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Tue, 19/02/2019

For many motorists, age is but a number. When you find yourself approaching retirement your car can be a god send, allowing you to take advantage of your free time, to more frequently visit family and friends for example. Taking out an insurance policy for your car will seem like a simple process, with many motorists assuming that their older age will equate to a cheaper premium. This however may not be the case.

Despite having an extensive driving experience, finding competitive insurance with a cheap premium may not be an easy task. There are still a variety of factors which could cause the cost of your policy to rise. In light of this, we have put together a comprehensive Be Wiser Guide to over 60s car insurance to help those searching for the best cover at a great price.

Does my age effect my car insurance premium?

There are a range of factors which will influence the cost of your insurance premium. These factors will continue to affect your premium price, for better or for worse, even as you get older. One of the most important of these factors is, however, your age. This is one of the reasons why young drivers, typically aged 17 to 21, can expect significantly expensive car insurance premiums. The cost of your policy is essentially based on how likely your insurer deems you to be in an accident and/or make a claim. As a more experienced driver, if you are over 60 and searching for car insurance, an insurer will typically see your age as a positive factor – especially if you have built up a long no claims discount.

What factors influence your car insurance premium?

Age is not the only factor which influences the price of your insurance premium. Even as you begin to grow older, the same group of factors will affect how much you are paying for your car insurance. The most influential of these, is your car itself. Each car model is assigned one of 50 insurance groups, with the higher the group number, the more expensive it will be to insure it. This is based on two parts: how likely it is to cause an accident and how much it will cost to repair. That is why, generally, smaller car models with smaller engines are assigned a lower insurance group. Although you may have more disposable income as you reach retirement, it may be worth considering if you need to downgrade the size of your car.

There are also a range of other aspects to consider, if you are on the hunt for a cheaper premium. The number of miles you intend to drive is one of these considerations. It is important that you are honest with your insurer about the number of miles you intend to drive in the year, because if your insurer discovers that you have driven significantly over this number, you could see your premium increase. Where you drive is also an important part of how your premium is calculated and therefore where you live can influence its price. Although this is a difficult aspect to change, it might be worth bearing in mind if you happen to be looking to downsize or move to a new house in the near future.

Do I need specialist over 60s car insurance?

With such a broad range of features influencing the price of your insurance premium, it may be easy to gravitate towards a car insurer who specialises in providing cover for over 60s drivers. These insurers for example may offer policies with no upper age limit, offer incentives for those intent in driving abroad and even offer a more competitive price for drivers with long-term health conditions. Specialist car insurance providers will offer a tailored policy, with a variety of related perks.

By law, you are required to notify the DVLA of any medical conditions you may have which could affect your driving – no matter your age. If you do not notify the DVLA, you could receive a fine and your insurance policy may even be invalidated.

The price of specialist policies may cost you more than you had anticipated, and are not always necessary. Although they are typically associated with younger drivers, considering a policy with a telematics box may be worth your time. Also known as a “black box”, the box will record the way in which you drive and policies which include them are usually cheaper. A pay as you go policy is another insurance type which could meet your needs; providing car insurance only when you are driving your vehicle. Both policy types relate to your driving habits, rather than values such as age and location which are typically out of one’s control.

The most important step you can take to finding your best premium price, is not to settle for your renewal cost. Be Wiser’s over 60s car insurance is the perfect place to start in the hunt for a competitive and comprehensive car insurance policy.