Insurance Guide for Older DriversCar insurance can be very expensive and it’s important to shop around and find the right policy for you - especially if you’re on a tight budget. Unfortunately once you reach a certain age, the older you get, the more an insurance company perceives you as a higher risk individual. Many people find their premium jumps considerably from one year to the next because they reach an age bracket whereby insurance companies calculate risk for that age group differently, e.g. reaching 80 years of age for example.
To help combat this, your best bet is to find insurers which either specialise in insuring older drivers, or a mainstream brand that has a good reputation for older drivers. Fortis and Liverpool Victoria are two popular brands that have a decent reputation with older drivers insurance. Rias and Saga go one step further by catering exclusively for drivers over the age of 50. Bear in mind that a sizeable no claims discount will make a huge difference to the cost of your premium overall and is worth maintaining or protecting once it starts to reach maturity.
Here are some ways that might help save money on your insurance as an older driver:
01 Look out for special offers and deals, with cash back and promotional codes having the potential to offer huge savings. See our other article for more ways to save on your insurance.
02 Try to lower your risk category and remember that 3rd party insurance can sometimes cost more than comprehensive insurance cover.
03 Take the time to shop around; big savings could easily be made without too much effort especially if you cover the comparison sites thoroughly.
04 Consider using the Pay as You Drive option if you think that you’ll be using the car very infrequently. This can work out much cheaper overall and is an option that many ignore because it isn’t well know, but try doing some investigation based around you estimated mileage and see if this would work out for you.
05 Pensioners often get overcharged on their premium as insurance companies know that they are less internet savvy and less likely to spend time searching around on the phone or internet. Be diligent, get a friend or family member to help out and shop around before you premium is due for renewal.The following insurance companies specialise in older driver car insurance:
Remember that if it all gets too much and you are over 65, then you can always opt for the cheapest deal possible and use your free bus pass! It may sound like a big step to take - especially when many consider it as their independence, but running a car costs thousands of pounds each year and if you’re not making full use of it then this can be a complete waste of money. Remember that your car depreciates in value each year so its worth considering this option sooner rather than later so you can get the best deal when selling your vehicle.