Important Financial Decisions

Car drivers tend to pay the highest premiums for car insurance at the start and end of their driving lives. When they're young and have just passed their test, they're considered high-risk drivers who cause a lot of accidents due to their inexperience and immaturity. They also tend to boost their image by driving 'boy racer' cars that are often too powerful for them to handle properly. As a result, annual premiums are often frighteningly high.

Once drivers reach retirement age or thereabouts, they're increasingly thought to be doddery and not fit to be behind the wheel. Premiums start to rise to reflect the perceived increased risk until they reach a level when many older drivers are forced off the road by the cost.

Getting over 50 as a driver is the equivalent of entering a golden age as far as car insurance is concerned. At this age, you're considered mature and sensible with plenty of road experience. You'll generally also drive a reliable car, have lower mileage and be less likely to make a claim than most other age groups.

If you've reached this time of life, you are the type of driver that many insurance companies seek. You are in an age group that is proven to save insurers money relative to other groups. You should, therefore, be able to find plenty of very competitive car insurance cover to suit your needs. Indeed, many companies have specific categories for over 50s car insurance, often offering lower premiums and guaranteed levels of cover. There are also often some special benefits thrown in for good measure, so it's best to shop around to find the best deal.

Getting the best deal doesn't just mean taking the cheapest price because you want a level of cover that suits your needs. This might mean some European cover for your holidays and a courtesy car if yours is off the road. Nevertheless, there are ways to keep your premiums down. Being over 50 doesn't guarantee low prices if you don't stick to what the insurance companies see as a typical driver within the age group.

Having a high powered and expensive car isn't normally typical of over 50 drivers so owning a sensible, reasonably priced car in a low insurance group will keep costs down. You're not expected to have speeding fines and other convictions at your age, which will increase premium costs. On the other hand, you should have built up a reasonable no claims discount, so it's worth protecting it in case you do have an accident. Doing the basics right will ensure you get the lowest premiums while they're still on offer - and they won't be there for long as you get older.