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Car insurance tips for over 50s


1st Jan 2015 Insurance & Legal

Car insurance tips for over 50s

There are many benefits to enjoy in your 50s, but unfortunately, cheaper car insurance often isn’t one of the rewards. Although the over 50s group tends to make fewer claims, the insurance costs are inclined to increase as you get older even if you do have many years of no claims discount built up. Here’s a look at how to find the cheapest car insurance if you are over 50 and some tips for ensuring your insurance costs stay low.

Regularly compare car insurance deals

The easiest way to ensure your car insurance doesn’t cost a fortune is by regularly comparing car insurance policies. You should always use insurance comparison websites to help find the best deals. Whether you are looking for car insurance for the first time or you are about to renew your existing policy, comparing different deals can guarantee you don’t end up paying too much.

Furthermore, keep in mind that comparison websites often have different deals available. You won’t find all the insurers on the different comparison websites either, so you need to check with multiple websites including direct with insurers in order to find the cheapest car insurance.


Choose your car carefully

Insurance companies group cars differently based on a variety of factors, such as engine size and likely cost of repair. Pay attention to this when you are picking your car.

If you are looking for a new vehicle, then it might be beneficial to check what cars belong to the lower-cost group to ensure your insurance isn’t too expensive. You can find out about the different car insurance groups at 0208 069 3102.


Highlight your no claims history

Safe driving can guarantee you pay lower premiums with your car insurance, so always remember to be cautious on the road. Try to build a stable no claims history, as this can save you almost 90% in premium costs. When you are looking for a new policy, remember to highlight your history and take full advantage of the no claims discount (NCD).

In addition, if you get into a small accident, consider whether making a claim is worth damaging your no claims history. Sometimes paying the repairs from your own pocket can end up saving you more money. This isn’t always the best option, so consider carefully before making a claim.

Remember that you’re supposed to inform your insurer if you’ve been involved in an accident regardless of whether you’re claiming against your policy.


Give detailed information

It’s very easy to forget to mention certain specifics about your situation when looking for car insurance, but the more detailed information you provide the cheaper the premiums often are. For example, if you are married you should let your insurer know since this means you are considered as a low-risk driver. This is especially important if you marry at an older age.

In addition, you should remember to update your car insurance details once you retire. Your current job might make you fall under the high-risk bracket, but once you retire, you can often enjoy cheaper insurance.

Finally, you need to be detailed with your mileage. Generally, the less you drive, the cheaper your insurance will be as well. This doesn’t mean that you should lie to your insurer, but you shouldn’t ever overestimate your mileage either.


Consider adding another driver

It might be beneficial to add another driver to your car insurance policy. If you are over 80, then adding your child to your policy can end up cutting your premiums. But keep in mind that if you are over 50 but under 80, adding someone in their 20s to your policy might, in fact, increase the costs, as young people are considered high-risk drivers. Check how adding another driver to your policy might affect your premiums.


Check out multi-car insurance

If you and your spouse have two cars and your children have their own cars as well, it might be cheaper to consider buying a multi-car insurance. Multi-car insurance can be bought even if your children no longer live with you, so you might benefit from it as a family.

Another option to consider is temporary car insurance, which can be useful for those who are looking for coverage for a specific period of time, such as 
for a weekend break or for a vehicle that is only driven occasionally.

Overall, always remember to compare car insurance options and to talk to your current insurance provider as well. If you receive a cheaper quote, check if your current provider is willing to match it to save you from the trouble of switching. 


Seek advice from Reader’s Digest Insurance Services on 0208 069 3102 to obtain a competitive quotation

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