Car insurance for drivers in their 50s
In your 50s? It could be a good time to review your car insurance policy and find a provider that rewards your good driving history and experience with a lower premium.
Older drivers with a good record are considered relatively safer by many insurance companies. They’ve honed their skills over the years and tend to avoid risky behaviour behind the wheel, unlike many younger drivers.
So, if you’re over 50 with a good driving record, you may be eligible for more competitive car insurance deals.
Is car insurance cheaper for over 50s?
Generally speaking, car insurance can get cheaper as you get older and into your 50s, and there are a few reasons for that.
- Your driving experience. If you’re a driver aged 50 and over then you have probably notched up a few good years of driving experience. Much like how drivers under 25 get charged higher excesses for their inexperience, if you’re in your 50s you can expect some insurers to reward your maturity and driving experience.
- No claims discount. If you’ve had a good driving history, you may have earned a no claims discount that lowers your premium.
Who has the best car insurance for over 50s?
There’s no single insurer that can be considered the best car insurance provider for everyone. What’s right for you in your 50s will depend on your individual needs and circumstances. To help you decide, we’ve compiled a list of highly rated products based on Canstar’s Car Insurance Star Ratings and Awards.
Some insurers specifically target people aged 50 and over with tailored car insurance deals—such as Apia, Over Fifty Insurance, Australian Seniors, and others. These may be worth considering, but that doesn’t mean you should rule out other insurers. It’s worth checking what other providers have to offer, too.
You may also be eligible for special discounts based on your age and driving habits. For example, you might be driving less often or leading a more relaxed lifestyle. If you stay under a certain annual kilometre limit, some insurers offer Pay As You Drive policies that can reduce your premium. These types of policies are designed for lower-mileage drivers and may suit your needs if you’re not on the road every day.
While price is an important factor in selecting a car insurance policy, a cheaper premium shouldn’t be the only factor. It can be a good idea to read the product disclosure statement (PDS) of the insurance products you may be considering to understand the cover on offer and whether it will meet your needs.
How can I save on car insurance?
There are a few ways you may be able to reduce the cost of your car insurance when you’re in your 50s, especially if you are not driving as much as you used to.
For example, you could:
- Compare pay as you drive policies / limited use discounts. If you’re not driving frequently, you might like to explore a ‘low mileage’ policy where you set a limit on the number of kilometres you drive in a year.
- Consider limiting the age of the drivers on your insurance. If no one under 25 drives your car, inform your insurance company, as this can help lower your premium.
- Choose to pay a higher excess, which can help reduce the cost of your premium. But make sure you can afford to pay the higher excess from your savings if you ever need to make a claim.
- Consider buying your cover online. Some insurers offer a discount if you buy your car insurance via their website.
- Opt to pay your premium annually. Some insurers may offer a discount if you choose to pay your premium annually instead of monthly.
Bear in mind that these methods are lender-specific, so you’ll need to research and compare offers for the best deal.
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