Compare Over 60s Car Insurance 2024

In the UK, finding the best car insurance for the age group over 60’s requires an understanding of the unique considerations that come into play when choosing car insurance for this age range.

This car insurance guide is written with the specific needs of the UK’s over 60s in mind. We focus on whether over-60’s car insurance is adapted to changes in driving habits as we get older, i.e does it recognise and reward the benefits of accumulated driving experience?

We will compare various car insurance options, uncover the benefits tailored to the over 60s demographic, and offer tips to secure the best possible car insurance deal.

Over 60s man and a BMW

Compare Over 60s Car Insurance

To compare over 60s car insurance in 2024, start by gathering quotes from multiple insurers to compare their rates. Focus on companies that offer discounts or special policies for drivers over 60. Consider the level of coverage, excess, and premiums. Check for any age-related benefits or features, such as no-claims bonuses or discounts for mature drivers. Read customer reviews and ratings for insights into customer service and claims handling. Finally, consider any additional services offered, like breakdown cover, which could be beneficial for older drivers. Comparing these factors will help find the best over 60s car insurance option tailored to your age.

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Does Car Insurance Go Up When You Get to 60?

Reaching the age of 60 is actually a time when car insurance premiums start to decrease! This trend continues as drivers progress through their 60s, largely due to the perceived lower risk associated with more mature drivers.

For those in their 60s, car insurance often becomes more affordable. Insurers typically view drivers in this age group as being more experienced and cautious on the road. This experience translates into a lower likelihood of engaging in risky driving behaviours, such as speeding or being distracted by devices. Additionally, drivers in their 60s are often seen as having steadier, more predictable lifestyles, contributing to a reduced risk profile.

The cost of car insurance is influenced by various factors, including geographical location, the type of car driven, and the individual’s driving history. However, age is a significant factor in calculating premiums. Generally, young drivers’ car insurance costs more, drivers in their 60s typically enjoy some of the lowest car insurance rates.

Another key factor contributing to lower premiums for those over 60 is the accumulation of a no-claims bonus. Many drivers in this age bracket have gone years without making a claim, leading to substantial discounts on their insurance premiums. A lengthy history of safe driving and no claims is highly valued by insurers and often results in more favourable insurance rates.

Do Older Drivers Pay More for Car Insurance?

When it comes to car insurance premiums for older drivers, it really depends on the specific age bracket within the “older driver” category. Generally, drivers in their early 60s often enjoy some of the most competitive car insurance rates, thanks to a combination of experience, a history of safe driving, and typically a long no-claims bonus.

However, this trend begins to shift as drivers move beyond their 60s. While drivers in their early to mid-60s may find their premiums are lower, those in their late 60s and, particularly, once they reach their 70s, may start to see an increase in their car insurance costs. 

This gradual rise in premiums is largely due to the perceived increased risk associated with ageing. Factors such as slower reflexes, decreased reaction times, and potential health issues that could affect driving ability are taken into consideration by insurers.

It’s important to understand that while age is a significant factor, it’s not the only one. Car insurance premiums are also influenced by other elements like the type of vehicle driven, the area where the driver lives, and the driver’s overall claim history. For older drivers, especially those with a clean driving record and a long history of no claims, the premiums can still be quite reasonable, even into their 70s.

So Is Car Insurance Cheaper When I Retire?

The question of whether car insurance becomes cheaper when you retire is an interesting one, as several factors come into play. Generally, many retirees find that their car insurance costs decrease when they retire, but this depends on individual circumstances and exactly what age they are when they retire.

Currently, in the UK the retirement age is 66. So if you are in your early retirement years (66 to early 70s), you are considered a lower-risk driver. One of the primary reasons car insurance is cheaper for retirees is the change in driving patterns. When you retire, many people find that their daily commutes come to an end, significantly reducing their mileage. Lower annual mileage can lead to lower insurance premiums, as leading car insurers will consider the less time spent on the road, the lower the risk of accidents.

How to Get the Cheapest Car Insurance for Over 60s

Getting the cheapest car insurance as you enter your 60s involves a blend of savvy shopping, understanding your specific insurance needs, and utilising any age-related benefits available to you.

  • Leverage No-Claims Bonus
    Hopefully, by now you have a history of safe driving with few or no insurance claims, make sure to leverage your no-claims bonus. This can significantly reduce your premiums, as insurers reward drivers with a track record of safe driving.

  • Tell Your Insurer If You Drive Less
    Evaluate your mileage as you are getting older, let your insurance company know if you have retired and are driving less, this can lower your premiums.

  • Increase Your Excess
    Consider increasing your voluntary excess, which can reduce your premium. However, ensure that the excess is affordable for you in case you need to make a claim.

  • Take a Defensive Driving Course
    Some insurers offer discounts to seniors who complete an approved defensive driving course. These courses can refresh your driving skills and demonstrate your commitment to safe driving.

  • Compare Insurance Quotes
    Shop around and compare quotes from different insurance providers. Don’t just renew your existing policy without checking if there’s a better deal available. Use comparison websites or contact those insurers not on comparison sites directly to get a range of quotes.

  • Opt for Telematics Insurance
    Consider a telematics policy, where a device monitors your driving and potentially lowers costs based on safe driving habits.

  • Pay Annually
    Paying your premium annually rather than monthly can often reduce the overall cost, as monthly payments may include additional processing fees.

What Is the Best Car Insurance for Over 60s

When considering the best car insurance options for over 60s in the UK, we have referred to the research of the consumer group Which? They compared and analysed various insurance policies. Based on customer scores and policy analysis, certain insurers stand out for their suitability for older drivers.

LV (Liverpool Victoria)

LV scores highly with a total score of 78%. They accept customers up to 110 years of age, making them a highly inclusive option. Their customer score is a strong 79%, and their policy score is 77%, indicating a high level of satisfaction and comprehensive coverage.

NFU Mutual

NFU Mutual has a maximum age limit of 80 years. They have an impressive total score of 77%, with a customer score of 78% and a policy score of 76%. Their high scores reflect their strong customer service and policy offerings.

Direct Line

Direct Line is a Recommended Provider with no maximum age limit, making them a versatile choice for senior drivers of all ages. They have a total score of 73%, comprising a customer score of 78% and a policy score of 68%.

Saga

Saga, specialising in insurance for those over 50, also has no maximum age limit. They have a total score of 73%, with a customer score of 71% and a policy score of 75%, indicating solid policy offerings tailored to older drivers.

AXA

With no maximum age limit, AXA is another great option for elderly drivers. They have a total score of 72%, with both their customer and policy scores at 72%, showing a good balance between customer service and policy features.

Churchill

Churchill accepts customers up to 80 years through price comparison websites (PCWs). They have a total score of 71%, a customer score of 75%, and a policy score of 66%.

Aviva

Aviva is also a Recommended Provider, though their specific scores and maximum age limit aren’t detailed in the Which? report. Generally, Aviva is a quality brand, known for its comprehensive policies and customer service.

When choosing the best car insurance, over 60s should consider not only these scores but also specific needs like coverage options, customer service quality, and how well the policy matches their individual driving habits and lifestyle.

What Extras Should I Get with My Over 60s Car Insurance?

When choosing car insurance after the age of 60, consider additional cover options to enhance your policy to suit your specific needs at this age. These extras provide peace of mind and added protection. Here are some valuable extras you might consider including in your over-60s car insurance policy:

  • Protected No Claim Discount (NCD)
    For experienced drivers who have accumulated years of claim-free driving, protecting your No Claim Discount is crucial. Adding Protected NCD as an optional extra ensures that, in the event of a claim where the costs cannot be recovered from the at-fault party, your NCD remains intact. This protection is especially beneficial for those who have built up significant discounts over years of safe driving.

  • Guaranteed Hire Car
    If the absence of your car due to repairs, theft, or write-off would significantly disrupt your life, opting for Guaranteed Hire Car cover is advisable. This cover ensures the availability of a hire car while your vehicle is being fixed by a recommended repairer or in case it’s stolen or written off. It’s an essential extra for those who rely heavily on their vehicle for daily activities.

  • Motor Breakdown Cover
    Having access to a 24-hour breakdown helpline can be a lifesaver, especially in unexpected situations like your car failing to start or breaking down on the road. With various levels of cover available, your insurer should provide breakdown cover options that access a good network of breakdown professionals across the UK.

  • Motor Legal Cover
    This cover is vital in protecting you from the costs of legal action if you’re involved in a car accident. Motor Legal Cover can assist in various scenarios, including taking action against another road user, defending against a motoring prosecution, or recovering uninsured losses such as personal injury compensation, loss of earnings, or hire car costs while your vehicle is being repaired.

  • Increased Personal Accident Cover
    While standard comprehensive car insurance often includes a degree of personal accident cover, increasing this to a higher amount offers further protection. It covers serious injuries sustained by you, your partner, or a named driver while in, entering, or exiting your car. Enhanced personal accident cover can also include additional benefits like hospital admission payments following an accident, covering both in-patient and out-patient follow-ups for injuries sustained.

How Is Car Insurance for Over 60s Calculated?

The calculation of car insurance premiums for individuals over 60 involves a few different variables, insurance providers take into account several key factors to determine the cost:

Type of Car
The vehicle you drive plays a crucial role in determining your insurance premium. Factors like the car’s make, insurance group,  model, age, engine size, and safety features are all considered. Typically, cars that are less expensive to repair or replace, and those with good safety records, tend to attract lower insurance rates. Insuring expensive cars with high tech, such as a Tesla or a high-end BMW, will likely attract higher car insurance premiums. 

Tesla supercharger logo with raindrops on it
High-tech cars attract higher insurance premiums

Claims History
One of the primary considerations is your history of claims. If you have a record of making frequent claims, insurers may view you as a higher risk, which can lead to higher premiums. Conversely, a clean claims history suggests you are a lower risk, potentially lowering your insurance costs.

No-Claims Discount
Closely related to your claims history is your no-claims discount (NCD). This is a reward for not making any claims on your insurance. The longer the period of your no-claims history, the higher the discount you might be eligible for, which can significantly reduce your premium.

Location
Where you live can also impact your car insurance premium. Areas with high rates of accidents or vehicle thefts are often associated with higher insurance costs, reflecting the increased risk.

How Often You Drive
How much you drive is another important factor. Lower annual mileage usually leads to lower premiums because less time on the road generally means a reduced chance of being involved in an accident.
In addition to these factors, another key element in the cost of your car insurance is the insurance premium tax (IPT). In the UK, IPT currently stands at 12% of your car insurance premium. This tax is added to the cost of your policy and is a standard charge across all types of vehicle insurance.

Car Insurance for Low Mileage Elderly Drivers

For elderly drivers in the UK who find themselves behind the wheel less often, exploring car insurance options tailored to low mileage can be a good idea.

As driving patterns change, often due to retirement or a shift in daily routines, it becomes increasingly important for the elderly to reassess their car insurance needs, with a particular focus on how their reduced mileage can impact insurance premiums.

Insurers often offer lower rates to drivers who cover fewer miles annually, because of the idea that reduced road time correlates with a decreased risk of accidents and claims. 

The concept of low mileage discounts is straightforward: the less you drive, the lower your risk profile, and consequently, the less you should pay for insurance. However, what qualifies as ‘low mileage’ can vary between insurance companies, typically defined as driving below a certain number of miles per year.

Telematics policies, popularly known as black box insurance, present an innovative solution for low-mileage drivers. These policies use a device installed in the car to monitor driving habits, including mileage. For over 60s driving fewer miles, this technology can be an excellent way to ensure their insurance premiums reflect their actual road usage.

If I Retire, Should I Tell My Insurance Company?

Yes, when you retire it’s essential to inform your insurance company about this significant change in your life. Retirement often brings about substantial shifts in your daily routines and driving habits, which can directly affect your car insurance needs and the premiums you pay.

Retirement alters the way you use your vehicle. For instance, you may find yourself driving outside of the busy rush hours, potentially lowering your risk of being involved in traffic incidents. By communicating these changes to your insurer, they can reassess your policy. 

There might be adjustments or special retiree discounts that could make your car insurance more cost-effective. Keeping your policy information accurate is crucial; insurers base their premiums on various factors, including your driving frequency and patterns. Any significant lifestyle change, such as retirement, should be reflected in your policy to ensure it remains appropriate for your current situation.

The Final Word on Over 60s Car Insurance

The car insurance options as you enter your 60s are pretty good. This is a peak age before your risk profile increases in your 70s, where policy cover should be at a reasonable price.

It helps to understand the specific factors that influence premiums.  Knowing how premiums are calculated – including elements like your claims history, no-claims discount, the type of car you drive, where you live, and your driving frequency will help if you want to get the cost down further. 

For those over 60s, the good news is that age can often work in your favour regarding car insurance. With years of driving experience, a likely accumulation of no-claims bonuses, and potentially changing driving habits, such as reduced mileage, there are opportunities to secure favourable insurance rates. It’s important to communicate any significant lifestyle changes, like retirement, to your insurance provider, as these can impact your premium.

Always remember that the cheapest option isn’t necessarily the best. The goal is to find a balance between an affordable premium and a policy that offers adequate protection and peace of mind. Whether it’s through adding extras like motor legal cover, breakdown assistance, or protected NCD, or by choosing a policy that caters to low-mileage driving, tailor your car insurance to fit your current stage of life.

This article is intended solely for informational purposes and should not be considered as advice. It is important to consult the specific terms and conditions of an insurer before making any commitments to financial products.


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