We explain how 50 plus car insurance can mean great discounts on your cover.
Insurance providers base the cost of premiums on complex statistics which predict the likelihood of an individual claiming on their car insurance.
These predictions are made by scoring each individual on a number of 'risk factors', including gender, the car type , its engine size, where the car is kept and average annual mileage.
Age is also considered to be an important factor, with younger individuals more likely to make an expensive claim on their insurance, which bodes well for the 50+.
Over 50’s car insurance
Car insurance for over 50s UK wide is seen as a low risk group in terms of insurance claims. Statistics suggest that people in this age group are less likely to make a costly claim on their car insurance. In general they are seen as more experienced drivers, more likely to keep their cars in good working order and more likely to have a lower annual mileage.
The insurance providers which specialise in over 50’s car insurance are able to provide high levels of insurance cover at lower costs by taking advantage of the fact that as a whole, claims by people in this age group cost them less money.
By taking out a policy with specialist over 50 car insurance companies, you are more likely to be eligible for a reduced rate premium as you will not be paying for the expensive accidents of those in a younger age group.
Furthermore, car insurance for over 50 year olds can offer discounts of up to 70% if you have built up a good no claims discount, and many car insurance providers also offer discounts when multiple cars are insured together.
Because of this you can rarely beat the cheapest over 50 car insurance policies, so make use of them if you can. If you compare cheap car insurance over 50 side by side, you should be able to find a good level of cover at affordable prices.