Mature Driver Car Insurance

Insurance for the over 50’s can be much less expensive than other groups – with years of Being Wiser behind them it is not hard to see why insurance companies prefer those with a proven driving record.

Mature drivers have had half a lifetime of driving experience behind them and for those with flawless records the discounts offered by insurance companies can be huge. Often the cost of insurance is reduced to as much as a tenth of the amount as a young person might be charged!

Another factor, and an indication of good driving habits, is a large no-claims bonus. Most insurance companies give discounts for long terms of not claiming. Those under 50 are much more likely to make a claim than those over 50 – so makes sense to insurance companies to offer them greater discounts.

The community orientated nature of mature motorists also decreases the amount of car crime in the areas in which they live. Those over 50 are five times more likely to know their neighbours than under 35’s. This means there is a kind of “halo,” around the area which the mature driver lives – usually because those living nearby keep an eye on each neighbours cars and property in case anything unfortunate happens.

Car crime and theft in areas with more mature motorists is usually around 40% less than the national average! It is no wonder insurance companies offer cheaper rates to the over 50’s!

It is legal to do this, but you have to be careful. Getting your son or daughter covered on a parent's car insurance is something that can be really useful for saving money while learning to drive or sharing a motor.

However, insurance companies have wised up to the fact that some people do this dishonestly in order to cut costs.

'Fronting' is when a younger driver has a car in their own name, but the parent is named as the main driver on the policy.

This usually means that premiums are cut significantly, because the parent is likely to have years of experience and no-claims.

But if a provider thinks this is the case when evaluating claims, they can reject it.

Worse still, the younger motorist can receive six points on their licence and a fine.

The Financial Ombudsman Service told the BBC it deals with up to 200 fronting instances each year, but the actual figure is probably higher because insurance companies will face these type of claim as well.