There can be conflicting factors at play when it comes to car insurance for the over 50s. While years of driving experience makes them (in the eyes of insurers) less likely to be involved in accidents, more disposable income can mean the over 50s are in a position to own a newer, more expensive car. And these types of vehicles are more likely to be vandalised or stolen. Also, premiums start to rise over the age of 70, increasing sharply over the age of 80. So if you are approaching this milestone and want to learn more, or are already over 50 and would like to reduce your costs, here’s what to bear in mind.

Factors that can lower your premiums

Improve your car’s security Expect to pay a lower premium when you can ensure your car’s security. Try to keep your vehicle off the road if possible, and park it in a garage at night instead. Having it parked in a garage adjacent to your home would be seen by most insurance companies as a more secure lockup arrangement, and more secure from the chance of theft. Also remember to do the obvious things, like installing security devices, such as a car alarm, steering wheel lock or immobiliser.

Choosing a small car with low mileage The type of car you drive will play a big part in the premium you pay. Newer, more powerful cars tend to attract higher premiums as they are more likely (according to insurance statistics) to be involved in accidents and the chances of theft are much higher obviously. If you don’t expect to clock up too many miles in your car each year, consider opting for a lower annual mileage car insurance clause. With this type of policy, you agree to limit the distance you drive during the year, which brings down the risk of accidents, resulting in a lower premium price for you.

Increasing the excess By agreeing to pay a larger excess on claims, you can lower your car insurance cost considerably. Insurance companies deem that car owners are unlikely to make small claims when they have to pay from their own pocket and hence, they offer a lower premium on policies with a higher excess. It is worth considering, in some cases.

Factors that could increase your costs

Having too many named drivers on the policy On some insurance policies, it is cheaper to limit driving to just you and your spouse. Again, you are reducing the risk of accidents when you limit the number of drivers using the car. In fact, in some cases you can actually claim a better discount on your policy when you do ‘add’ your spouse to the policy, so keep this in mind also and check with your insurance company if there is a discount for having your spouse added to the policy.

Paying the premium in installments Remember when you pay for your insurance policy in instalments, you will not only be paying the full cost of the actual insurance policy but also the interest on the amount being paid over the year. This can considerably increase your overall cost. So, if you can afford it, be sure to pay your premium upfront. Although it might be a large sum to pay out in one go, you will avoid the drawback of incurring interest charges, thereby reducing your overall cost.

Failing to shop around Be sure to take your time to shop around and compare quotes from multiple insurers. This way, you can be sure of getting the best coverage at the best price. At Britton Insurance we compare car insurance quotes from several insurers and help you choose the one that best suits your requirements and budget. We have helped thousands of over 50s drivers find the right car insurance in Ireland and we would love to help you!