offer specialist policies for over-50s. These will include added benefits on top of the standard cover.

Below we look at why car insurance is cheaper for the over-50s, whether you should consider a specialist provider and how to get the cheapest quote available.

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Is over-50s car insurance cheaper?

By the time you’re over 50 years old, there’s a good chance that you’ve racked up quite a few miles behind the wheel. In fact, if you got your licence at 17, you have more than three decades of driving experience to look back on. And it’s this experience that, on average, reduces the cost of your car insurance as you get older. 

For instance, by the time you’re over 50, you stand a greater chance of building up a multi-year no-claims bonus than a younger driver – a key factor in reducing your premium. 

Statistically, older people are also less likely to be involved in a road accident than younger drivers. This, in turn, brings down the cost of insurance.

For example, the latest data from the Department of Transport shows that there were 35,995 road casualties involving over-50s for the 12 months to June 2023. In comparison, there were 80,714 casualties involving those aged between 17 and 49. While not all these casualties were drivers, it’s still indicative of how insurers view the risk levels associated with different age groups and why over-50s car insurance is often cheaper. 

When does car insurance for over-50s cost more?

Of course, age doesn’t only give you experience; it gives you more opportunities to have driving convictions on your record or car insurance claims under your belt. Both can push up the price of your car insurance, even if premiums are cheaper on average for the over-50s. 

And car insurance isn’t just based on your personal history. It also takes into consideration the car you drive. So if you purchased a more expensive car as you got older – one that sits in a higher insurance group – this will be reflected in your premium. 

How much does car insurance for over-50s cost?

In September 2023, the average annual comprehensive car insurance premium for 50- to 64-year-olds was £520.12, according to MoneySuperMarket. For those aged 65 and over, it dropped to £467.24.

In comparison, the average annual premium for 20- to 24-year-olds was almost triple at £1,460.17. 

And this gap is widening. Across the board, car insurance prices have been rising. But they’ve been rising a lot faster for younger drivers than for the over-50s. 

For the 12 months ending November 2023, Consumer Intelligence found that drivers over 50 saw their car insurance quotes rise by 57.2 per cent. Under-25s, on the other hand, saw quotes surge by a staggering 73.1 per cent. 

Should I use a specialist over-50s car insurance provider?

Once you reach the right age, certain over-50s car insurance policies will become available to you. While you’ll still be choosing between third party cover; third party, fire and theft; and comprehensive car insurance, you’ll also potentially have access to additional benefits. Depending on the provider, these can include:

  • Multi-year fixed price: certain over-50s car insurance providers will allow you to fix the price of your cover for up to three years
  • Enhanced key cover: it’s possible to get specialist over-50s car insurance with unlimited replacement locks and keys cover
  • Emergency any-driver cover: this policy feature allows for any driver to take over driving or bring your car back home if you have a medical emergency during a journey
  • Enhanced European cover: instead of the standard 60- to-90-day cover abroad, you can get over-50s policies that allow for up to 180 days a year or even unlimited driving across Europe
  • Enhanced onward travel: if you have an accident in the UK and your car is too damaged to drive, you can claim for transport to take you anywhere in the country
  • Misfuelling: if you accidentally put the wrong fuel in your car, you can claim for drainage and engine damage
  • Protected no-claims bonus: some policies will automatically include no-claims discount protection if you have more than four years’ worth of bonuses built up

Whether you choose to go with a specialist over-50s car insurance policy will depend on what you’re looking for from your insurance. For example, if you don’t think you need any of the above features and find a cheaper non-specialist policy, that may be a better option for your needs.

How to get cheap over-50s car insurance quotes

While you likely won’t be eligible for a premium-reducing telematics policy, there are still a number of ways you can try to get cheaper over-50s car insurance. These include:

  • Shopping around: you should always compare a wide range of car insurance quotes at renewal time to ensure you’re getting the cheapest deal available
  • Renewing at the right time: typically, it’s recommended that you renew your car insurance between two weeks and a month before your renewal deadline to get the best prices 
  • Paying annually rather than monthly: if you can afford it, paying for your car insurance up front rather than in monthly instalments is the cheaper option
  • Choosing the right optional extras: you don’t necessarily need every optional extra an insurer suggests. Being selective with additions such as motor legal protection or breakdown cover can keep the cost of your premium down
  • Maintaining your no-claims bonus: building and maintaining your no-claims discount is one of the best ways to reduce your premium. This may involve paying for certain repairs yourself to avoid making a claim
  • Increasing your voluntary excess: the higher your voluntary excess – the amount you pay when you make a claim – the cheaper your premium. However, you should only increase your voluntary excess to a level you can realistically afford, in combination with the compulsory excess, in the event of a claim
  • Driving a car from a lower insurance group: if you’re looking to buy a new car, consider one from a lower insurance group to reduce your car insurance premium
  • Reducing your annual mileage: by driving fewer miles in a year, you can cut the cost of your car insurance. This is because the less you’re on the road, the less likely you are to get into an accident. If you reduce your mileage below the national average, you may even be eligible for cheaper low-mileage car insurance
  • Installing security features: while certain car modifications will push your insurance up, installing security features, such as parking sensors or vehicle immobilisers, can make your policy cheaper

How to find the right over-50s car insurance policy

It’s important to remember that there’s no one-size-fits-all car insurance policy. You should look for the right policy for your specific needs. This involves balancing the cost of the policy with the level of coverage it offers. 

When it comes to cost, you’ll need to make sure that you can comfortably pay not only the premium itself but also the compulsory and voluntary excess stipulated by the policy.

As for coverage, you’ll need to choose between third party only; third party, fire and theft; and comprehensive car insurance. Then you’ll need to decide which features matter most. Do you want a higher personal accident limit? Is it important to have breakdown cover included as standard? Do you want a specialist over-50s policy that allows for unlimited European driving? 

By comparing car insurance quotes, whether you go to the insurer directly or use a price comparison website, you can get an overview of your options. You’ll then be able to make an informed decision about cost and coverage, hopefully leading you to the perfect policy for your personal requirements. 

What do I need to get an over-50s car insurance quote?

To get a quote for over-50s car insurance, you’ll likely need some or all of the following information to hand:

  • Your name
  • Your date of birth
  • Your address
  • Your job title
  • The number of years you’ve had your driving licence
  • Your car make, model and age
  • The place where you park your car
  • Your vehicle registration number
  • Your annual mileage
  • Any driving convictions or offences
  • Proof of your no-claims discount
  • Any named drivers

Over-50s car insurance FAQs

There are several optional extras you may want to consider when comparing over-50s car insurance. These include:

  • Enhanced personal accident cover: while standard personal accident cover is typically between £5,000 and £10,000 per incident, add-ons can increase this limit to £100,000-plus while widening what you can claim for in medical expenses
  • Breakdown cover: you may take comfort knowing that if you were to break down, you’d have cover that allows for varying levels of recovery
  • Motor legal protection: this will cover you for legal expenses, typically up to £100,000, if you need to pursue uninsured losses. Some policies also include cover for fighting motoring offence prosecutions
  • Hire car cover: most of the time, courtesy car cover will only apply if your vehicle is damaged in an accident. If you need a temporary replacement vehicle that’s potentially bigger than a small hatchback following any insured event, you can consider hire car cover
  • Key cover: some key cover add-ons will allow you to include home or business keys as well as car keys

You won’t usually need to get a health check to take out over-50s car insurance. However, you must be upfront about your existing health conditions and declare anything that affects your driving to the Driving and Vehicle Licensing Agency. This includes:

  • Diabetes
  • Fainting (syncope)
  • Various heart conditions
  • Sleep apnoea
  • Epilepsy
  • Stroke
  • Glaucoma

If you are 70 or over, you must renew your driving licence every three years. 

Since retirees will potentially be on the road less than workers, who may be driving during rush hour as part of their daily commute, they’re seen as a less-risky demographic. This means that your over-50s car insurance may be cheaper if you’re retired.

While, of course, you’ll need to meet the minimum age requirement for over-50s car insurance, there doesn’t tend to be an upper age limit. 

If there is an upper age limit, it will usually be quite generous. For example, Age Co’s over-50s car insurance is available up until 110 years old. 

Connor Campbell

Finance Writer

Connor Campbell is an experienced personal and business finance writer who has been producing online content for almost a decade. 

Connor is the personal finance expert for Independent Advisor, guiding readers through everything they need to know about car insurance and home insurance. From how much it costs to the best insurance providers in the UK, he’s here to help you find the right policy for your needs. 

In his capacity as writer and spokesperson at NerdWallet, Connor explored a number of topics close to his heart, such as the impact of our increasingly cashless society, and the hardships and heroics of British entrepreneurs. His commentary was featured in sites such as The Mirror, the Daily Express and Business Insider

At financial trading firm Spreadex, meanwhile, his market commentary was featured in outlets such as The Guardian, BBC, Reuters and the Evening Standard

Connor is a voracious reader with an MA in English, and is dedicated to making life’s financial decisions a little bit easier by doing away with jargon and needless complexity.

Amy Reeves

Editor

Amy is a seasoned writer and editor with a special interest in home design, sustainable technology and green building methods.

She has interviewed hundreds of self-builders, extenders and renovators about their journeys towards individual, well-considered homes, as well as architects and industry experts during her five years working as Assistant Editor at Homebuilding & Renovating, part of Future plc.

Amy’s work covers topics ranging from home, interior and garden design to DIY step-by-steps, planning permission and build costs, and has been published in Period Living, Real Homes, and 25 Beautiful Homes, Homes and Gardens.

Now an Editor at the Independent Advisor, Amy manages homes-related content for the site, including solar panels, combi boilers, and windows.

Her passion for saving tired and inefficient homes also extends to her own life; Amy completed a renovation of a mid-century house in 2022 and is about to embark on an energy-efficient overhaul of a 1800s cottage in Somerset.