Car insurers specifically targeting the over-50s claim to offer reduced prices, but mainstream insurers often beat those specialist ones, because all providers recognise that most experienced drivers make fewer claims on their policies. The broader your search for insurers, the lower the price you’ll likely pay. So here’s some tips on how the over 50’s can cut the cost of car insurance.
Get the best insurance policies
Going beyond price, there are surprisingly few terms and conditions that are tailor-made in policies targeting mature drivers. The majority of 50+ policies are not dramatically different than for younger drivers, if at all.
However, there are some good terms that are more often available to older drivers at better prices, which an online comparison will help you find more quickly. Here are some rare benefits you might want to look for:
* A guaranteed no-claims bonus. Better than a protected bonus, this means it doesn’t matter how many claims you have in a year, your bonus will not be reduced. Insurer LV= (formerly Liverpool Victoria) offers this.
* No excess to pay when damage is caused by an uninsured driver, or if the vehicle is written off, or stolen and not recovered. Zurich Insurance offers this.
* Premiums will not be raised when it’s the other driver’s fault and you have a protected bonus. (Amazingly, even with a protected bonus most insurers will increase your premium a little when you have an accident that is the other person’s fault. One of the exceptions is again Zurich Insurance.)
* Any driver with a licence may drive your car in a medical or motoring emergency. Saga currently offers this benefit, for example. The condition is that you must also be in the car at the time.
* The no-claims bonus will not be reduced if damage is caused by vandalism. As far as I’m aware, this benefit is exclusively available from Saga.
* A number of insurers will cover you for stolen or lost car keys.
These features can come at a higher cost, so compare car insurers to get the best price. Before buying, make sure you see the features you want in the small print, because each insurer has a variety of policies and can sometimes vary their terms depending on the policyholder’s circumstances.