Insurance premiums with any car insurance company tend to be cheaper for over 50s as the level of risk which is used to calculate the cost of the premium is considered to be low. Statistics show that people over 50 are less likely to have an accident, thus less likely to make a claim. This is because they are considered, in general, to be more experienced drivers, more likely to keep their cars in good working order and more likely to have a lower annual mileage. This also implies that if a person over fifty years of age makes a claim, it is likely to be of a lower value, with less damage to the cars involved.
In order to protect over 50s car insurance premiums from being increased by claims made by younger drivers, a number of companies which specialise in insuring people of this particular age group have emerged. They are able to provide high levels of insurance cover at lower prices as, on the whole, people in this age group cost them less money. Essentially, over 50s will not be paying for the expensive accidents of those in a younger age group. The over 50s car insurers are therefore able to transfer their savings over to the customers.
It is also more likely that people over 50 years of age have built up a good no claims bonus, qualifying them for discounts of up to 70%! It is worth noting, that for further savings, a discount of between around 10 and 20% can be gained by purchasing your over 50s car insurance online. Also, many over 50s car insurance providers offer discounts when multiple car insurance is purchased.
*All information displayed in this table is subject to change. Please consult individual insurers for terms and conditions.
