According to the latest government statistics, there are currently nearly 30 million cars on Britain’s roads, accounting for more than 83% of all licensed vehicles. More than 80% of men and 66% of women hold a driving licence.
Since the law requires that every one of those drivers has motor insurance, this equates to many millions of policies issued to individuals of driving age.
It may be interesting to shed light on the relationship between age and motor insurance by looking specifically at over 50 car insurance.
In understanding the relevance of age to motor insurance, it is important to distinguish between myth and statistical reality concerning the likelihood of being involved in a car accident if you are over 50:
- myth – the likelihood of poorer eyesight and a general inclination to tire more easily makes the older driver less safe on the roads and more likely to be involved in an accident;
- reality – drivers over the age of 50 (but under the age of 70) may typically be less likely to be involved in a car accident than someone in their early-twenties;
- the charity Age UK – quoting research conducted by the Institute of Advanced Motorists – demonstrates that older drivers are statistically speaking a good insurance risk;
- they are shown to be more likely to abstain from driving, or designated a non-drinking driver if they have been out for the night – whilst many older drivers prefer to do their drinking at home;
- thanks to the experience and years of driving practice likely to have been accumulated by the older driver, there is evidence for their knowing how to react in a timely yet calm manner when confronted with hazards along the road;
- as noted by the Institute of Advanced Motorists (IAM), over 50 drivers tend to take fewer risks than their younger counterparts, exercise greater caution and so avoid the likelihood of an accident – and any insurance claim which might follow; and
- the older driver is also likely to be more aware than his or her younger counterpart when it might be wise not to drive – in inclement weather, for instance, or at night.
Comparing over 50 car insurance
Although there are many reasons why motor insurers might be inclined to look relatively more kindly on drivers over the age of 50, therefore, it does not make it any less important to compare carefully the particular policies that suit you and your particular needs – and, of course, the price you need to pay in terms of the premiums.
It is not only a matter of price, however, since there are still ways of securing the motor cover you want at a more favourable price:
- ensure that you are making the most of your no claims discount, for instance, since different insurers might rate the reduction to which you are entitled quite differently;
- consider whether you might accept a higher voluntary excess on your motor insurance in return for lower premiums – whilst keeping in mind that any claim you might then need to make is going to take a more substantial contribution on your own part; and
- give some thought to the insurance class of the vehicle you want to use – there may be little point spending a lot for the insurance of a car which you are going to be using only infrequently.
If you are over 50, you might be in an enviably favourable position when it comes to insuring your car. But it still pays to shop around for the best deals on the cover you need.
A reliable over 50s comparison website, tailored specifically to the needs of your age group, therefore, may prove its value in narrowing down and focussing your search.