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With retirement on the cards, you’ll have more time to enjoy driving as you reach your 60s. And the good news is that while what is covered doesn’t change, you’re more likely to get cheap car insurance than in previous decades.
You’ll also be able to access specialist policies for older, more experienced drivers that come with several enhanced features compared to standard car insurance.
Read our guide to over-60s car insurance to find out why it’s cheaper on average, what those specialist policies include and what to consider when getting a quote.
Getting car insurance when over 60 is almost a reward for decades of safe driving. On average, it’s the cheapest time to get car insurance before the price of your premium creeps back up in your 70s.
You’ll potentially have over 40 years of driving experience to look back on, with a no-claims bonus that could be old enough to attend secondary school.
According to the Association of British Insurers (ABI), you’re also less likely to make a car insurance claim than you were in your 40s or 50s.
All of this contributes to a risk profile that, in the eyes of an insurer, is far preferable to that of a younger driver. This should make your car insurance premium much cheaper than when you first learned to drive (as long as you take inflation into consideration).
Car insurance is based on the individual, not a demographic. So while car insurance is cheaper on average for the over-60s, that isn’t always the case.
For example, if you have driving convictions on your record or have made multiple claims in the past few years, your premium will be pushed up.
Similarly, if you treat yourself to your dream sports car following retirement, its higher insurance group will make your premium more expensive.
There are then factors such as location, parking situation and job title (if you’re still working) that can affect how much you pay for your policy.
Typically, the further you get into your 60s, the cheaper your car insurance will be (although once you hit 70, it might go up again).
For example, the average comprehensive car insurance premium in September 2023 was £520.12 for drivers aged between 50 and 64, according to MoneySuperMarket. That dropped to £467.24, however, for drivers aged 65 and above.
Older drivers are also seeing their premiums increase at a slower rate. For the 12 months to the end of November 2023, car insurance quotes rose 67.2 per cent. For the over-50s, however, they “only” rose 57.2 per cent. That’s a whole 10 percentage points lower than the overall average.
You don’t have to wait until you’re 60 to access specialist car insurance for more experienced drivers. As much as a decade prior, you can benefit from these policies with over-50s car insurance.
Depending on the provider in question and the level of cover you choose, a specialist over-60s car insurance policy can include:
Regardless of your age, there are various steps you can take to reduce the cost of your car insurance:
Your car insurance needs are going to be different to someone else’s. So it’s a good idea to know what you want from your policy before comparing quotes.
That doesn’t only include the level of cover, be that third party only, third party, fire and theft or comprehensive car insurance. You should also consider what claim limits you’d feel most comfortable with, any traditionally optional extras you’d like included as standard and what features you’re willing to sacrifice.
You’ll then need to strike a balance between what you want from your policy and how much it costs. That includes not only the price of the premium but also the compulsory excess attached to the policy and any voluntary excess you’ve agreed to pay.
The best way to find this balance is by comparing car insurance quotes to give you an overview of everything available to you and help you pick the policy that ticks all your boxes.
When you compare car insurance quotes, you’ll typically need:
The following are some of the typical add-ons car insurance providers offer:
You won’t usually be required to get a health check when taking out over-60s car insurance. However, you should still ensure you are fit to get behind the wheel and inform the Driving and Vehicle Licensing Agency of any existing medical conditions. You can check if any medical conditions affect your driving at gov.uk.
Although it isn’t a health check, you’ll also need to renew your licence every three years once you reach 70 years old.
Being retired can reduce the cost of your car insurance. This is because, typically, retirees are older and more experienced drivers, putting them in a lower-risk category than people who are still working.
Similarly, removing a commute means retirees are potentially on the road less. And, in the eyes of insurers, the less you’re on the road, the less of a risk you pose and the cheaper your insurance will be.
At the same time, once you get past 70 years old, you’re likely to see the cost of your car insurance climb. This is partly because the average claim cost for those over 70 increases to the levels seen for younger drivers, according to data from the ABI. So being retired isn’t enough to reduce the cost of your cover permanently.
Many telematics insurance policies have an upper age limit of 25 (or sometimes early 30s). So you may struggle to find a telematics policy if you’re over 60.
However, they do exist and can bring down the cost of your car insurance. By installing a black box or wireless device, you can prove to your insurer that you are a safe and responsible driver. Often, this will come with a discount at the start of the policy and the potential for a further reduction in your premium at the point of renewal.
